World Grain - November 2021 - 13

Strong gains in Ag Services and Oilseeds lift ADM profit
CHICAGO, ILLINOIS, US - Agile execution across a tightly
integrated supply chain, boosted in large part by strong
gains in the Ag Services and Oilseeds division, buoyed thirdquarter
earnings and revenues at ADM.
Net earnings at ADM totaled $526 million in the third quarter
ended Sept. 30, equal to 93¢ per share on the common
stock, up 134% from $225 million, or 40¢ per share, in the
same period a year ago. Revenues in the quarter surged 34%,
increasing to $20.34 billion from $15.13 billion.
" Our team's great ability to leverage the favorable operating
environment, and the consistent implementation of our strategic
plan, have put ADM on track for a strong fourth quarter
culminating in a second consecutive year of record earnings
per share, " said Juan Luciano, chairman and chief executive
officer of ADM. " And as we look ahead, we remain optimistic
in sustainable earnings growth in the medium term as we continue
to execute our strategy. "
Segment operating profit in the Ag Services and Oilseeds
division totaled $618 million in the third quarter, up 42%
from $436 million in the same period a year ago. Revenues
in the division rose 36% to $15.69 billion from $11.53 billion.
Within the division, crushing operating profit jumped to $280
million from $66 million, while refined products and other
profit increased 86% to $236 million from $127 million. Ag
services experienced a 76% decline in operating profit to $36
million, while the Wilmar business fell 32%, to $66 million
from $96 million.
" The Ag Services and Oilseeds team continued their outstanding
year with another quarter of substantial profit
growth, " Ray Guy Young, executive vice president and chief
financial officer, said during an Oct. 26 conference call with
analysts. " In ag services, we're proud of how the team executed
in a challenging environment, including a swift return
to operation after Hurricane Ida. Overall results were significantly
lower versus the prior-year quarter driven by approximately
$50 million in net timing effects that should reverse in
coming quarters as well as $54 million in insurance settlement
recorded in the prior-year period and lower export volumes
caused by Hurricane Ida.
" The crushing team delivered substantially higher yearover-year
results, executed well, delivering stronger margins
in a dynamic environment that includes strong demand for
vegetable oils to support our existing food customers as well
as the increasing production of renewable diesel. Results were
also driven by about $70 million in net positive timing effects
in the quarter. Refined products and other results were significantly
higher than the prior-year period, driven by positive
timing effects of approximately $80 million that are expected
to reverse in future quarters. Strong execution in EMEA and
North American biodiesel and strong refining premiums due
to demand for renewable diesel and food service recovery in
North America also contributed to the results. Equity earnings
from Wilmar were lower year-over-year. "
Segment operating profit in the Carbohydrate Solutions
segment eased 13.5%, to $213 million from $246 million.
Revenues in the division increased 39%, rising to $2.87 billion
from $2.06 billion. Within the unit, operating profit for
the starches and sweeteners business fell to $178 million from
$257 million, while Vantage Corn Processors posted a profit
of $35 million, which compared with a loss of $11 million in
the third quarter of fiscal 2020.
" The starches and sweeteners subsegment, including ethanol
production from our wet mills, showed their agility by
managing through dynamic market conditions and optimizing
mix between sweeteners and ethanol production through the
quarter, " Young said.
www.World-Grain.com / World Grain / November 2021
13
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World Grain - November 2021

Table of Contents for the Digital Edition of World Grain - November 2021

World Grain - November 2021 - Intro
World Grain - November 2021 - 1
World Grain - November 2021 - 2
World Grain - November 2021 - 3
World Grain - November 2021 - 4
World Grain - November 2021 - 5
World Grain - November 2021 - 6
World Grain - November 2021 - 7
World Grain - November 2021 - 8
World Grain - November 2021 - 9
World Grain - November 2021 - 10
World Grain - November 2021 - 11
World Grain - November 2021 - 12
World Grain - November 2021 - 13
World Grain - November 2021 - 14
World Grain - November 2021 - 15
World Grain - November 2021 - 16
World Grain - November 2021 - 17
World Grain - November 2021 - 18
World Grain - November 2021 - 19
World Grain - November 2021 - 20
World Grain - November 2021 - 21
World Grain - November 2021 - 22
World Grain - November 2021 - 23
World Grain - November 2021 - 24
World Grain - November 2021 - 25
World Grain - November 2021 - 26
World Grain - November 2021 - 27
World Grain - November 2021 - 28
World Grain - November 2021 - 29
World Grain - November 2021 - 30
World Grain - November 2021 - 31
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World Grain - November 2021 - 35
World Grain - November 2021 - 36
World Grain - November 2021 - 37
World Grain - November 2021 - 38
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World Grain - November 2021 - 40
World Grain - November 2021 - 41
World Grain - November 2021 - 42
World Grain - November 2021 - 43
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http://digital.world-grain.com/sosland/wg/2010_09_01
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