Grain trader Archer Daniels Midland (ADM) has reported a 41.3% slump in Q2 adjusted profit, which it attributed to downtime and shipping delays caused by heavy rains and flooding, and the China-US trade row. Adjusted net earnings were $340m from $579m in Q2 2018, and revenue fell 4.5% YoY to $16.3bn. The company said its China business was down more than 50% year-on-year as of June 30, while sales at its U.S. operations declined about 30%.
Grain trader Archer Daniels Midland (ADM) has reported a 41.3% slump in Q2 adjusted profit, which it attributed to downtime and shipping delays caused by heavy rains and flooding, and the China-US trade row. Adjusted net earnings were $340m from $579m in Q2 2018, and revenue fell 4.5% YoY to $16.3bn. ADM said the delays had cost $125m in lost production in H1.