Chicago, IL—ADM has reported financial results for the third quarter ended September 30, 2021, according to a press release.
ADM has recently taken a 75% ownership stake in PetDine, sold its Peoria ethanol complex, signed a Memorandum of Understanding with Gevo, Inc., for the production of sustainable aviation fuel, and signed an agreement with LG Chem to explore U.S.-based production of plant-based biosolutions.
Third quarter highlights include:
|(Amounts in millions except per share amounts)||2021||2020|
|Earnings per share (as reported)||$||0.93||$||0.40|
|Adjusted earnings per share1||$||0.97||$||0.89|
|Segment operating profit||$||1,000||$||904|
|Adjusted segment operating profit (loss)1||$||1,002||$||849|
|Ag Services and Oilseeds||618||436|
In terms of individual segments, Ag Services & Oilseeds delivered substantially higher results y-o-y; Carbohydrate Solutions results were lower; Nutrition delivered revenue growth of 17%l and Other Business results were substantially lower y-o-y.
“Agile execution across our tightly integrated supply chain amid an environment of strong demand and robust crush margins, and continued impressive growth in Nutrition, drove our eighth consecutive quarter of year-over-year adjusted operating profit growth,” said Chairman and CEO Juan Luciano. “Our team’s great ability to leverage the favorable operating environment, and the consistent implementation of our strategic plan, have put ADM on track for a strong fourth quarter culminating in a second consecutive year of record earnings per share. And as we look ahead, we remain optimistic in sustainable earnings growth in the medium term as we continue to execute our strategy, including the dynamic positioning of our business portfolio.”