Limited margins in ethanol offset by corn sweeteners, starches business
The company reported adjusted earnings per share were $0.60, down from $0.79 in the same period last year. Adjusted segment operating profit was $724 million, down 13 percent from $835 million in the year-ago period.
“Our second-quarter results demonstrate the strength and value of our geographic and business portfolio diversity,” said ADM CEO Juan Luciano. “In Corn, domestic and export demand for ethanol was robust, but record industry production limited margins. This was partially offset by strong results from our corn sweeteners and starches business.
“In Oilseeds, good meal demand supported strong North American soybean crushing results. And South American origination and export volumes were up, leading to good throughput at our expanded origination and port network. These, combined with the flexibility of our global crush plants, helped the Oilseeds team deliver another strong performance.
“Ag Services earnings were impacted by lower margins and volumes of North American exports, as they were less competitive globally, and by a sharp upward move in commodity prices at the end of the quarter. But, within our Ag Services segment, the milling business had record second-quarter results.