Archer Daniels Midland has booked an increase in net earnings during the first nine months of the year, despite pressure on operating profit, thanks to lower one-time charges.
The US agri-giant said net earnings rose to US$968m in the nine months to 30 September, up from $865m in the comparable period of last year. Profit before tax increased to $1.4bn from $1.28bn last year. Sales were relatively flat at $65.66bn, compared to $65.63bn last year.
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The bottom line was boosted by lower impairment charges and by a reduction in “exit costs”. In ADM’s last financial year, the company announced a move to cut around 1,000 jobs.
However, segment operating profit has come under pressure in the year so far. Oilseed operating profit fell $81m to $583m, while agricultural services profit fell $182m to $104m in the period. Corn processing profit was up $13m to $330m, boosted by ethanol demand.
