Weather to Reduce ADM's Earnings up to $60 Million
ADM Profits 032719
Earlier this week, Archer Daniels Midland Co. (ADM) dropped its earnings forecast by $50 to $60 million due to poor weather conditions, according to Dow Jones.
The profit reduction will be split between its origination and carbohydrate-solutions segments. Snow and rain that lead to flooding disrupted rail transport and reduced corn-processing abilities in Columbus, Neb., Dow Jones reports. In addition, flooded river conditions since December has reduced barge transportation movement.
According to FactSet, ADM is expected to report adjusted earnings of 71 cents per share on a $16.34 billion for Q1.