ADM Q4 profit tumbles; positive outlook
Archer Daniels Midland Co. (ADM), producer of seed oils, corn processing, and agricultural services, announced Q4 earnings of $0.10 per share this morning. Earnings were down 83% from last year's record high due to higher corn costs, lower selling prices, and weaker demand. Revenue declined 24% to $16.53 billion from $21.78 billion last year.
Analysts surveyed by Thomson Reuters expected ADM to report earnings of $0.45 cents per share on sales of $15.2 billion.
ADM's corn processing division, which includes its ethanol business, moved to a segment loss mostly on weak demand for ethanol. Ethanol-related businesses have been hammered by slumping demand for the corn-based fuel, with many of them filing for bankruptcy over the past 12 months.
CEO Patricia Woertz provided a strong outlook. "As we look ahead, we see signs of improving demand in the various food feed and fuel markets we serve. We remain financially strong and well positioned to capture value as global markets recover."
- Colvin
Posted by Colvin & Co. at 8/4/2009 10:42 AM 
Categories: Agriculture Companies
Tags: ethanol commodities corn
Categories: Agriculture Companies
Tags: ethanol commodities corn
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