ADM Reports Fourth Quarter 2012 Earnings of $284 Million or $0.43 per Share

31.07.2012 | Business Wire

Adjusted EPS of $0.38, down from year-ago quarter

Segment operating profit declined on negative ethanol margins and
weaker Ag Services results

For the full fiscal year, dividends and share repurchases of nearly
$1 billion

Archer Daniels Midland Company (NYSE: ADM) today reported financial
results for the quarter ended June 30, 2012. The company reported net
earnings for the quarter of $284 million, or $0.43 per share, down from
$0.58 per share in the same period one year earlier. Adjusted earnings
per share¹ were $0.38. Segment operating profit¹
was $544 million.

For the fiscal year ended June 30, 2012, net earnings were $1.2 billion,
or $1.84 per share. Adjusted earnings per share were $2.25. Segment
operating profit was $2.5 billion.

'In a challenging fourth quarter, solid results from our global oilseeds
business, particularly in South America, were more than offset by
negative U.S. ethanol margins and weaker U.S. merchandising results,?
said ADM Chairman and CEO Patricia Woertz.

'As we look ahead, while drought has reduced the potential size of the
U.S. corn crop, we are tracking the development of other crops in North
America and Europe,? added Woertz. 'While U.S. crop carryouts are
expected to be low, we have an experienced business team to manage
through this environment.

'Conditions like these demonstrate the vital role of our global
agribusiness. As weather has regional effects on crops, we respond by
working with our customers to provide the best alternatives to meet
their needs from all growing regions of the world.?

Fourth Quarter 2012 Highlights

Adjusted EPS of $0.38 excludes a LIFO credit of $0.05 per share.
Oilseeds Processing performed well; the decline of $118 million was
primarily due to the absence of significant favorable timing effects
and weaker results in cocoa and other.
Corn Processing results decreased $48 million as negative ethanol
margins more than offset improved results from sweeteners and starches.
Agricultural Services profit fell $222 million, as tight U.S. crop
supplies impacted both export volumes and U.S. merchandising results.
Other Financial results increased $11 million on lower insurance loss
reserves.
ADM returned $160 million to shareholders in the quarter. For the
fiscal year, ADM returned nearly $1 billion to shareholders.

Adjusted EPS of 38 Cents, down 31 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 30 percent, resulting in an
annual rate of 30 percent.

Oilseeds Earnings Down on Absence of Year-Ago Timing Gains and
Weakness in Cocoa and Other

Oilseeds operating profit in the fourth quarter was $331 million, down
$118 million from the same period one year earlier.

Crushing and origination operating profit was $150 million, down $76
million from the year-ago quarter. Significantly improved South American
soybean and origination results were offset by lower North American
softseeds crushing margins, and the absence of favorable mark-to-market
timing effects in Europe that benefited the prior year. The net decrease
in results from timing effects was approximately $70 million.

Refining, packaging, biodiesel and other generated a profit of $84
million for the quarter, down $6 million mainly on weaker biodiesel
results from Europe.

Cocoa and other results declined $19 million, primarily due to weaker
cocoa press margins in the quarter.

Oilseeds results in Asia for the quarter were down $17 million from the
prior year′s fourth quarter, principally reflecting ADM′s share of the
results from its equity investee Wilmar International Limited.

Corn Processing Results Lower on Negative Ethanol Margins

Corn processing operating profit was $74 million, a decrease of $48
million from the same period one year earlier.

Sweeteners and starches operating profit increased $124 million to $135
million, amid continued good sweetener export demand and higher average
selling prices. The year-ago quarter′s results were negatively impacted
by higher net corn costs related to the timing effects of economic
hedges, whose mark-to-market gains were recognized earlier in the fiscal
year.

Bioproducts results in the quarter decreased $172 million to a loss of
$61 million. Significantly weaker ethanol results more than offset
improvements in other bioproducts businesses. Industry ethanol
replacement margins were negative throughout the quarter, as the
industry supply continued to exceed demand.

Agricultural Services Results Fall on Lower U.S. Exports

Agricultural Services operating profit was $123 million, down $222
million from the same period one year earlier.

Merchandising and handling earnings fell $152 million to $30 million due
to lower U.S. merchandising results and lower U.S. crop supplies, which
reduced North American export volumes. Results for the quarter also
reflected an increase in loss provisions of approximately $40 million.

Transportation results increased $5 million to $17 million.

Excluding last year′s $78 million gain related to ADM′s share of Gruma
S.A.B. de C.V.′s sale of assets, Milling and other results were steady.

Other Financial Results Slightly Up

In the fourth quarter, operating profit from ADM′s Other Financial
businesses was $16 million, up $11 million from the same period one year
earlier. The improvement was primarily a result of lower captive
insurance loss reserves, and better results at ADM Investor Services.

Current Landscape Assessment

The smaller South American spring harvest means that the U.S. is
currently the primary global supplier of soybeans and meal. U.S. corn
and soybean yields have been reduced by drought; wheat was less
affected. Generally high crop prices will encourage large planted
acreage in South America. Global protein meal demand remains good. Poor
margins have lowered U.S. ethanol industry production which is reducing
inventories. Demand for corn sweeteners remains solid, supported by
exports.

Conference Call Information

ADM will host a conference call and audio webcast Tuesday, July 31,
2012, at 8 a.m. Central Time 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 95403712.

A replay of the call will be available from Aug. 1, 2012 to Aug. 6,
2012. To listen to the replay by telephone, dial (855) 859-2056 in the
U.S. or (404) 537-3406 if calling from outside the U.S. The access code
is 95403712. 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 270 processing plants, 420 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 12 for
explanations and reconciliations

?
Segment Operating Profit and Corporate Results⁽¹⁾
A non-GAAP financial measure (unaudited)
?
	?	?	Quarter ended													?	?	Year ended
			June 30															June 30
			2012			?	?	2011			?	?	Change					2012			?	?	2011			?	?	Change
			(in millions)
Oilseeds Processing Operating Profit						?	?				?	?									?	?				?	?
Crushing and origination			$	150				$	226				$	(76	)			$	641				$	925				$	(284	)
Refining, packaging, biodiesel and other				84					90					(6	)				295					342					(47	)
Cocoa and other				52					71					(19	)				183					240					(57	)
Asia			?	45	?			?	62	?			?	(17	)			?	183	?			?	183	?			?	-	?
Total Oilseeds Processing			$	331	?			$	449	?			$	(118	)			$	1,302	?			$	1,690	?			$	(388	)
																												?
Corn Processing Operating Profit
Sweeteners and starches			$	135				$	11				$	124				$	335				$	330				$	5
Bioproducts			?	(61	)			?	111	?			?	(172	)			?	(74	)			?	749	?			?	(823	)
Total Corn Processing			$	74	?			$	122	?			$	(48	)			$	261	?			$	1,079	?			$	(818	)
																												?
Agricultural Services Operating Profit
Merchandising and handling			$	30				$	182				$	(152	)			$	493				$	807				$	(314	)
Transportation				17					12					5					125					117					8
Milling and other			?	76	?			?	151	?			?	(75	)			?	329	?			?	399	?			?	(70	)
Total Agricultural Services			$	123	?			$	345	?			$	(222	)			$	947	?			$	1,323	?			$	(376	)
																												?
Other Operating Profit
Financial			?	16	?			?	5	?			?	11	?			?	15	?			?	39	?			?	(24	)
Total Other			$	16	?			$	5	?			$	11	?			$	15	?			$	39	?			$	(24	)
																												?
Segment Operating Profit			$	544				$	921				$	(377	)			$	2,525				$	4,131				$	(1,606	)
																												?
Corporate Results
LIFO credit (charge)			$	50				$	52				$	(2	)			$	10				$	(368	)			$	378
Interest expense - net				(112	)				(115	)				3					(423	)				(445	)				22
Unallocated corporate costs				(67	)				(94	)				27					(360	)				(326	)				(34	)
Gains on interest rate swaps				-					-					-					-					30					(30	)
Other			?	1	?			?	-	?			?	1	?			?	13	?			?	(7	)			?	20	?
Total Corporate			$	(128	)			$	(157	)			$	29	?			$	(760	)			$	(1,116	)			$	356	?
																												?
Earnings Before Income Taxes			$	416	?			$	764	?			$	(348	)			$	1,765	?			$	3,015	?			$	(1,250	)
																												?

Total segment operating profit is ADM′s consolidated income from
operations before income tax that excludes certain corporate items.
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.
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.

(1) Beginning fourth quarter fiscal 2012, ADM realigned segment
operating profit to reflect a change in how the company manages its
businesses. As a result, ADM now reports Cocoa processing results as
part of a new category in Oilseeds called 'Cocoa and Other? and Milling
results in an Agricultural Services category called 'Milling and Other?.
In addition, beginning fourth quarter fiscal 2012, the company
discontinued the allocation of working capital interest to the operating
segments. Prior periods have been restated to conform to the current
period presentation.

?
Quarterly Segment Operating Profit and Corporate Results ⁽¹⁾
A non-GAAP financial measure (unaudited)
?
	?	?																			?	?	Fiscal			?	?																			?	?	Fiscal
			Quarter ended																		?	?	Year					Quarter ended																		?	?	Year
			Sept'11			?	?	Dec'11			?	?	Mar'12			?	?	June'12			?	?	2012					Sept'10			?	?	Dec'10			?	?	Mar'11			?	?	June'11			?	?	2011
			(in millions)
Oilseeds Processing Operating Profit						?	?				?	?				?	?														?	?				?	?				?	?
Crushing and origination			$	106				$	121				$	264				$	150				$	641				$	170				$	127				$	402				$	226				$	925
Refining, packaging, biodiesel, and other				55					77					79					84					295					78					81					93					90					342
Cocoa and other				2					(30	)				159					52					183					(32	)				156					45					71					240
Asia			?	57	?	?	?	?	41	?	?	?	?	40	?	?	?	?	45	?	?	?	?	183	?			?	57	?	?	?	?	46	?	?	?	?	18	?	?	?	?	62	?	?	?	?	183	?
Total Oilseeds Processing			$	220	?	?	?	$	209	?	?	?	$	542	?	?	?	$	331	?	?	?	$	1,302	?			$	273	?	?	?	$	410	?	?	?	$	558	?	?	?	$	449	?	?	?	$	1,690	?
																																																?
Corn Processing Operating Profit
Sweeteners and starches			$	30				$	75				$	95				$	135				$	335				$	148				$	122				$	49				$	11				$	330
Bioproducts			?	153	?	?	?	?	(204	)	?	?	?	38	?	?	?	?	(61	)	?	?	?	(74	)			?	197	?	?	?	?	281	?	?	?	?	160	?	?	?	?	111	?	?	?	?	749	?
Total Corn Processing			$	183	?	?	?	$	(129	)	?	?	$	133	?	?	?	$	74	?	?	?	$	261	?			$	345	?	?	?	$	403	?	?	?	$	209	?	?	?	$	122	?	?	?	$	1,079	?
																																																?
Agricultural Services Operating Profit
Merchandising and handling			$	209				$	106				$	148				$	30				$	493				$	102				$	366				$	157				$	182				$	807
Transportation				28					53					27					17					125					33					53					19					12					117
Milling and other			?	86	?	?	?	?	81	?	?	?	?	86	?	?	?	?	76	?	?	?	?	329	?			?	78	?	?	?	?	96	?	?	?	?	74	?	?	?	?	151	?	?	?	?	399	?
Total Agricultural Services			$	323	?	?	?	$	240	?	?	?	$	261	?	?	?	$	123	?	?	?	$	947	?			$	213	?	?	?	$	515	?	?	?	$	250	?	?	?	$	345	?	?	?	$	1,323	?
																																																?
Other Operating Profit
Financial			$	(5	)	?	?	$	22	?	?	?	$	(18	)	?	?	$	16	?	?	?	$	15	?			$	(42	)	?	?	$	52	?	?	?	$	24	?	?	?	$	5	?	?	?	$	39	?
Total Other			$	(5	)	?	?	$	22	?	?	?	$	(18	)	?	?	$	16	?	?	?	$	15	?			$	(42	)	?	?	$	52	?	?	?	$	24	?	?	?	$	5	?	?	?	$	39	?
																																																?
Segment Operating Profit			$	721				$	342				$	918				$	544				$	2,525				$	789				$	1,380				$	1,041				$	921				$	4,131
																																																?
Corporate Results
LIFO credit (charge)			$	126				$	(59	)			$	(107	)			$	50				$	10				$	(123	)			$	(254	)			$	(43	)			$	52				$	(368	)
Interest expense - net				(98	)				(99	)				(114	)				(112	)				(423	)				(113	)				(101	)				(116	)				(115	)				(445	)
Unallocated corporate costs				(84	)				(71	)				(138	)				(67	)				(360	)				(73	)				(66	)				(93	)				(94	)				(326	)
Gains (losses) on interest rate swaps				-					-					-					-					-					(31	)				55					6					-					30
Debt buyback/exchange				(4	)				-					-					-					(4	)	?			-					-					-					(8	)				(8	)
Other			?	(1	)	?	?	?	8	?	?	?	?	9	?	?	?	?	1	?	?	?	?	17	?			?	13	?	?	?	?	(16	)	?	?	?	(4	)	?	?	?	8	?	?	?	?	1	?
Total Corporate			$	(61	)	?	?	$	(221	)	?	?	$	(350	)	?	?	$	(128	)	?	?	$	(760	)			$	(327	)	?	?	$	(382	)	?	?	$	(250	)	?	?	$	(157	)	?	?	$	(1,116	)
																																																?
Earnings Before Income Taxes			$	660	?	?	?	$	121	?	?	?	$	568	?	?	?	$	416	?	?	?	$	1,765	?			$	462	?	?	?	$	998	?	?	?	$	791	?	?	?	$	764	?	?	?	$	3,015	?
																																																?

?
Consolidated Statements of Earnings
(unaudited)
?
	?	?	Quarter ended								?	?	Year ended
			June 30										June 30
			2012			?	?	2011					2012			?	?	2011
			(in millions, except per share amounts)
																			?
Net sales and other operating income			$	22,675				$	22,870				$	89,038				$	80,676
Cost of products sold			?	21,862	?			?	21,772	?			?	85,370	?			?	76,376	?
Gross profit				813					1,098					3,668					4,300
Selling, general and administrative expenses				(394	)				(423	)				(1,626	)				(1,611	)
Equity in earnings of unconsolidated affiliates				106					208					472					542
Investment income				24					39					112					136
Interest expense				(116	)				(129	)				(441	)				(482	)
Asset impairment, exit and restructuring costs				-					-					(437	)				-
Other income (expense) ? net			?	(17	)			?	(29	)			?	17	?			?	130	?
Earnings before income taxes				416					764					1,765					3,015
Income taxes			?	(123	)			?	(385	)			?	(523	)			?	(997	)
Net earnings including noncontrolling interests				293					379					1,242					2,018
Less: Net earnings (losses) attributable to noncontrolling interests			?	9	?			?	(2	)			?	19	?			?	(18	)
Net earnings attributable to ADM			$	284	?			$	381	?			$	1,223	?			$	2,036	?
																			?
Diluted earnings per common share			$	0.43	?			$	0.58	?			$	1.84	?			$	3.13	?
																			?
Average number of shares outstanding			?	661	?			?	652	?			?	666	?			?	654	?
																			?
																			?
Other income (expense) - net consists of:				?
Net gain on marketable securities transactions			$	1				$	9				$	25				$	12
Gain on Golden Peanut revaluation				-					-					-					71
Gains on interest rate swaps				-					-					-					30
Debt buyback/exchange costs				-					(15	)				(12	)				(15	)
Other ? net			?	(18	)			?	(23	)			?	4	?			?	32	?
			$	(17	)			$	(29	)			$	17	?			$	130	?
																			?

?
Summary of Financial Condition
(unaudited)
?
	?	?	June 30,		?	?	June 30,
			2012			?	2011
			(in millions)
NET INVESTMENT IN
Working capital			$	16,113			$	16,339
Property, plant, and equipment				9,812				9,500
Investments in and advances to affiliates				3,388				3,240
Long-term marketable securities				262				666
Other non-current assets			?	1,137			?	1,283
			$	30,712			$	31,028
								?
FINANCED BY
Short-term debt			$	2,108			$	1,875
Long-term debt, including current maturities				8,212				8,444
Deferred liabilities				2,223				1,871
Shareholders′ equity			?	18,169			?	18,838
			$	30,712			$	31,028
								?

?
Summary of Cash Flows
(unaudited)
	?	?		Year Ended
				June 30
				2012		?	?	2011
				(in millions)
Operating Activities							?
Net earnings			$	1,242				$	2,018
Depreciation and amortization				848					877
Asset impairment charges				391					2
Other ? net				98					(5	)
Changes in operating assets and liabilities			?	340	?			?	(5,232	)
Total Operating Activities				2,919					(2,340	)
Investing Activities
Purchases of property, plant and equipment				(1,477	)				(1,247	)
Net assets of businesses acquired				(241	)				(218	)
Marketable securities ? net				648					(285	)
Cash held in a deconsolidated entity				(130	)				-
Other investing activities			?	78	?			?	75	?
Total Investing Activities				(1,122	)				(1,675	)
Financing Activities
Long-term debt borrowings				97					1,564
Long-term debt payments				(358	)				(417	)
Net borrowings under lines of credit				197					1,381
Debt repayment premium and costs				(32	)				(21	)
Shares issued related to equity unit conversion				-					1,750
Purchases of treasury stock				(527	)				(301	)
Cash dividends				(455	)				(395	)
Other			?	(43	)			?	23	?
Total Financing Activities			?	(1,121	)			?	3,584	?
Increase (decrease) in cash and cash equivalents				676					(431	)
Cash and cash equivalents - beginning of period			?	615	?			?	1,046	?
Cash and cash equivalents - end of period			$	1,291	?			$	615	?
									?

?
Segment Operating Analysis
(unaudited)
?
	?	?	Quarter Ended						?	?	Year Ended
			June 30								June 30
			2012		?	?	2011		?	?	2012		?	?	2011
			("000s of metric tons)
Processed volumes					?	?							?	?
Oilseeds				7,793				7,038				31,161			29,630
Corn				6,036				6,039				24,618			23,412
Milling and Cocoa			?	1,680			?	1,725			?	7,156			7,179
Total processed volumes			?	15,509			?	14,802			?	62,935			60,221
															?
															?
															?
				Quarter Ended							Year Ended
			June 30								June 30
			2012		?	?	2011		?	?	2012		?	?	2011
?			(In millions)
Net sales and other operating income⁽¹⁾
Oilseeds Processing			$	9,663			$	9,259			$	34,715			$	29,908
Corn Processing				2,828				2,841				12,114				9,908
Agricultural Services				10,147				10,743				42,082				40,750
Other			?	37			?	27			?	127			?	110
Total net sales and other
operating income			$	22,675			$	22,870			$	89,038			$	80,676
																?

(1) Prior periods have been restated to conform to the current period
presentation.

Segment Operating Analysis

(unaudited)

Fiscal

Quarter ended

Year

Sept'11

Dec'11

Mar'12

June'12

2012

(In '000 metric tons)

Processed volumes

Oilseeds

7,018

8,191

8,159

7,793

31,161

Corn

6,111

6,297

6,174

6,036

24,618

Milling and Cocoa

1,881

1,855

1,740

1,680

7,156

Total processed volumes

15,010

16,343

16,073

15,509

62,935

Fiscal

Quarter ended

Year

Sept'10

Dec'10

Mar'11

June'11

2011

(In '000 metric tons)

Processed volumes

Oilseeds

7,075

7,834

7,683

7,038

29,630

Corn

5,834

5,908

5,631

6,039

23,412

Milling and Cocoa

1,885

1,819

1,750

1,725

7,179

Total processed volumes

14,794

15,561

15,064

14,802

60,221

Fiscal

Quarter ended

Year

Sept'11

Dec'11

Mar'12

June'12

2012

(In millions)

Net sales and other operating income⁽¹⁾

Oilseeds Processing

9,071

8,266

7,715

9,663

34,715

Corn Processing

3,293

3,158

2,835

2,828

12,114

Agricultural Services

9,510

11,854

10,571

10,147

42,082

Other

127

Total net sales and other operating income

21,902

23,306

21,155

22,675

89,038

Fiscal

Quarter ended

Year

Sept'10

Dec'10

Mar'11

June'11

2011

(In millions)

Net sales and other operating income⁽¹⁾

Oilseeds Processing

7,056

6,608

6,985

9,259

29,908

Corn Processing

2,155

2,449

2,463

2,841

9,908

Agricultural Services

7,561

11,845

10,601

10,743

40,750

Other

110

Total net sales and other operating income

16,799

20,930

20,077

22,870

80,676

(1) Prior periods have been restated to conform to the current period
presentation.

?
Adjusted Earnings Per Share
A non-GAAP financial measure
(unaudited)
?
	?	?	Quarter Ended								?	?	Year Ended
			June 30										June 30
			2012			?	?	2011					2012			?	?	2011
Reported Earnings Per Share (fully-diluted)			$	0.43		?	?	$	0.58				$	1.84		?	?	$	3.13
Adjustments:
LIFO charge/(credit) (a)				(0.05	)				(0.05	)				(0.01	)				0.35
Asset impairment, exit and restructuring charges (b)				-					-					0.41					-
Debt buyback/exchange costs (c)				-					0.01					0.01					0.01
Gain on Golden Peanut revaluation (d)				-					-					-					(0.07	)
Gain on Gruma assets sale (e)				-					(0.07	)				-					(0.07	)
Gain on interest rate swaps (f)				-					-					-					(0.03	)
Start-up costs (g)				-					0.02					-					0.09
Adjust quarterly effective tax rate to fiscal year average (h)				-					0.20					-					-
Early debt remarketing dilution impact (i)			?	-	?			?	-	?			?	-	?			?	0.04	?
Adjusted Earnings Per Share (non-GAAP)			$	0.38	?			$	0.69	?			$	2.25	?			$	3.45	?
																		?

(a) The Company′s pretax changes in its LIFO reserves during the period,
tax effected using the Company′s U.S. effective income tax rate.

(b)
The exit costs and asset impairment charges related primarily to the PHA
business and global workforce reduction program, tax effected using the
applicable U.S., European and South American tax rates.

(c) The
pretax costs incurred to extinguish or modify the Company′s outstanding
debt prior to maturity, tax effected using the Company′s U.S effective
income tax rate.

(d) The gain on the revaluation of the Company′s
equity interest in Golden Peanut as a result of the acquisition of the
remaining 50% interest, tax effected at the Company′s U.S. effective
income tax rate.

(e) The Company′s share of the gain related to the
sale of Gruma′s assets, tax effected at the company′s U.S. effective
income tax rate.

(f) The gains on changes in fair value of certain
financial instruments that were held as de-designated accounting hedges
for long-term debt that was re-marketed in fiscal 2011, tax effected at
the Company′s U.S. effective income tax rate.

(g) The costs
incurred related to the Company′s new bioproducts plants included in
Corn Processing, tax effected using the Company′s U.S. effective income
tax rate.

(h) The impact to fourth-quarter fiscal 2011 EPS if the
fiscal year 2011 final effective income tax rate of 33% were used.

(i)
The impact of applying the if-converted method of calculating diluted
EPS to the 44 million shares issued in Q4 fiscal 2011. The if-converted
method assumed that the shares were outstanding at the beginning of the
third quarter of fiscal 2011.

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

Media Relations Contact

David
Weintraub

217-424-5413

or

Investor Relations Contact

Ruth
Ann Wisener

217-451-8286

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