Agribusiness giant Archer Daniels Midland Company (ADM) has reported that net earnings for the Q3 ended 31 March 2002 were US$117m, US$.18 per share, compared with US$93m, or US$.14 per share, last year.
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This year’s results include a US$.01 per share gain on the partial settlement of the company’s claim related to the vitamin antitrust litigation.
Operating profit increased to US$254m from US$212m last year. Improved oilseed crush margins, improvement in agricultural services operations and the vitamin settlement accounted for most of this gain. Earnings from corn wet milling operations decreased primarily due to weaker fuel ethanol market conditions.
Nine month results
Net earnings for the nine months ended 31 March 2002 were US$399m, or US$.61/share, compared with US$327m, or US$.50 per share, last year. Net earnings for the nine months included a loss of US$.05 per share from private equity fund investments, a gain of US$.03 per share from security transactions and a gain of US$.05 per share from partial settlement of the company’s claim related to the vitamin antitrust litigation.
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By GlobalDataEarnings for the nine months ended 31 March 2001 included a loss of US$.01 per share from private equity fund investments, a loss of US$.02 per share from security transactions and a gain of US$.14 per share from the company’s unconsolidated affiliate, CIP. Operating profit increased to US$817m from US$697m last year due to improved results in oilseed crush margins and agricultural services and the partial vitamin settlements.
G. Allen Andreas, chairman and CEO of the Decatur, Illinois-based firm, said: “We continue to see strengthening fundamentals in many of our core business areas. Our global infrastructure continues to grow, and we are adjusting our capacities to maximise efficiencies. We will continue to focus on being a low cost commodity supplier while we build our value-added product portfolio.”
