Archer Daniels Midland blows past Wall Street’s profit and revenue estimates

Archer Daniels Midland Co.
ADM,
-1.24%
said Thursday its fourth-quarter profit rose to $1.02 billion, or $1.84 a share, from $782 million, or $1.38 a share, in the year-ago quarter. Adjusted earnings rose to $1.93 a share in the fourth quarter from $1.50 a share last year. Fourth-quarter revenue at the corn and ethanol producer increased to $26.23 billion from $23.09 billion. Analysts estimated Archer Daniels Midland would earn $1.65 a share on revenue of $25.28 billion, according to FactSet data. Archer Daniels Midland is also raising its quarterly dividend by 12.5% to 45 cents a share. Archer Daniels Midland stock is up 1% in premarket trades.