CHICAGO (AP) _ Archer Daniels Midland Co. (ADM) on Wednesday reported first-quarter net income of $391 million.
The Chicago-based company said it had profit of 69 cents per share. Earnings, adjusted for non-recurring gains, were 64 cents per share.
The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 53 cents per share.
The agribusiness giant posted revenue of $14.97 billion in the period, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $15.34 billion.
ADM shares have declined 17% since the beginning of the year, while the Standard & Poor's 500 index has dropped 9%. In the final minutes of trading on Wednesday, shares hit $38.59, a decrease of 11% in the last 12 months.