CHICAGO, July 25 (Reuters) - Archer-Daniels-Midland (ADM.N) beat Wall Street expectations for second-quarter profit on Tuesday, as the grain trader and processor benefited from a record Brazilian soybean harvest and robust global demand for grain and oilseeds.
ADM, which previously forecast full-year 2023 earnings at $6 to $7 per share, said it would raise its earnings outlook but did not provide details.
ADM and its agribusiness peers, including Bunge (BG.N), Cargill and Louis Dreyfus, have capitalized on strong demand for food, feed and biofuel, while global food supply chain disruptions such as lower grain shipments from war-torn Ukraine have boosted prices.
ADM's Carbohydrate Solutions unit capitalized on strong demand for sweeteners and starches, though results were dented by weaker ethanol margins.
Results in the company's high-margin Nutrition segment struggled in what ADM called a "challenging demand environment."
Persons:
Archer, Cargill, Louis Dreyfus, Arunima Kumar, Shilpi Majumdar, Mark Porter
Organizations:
Daniels, Midland, ADM, Bunge, ADM's Ag Services, Thomson
Locations:
Ukraine, Bengaluru