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Oct. 26, 2022 Source: ADM news release CHICAGO--ADM (NYSE: ADM) today reported financial results for the quarter ended September 30, 2022. "I'm proud of our team for delivering yet another quarter of strong results by supporting the global food system and providing needed nutrition to billions," said Chairman and CEO Juan Luciano. "Global demand remains robust, and our adjusted EPS of $1.86 is a reflection of our team's expertise in managing dynamic market conditions, as well as the unique benefits of our integrated global value chain and our product portfolio. "Today's ADM is a resilient company, with a broad global footprint and an array of innovative capabilities that are driving performance for customers, consumers and shareholders. And with strong cash flows, we're advancing productivity initiatives to enhance cost efficiencies and returns; driving innovation efforts to build new capabilities and growth engines across all of our businesses; and continuing to return capital to our shareholders. We're well positioned to end 2022 strong, and carry that momentum into 2023." Quarterly Results of Operations Ag Services & Oilseeds delivered substantially higher year-over-year results Ag Services results were significantly higher than the third quarter of 2021. The short crops in South America supported U.S. exports, driving improved volumes and margins in North American origination, which had significant negative impacts from Hurricane Ida in the prior year. Better margins in global ocean freight, driven by good execution amid dynamic global trade flows, powered better results in Global Trade. South American origination saw improved volumes and margins driven by increased farmer selling in addition to higher volumes through our export facilities. Crushing results were significantly higher, with margins driven by resilient global demand for both meal and oil. Strong rapeseed margins in EMEA, driven by robust oil demand and continued market dislocations, along with positive impacts from an insurance settlement, helped drive improved results. North American soy crush margins continued to benefit from renewable diesel demand. Also, net positive timing effects in the quarter were about $175 million, as compared to the approximately $70 million in the prior-year quarter. Positive results were partially offset by lower crush volumes, including impacts from idled facilities in Ukraine and Paraguay. Refined Products and Other results were higher year over year in a strong margin environment for both refined oils and biodiesel. Robust performance in global refined oils was driven by healthy demand and elevated refined oil margins amid supply chain disruptions. Equity earnings from Wilmar were much higher versus the third quarter of 2021. To read the entire report click here. Tweet |
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