Decatur / IL. (adm) Archer Daniels Midland Company (ADM) reported financial results for the quarter ended March 31, 2014. The company reported adjusted earnings per share of 0,55 USD, up from 0,46 USD in the same period last year. Net earnings for the quarter were 267 million USD, or 0,40 USD per share, comparable to the 0,41 USD per share in the same period one year earlier. Segment operating profit was 691 million USD, up ten percent from the year-ago period. Adjusted segment operating profit was 780 million USD, 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 EPS of 0,55 USD excludes approximately 159 million USD in pre-tax LIFO charges, or 0,15 USD per share.
- Oilseeds Processing operating profit increased 50 million USD, 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 USD on strong results from ethanol.
- Agricultural Services operating profit increased two million USD, as market conditions and higher costs limited merchandising and handling margins.