Archer Daniels beats profit estimates but revenue falls short

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Ingredients company Archer Daniels Midland Co. beat earnings estimates for the third quarter, but revenue fell short of estimates during the pandemic. The company said it had net income of $225 million, or 40 cents a share, in the quarter, down sharply from $407 million, or 72 cents a share, in the year-earlier period. Adjusted per-share earnings that exclude a charge relating to early debt retirement and other one-time items, came to 9 cents, ahead of the 71 cents FactSet consensus. Revenue fell to $15.126 billion from $16.726 billion, below the FactSet consensus of $16.755 billion. Shares rose 0.6% in after-hours trading and have gained about 8% in the year to date, while the S7P 500 has gained 2.5%.
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