Archer Daniels Midland Company reported adjusted earnings per share of $0.55 for the quarter ended March 31, up from $0.46 in the same period last year. Net earnings for the quarter were $267 million, or $0.40 per share, comparable to the $0.41 per share in the same period one year earlier.Segment operating profit was $691 million, up 10 percent from the year-ago period. Adjusted segment operating profit was $780 million, up 17 percent from the year-ago period.
“Our businesses delivered mixed results in the first quarter,” said ADM Chairman and CEO Patricia Woertz. “Our ag services business again generated weak results due to a low margin environment as well as logistics and weather challenges in the U.S. Continued strong performance in corn was supported by the robust ethanol market. And the sustained, solid results in oilseeds were driven by good margins and volumes in North and South American soybean crushing.
“We continued to make good progress during the quarter in our ongoing portfolio management and other key initiatives to improve the earnings power and returns of the company.”
First quarter 2014 highlights
- Adjusted earnings per share of $0.55 excludes approximately $159 million in pretax last-in, first-out charges, or $0.15 per share.
- Oilseeds processing operating profit increased $50 million, as North American soybean crushing had strong utilization amid good meal demand, and South American soybean crushing and origination benefited from large harvests, good demand, and an improved logistics environment.
- Corn processing operating profit increased $64 million on strong results from ethanol.
- Agricultural services operating profit increased $2 million, as market conditions and higher costs limited merchandising and handling margins.
