US: ADM "optimistic" despite H1 profits drop
ADM saw its net profits drop by US$537m to $540m in the six-month period
US agribusiness giant Archer Daniels Midland (ADM) said it remains optimistic about the long-term fundamentals of its business, despite booking a drop in first-half and second-quarter profits today (31 January).
ADM saw its net profits drop by US$537m to $540m in the six months to the end of December. The company blamed "ongoing weakness in global oilseeds margins, lower results in corn and poor international merchandising results".
The company's segment operating profit slid by 53% to $1.01bn. Sales in the period, however, climbed by 19.9% to reach $45.2m.
In the second quarter, net profits plummeted 89% to $80m, while segment operating profits dropped by $1.05bn to $309m. Sales in the period, however, grew by 11.4% to $23.3m.
"We continue to execute our plan to drive shareholder value: prioritizing capital projects, implementing productivity measures and returning capital to shareholders through increased dividends and share buybacks," said ADM's chairman and CEO, Patricia Woertz.
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Archer Daniels Midland's (ADM) third-quarter earnings dropped 31% on the back of lower ethanol prices and weak European oilseed results, the company said today (1 May)....
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