US: Tight corn supplies hit ADM Q1
- Net profit falls to US$182m
- EBIT slumps to $295m
- Sales fall to $21.8m
ADM earnings slumped to US$182m in Q1
Archer Daniels Midland saw its profits slide in the first quarter of its financial year as the US drought hit corn supplies.
In the three months ended 30 September, earnings amounted to US$182m from $460m last year, the firm reported today (30 October). EBIT slumped to $295m from $660m.
Net sales fell to $21.8m versus $21.9m last year.
"Our first-quarter segment results were mixed," said ADM chairman and CEO Patricia Woertz. "Oilseeds performance was strong, the ethanol industry experienced sustained negative margins, and agricultural services managed well through a complicated quarter, challenged by the drought."
ADM is a global force in the market for ingredients derived from agricultural sources. Its business is centred around products derived from oilseeds, corn, cocoa and wheat, and includes both commodity...
- SIAL 2014: Greek yoghurt firm Fage targets Europe
- On the money: Spreads, ice cream top Unilever woes
- Why Nestle is relaxed about the China "drag"
- Focus: Will Danone return to growth in dairy?
- SIAL: French firm Michel et Augustin to enter US
- SIAL 2014: Premier in talks over US manufacturing
- Kellogg, Nestle slammed for "chaotic" salt policy
- Premier cautious on profits after Q3 sales slide
- Mars puts R&D at centre of US plant expansion
- Italy warns of EUR200m hit from Russia ban