CHICAGO (AP) Archer Daniels Midland Co. (ADM) on Tuesday reported third-quarter net income of $536 million.
The Chicago-based company said it had net income of 94 cents per share. Earnings, adjusted for non-recurring gains, came to 92 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 80 cents per share.
The agribusiness giant posted revenue of $15.8 billion in the period.
ADM shares have climbed 20 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen slightly more than 2 percent. The stock has increased 21 percent in the last 12 months.