DECATUR, ILL. — Earnings at Archer Daniels Midland Co. rose 5% in the fiscal year ended June 30 behind strong operating profit across all of its key reporting segments. Net income in fiscal 2011 was $2,036 million, equal to $3.13 per share on the common stock, up from $1,930 million, or $3 per share, in fiscal 2010. Net sales were $80,676 million, up 31% from $61,682 million in the same period a year ago.
The full-year gains at ADM came despite a challenging fourth quarter in which higher tax expenses weighed on earnings. In the fourth quarter ended June 30, net income was $381 million, or 58c per share, down 15% from $446 million, or 69c per share, in the same period a year ago. Net sales in the quarter rose 46% to $22,870 million from $15,603 million.
“Despite a challenging environment in several key markets, ADM delivered solid operating results across all our businesses for the quarter,” said Patricia Woertz, chairman and chief executive officer. “We earned record operating profit for the fiscal year with our growing global asset base, diversified product portfolio and the acumen of the ADM team. Looking ahead, we are confident in our people, our assets and our financial strength to deliver profitable growth and value for our shareholders as we serve the vital needs of a growing world.”
Overall operating profit rose 11% in the fourth quarter and 24% in the full year, as all of the company’s segments posted higher year-over-year results.
The sharpest gain during the year occurred in the Corn Processing segment, where operating profit rose 47% to $1,062 million from $722 million. Net sales in the segment also were higher, rising 26% to $9,908 million from $7,874 million. Within the segment, sweeteners and starches profit fell 40% to $320 million while bioproducts profit jumped 284% to $742 million.
ADM’s Oilseeds Processing segment profit gained 7% in the year, rising to $1,524 million from $1,400 million. Sales in the segment rose 22% to $26,662 million.
The company’s Agricultural Services segment posted a 38% increase in operating profit during fiscal 2011, climbing to $922 million from $668 million in fiscal 2010. Sales in the segment rose 42% to $37,927 million from $26,756 million.
The ADM Other segment, which posted a profit of $449 million in fiscal 2010, rose 14% in profit to $513 million in fiscal 2011. Sales in the segment increased 18% to $6,179 million from $5,242 million.