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ADM 1Q Net Down 31% On Ethanol, European Oilseeds

DOW JONES NEWSWIRES Archer Daniels Midland Co.'s (ADM) fiscal third-quarter earnings fell 31% as the agribusiness giant saw its margins squeezed for ethanol and European oilseeds. ADM, one of the world's largest grain traders and processors, has struggled to post consistent results in recent quarters as market volatility has cut into trading profits. In January, the company said it would lay off around 1,000 people, or about 3% of its workforce, in a bid to bolster its international competitiveness. The company had warned that it expected a pretax charge of $50 million to $75 million in the latest quarter. ADM saw benefits from cost reductions starting this month and saving about $100 million annually. In a further effort to streamline its operations, the company said in March that it was reorganizing several of its business units, while four longtime executives said they were retiring. For the quarter ended March 31, the company posted a profit of $399 million, or 60 cents a share, down from $578 million, or 86 cents a share, a year earlier. Revenue increased 5.4% to $21.16 billion. Analysts surveyed by Thomson Reuters were looking for earnings of 59 cents on revenue of $21.38 billion. Adjusted earnings excluding restructuring charges, an accounting method called LIFO and other items fell to 78 cents from 89 cents. Gross margin shrank to 4.8% from 5.8%. In the agricultural division, which handles grain from farm to end-user, net sales fell 0.5%. The oilseeds processing segment's operating profit sank to $395 million from $512 million, even as sales rose 14%. Processing volume rose 6.2%. The corn-processing business posted 15% higher sales from a year ago, as volume was up 9.6%. Shares closed Monday at $30.83 and were inactive premarket. The stock is up 7.8% so far this year. -By Kristin Jones; Dow Jones Newswires; 212-416-2208; kristin.jones@dowjones.com

Stock News for Archer Daniels (ADM)
DateTimeHeadline
10/16/201417:32:22North American 3Q Cocoa Grindings Rise to a Record 138,027 Tons
10/14/201406:42:50European 3Q 2014 Cocoa Grind Falls 1.1% on Year - ECA
08/05/201409:44:37U.S. Hot Stocks: Hot Stocks to Watch
08/05/201406:12:35MARKET SNAPSHOT: U.S. Markets: Futures Wait For Cues From Fresh...
07/09/201415:38:25Big Commodity Traders Gain Clout
07/07/201409:00:48U.S. Hot Stocks: Hot Stocks To Watch
07/07/201407:10:50MARKET SNAPSHOT: U.S. Stocks: Futures Down; ADM In $3 Billion...
07/07/201406:05:54MARKET SNAPSHOT: U.S. Stocks: Futures Slip; ADM In $3 Billion...
05/20/201409:03:11Malaysian Cocoa Processor JB Cocoa Sets Up Shop in the U.S.
05/01/201411:38:40Rising Grain Markets Swing Bunge to Loss -- Update
04/30/201417:35:27GRAIN HIGHLIGHTS: Top Stories of the Day
04/30/201417:22:05LIVESTOCK HIGHLIGHTS: Top Stories of the Day
04/29/201417:35:10MARKET SNAPSHOT: U.S. Stocks Rise As Risk Appetite Returns
04/29/201413:08:06MARKET SNAPSHOT: U.S. Stocks Rise; Dow Sees Triple-digit Gain
04/29/201412:13:55Archer Daniels Midland's Profit Slips -- Update
04/29/201410:42:56MARKET SNAPSHOT: U.S. Stocks Rise; Merck, Sprint Rally On Results
04/15/201414:10:29Mosaic to Buy Archer Daniels Fertilizer Business
04/15/201413:41:48Mosaic to Buy Archer Daniels Midland Fertilizer Business in Brazil...
04/10/201404:53:37European First-Quarter Cocoa Grind Up 0.4% On Year
03/03/201414:19:17ADM Says No Significant Business Impact From Ukraine Turmoil

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