Lower prices for grain and oilseeds were partly responsible for a 77% increase in first quarter net earnings at Archer Daniels Midland (ADM). The company today announced earnings of $266 million, up from $150 million in last year's first quarter.
"Record harvests in North America are nearly complete. Reduced prices for grain and oilseeds improved the company's liquidity and contributed to the continuation of strong operating results," said Allen Andreas, ADM Chairman and CEO, in a company release.
Oilseeds Processing operating earnings increased to $91 million from $68 million last year as improved North American and European operating results were partially offset by decreased operating results in Asian operations.
Corn Processing operating earnings were lower, at $103 million compared with $107 million last year. Bioproducts results improved to $48 million from $18 million last year as higher ethanol and feed ingredient bioproduct selling prices more than offset higher
"Record harvests in North America are nearly complete. Reduced prices for grain and oilseeds improved the company's liquidity and contributed to the continuation of strong operating results," said Allen Andreas, ADM Chairman and CEO, in a company release.
Oilseeds Processing operating earnings increased to $91 million from $68 million last year as improved North American and European operating results were partially offset by decreased operating results in Asian operations.
Corn Processing operating earnings were lower, at $103 million compared with $107 million last year. Bioproducts results improved to $48 million from $18 million last year as higher ethanol and feed ingredient bioproduct selling prices more than offset higher
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