World Grain - May 2021 - 11
ADM profit climbs sharply higher
CHICAGO, ILLINOIS, US -
Impressive year-over-year earnings and
sales growth during the first quarter of
fiscal 2021 has executives at Archer
Daniels Midland Co. (ADM) even more
optimistic than they were at the beginning of the year.
That optimism stems from " clear,
favorable demand trends " for many of
the company's products as well as the
company's transition into the next phase
of its strategic transformation, which
will sharpen its focus on the two key
pillars of productivity and innovation,
said Juan Luciano, chairman and chief
executive officer.
Net earnings attributable to ADM in
the first quarter ended March 31 totaled
$689 million, equal to $1.22 per share
on the common stock, up 76% from
$391 million, or 69ยข per share, in the
same period a year ago.
Revenues for the first quarter surged
26%, climbing to $18.89 billion from
$14.97 billion.
" I'm pleased to share with you results
that demonstrate an outstanding start to
2021, building on our momentum from
a record 2020, " Luciano said during an
April 27 conference call with analysts.
" We reported first-quarter adjusted
earnings per share of $1.39, more than
double the year-ago period. Adjusted
segment operating profit was $1.2 billion, 86% higher than the first quarter of
2020 and our sixth consecutive quarter
of year-over-year adjusted (operating
profit) growth. "
Operating profit in the Ag Services
and Oilseeds segment increased 84%
in the first quarter of fiscal 2021, climbing to $777 million from $422 million.
Ag services profit rose 27% during the
quarter to $209 million, while crushing profit soared to $382 million from
$70 million.
Crushing, meanwhile, delivered " its
best quarter ever " as the business leveraged its global footprint and diversified
capabilities to capture strong execution
margins in both soybean and softseed
crushing, driven by robust vegetable
oil demand and tight soybean stocks,
Young said.
Operating profit in the Carbohydrate
Solutions segment increased 280% in
the first quarter to $259 million.
Looking ahead, Luciano said ADM
has its sights set on the next stage of its
transformation. What began in 2011 as
a commitment to specific strategic goals
and financial metrics focused on the 3
Cs (capital discipline, cost reduction and
cash generation) will now transition to a
sharpening of focus on the two strategic
pillars of productivity and innovation.
" Our productivity efforts will take
many actions that were part of our optimized and drive focuses and boost them
to the next level, " Luciano explained.
http://www.ozpolatmakina.com.tr
World Grain - May 2021
Table of Contents for the Digital Edition of World Grain - May 2021
World Grain - May 2021 - Intro
World Grain - May 2021 - 1
World Grain - May 2021 - 2
World Grain - May 2021 - 3
World Grain - May 2021 - 4
World Grain - May 2021 - 5
World Grain - May 2021 - 6
World Grain - May 2021 - 7
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World Grain - May 2021 - 11
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