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Archer-Daniels-Midland Q1 profit climbs YOY

Archer Daniels Midland Co. said its first-quarter normalized net income amounted to 67 cents per share, compared with the S&P Capital IQ consensus estimate of 71 cents per share.

EPS increased year over year from 32 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $429.4 million, an increase from $213.4 million in the prior-year period.

The normalized profit margin rose to 2.5% from 1.0% in the year-earlier period.

Total revenue declined 15.4% on an annual basis to $17.51 billion from $20.70 billion, and total operating expenses declined 17.2% year over year to $16.90 billion from $20.41 billion.

Reported net income increased 85.5% on an annual basis to $492.0 million, or 77 cents per share, from $265.2 million, or 40 cents per share.