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Last Update: 05-Feb-13 10:51 ET
Archer-Daniels Up +5% On Positive Earnings Results
Archer-Daniels (ADM) reports Q2 (Dec) earnings of $0.60 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.58; revenues rose 6.9% year/year to $24.92 bln vs the $23.5 bln single est.
Oilseeds Processing profit increased $202 million, with year-over-year improvements in crushing and origination results in all regions. Excluding last year's $339 million asset impairment charge, Corn Processing profit decreased $207 million, due to ongoing weakness in industry ethanol margins. Agricultural Services profit rose $77 million, as solid U.S. soybean exports, improved international merchandising and a gain on ADM's investment in GrainCorp benefitted results.
"In North America, we fully utilized our oilseeds crushing capacity to meet strong global demand, and we adjusted our transportation and origination network to move goods efficiently despite constrained river traffic and a smaller corn crop. In South America, we leveraged our origination, transportation and export facilities to move the record corn crop to world markets. And, in Europe, we made some operational changes, and the market responded to reduced imports.
Oilseeds Processing profit increased $202 million, with year-over-year improvements in crushing and origination results in all regions. Excluding last year's $339 million asset impairment charge, Corn Processing profit decreased $207 million, due to ongoing weakness in industry ethanol margins. Agricultural Services profit rose $77 million, as solid U.S. soybean exports, improved international merchandising and a gain on ADM's investment in GrainCorp benefitted results.
"In North America, we fully utilized our oilseeds crushing capacity to meet strong global demand, and we adjusted our transportation and origination network to move goods efficiently despite constrained river traffic and a smaller corn crop. In South America, we leveraged our origination, transportation and export facilities to move the record corn crop to world markets. And, in Europe, we made some operational changes, and the market responded to reduced imports.
