Archer Daniels Midland Company ADM, a leading player in the global food processing industry, released first-quarter 2016 results, wherein adjusted earnings of 42 cents a share missed the Zacks Consensus Estimate by a penny and plunged 46% from 78 cents earned in the year-ago quarter.Earnings Estimate Revision: The Zacks Consensus Estimate for 2016 and 2017 has been portraying a downtrend over the past 30 days. Moreover, Archer Daniels’ performance in the trailing four quarters (excluding the quarter under review) gives a negative picture, with an average surprise miss of 5.2%.Revenues: Archer Daniels generated net sales of $14,384 million, which was down 17.8% year over year and missed the Zacks Consensus Estimate of $15,394 million owing to decline at all of its operating segments.Key Events: Archer Daniels acquired controlling stake in a leading producer of non-GMO, organic and gluten-free ingredients, named Harvest Innovations. The company also announced the buyout of a corn wet mill in Morocco and entered into a deal to sell its Brazilian sugarcane ethanol operations.Management attained approximately $50 million of run-rate savings in the reported quarter and remains on track to achieve the goal of $275 million by calendar end. The company bought back about $300 million of shares in the quarter. Zacks Rank: Currently, Archer Daniels carries a Zacks Rank #5 (Strong Sell) which is subject to change based on the just released earnings results.Stock Movement: Archer Daniels’ shares are down nearly 2% during pre-market trading hours following the earnings release. Clearly, a negative sentiment is palpable among investors following the company’s disappointing performance.Check back later for our full write up on Archer Daniels’ earnings report!Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ARCHER DANIELS (ADM): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research