Archer Daniels Midland Co. -1.18% announced Tuesday a second-quarter profit which exceeded expectations, but revenue fell short of the company’s forecasts, due to softer demand in parts of its Nutrition and Flavors business. The net income dropped to $927m, or $1.70 per share, from the $1.24billion, or $2.18 per share, of the previous period. Earnings per share adjusted to $1.89, excluding nonrecurring items and compared with the FactSet consensus estimate of $1.59, was $1.89. FactSet’s consensus for revenue was $25.82 billion. Revenue dropped 7.7% to $25.19 billion. Ag services and oilseeds revenue fell 7.4% to $ 19.84 billion. Carbohydrate solutions revenue decreased 9.9% to $3.38 Billion. Nutrition revenue fell 7.5% to $1.85 Billion. In its earnings press release, the company stated that it had raised full-year expectations for earnings. However, the new outlook was not provided. FactSet’s consensus estimate for 2023 earnings per share is $6.89. The stock has gained 9.5% in the last three months, while the S&P500 SPX +0.40% is up 11.9%.