Shares of Archer Daniels Midland Co. were lower in pre-market trading on Tuesday after the company missed expectations. Archer Daniels reported net earnings of $192 million, or 34 cents per share, down from $341 million, and 58 cents, in the year-ago period. Adjusted EPS was 45 cents, missing the FactSet consensus of 55 cents. Revenue for the quarter came to $14.83 billion, down from $15.83 billion, and below the consensus estimate of $16.04 billion among FactSet analysts. Oilseeds processing revenue came to $5.75 billion, down from $5.78 billion, but beating FactSet’s consensus estimate of $6.19 billion. Third-quarter results “were below our expectations,” CEO Juan Luciano said. The company is transitioning to “lower capital spending and increasing benefits from these investments,” he added. Shares are 6.2% lower for the year to date, while the S&P 500 [s:spx] is up 14.9% for the same period.
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