Archer Daniels Midland Co., New York symbol ADM, processes corn, wheat, soybeans, canola, flaxseed, peanuts, cocoa and other crops into a wide variety of food ingredients, such as flour, oils and sweeteners. It mainly sells its products to firms that make and process food for both humans and animals. The company is also the largest maker of ethanol from corn in the U.S. Ethanol is a gasoline additive that lowers harmful emissions. Archer Daniels has more than 270 plants worldwide.
In its 2011 second quarter, which ended December 31, 2010, the commodity investment’s revenue rose 31.6% to $20.9 billion from $15.9 billion a year earlier. That beat the consensus revenue forecast of $17.2 billion. Earnings rose 29.1%, to $732.0 million, or $1.14 a share, from $567.0 million, or $0.88 a share. The latest earnings beat the consensus estimate of $0.78 a share.
The company is the largest corn processor in the world. Corn processing revenue jumped 22.5% in the quarter. Oilseed processing revenue rose 27.5%. As well, the commodity investment’s agricultural services division saw record exports in the quarter. That pushed up the division’s revenue by 40.8%.
The Environmental Protection Agency recently approved an increase in the amount of ethanol used in gasoline, to 15% from 10%. That will help the commodity investment’s ethanol sales. Rising gasoline prices have also increased the company’s earnings from ethanol.
The company will probably earn $2.96 per share in 2011. It trades at 11.9 times that estimate. The company also raised its quarterly dividend by 6.7%, to $0.16 from $0.15. The new annual rate of $0.64 yields 1.8%.
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