29 April 2008
Net earnings for the quarter ended March 31, 2008 increased 42 % to $ 517 million - $ .80 per share from $ 363 million - $ .56 per share last year.
“ADM’s third-quarter performance demonstrates the ability of our balanced operations, global network and solid balance sheet to deliver strong results amid fluid markets,” said Patricia Woertz, Chairman and CEO. “Volatility in commodity markets presented unprecedented opportunities. Once again, our team leveraged our financial flexibility and global asset base to capture those opportunities to deliver shareholder value.”
Net sales and other operating income increased 64 % to $ 18.7 billion for the quarter ended March 31, 2008.
• Selling prices increased due principally to sharp rises in commodity prices.
► Third quarter segment operating profit increased 54 % to $ 913 million from $ 593 million last year.
• Oilseeds Processing operating profit increased as global demand for protein and oil improved.
• Corn Processing operating profit decreased due principally to higher net corn costs.
• Agricultural Services operating profit increased as highly volatile market conditions provided exceptional merchandising opportunities.
• Other segment operating profit increased due to improved margins and increased financial services income.