UPDATE 1-Tight U.S. crop supply squeezes ADM profits
CHICAGO, Aug 6 (Reuters) - Agribusiness company Archer Daniels Midland Co said on Tuesday that quarterly earnings fell as crop supplies tightened in the United States.
ADM, one of the world's largest agricultural trading houses, reported net earnings of $223 million for the second quarter that ended June 30, or 34 cents a share. That was down from $284 million, or 43 cents a share, for the same quarter a year ago.
Adjusted earnings were 46 cents a share, up from 38 cents a share a year ago, and above earnings of 44 cents expected by analysts.
Revenue for the quarter was $22.54 billion, below Wall Street's expectations for $22.87 billion. A year ago, revenue for the same quarter was $22.68 billion.
"We'll be managing through tight crop supplies until the forecast large but delayed U.S. harvest," said ADM Chief Executive and Chairman Patricia Woertz.
ADM is among the four large players known as the "ABCD" companies that dominate the flow of agricultural goods around the world. The others are Bunge Ltd, Cargill Inc and Louis Dreyfus Corp.
ADM profits by buying, selling, transporting and processing crops. Inventories of corn and soybeans have dwindled following a historic drought in the United States last year.
ADM in May warned that the second quarter would be "difficult" because of a lack of supply.