Archer Daniels Midland’s Q1 Profit Badly Misses View (ADM)

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Agricultural products maker Archer Daniels Midland Company ( ADM ) on Tuesday said its first quarter profit plunged 30% from last year, missing analyst estimates and sending its shares reeling in premarket trading.

The Decatur, IL-based company reported fiscal first quarter net income of $345 million, or 54 cents per share, compared with $496 million, or 77 cents per share, in the year-ago period.

On average, Wall Street analysts expected a much higher profit of 75 cents per share.

ADM shares plunged $1.74, or -5.2%, in premarket trading Tuesday.

The Bottom Line
Shares of Archer Daniels Midland ( ADM ) have a 1.80% dividend yield, based on last night's closing stock price of $33.39. The stock has technical support in the $30 price area. If the shares can firm up, we see overhead resistance around the $35-$38 price levels.

Archer Daniels Midland Company ( ADM ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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