Archer Daniels Midland Co, an American cereal merchant on Friday April 26, reported a 41% drop in profit in the first quarter of this year due to flooding and harsh weather conditions that hit the midwestern United States earlier this year.

The financial services, processing, and transportation company for crops such as corn, soybeans, and wheat has sought to strengthen its core business and announced last month that it will seek the voluntary early retirement of some North American workers and job cuts as part of its efforts to restructuring.

Archer Daniels Midland Co plans to reduce its capital expenditures in 2019 by 10 percent to $ 800-900 million. In the first three months of this year, the company's net income fell from last year's $ 393 million to the current $ 233 million, or 41 cents per share from 70 cents per share a year earlier.

Archer Daniels Midland Co revenue fell to $ 15.30 billion from $ 15.53 billion. “The first quarter was more challenging than originally expected,” ADM CEO Juan Luciano summed up.

Archer Daniels is labeled “A” in the so-called ABCD Quartet of Global Crop Dealers, which also includes Bunge Ltd, Cargill Inc and Louis Dreyfus Co.