Archer Daniels Midland Co. ADM, +1.47% beat earnings and revenue expectations by a wide margin Tuesday morning, with its chief executive calling out “robust” worldwide demand. The agriculture and nutrition giant logged third-quarter net earnings of $1.03 billion, or $1.83 a share, up from $526 million, or 93 cents a share, in the year-prior period. After adjusting for charges related to impairments and restructuring, among other items, ADM earned $1.86 a share, up from 97 cents a share a year before, while analysts tracked by FactSet were modeling $1.43 a share. ADM’s revenue increased to $24.68 billion from $20.34 billion and easily exceeded the FactSet consensus, which was for $22.18 billion. The ag services and oilseeds business saw revenue jump to $19.14 billion from $15.69 billion as “short crops in South America supported U.S. exports.” ADM disclosed that its ag services business saw better margins in ocean freight during the quarter, while the company’s crushing operations saw “margins driven by resilient global demand for both meal and oil.” ADM shares are ahead 32% so far in 2022 as the S&P 500 SPX, +1.10% has lost roughly 20%.
