Archer Daniel Midland Company has reported $399 million net earnings for the company's third quarter ending March 31 in fiscal year 2012, down 31 percent from the same period in fiscal year 2011, according to ADM's latest release.
The company saw profits decrease in oilseeds processing by $117 million, primarily due to the absence of significant, favorable timing effects which benefited year-ago results, said the report. Profits also dropped in corn processing, by $74 million, as improved sweetener results were offset by poor ethanol margins. “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,” said Woertz. “Meanwhile, we continue to leverage our global origination, processing and transportation network to deliver products to our customers and returns to our shareholders.”