ADM announces financial results, management changes
Archer Daniels Midland Co. has released financial results for the quarter ended Sept. 30, reporting net earnings of $182 million, or 28 cents per share. This is down from 68 cents per share recorded for the same period last year. The quarter is the first of ADM’s 2012 financial year.
“Our first-quarter segment results were mixed,” said ADM Chairman and CEO Patricia Woertz. “Oilseeds performance was strong, the ethanol industry experienced sustained negative margins, and Agricultural Services managed well through a complicated quarter, challenged by the drought.” She continued by noting that ADM focused on actions to improve returns during the quarter and made progress on ongoing portfolio management efforts.
During the quarter, corn processing profit decreased. In its financial statement, ADM said continued negative ethanol margins more than offset improved results from sweeteners and starches.
Corn processing operating profit for the quarter was $68 million, a decrease of $115 million from the same quarter of last year. While sweetener and starch operating profit increased from $64 million to $92 million, however bioproducts results in the quarter decreased by $179 million, to a loss of $26 million. According to ADM, weak exports, strong Brazilian imports and slow E15 implementation kept industry margins negative.
ADM has also recently announced management changes. Gary Towne was named vice president of ADM Corn Processing in late October. He previously served as chairman of the management board of Alfred C. Toepfer International GmbH, a grain merchandising firm that is 80 percent owned by ADM. Domingo Lastra, who previously served as vice president of business growth for ADM, will take over Towne’s position at ACTI.