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ADM Reports First Quarter 2012.5 Results

Merchandising and handling earnings fell $101 million to $108 million, mostly due to weaker U.S. merchandising results impacted by the smaller U.S. harvest.

Transportation results decreased $9 million to $19 million impacted by low barge freight utilization driven by reduced corn exports.

Milling and other results increased $11 million, excluding the Gruma charge. Milling results remained strong, and ADM Alliance Nutrition saw improved margins amid stronger demand.

Other Financial Results Improve

Operating profit from ADM’s Other Financial businesses was $16 million, up $21 million, with improved results from captive insurance and ADM Investor Services.

Conference Call Information

ADM will host a conference call and audio webcast Tuesday, Oct. 30, 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 31529634.

A replay of the call will be available from Oct. 31, 2012 to Nov. 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 31529634. 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.

 
 
Segment Operating Profit and Corporate Results((1))

A non-GAAP financial measure (unaudited)

 
    Quarter ended
September 30  
2012    

2011 (1)

    Change
(In millions)
Oilseeds Processing Operating Profit        
Crushing and origination $ 256 $ 106 $ 150
Refining, packaging, biodiesel

and other

28

55

(27

)

Cocoa and other 29 2 27
Asia   23     57     (34 )
Total Oilseeds Processing $ 336   $ 220   $ 116  
 
Corn Processing Operating Profit
Sweeteners and starches $ 94 $ 30 $ 64
Bioproducts   (26 )   153     (179 )
Total Corn Processing $ 68   $ 183   $ (115 )
 
Agricultural Services Operating Profit
Merchandising and handling $ 108 $ 209 $ (101 )
Transportation 19 28 (9 )
Milling and other (excl. charges) 97 86 11
Asset impairment charge   (146 )   -     (146 )
Total Agricultural Services $ 78   $ 323   $ (245 )
 
Other Operating Profit
Financial   16     (5 )   21  
Total Other $ 16   $ (5 ) $ 21  
 
Segment Operating Profit $ 498 $ 721 $ (223 )
 
Corporate Results
LIFO credit (charge) $ (53 ) $ 126 $ (179 )
Interest expense - net (107 ) (98 ) (9 )
Unallocated corporate costs (70 ) (84 ) 14
Debt buyback costs - (4 ) 4
Other   27     (1 )   28  
Total Corporate $ (203 ) $ (61 ) $ (142 )
 
Earnings Before Income Taxes $ 295   $ 660   $ (365 )
 

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.

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