ADM earnings jump 37% on corn, soybean increases

Sharply higher third-quarter earnings were reported Tuesday by Archer Daniels Midland, which produces ethanol and corn sweeteners at plants in southwest Cedar Rapids.

The Decatur, Ill.-based agribusiness giant posted net income of $578 million, or 86 cents per share, in the quarter that ended March 31, up 37 percent from $157 million from $421 million, or 65 cents per share, in the same quarter last year. Sales rose to $20.1 billion in the third quarter from $15.1 billion in the same quarter a year ago.

Business segment operating profit of $1 billion was up 45 percent from the same period last year.  Corn processing profit rose $100 million on favorable ownership and good volumes for sweeteners, starches and lysine.

Oilseeds processing profit increased $107 million due to favorable ownership, strong North American results and the reversal of mark-to-market timing effects.

Patricia Woertz, ADM chairwoman and chief executive officer, was pleased with the company's third quarter numbers.

“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,” Woertz said.

“As we look ahead, we are monitoring the planting and growing season in North America and Europe. Overall, global demand for crops and agricultural products remains relatively strong.”