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Archer-Daniels-Midland Company Message Board

  • bluecheese4u bluecheese4u May 1, 2012 9:18 AM Flag

    ADM Reports Third Quarter 2012 Earnings of $399 Million or $0.60 per Share

    ADM Reports Third Quarter 2012 Earnings of $399 Million or $0.60 per Share

    Adjusted EPS of $0.78, down 12 percent from strong year-ago quarter
    Segment operating profit declined on weak ethanol and European oilseeds markets
    Dividends and share repurchases of $171 million during the quarter

    DECATUR, Ill., May 1, 2012 – Archer Daniels Midland Company (NYSE: ADM) today reported financial results for the quarter ended March 31, 2012. The company reported net earnings for the quarter of $399 million, or $0.60 per share, down 31 percent and 30 percent respectively from the same period one year earlier. Adjusted earnings per share1—which excludes the impact of LIFO, restructuring costs and other adjustments—was $0.78 per share, 12 percent lower than the prior-year quarter. Segment operating profit1 was $887 million, down 12 percent from the year-ago quarter.
    “This quarter, we delivered very good results despite difficult margin environments, particularly in ethanol and European oilseeds,” said ADM Chairman and CEO Patricia Woertz. “The strong third quarter last year set a high bar, and this quarter represents a solid performance by the team.”
    “Looking ahead, planting is underway in North America, and we’re encouraged by the projected corn and soybean acreage,” added Woertz. “Meanwhile, we continue to leverage our global origination, processing and transportation network to deliver products to our customers and returns to our shareholders.”

    Third Quarter 2012 Highlights
    • Adjusted EPS of $0.78 excludes a LIFO charge of $0.10 and restructuring charges of $0.08.
    • Oilseeds Processing profit declined $117 million primarily due to the absence of significant, favorable timing effects which benefited year-ago results. Improved results in North and South America significantly offset weakness in Europe.
    • Corn Processing results decreased $74 million as improved sweetener results were offset by poor ethanol margins.
    • Agricultural Services profit rose $8 million, as lower North American grain exports were offset by improved international merchandising margins and volumes.
    • Other businesses’ results were steady when excluding positive timing effects.
    • Corporate costs include $74 million of pre-tax restructuring charges, or $0.07 per share, largely related to the global workforce reduction program.
    • ADM returned $171 million to shareholders in the quarter, including buying back nearly 2 million shares.

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