April 26 (Reuters) – U.S. grains merchant Archer Daniels Midland Co reported a 41 percent drop in first-quarter profit on Friday, following floods and severe weather conditions that hit the U.S. Midwest earlier this year.
Net earnings attributable to the company fell to $233 million, or 41 cents per share, in the three months ended March 31, from $393 million, or 70 cents per share, a year earlier.
Revenue fell to $15.30 billion from $15.53 billion.
Archer Daniels is the ‘A’ of the so-called “ABCD” quartet of global crop merchants, which also includes Bunge Ltd, Cargill Inc and Louis Dreyfus Co
