For the quarter ended June 30, net earnings were $381 million, down $65 million, and segment operating profit was $888 million, up $89 million, from the same period one year earlier.
ADM earned 58¢ diluted EPS for the fourth quarter, versus last year’s 69¢ in the fourth quarter.
“Despite a challenging environment in several key markets, ADM delivered solid operating results across all our businesses for the quarter. We earned record operating profit for the fiscal year with our growing global asset base, diversified product portfolio and the acumen of the ADM team,” said Patricia Woertz, ADM chairman and chief executive officer. “Looking ahead, we are confident in our people, our assets and our financial strength to deliver profitable growth and value for our shareholders as we serve the vital needs of a growing world.”
Oilseeds Processing profit increased $20 million on strong performance in North American crushing operations, despite a weak global margin environment. European and South American results were lower and were partially offset by positive mark-to-market timing effects.
Refining, packaging, biodiesel and other generated a profit of $86 million for the quarter, up $7 million from last year, as improved results from North America offset lower results from Europe and South America.
Corn Processing profit decreased $22 million on significantly higher net corn costs. While processed volumes were up 15%, net corn costs increased significantly from the fourth quarter of last year.
Sweeteners and starches operating profit of $9 million was down $110 million, as higher average selling prices and sales volumes were more than offset by higher net corn costs. Export demand for sweeteners remained strong.
Bioproducts profit in the quarter rose $88 million to $109 million, driven by higher ethanol prices, favorable ownership positions and strong demand for value-added food and feed ingredients, particularly lysine and other amino acids.
Agricultural Services profit increased $15 million due to strong U.S. merchandising results. Merchandising and handling earnings increased primarily due to stronger results from North American interior elevators and export operations, partially offset by weaker international results. Earnings from transportation operations were essentially flat compared to the fourth quarter of last year.
In the fourth quarter, profits from ADM’s other business units increased $76 million to $ 198 million.
In other processing, which includes wheat milling, cocoa and ADM’s share of Gruma, S.A.B. de C.V., profits were $192 million, an increase of $64 million from the year-ago quarter. ADM’s portion of Gruma’s results included a $78 million gain on the disposal of assets.
Other financial increased $12 million mainly due to improved results of ADM’s captive insurance subsidiary and ADM Investor Services.