DECATUR — Archer Daniels Midland Co. on Tuesday reported fourth-quarter profit of $315 million, or 55 cents per share. The number was below the prior year fourth-quarter results of $788 million, or $1.39 per share.
This year's earnings, adjusted for one-time gains and costs, were 88 cents per share.
The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 92 cents per share.
“Looking back on the full year, the team did a great job focusing on the items we could control, as we continued innovating to serve customer needs and advancing our strategic priorities,” ADM Chairman and CEO Juan Luciano said. “Our effective management through complicated and rapidly changing trade, geopolitical and market conditions helped deliver an impressively strong 2018 that included solid profit growth, improved returns on invested capital and higher cash flows.”
Chicago-based ADM is Decatur's largest employer, with its North American headquarters here, along with large corn and oilseeds processing operations.
The agribusiness giant posted revenue of $15.95 billion in the period.
For the year, the company reported profit of $1.81 billion, or $3.19 per share. Revenue was reported as $64.34 billion.
The company says it has 32,000 employees in more than 170 countries, 450 crop procurement locations, 270 food and feed ingredient manufacturing facilities and 46 innovation centers.