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Archer-Daniels-Midland profit misses consensus by 39.6% in Q4

Archer Daniels Midland Co. said its normalized net income for the fourth quarter was 39 cents per share, compared with the S&P Capital IQ consensus estimate of 64 cents per share.

EPS declined 55.8% year over year from 88 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $233.5 million, a decrease of 58.9% from $568.5 million in the year-earlier period.

The normalized profit margin fell to 1.6% from 2.7% in the year-earlier period.

Total revenue declined 21.3% year over year to $16.45 billion from $20.89 billion, and total operating expenses decreased 20.0% year over year to $16.06 billion from $20.08 billion.

Reported net income increased from the prior-year period to $722.0 million, or $1.19 per share, from $703.8 million, or $1.08 per share.

For the year, the company's normalized net income totaled $2.12 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $2.65.

EPS declined 25.3% from $2.84 in the prior year.

Normalized net income was $1.32 billion, a decrease of 29.3% from $1.86 billion in the prior year.

Full-year total revenue decreased 16.6% on an annual basis to $67.70 billion from $81.20 billion, and total operating expenses decreased 16.2% on an annual basis to $65.69 billion from $78.37 billion.

The company said reported net income decreased 17.8% on an annual basis to $1.85 billion, or $2.98 per share, in the full year, from $2.25 billion, or $3.43 per share.