Archer Daniels Midland's profit more than halves in Q1 FY 2012/13
Oct 30, 2012 - US agricultural processing and ethanol production firm Archer Daniels Midland (NYSE:ADM) today said its net profit had dropped to USD 182 million (EUR 140.4m) for its first quarter through September from USD 460 million a year ago.
Net sales and other operating income declined to USD 21.8 billion from USD 21.9 billion.
Segment operating profit came in at USD 498 million, compared to USD 721 million a year earlier, as strong oilseeds segment results were offset by negative ethanol margins, ADM said.
Oilseeds processing segment operating profit rose to USD 336 million from USD 220 million, although biodiesel and other generating profit fell to USD 28 million from USD 55 million due to weak European biodiesel results. Corn processing segment profit decreased to USD 68 million from USD 183 million due to negative ethanol margins. Agricultural services segment profit plunged to USD 78 million from USD 323 million due to a USD-146-million asset impairment charge and weaker US merchandising results. Other operating profit stood at USD 16 million versus a loss of USD 5 million.