Aug. 5 - Segment operating profit hits new record of $ 3.4 billion
- Net earnings for the year ended June 30, 2008 decreased 17 % to $ 1.8 billion - $ 2.79 per share from $ 2.2 billion - $ 3.30 per share. Net earnings for the year ended June 30, 2007 include after-tax gains on asset sales of $ 665 million - $ 1.01 per share.
- Net sales and other operating income for the year ended June 30, 2008 increased 59 % to $ 69.8 billion from $ 44.0 billion last year due principally to higher average selling prices resulting primarily from increases in underlying commodity costs.
- Segment operating profit hit a new record of $ 3.4 billion for the year, up $ 280 million from fiscal 2007 due principally to improved operating results of Agricultural Services and crushing and origination earnings in Oilseeds Processing.
“ADM’s 2008 results demonstrate the ability of our people to leverage our global assets against an exceptional set of opportunities” said Patricia Woertz, Chairman and CEO. “We had an outstanding year, highlighted by record segment operating profit. ADM met the needs of food, feed, fuel and industrial customers even as strong demand for crops and commodities challenged the global supply chain.”
- Financial Highlights (Amounts in millions, except per share data and percentages)
- Net earnings for the fourth quarter decreased $ 583 million to $ 372 million - $ .58 per share from $ 955 million - $ 1.47 per share last year. Net earnings for the quarter ended June 30, 2007 includes after-tax gains on asset sales of $ 616 million - $ .95 per share.
- Net sales and other operating income increased 78 % to $ 21.8 billion for the quarter ended June 30, 2008, due principally to higher average selling prices resulting primarily from increases in underlying commodity costs.
- Segment operating profit for the quarter decreased 33 % to $ 777 million. This decrease was due primarily to gains on asset sales in the prior year fourth quarter.
• Oilseeds Processing operating profit decreased as fourth quarter 2007 results included a $ 440 million gain related to the exchange of the Company’s interests in certain Chinese joint ventures for shares in Wilmar International Ltd. Global demand for vegetable oil and protein meal continued to be strong.
• Corn Processing operating profit increased due primarily to increased ethanol sales volumes and higher average selling prices of Sweeteners and Starches.
• Agricultural Services operating profit decreased due principally to the $ 153 million gain on the sale of the Company’s investment in Agricore United recognized in the fourth quarter of 2007 partially offset by increased sales volumes and margins.