ADM Reports Third Quarter 2012 Earnings of $399 Million or $0.60 per Share

Archer Daniels Midland Company (NYSE: ADM) today reported financial
results for the quarter ended March 31, 2012. The company reported net
earnings for the quarter of $399 million, or $0.60 per share, down 31
percent and 30 percent respectively from the same period one year
earlier. Adjusted earnings per share¹?which excludes the
impact of LIFO, restructuring costs and other adjustments?was $0.78 per
share, 12 percent lower than the prior-year quarter. Segment operating
profit¹ was $887 million, down 12 percent from the year-ago
quarter.

'This quarter, we delivered very good results despite difficult margin
environments, particularly in ethanol and European oilseeds,? said ADM
Chairman and CEO Patricia Woertz. 'The strong third quarter last year
set a high bar, and this quarter represents a solid performance by the
team.?

'Looking ahead, planting is underway in North America, and we′re
encouraged by the projected corn and soybean acreage,? added Woertz.
'Meanwhile, we continue to leverage our global origination, processing
and transportation network to deliver products to our customers and
returns to our shareholders.?

Third Quarter 2012 Highlights

• 
  Adjusted EPS of $0.78 excludes a LIFO charge of $0.10 and
  restructuring charges of $0.08.
  
• 
  Oilseeds Processing profit declined $117 million primarily due to the
  absence of significant, favorable timing effects which benefited
  year-ago results. Improved results in North and South America
  significantly offset weakness in Europe.
  
• 
  Corn Processing results decreased $74 million as improved sweetener
  results were offset by poor ethanol margins.
  
• 
  Agricultural Services profit rose $8 million, as lower North American
  grain exports were offset by improved international merchandising
  margins and volumes.
  
• 
  Other businesses′ results were steady when excluding positive timing
  effects.
  
• 
  Corporate costs include $74 million of pre-tax restructuring charges,
  or $0.07 per share, largely related to the global workforce reduction
  program.
  
• 
  ADM returned $171 million to shareholders in the quarter, including
  buying back nearly 2 million shares.
  

Adjusted EPS of 78 Cents, down 11 Cents

Adjusted EPS decreased primarily due to lower segment operating profit,
partially offset by lower corporate expenses.

The effective tax rate for the quarter was 29 percent, resulting in a
cumulative rate of 30 percent.

Oilseeds Earnings Comparable Absent Timing Effects

Oilseeds operating profit in the third quarter was $395 million, down
$117 million from the same period one year earlier. Excluding last
year′s significant, positive mark-to-market timing effects, operating
profit was comparable.

Crushing and origination operating profit was $271 million. Improved
results in North and South America significantly offset continued
weakness in Europe. Tight South American crop supplies led to increased
soybean meal exports from North America. And, in South America,
favorable positioning and increased farmer selling led to good grain
origination results.

Refining, packaging, biodiesel and other generated a profit of $75
million for the quarter, down $14 million on weaker biodiesel results
from North and South America.

Oilseeds results in Asia for the quarter were up $31 million over the
prior year′s third quarter, principally reflecting ADM′s share of the
results from its equity investee Wilmar International Limited.

Corn Processing Results Weaker on Poor Ethanol Margins

Corn processing operating profit was $130 million, a decrease of $74
million from the same period one year earlier.

Sweeteners and starches operating profit increased $47 million to $93
million. Export demand for sweeteners remained strong, and average
selling prices rose as new sweetener contracts came into effect through
the quarter.

Bioproducts results in the quarter decreased $121 million to $37
million. Ethanol margins remained weak through the quarter, amid excess
industry production that lessened through the quarter. Results also
reflect a $14 million charge related to the closure of ADM′s 30 million
gallon per year ethanol dry mill at Walhalla, N.D.

Agricultural Services Results Stable, Reflecting Balanced Footprint

Agricultural Services operating profit was $179 million, up $8 million
from the same period one year earlier.

Merchandising and handling earnings were essentially flat. ADM′s Black
Sea and other international merchandising operations saw good volumes
and margins, while North American grain export volumes were down due to
low U.S. crop inventories. Earnings from transportation operations rose
$7 million.

Other Results Steady, Excluding Timing Effects, with Other Processing
Remaining Strong

In the third quarter, profit from ADM′s Other businesses was $183
million, up $64 million from the same period one year earlier. Excluding
net timing effects, the results in Other were comparable to last year′s
results.

In other processing, profits rose $105 million to $201 million. Cocoa
results this quarter were impacted by $72 million in mark-to-market
timing gains. The underlying performance in cocoa remained strong,
driven by good cocoa press margins. Wheat milling results, including
ADM′s share of Gruma S.A.B. de C.V., were essentially flat.

Other financial declined $41 million to a loss of $18 million due to
loss reserves at ADM′s captive insurance subsidiary related to crop risk
and property claims.

Current Landscape Assessment

Worldwide demand for crops and agricultural products continues to grow
at a stable rate. Global supplies of corn and soybeans should tighten
until the North American harvest. As the South American harvest is
coming into the market, U.S. oilseed processing rates and soybean meal
exports are returning to seasonal levels. Depressed U.S. ethanol margins
have slowed industry production, improving alignment of supply and
demand. U.S. corn wet milling demand remains strong, led by sweetener
exports.

Conference Call Information

ADM will host a conference call and audio webcast at 8:30 a.m. Central
Time on Tuesday, May 1, 2012, to discuss financial results and provide a
company update. A financial summary slide presentation will be available
to download approximately 60 minutes prior to the call. To listen to the
call via the Internet or to download the slide presentation, go to www.adm.com/webcast.
To listen by telephone, dial 888-522-5398 in the U.S. or 706-902-2121 if
calling from outside the U.S.; the access code is 69225213. Replay of
the call will be available from 9 a.m. Central Time on May 2 to May 8,
2012. To listen to the replay by telephone, dial 855-859-2056 or
404-537-3406; the access code is 69225213. To listen to the replay
online, visit www.adm.com/webcast.

About ADM

For more than a century, the people of Archer Daniels Midland Company
(NYSE: ADM) have transformed crops into products that serve vital needs.
Today, 30,000 ADM employees around the globe convert oilseeds, corn,
wheat and cocoa into products for food, animal feed, industrial and
energy uses. With more than 265 processing plants, 400 crop procurement
facilities, and the world′s premier crop transportation network, ADM
helps connect the harvest to the home in more than 160 countries. For
more information about ADM and its products, visit www.adm.com.

¹ Non-GAAP financial measures, see pages 5 and 10 for
explanations and reconciliations

Total segment operating profit is ADM′s consolidated income from
operations before income tax that includes interest expense of each
segment relating to financing operating working capital. Management
believes that segment operating profit is a useful measure of ADM′s
performance because it provides investors information about ADM′s
business unit performance excluding certain corporate overhead costs and
impacts of its capital structure. Total segment operating profit is a
non-GAAP financial measure and is not intended to replace earnings
before income tax, the most directly comparable GAAP financial measure.
Total segment operating profit is not a measure of consolidated
operating results under U.S. GAAP and should not be considered as an
alternative to income before income taxes or any other measure of
consolidated operating results under U.S. GAAP.

Adjusted EPS is ADM′s fully diluted EPS after removal of the effect on
Reported EPS of certain specified items as more fully described above.
Management believes that Adjusted EPS is a useful measure of ADM′s
performance because it provides investors additional information about
ADM′s operations allowing better evaluation of ongoing business
performance. Adjusted EPS is a non-GAAP financial measure and is not
intended to replace or be an alternative to EPS, the most directly
comparable GAAP financial measure, or any other measures of operating
results under GAAP. Earnings amounts in the tables above have been
divided by the company′s diluted shares outstanding for each respective
quarter in order to arrive at an adjusted EPS amount for each specified
item.

Archer Daniels Midland Company

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