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 share(1) --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 profit(1) 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.