ADM earnings climb 30%

Archer Daniels Midland Co. (ADM) reported yesterday second-quarter net earnings of $732 million and record quarterly segment operating profit of $1.4 billion for the quarter ended December 31, 2010, up $165 million and $392 million, respectively, from the same period one year earlier.

ADM earned $1.14 diluted EPS, a 30% increase versus last year’s 88¢ second quarter.

Segment operating profit of $1.4 billion was a record, up 40 per cent from the same period in the prior year.

Oilseeds Processing profit declined $27 million as improved results from operations were more than offset by mark-to-market timing effects.

Corn Processing profit increased $109 million on favorable corn ownership, increased ADM ethanol production and strong export sweetener demand.

Agricultural Services results increased $276 million as ADM was well positioned to meet strong global grain demand and shipped record volumes through its U.S. origination and export network.

“The ADM team delivered outstanding performance across the board, resulting in record operating profit. Amid strong demand and regional dislocations, we used our vast global network to deliver for our customers and shareholders,” said Patricia Woertz, ADM chairman and chief executive officer. “Looking ahead, global markets remain dynamic. In this environment, we use ADM’s exceptional capabilities, our unique global asset base and the insights of our team to drive value and to serve vital needs.”