ADM on Tuesday reported financial results for the quarter ended Sept. 30, beating analysts’ expectations for both revenue and adjusted earnings per share (EPS).
“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 ADM chairman and CEO Juan Luciano in a news release.
The company reported adjusted EPS for the quarter of $0.97, up from $0.89 in the same period last year and exceeding analysts’ estimates of $0.91. Revenue for the quarter totaled $20.34 billion, an increase of 34.5% from the same quarter in 2020 and above the consensus analyst estimate of $17.56 billion.
“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,” Mr. Luciano said. “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.”
ADM has made a series of strategic growth and portfolio announcements in recent months, including significantly enhancing its growing pet business with a 75% ownership stake in PetDine, and continuing to advance its evolution to higher-value sustainable solutions in Carbohydrate Solutions with the sale of the Peoria ethanol complex; an agreement with Gevo, Inc. for the production of sustainable aviation fuel; and an agreement with LG Chem to explore U.S.-based production of plant-based biosolutions.
