ADM first-quarter earnings off 53 percent from year ago Nov. 03, 2009
DECATUR, Ill. -- Archer Daniels Midland Company today announced earnings of $ 496 million and net sales of $ 14.9 billion for the quarter ended Sept. 30, 2009.
"The ADM team executed well, delivering strong sequential earnings growth," said Chairman of the Board and Chief Executive Officer Patricia Woertz. "Earnings were significantly better than the second half of fiscal 2009. As we advance our growth strategy, we are using our financial strength to build shareholder value. Looking ahead, we see demand improving in some key markets, and we have the assets and acumen to capture value as the global economy resets."
Net earnings attributable to ADM for the quarter ended September 30, 2009, were $ 496 million -- $ .77 per share, down 53% from last year's record first quarter.
Net sales for the quarter ended September 30, 2009, were $14.9 billion, down 29 %.
Segment operating profit for the quarter ended September 30, 2009, was $ 774 million, down 34 %.
Oilseeds Processing profit decreased on lower margins and production.
Corn Processing profit improved on lower net corn and manufacturing costs.
Agricultural Services profit decreased due to reduced demand and less volatile commodity market conditions.
Other operating profit was materially unchanged. Global wheat milling margins improved.
