Create a free Feed Strategy account to continue reading

ADM posts higher profit, lower revenue

ADM posts higher profit, lower revenue

ea3d42ea80578a4750dd653eeb74863c_clientImage_300x199_medium_original_1

From WATTAgNet:

Archer Daniels Midland Co. reported quarterly profit higher than expected, but lower revenue.

The favorable profits — $493 million, or 77 cents per share, up from $267 million, or 40 cents per share — were credited to strong oilseed crushing margins and robust global demand for soybean meal.

Revenue was down 15 percent to $17.51 billion from $20.70 billion a year ago as the strong dollar limited U.S. grain exports and profit from corn processing fell on weak ethanol margins and lower biofuel production volumes.

Earnings, excluding one-time items, increased to 80 cents per share from 64 cents per share a year ago.

The company’s agricultural services business saw a net profit of $194 million, up from $142 million a year ago. Oilseeds processing profit rose 58 percent to $469 million from $297 million a year ago. Corn processing profit was down 39 percent to $113 million.

New feed plants in Minnesota, China

ADM said it is building a new feed premix plant in Zhangzhou, China, and a new feed plant in Glencoe, Minnesota.

The China plant will manufacture nutritional feed premixes that can be added to animal rations to promote good health and optimal growth. The plant is expected to be complete in the fourth quarter of 2016.

The Minnesota plant, expected to be complete in the first quarter of 2016, will be able to manufacture 80,000 metric tons of products per year to serve customers in Minnesota, Wisconsin and Iowa.

Full ownership of Black Sea terminals

Also this week, ADM said it will acquire complete ownership of North Star Shipping and Minmetal, which will enhance the company’s European origination and transportation network through the addition of export facilities at the Romanian Port of Constanta on the Black Sea.

UPDATE 1-ADM 1st-qtr profit jumps on strong oilseed processing results

CHICAGO May 5 (Reuters) – U.S. agribusiness Archer Daniels Midland Co on Tuesday reported higher-than-expected quarterly profit on strong oilseed crushing margins and robust global demand for soybean meal. Chicago-based ADM’s first-quarter net profit rose to $493 million, or 77 cents per share, from $267 million, or 40 cents per share, a year earlier.

Read more at Reuters

ADM to Construct Feed Plants in China and Minnesota

CHICAGO–(BUSINESS WIRE)– Archer Daniels Midland Company (NYSE: ADM) today announced that it is building a new feed-premix plant in the city of Zhangzhou, in southern China, bringing to four the number of plants in the company’s premix network in the country. The company also announced that it will build a new feed plant in Glencoe, Minnesota, to support a growing market in the Midwest.

Read more at Benzinga

ADM to Acquire Full Ownership of Black Sea Export Terminals

Archer Daniels Midland Company (NYSE: ADM) announced today that it has reached an agreement to acquire complete ownership of North Star Shipping and Minmetal, enhancing the company’s European origination and transportation network through the addition of export facilities at the Romanian Port of Constanta on the Black Sea.

Read more at Benzinga

Page 1 of 118
Next Page