Archer-Daniels-Midland (ADM.N) beat Wall Street expectations for third-quarter profit on Tuesday, as the grain trader and processor benefited from strong export demand for biodiesel.
beat Wall Street expectations for third-quarter profit on Tuesday, as the grain trader and processor benefited from strong export demand for biodiesel.
The company posted an adjusted profit of $1.63 per share for the three months ended Sept. 30, compared with the analysts' average estimate of $1.52 per share, according to LSEG data. The company said strong export demand for biodiesel in the EMEA region had boosted earnings, while domestic demand for food oil in the U.S. had supported higher margins.
Adjusted operating profit for the Chicago-based company's refined products was up at $337 million in the quarter, compared to $295 million, a year ago.The United Auto Workers union went on strike at Chrysler-parent Stellantis's largest assembly plant on Monday, hitting the automaker's profitable RAM 1500 pickup truck production in a major expansion of the more than month-old strike.
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