Archer Daniels Midland Company (ADM Quick QuoteADM - Free Report) , a leading player in the global food processing industry, released second-quarter 2016 results, wherein adjusted earnings of 41 cents a share missed the Zacks Consensus Estimate of 44 cents and plunged 32% from 60 cents earned in the year-ago quarter.

Earnings Estimate Revision: The Zacks Consensus Estimate for 2016 and 2017 has been portraying a downtrend over the past 30 days. Moreover, Archer Daniels’ performance in the trailing four quarters (excluding the quarter under review) gives a negative picture, with an average surprise miss of 7.9%.

ARCHER DANIELS Price, Consensus and EPS Surprise

ARCHER DANIELS Price, Consensus and EPS Surprise | ARCHER DANIELS Quote

Revenues: Archer Daniels generated net sales of $15,629 million, which was down 9% year over year.

Key Events: Archer Daniels acquired complete ownership of Amazon Flavors, manufacturer of natural extracts, emulsions and compounds. The company also increased its ownership stake in Wilmar to 22% from 20%.

Management attained approximately $150 million of run-rate savings in the first half of 2016 and remains on track to achieve the goal of $275 million by calendar end. The company bought back about $500 million of shares during the first half of 2016.

Zacks Rank: Currently, Archer Daniels carries a Zacks Rank #3 (Hold) which is subject to change based on the just released earnings results.

Check back later for our full write up on Archer Daniels’ earnings report!

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