Agribusiness group Archer Daniels Midland announced today (3 May) that its third-quarter net earnings rose by more than a third, on the back of increases “across all business units”.
ADM reported a 37% increase in net earnings for the quarter ended 31 March to reach US$578m. Net sales were up 32.5% to reach $20.1bn.
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“Against a backdrop of volatile commodity prices, a challenging margin environment and geopolitical instability in the Middle East, North Africa and Côte d’Ivoire, our team worked smart and hard and delivered strong results,” said ADM chairman and CEO Patricia Woerz.
The company said that overall global economic conditions are being “impacted by significant geopolitical developments, rising energy costs and evolving monetary and fiscal policies”, which have the “potential to temper global economic growth”.
However, it added that global demand for crops and agricultural products “continues to grow” with global protein demand being “firm”, while North American corn sweetener volumes are “higher”, led by Mexico. Meanwhile, ethanol consumption in the US remains at “maximum blendable levels” and that global biodiesel demand “is growing”.
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