ADM has posted Q4 results highlighting strong export volumes for soybean meal and robust global demand for crops, which helped the US grains merchant to deliver a significant profit in the last quarter of 2022.
The company reported a 46% jump in operating profit in its agriculture services and oilseeds unit, more than offsetting lower earnings from ethanol operations and in its nutrition segment, according to Reuters.
In the latter unit, ADM chairman and CEO, Juan Luciano, said that 2022 revenue growth nonetheless “continues to outpace the industry”. He added that the company had delivered a “very strong quarter” overall.
In the ag services and oilseeds segment, South American crop exports and good margins offset the impact of low water conditions on North American exports.
Luciano continued: “As we look ahead, we are strengthening our focus on controllable actions to mitigate the impact of market forces, and we will continue to improve our global capabilities to serve our customers”.
© FoodBev Media Ltd 2023
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