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Article: Archer Daniels Beats Zacks Estimate - Analyst Blog
- Article from:
- Zacks Investment Research - Analyst Blog
- Article date:
- November 3, 2009
- Author:
CopyrightCopyright 2009 Zacks Investment Research. (Hide copyright information)
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Archer Daniels Beats Zacks Estimate - Analyst Blog
Archer Daniels Midland Company
(
ADM
), the agricultural processor company, recently reported first-quarter 2010, topping the Zacks Consensus Estimate on the heels of lower corn costs.
The quarterly earnings of 77 cents a share surpassed the Zacks Consensus Estimate of 56 cents but fell 52% year-on-year from $1.62 in earnings delivered in the prior-year quarter, as the ethanol business has been grappling with a slump in demand for corn-based fuel, a gasoline substitute. With oil prices hovering around $77, the production of ethanol is losing its feasibility.
Total revenue tumbled 29% to $14,921 million due to a decline in ...