6 November 2007 - Net earnings for the quarter ended September 30, 2007 increased $ 38 million to $ 441 million - $ .68 per share from $ 403 million - $ .61 per share last year.
“ADM delivered record first quarter earnings,” said Chairman and CEO Patricia A. Woertz.
“These exceptional results demonstrate the strength of ADM’s diversified asset and product portfolio. Where excellent first quarter earnings of a year ago reflected steep growth in the ethanol market, our record first quarter earnings this year demonstrate our strengths in sweeteners & starches, oilseed processing and our global capabilities in grain merchandising and handling. With our unique business model, spanning diverse markets, we are capturing value from changing market conditions.”
► Segment operating profit for the quarter increased 23% to $ 797 million from $ 648 million last year.
• Oilseeds Processing operating profit increased on improved margin conditions, due to strong global protein and oil demand.
• Corn Processing operating profit declined due to lower ethanol sales prices and volumes and higher net corn costs. Last year’s Bioproducts results reflect the positive impact on ethanol volumes and prices of the phase out of MTBE.
• Agricultural Services operating profit increased due to improved global grain merchandising and handling results.
• Other operating profit increased primarily due to improved Financial private equity fund investment results.