ADM: reports drop in annual results

Decatur / IL. (adm) Archer Daniels Midland Company (ADM) announced net earnings of 1,7 billion USD for the year ended June 30, 2009, compared to year-prior net earnings of 1,8 billion USD. Fiscal year 2009 net sales and other operating income was 69 billion USD, just under the 70 billion USD reported the prior year. Net earnings for the fourth quarter decreased 83 percent to 64 million USD. Net sales and other operating income for the quarter decreased 24 percent to 16,5 billion USD.

«In the fourth quarter, we felt the impact of the global economic downturn, as we concluded a year of good performance overall. In this downturn, we used our strong balance sheet and cash flow to make strategic investments to build long-term value», said Chairman of the Board and Chief Executive Officer Patricia Woertz. «As we look ahead, we see signs of improving demand in the various food, feed and fuel markets we serve. We remain financially strong and well positioned to capture value as global markets recover».

• Net earnings for the year ended June 30, 2009, decreased five percent to 1,7 billion USD – 2,65 USD per share from 1,8 billion USD – 2,79 USD per share.
• Net sales and other operating income for the year ended June 30, 2009, decreased one percent to 69,2 billion USD from 69,8 billion USD.
• Segment operating profit for the year ended June 30, 2009, decreased 29 percent to 2,5 billion USD from 3,4 billion USD.
• Net earnings for the fourth quarter decreased 83 percent to 64 million USD – 0,10 USD per share from 372 million USD – 0,58 USD per share.
• Net sales and other operating income for the quarter decreased 24 percent to 16,5 billion USD.
• Segment operating profit for the quarter decreased 73 percent to 208 million USD.
  • Oilseeds Processing operating profit decreased as global demand weakened.
  • Corn Processing operating profit decreased due to the effects of higher net corn costs and a weak ethanol environment.
  • Agricultural Services operating profit decreased on weaker global demand for agricultural commodities and less favourable risk management results.
  • Other operating profit decreased due principally to investment and insurance losses.

Info: Archer Daniels Midland Company reports annual results (PDF, 216 KB).