February 4, 2009
                                        

Archer Daniels Midland Company (ADM) announced net earnings of US$585 million for the quarter ended December 31, 2008, up 24 percent from the same period a year ago. 

Net sales and other operating income during the quarter increased 1 percent to US$16.7 billion, while segment operating profit for the quarter fell 15 percent to US$815 million from US$955 million last year.

For the quarter, increased average selling prices resulting mainly from higher commodity costs were offset by decreased sales volumes and foreign exchange translation impacts.

Oilseeds processing operating profit grew US$100 million for the quarter. In contrast, ADM's corn processing operating profit fell US$246 million to US$29 million due to lower ethanol demand.

Profits for ADM's Agricultural Services Division grew US$147 million for the quarter. The division includes the company's shipping vessels, grain elevators and port facilities.

Patricia Woertz, Chairman of the Board and Chief Executive Officer of ADM, said, "Our balance sheet is strong, and we are focused on managing our business in these challenging markets while continuing to execute our strategy of building long-term shareholder value through strengthening and growing our value chain."