February 7 – Archer Daniels Midland Company today reported Fourth Quarter financial results for 2016.
“We capitalized on an improved environment, delivering stronger fourth quarter performance after working through difficult market conditions earlier in the year,” said ADM Chairman and CEO Juan Luciano. “Ag Services saw strong results in North America and weak results from the global trade desk. The Corn business delivered a good quarter, led by sweeteners and starches, and saw solid results from bioproducts. Oilseeds results were comparable to last year despite lower global crush margins. In WFSI, WILD Flavors continued to deliver earnings growth, while some of our specialty ingredients businesses faced challenges, which we are addressing.
Luciano also says “We have continued to take important steps to advance our strategic plan by completing additional acquisitions, organic growth projects and portfolio management actions; exceeding our 2016 target for run-rate cost savings; and progressing in our efforts to reduce capital intensity. In line with our balanced capital allocation framework, we returned $1.7 billion to shareholders in dividends and share buybacks during the year.
“With expected improvements across all of our businesses throughout the year and additional contributions from recent projects and new facilities as they ramp up, we are optimistic about improving results throughout 2017.”
ADM reported adjusted earnings per share at $0.75 for 4Q 2016, up from $0.65 per share in 4Q 2015. Total net earnings for the 4Q were $424 million, a sharp drop from $718 million in 2015.
During 2016, the company returned $1.7 billion to shareholders through dividends and share repurchases.
Source: Business Wire