Archer Daniels Midland Q1 Profit Rises 33 On Gain Update
Post on: 2011-11-02 By: admin
(RTTNews) - Agricultural products processor Archer Daniels Midland Co. (ADM: News ) Tuesday reported a 33 percent increase in profit for the first quarter, helped by a gain and 30 percent increase in revenue, amid a challenging environment and higher corn costs. Net earnings attributable to ADM grew to $460 million or $0.68 per share from last year's $345 million or $0.54 per share and the preceding quarter's $381 million or $0.58 per share. Excluding the impact of LIFO of 10 cents per share and other adjustments, earnings were $0.58 compared to $0.67 in the prior-year quarter. On average, 12 analysts polled by Thomson Reuters expected earnings per share of $0.67 for the quarter. Analysts' estimates typically exclude one-time items.Net sales and other operating income increased to $21.90 billion from $16.80 billion last year but dipped from the preceding quarter's $22.87 billion. Analysts estimated revenues of $18.93 billion for the quarter. The company's segment operating profit, a non-GAAP measure, fell 9 percent to $699 million.Decatur, Illinois-based ADM traces its history to the linseed crushing business started by George Archer and John Daniels in 1902. The company processes crops to make food ingredients, animal feed ingredients, renewable fuels and naturally derived alternatives to industrial chemicals. The company's revenue comes mainly from Oilseeds Processing, Agricultural Services and Corn Processing. In Oilseeds Processing, revenue increased about 37 percent to $8.33 billion, but operating profit declined about 35 percent amid a challenging global oilseed crushing environment.Revenues from Agricultural Services in the quarter climbed 25 percent to $8.67 billion. Segment profit increased 85 percent primarily due to stronger global merchandising results.Corn Processing generated $3.293 billion, up about 53 percent from last year. However, profit declined 48 percent from last year as net corn costs more than doubled.ADM Chairman and CEO Patricia Woertz said, "The first quarter presented a difficult and challenging market environment. Margin conditions in our global oilseeds segment were generally weak, and net corn costs were high...Looking ahead, we see the margin environment modestly improving, and we are optimistic about the long term." ADM closed on Monday at $28.94, down from the prior close of $30.34, on 5.97 million shares. To receive FREE breaking news email alerts for Archer-Daniels-Midland and others in your portfolio by RTT Staff WriterFor comments and feedback: contact editorial@rttnews.com
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