World Grain - March 2015 - 14

NEWSREVIEW

ADM earnings surge on large harvest
CHICAGO, ILLINOIS, U.S. - Archer Daniels Midland Co. (ADM)
reported on Feb. 3 that earnings for the quarter ended Dec. 31, 2014
were up 87.4%, thanks to a record-large U.S. harvest that boosted
grain volumes and supported strong exports.
ADM reported net earnings of $701 million, or $1.08 per share, up
from $374 million, or 56¢ a share, a year earlier. For the calendar year,
adjusted earnings per share of $3.20 were up 37% versus the prior year.

American soybean crushing and strong results from soybean crushing in
Europe more than offset by weakness in South American results.
to $206 million. Higher capacity utilization and improved margins
helped drive record soybean crushing results in North America and
very strong European crushing results. Results in South America

slow farmer selling, and weaker fertilizer results.
Oilseeds results in Asia for the quarter were generally in line with the
prior period, with the recovery of Wilmar results from earlier in the year.
$284 million with rising net corn costs through the quarter partially
offset by strong ethanol results.
from a weak year-ago quarter, to $263 million, supported by strong
margins, effective handling of record volumes from the large U.S.
harvest, ability to maximize storage and strong execution. In addition, international merchandising continued to recover, with good
results from the Black Sea region.
Milling and other results improved $10 million to $80 million, mostly
driven by improved blending and basis gains in the milling business.

Marubeni halves forecast, takes charge for Gavilon
TOKYO, JAPAN - Marubeni Corp. said on Jan. 26 that it is halving
grain unit as well as falling oil, copper and coal prices.

Gavilon's performance is expected to fall short of the original business plan, Marubeni said. Because of this, the company said it conducted
a review of Gavilon's business plan, and expects to recognize an impairment loss of 50 billion yen. Marubeni said it would consolidate
business divisions and strengthen oversight to catch risks early, but
would continue to seek out investment opportunities.

For more information, see Page 106.

14

March 2015 / World Grain / www.World-Grain.com



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World Grain - March 2015

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