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National & World Ag News Headlines |
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ADM Reports Strong Net Earnings in Third Quarter
USAgNet - 10/27/2021
Archer Daniels Midland Co. reported net earnings of $542 million in the third quarter, with segment operating profit of $1 billion.
“Agile execution across our tightly integrated supply chain amid an environment of strong demand and robust crush margins, and continued impressive growth in Nutrition, drove our eighth consecutive quarter of year-over-year adjusted operating profit growth,”
said Chairman and CEO Juan Luciano.
Ag Services and Oilseeds reported third-quarter revenue of $618 million, up from $436 million in the third quarter a year ago.
ADM said crushing had substantially higher year-over-year results, with strong demand for vegetable oil for food customers and renewable diesel.
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“Our team’s great ability to leverage the favorable operating environment, and the consistent implementation of our strategic plan, have put ADM on track for a strong fourth quarter culminating in a second consecutive year of record earnings per share," Luciano
said.
Year-over-year results for Carbohydrate Solutions, which includes ethanol production, were lower primarily due to higher input costs, ADM said. The segment overall generated $213 million vs. $246 million in third quarter 2020.
However, Vantage Corn Processors results were much improved year over year, supported by the resumption of production at ADM's two dry mills and improved fuel ethanol margins, particularly late in the quarter.
Vantage corn processors rebounded this year with $35 million on the plus side after losing $11 million in the third quarter of 2020.
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