ADM Reports Strong Second Quarter Results
Oilseeds Processing operating profits increased $ 64 million to $ 192 million for the quarter and increased $ 134 million to $ 362 million for the six months due principally to improved gross margins in all geographic regions.
02/02/07 Archer Daniels Midland has said that net earnings for the quarter ended December 31, 2006 increased 20 % to $ 441 million - $ .67 per share from $ 368 million - $ .56 per share last year.
Net earnings for the six months ended December 31, 2006 were $ 844 million, or $ 1.28 per share, compared to $ 554 million, or $ .85 per share, last year.
Segment operating profit increased $ 243 million to $ 767 million for the quarter and increased $ 541 million to $ 1.4 billion for the six months. Oilseeds Processing operating profits increased $ 64 million to $ 192 million for the quarter and increased $ 134 million to $ 362 million for the six months due principally to improved gross margins in all geographic regions.
Corn Processing operating profits increased $ 99 million to $ 335 million for the quarter and increased $ 253 million to $ 626 million for the six months. Increased starch, sweetener and ethanol selling prices contributed to the earnings improvement and were partially offset by increasing net corn costs.
Results for the quarter and six months ended December 31, 2005 included $ 15 million of employee severance costs associated with the closure of a citric acid plant. Agricultural Services operating profits increased $ 29 million to $ 123 million for the quarter and increased $ 121 million to $ 234 million for the six months due principally to improved earnings of global grain merchandising operations and improved operating results of transportation operations.
Other segment operating profit increased $ 51 million to $ 117 million for the quarter and increased $ 32 million to $ 193 million for the six months principally due to increased earnings of Financial operations. Results for the quarter and six months ended December 31, 2005 included a $ 31 million asset impairment charge.
“We had record results for the quarter and six months” said ADM Chief Executive Officer and President, Patricia A. Woertz. “We are particularly pleased with the strong performance from all segments. And, we continue to make progress along our strategic path. Our future opportunities are great.”
