Archer Daniels Midland misses earnings expectations

Archer Daniels Midland Co. on Tuesday reported second-quarter profit of $386 million.

The Chicago-based company said it had profit of 62 cents per share. Earnings, adjusted for non-recurring gains, came to 60 cents per share.

The results missed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 65 cents per share.

The agribusiness giant posted revenue of $17.19 billion in the period, which also missed Street forecasts. Three analysts surveyed by Zacks expected $19.29 billion.

ADM shares have fallen slightly more than 8 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen roughly 2 percent. The stock has risen slightly more than 2 percent in the last 12 months.