WASHINGTON (dpa-AFX) - ADM (ADM) affirmed its previously provided EPS guidance for the full year. The company continues to expect adjusted earnings per share in the range of $5.25 to $6.25 for the full year.
'ADM delivered solid results in the quarter, in spite of challenging market conditions, and we are pleased with the progress we are making against our 2024 priorities and strategic initiatives. In the second half of the year, improvements in both crush and ethanol, our efforts in operational excellence, the focus on our key priorities, and our team's agility give us confidence in our full-year expectations, despite uncertainties in the external environment,' said Chair of the Board and CEO Juan Luciano.
Second quarter bottom line came in at $486 million, or $0.98 per share compared with $927 million, or $1.70 per share, in last year's second quarter. Excluding items, Archer-Daniels-Midland reported adjusted earnings of $508 million or $1.03 per share for the period. Analysts on average had expected the company to earn $1.22 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items. The company's revenue for the quarter fell 11.7% to $22.248 billion from $25.190 billion last year.
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