October 31, 2012

Adjusted Earnings per Share (EPS) were US$0.50, primarily reflecting a US$0.16 charge related to ADM's planned divestment of Gruma. Segment operating profit was US$498 million, including a US$146 million charge related to Gruma.

"Our first-quarter segment results were mixed," said ADM Chairman and CEO Patricia Woertz. "Oilseeds performance was strong, the ethanol industry experienced sustained negative margins, and Agricultural Services managed well through a complicated quarter, challenged by the drought."

Adjusted EPS of US$0.50 excludes a Gruma-related charge of US$0.16 per share and a LIFO charge of US$0.05 per share. Oilseeds processing profit increased US$116 million, with over-year improvements in our crushing and origination business in all regions. Corn Processing profit decreased US$115 million as continued negative ethanol margins more than offset improved results from sweeteners and starches. Agricultural Services profit fell US$99 million, excluding the Gruma charge, as smaller crops reduced US merchandising and handling results, on track to achieve US$150 million in annual run-rate savings ahead of schedule.

Oilseeds operating profit in the first quarter was US$336 million, up US$116 million from the same period one year earlier. Crushing and origination operating profit was US$256 million, up US$150 million from the year-ago quarter on strong improvements by all three geographies. ADM's US soy operations delivered very strong results amid good US demand and meal exports. In Europe, soy and rapeseed crushing earnings improved significantly.

Refining, packaging, biodiesel and other generated a profit of US$28 million for the quarter, down US$27 million, with steady results in North and South America offset by weaker European biodiesel results. Corn processing operating profit was US$68 million, a decrease of US$115 million on-year.

Bio-products results in the quarter decreased US$179 million to a loss of US$26 million. Weak US ethanol exports, strong Brazilian imports and slow E15 implementation kept industry margins negative. Agricultural Services operating profit excluding the Gruma charge was US$224 million, down US$99 million on-year.