Milling & Baking News - February 17, 2015 - 18

Financial Results

ingredient egg, potato and pasta
businesses and the retail cheese business, posted operating profit of $42.1
million on sales of $599.3 million.
There was no data to compare with
a year ago.
Commenting on the Dakota Growers
business during the conference call, Mr.
Vitale said it performed "as expected this

quarter," with sales up approximately
2% and volume up approximately 1%.
"We mentioned last quarter that durum wheat costs increased significantly," he said. "We implemented pricing
actions to offset the higher costs. These
pricing actions are in alignment with
the timing of the higher commodity
costs, impacting operating results."

Despite the company's first-quarter
performance, Jeff Zadoks, chief financial officer, reaffirmed Post's adjusted
EBITDA guidance of between $540
million and $580 million, excluding
any contribution from MOM Brands.
" ... We expect progressive improvement in quarterly adjusted EBITDA
throughout F.Y.15," he said." MBN

Showing broad-based strength,
ADM earnings rise sharply in 2014

per share

it makes sense. This agreement will
both quadruple the capacity and increase the utilization of this strategically located port facility, enhancing
Corn processing in fiscal 2014 had our ability to serve the expanding
DECATUR, ILL. - Fiscal 2014 was
a successful year for Archer Daniels operating profit of $1,188 million, up Brazilian ag sector. And by sharing
Midland Co., as the company was able 46% from $814 million in the previous the investment with a partner, we
to churn out a sharp increase in earn- fiscal year. Within the unit, bioprod- are able to do all of this in a cost- and
ings over fiscal 2013. Net earnings at- ucts profit increased 83% during the capital-efficient way."
In addition to its increased capactributable to ADM in the year ended year to $697 million, while sweeteners
ity, the upgraded terminal will be
Dec. 31, 2014, were $2,248 million, and starches fell 7% to $481 million.
Oilseeds processing in the fiscal year able to handle larger Panamax vesequal to $3.43 per share on the common stock, up 68% from $1,342 mil- had operating profit of $1,605 million, sels, allowing the joint venture partlion, or $2.02 per share, in fiscal 2013. up from $1,473 million in fiscal 2013. ners to connect global markets more
Revenues for the year were $81,201 Refining, packaging, biodiesel and efficiently.
Mr. Luciano also said during the
million, down 10% from $89,804 mil- other generated a profit of $479 million in the year, up from $454 million a conference call that ADM's efforts to
lion in the same period a year ago.
"2014 was another solid year from year ago. Cocoa and other also turned improve returns involve investing to
grow the business.
our Oilseeds business, dem"In November we began
onstrating the strength and
Archer Daniels Midland Co. share price
production at our sweetener
diversity of the portfolio in
plant in Tianjin, China," he
delivering consistent results,"
$60
said. "Construction continues
Juan Luciano, president and
on our fiber plant in Tianjin,
chief executive officer, said
$50
China, our feed premix plant
during a Feb. 3 conference
in Nanjing, China, and our
call with analysts. "The Corn
$40
specialty protein complex in
business showed the value of
$30
Campo Grande, Brazil. The
managing the business with
expansion of our Fibersol
overall results. In 2014 they
$20
production capacity at Clindelivered their best operating
Jan.
June
Jan.
June
Jan.
ton, Iowa, is on schedule to be
profit ever. And Ag Services
2013
2014
2015
operational midyear. And our
demonstrated a strong recovnon-G.M.O. lecithin projects
ery from the prior year, aided
by a turnaround of international mer- in a profit, of $109 million, which com- in Hamburg, Germany, and Latur, Inchandising results and good execu- pared with a loss of $20 million in fis- dia, should be operational in March
and July, respectively. We continue to
tion by the team to fully capitalize on cal 2013.
Operating profit in the fiscal year take actions to further improve the
a more favorable environment. I am
very proud of all the team was able to also increased for agricultural servic- business, and, as you can see, that is
es, rising to $1,089 million from $380 reflected in our returns."
accomplish this year."
ADM's board of directors has deStrong grain exports following a re- million.
Separate from its earnings release, clared a quarterly cash dividend of 28c
cord-large U.S. harvest and good soy
processing margins in North America ADM on Feb. 3 said it has reached an per share on the company's common
and Europe propelled results higher in agreement to sell a 50% stake in its stock, an increase of approximately
export terminal in Barcelona to Glen- 17% from the prior quarterly rate, rethe fourth quarter.
Net earnings attributable to ADM core P.L.C. The ADM-Glencore joint sulting in estimated annual dividend
of $701 million, or $1.08 per share, venture that will own and operate the payments of $0.7 billion in 2015.
The dividend is payable on March
in the fourth quarter compared with facility following the transaction also
$374 million, or 56c per share, in the plans to quadruple the terminal's ca- 10, 2015, to shareholders of record
fourth quarter of the previous fis- pacity from 1.5 million tonnes to 6 mil- at the close of business on Feb. 17,
2015. As of Dec. 31, 2014, there were
cal year. ADM said adjusted earn- lion tonnes.
"ADM is continuing to take actions 636,704,061 shares of ADM common
ings per share in the fourth quarter
were $1, up from 95c in the previous to improve our returns on invested stock outstanding.
The company expects 2015 capital
year's fourth quarter. Revenues in the capital," Mr. Luciano said. "One of
fourth quarter were $20,894 million, the ways we're doing this is by tak- expenditures of between $1.1 billion
ing an asset-light approach where and $1.3 billion. MBN
down from $24,143 million.
18 / February 17, 2015

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Milling & Baking News - February 17, 2015

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