ADM Reports Improved Trading Results; We Maintain Our $44 Fair Value Estimate
Archer Daniels Midland operating profit slipped 1% to $464 million in the second quarter, as compressed oilseeds margins offset improved trading desk results. The company’s results were in line with our expectations and, as such, our $44 per share fair value estimate is unchanged. We are also maintaining our no-moat rating.In the agricultural services segment operating profit increased to $109 million. Strong trading desk performance buoyed operating margins to 1.9% for the quarter, versus 1.2%...
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