ADM Q1 Earnings Down 53 Pct
Archer Daniels Midland Company today announced earnings of USD496 million on net sales of USD14.9 billion for the quarter ended September 30, 2009.
Net earnings were USD0.77 per share, down 53% from last year’s record first quarter. Net sales for the quarter were down 29 %.
Oilseeds processing profits decreased on lower margins and production, whilst corn processing profits improved on lower net corn and manufacturing costs, they said.
The company separately announced that it has appointed Brent Fenton, former VP of North American Oilseeds Processing, as the new managing director of it's European Oilseeds Division, replacing Joe Taets.
Taets was recently named as the new vice president of the ADM Grain Group, and is moving to the headquarters of ADM in Decatur, Illinois.
Net earnings were USD0.77 per share, down 53% from last year’s record first quarter. Net sales for the quarter were down 29 %.
Oilseeds processing profits decreased on lower margins and production, whilst corn processing profits improved on lower net corn and manufacturing costs, they said.
The company separately announced that it has appointed Brent Fenton, former VP of North American Oilseeds Processing, as the new managing director of it's European Oilseeds Division, replacing Joe Taets.
Taets was recently named as the new vice president of the ADM Grain Group, and is moving to the headquarters of ADM in Decatur, Illinois.
