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.