Grain trader Archer-Daniels-Midland on Tuesday posted its lowest first-quarter profit in five years and said it expects annual adjusted earnings at the low end of its prior forecast range due to macroeconomic uncertainty and trade tariff headwinds.

Slumping sales and weak crop-processing margins slashed operating profit by more than half for ADM’s ag services and oilseeds unit, its largest division, more than offseting flat to stronger results in its other business segments.

ADM shares edged higher in pre-market trading as results bested Wall Street expectations.

Trade tensions between the U.S. and China, the largest crop importer, are creating a drag for ADM, which has seen its profit erode in recent quarters due to ample global crop supplies and thinning margins.

ADM is also reeling from an accounting scandal last year that sparked federal investigations and sent its stock price tumbling, with shares down 30% since news of the financial irregularities broke in January last year.

The company is responding to the challenges through a cost-cutting and consolidation push. ADM said in February it planned to cut costs by $500 million to $750 million over the next three to five years and has been slashing jobs and downsizing operations since then.

ADM reaffirmed its full-year adjusted earnings forecast of $4 to $4.75 per share, but said it expects profit at the lower end of the range. It would be the company’s weakest performance since 2020, according to LSEG data.

Ag services and oilseeds segment operating profit tumbled 52% in the first quarter while ADM’s carbohydrate solutions division saw earnings slip 3% as improved ethanol biofuel results offset slumping sweeteners returns.

A 13% operating profit bump in the company’s much smaller nutrition segment and lower costs helped the global grain merchant’s first-quarter results.

The Chicago-based company posted an adjusted profit of 70 cents per share for the three months ended March 31, down from $1.46 per share in the first quarter last year but above analysts’ average estimate of 67 cents, according to data compiled by LSEG.