US: ADM posts drop in FY profit
By: just-food.com | 4 August 2009
Archer Daniels Midland (ADM), the US-based agribusiness giant, said it remains financially strong despite posting a drop in full-year net earnings today (4 August).
Net income for the year ended 30 June dropped to US$1.7bn from $1.8bn in the previous year.
"In this downturn, we used our strong balance sheet and cash flow to make strategic investments to build long-term value," said chairman of the board and CEO Patricia Woertz.
"As we look ahead, we see signs of improving demand in the various food, feed and fuel markets we serve. We remain financially strong and well positioned to capture value as global markets recover."
Net sales decreased to $69.2bn from $69.8bn in 2008. Operating profit also dropped, from $3.4bn in 2008 to $2.5bn in fiscal 2009.
Segment operating profit decreased $988m for the year.
Oilseeds processing operating profit decreased as global demand weakened, ADM said. Corn processing operating profit fell due to the effects of higher net corn costs and a weak ethanol environment.
Sectors: Commodities & ingredients, Confectionery, Natural & organic
Companies: ADM
View next/previous articles
4 Aug 2009 -
Currently reading -
US: ADM posts drop in FY profit
4 Aug 2009 -
Related research
Company Financials Archer Daniels Midland Company
The Company Financials offers insights into the financial performance of the company over last five years for about 1000 leading global companies. The datapack covers wealth of financial information relating to income statement, balance sheet, and ca...
U.S. Market for Whole and Other Grains: Trends and Developments, The
After years of falling consumption, grains are back on the menu, with per capita use rising....
There are currently no comments on this article
Be the first to comment on this article