Harsh weather hurts Archer Daniels Midland profit

DECATUR, Ill. (AP) -- ADM's first-quarter net income, weighed down by winter storms, fell short of Wall Street expectations Tuesday and shares slid before the opening bell on weakness in the company's agricultural services unit.

Earnings and revenue fell short of Wall Street expectations and its shares edged lower in premarket trading.

In ADMs agricultural services sector, merchandising and handling fell almost 20 percent, milling and other services fell about 14 percent, and losses widened from its corn hedging activities.

Net income for the quarter fell to $267 million, or 40 cents per share, in the quarter that ended March 31, compared with $269 million, or 41 cents per share, in the same quarter last year.

Adjusted for one-time charges, earnings were 55 cents per share, well below the 74 cents analysts were looking for, according to FactSet.

Revenue fell 4.7 percent to $20.7 billion from $21.7 billion. Analysts expected revenue of $21.8 billion.

Shares of Archer Daniels Midland Co., based in Decatur, Ill., fell 31 cents to $44.07 before the opening bell. Shares are up 30 percent over the past year, however.