Jul 30, 2020 7:42 PM

ADM posts strong 2Q numbers

Posted Jul 30, 2020 7:42 PM

By Rod Zook

hutchpost.com

HUTCHINSON, Kan. — While some companies have struggled in the pandemic, Archer Daniels Midland was not one of them as the need for food products never stops.

The oilseed giant saw its second-quarter earnings per share jump to $0.85 per share compared with $0.60 per share in 2019. 

Revenue totaled $16.3-billion which was nearly the same as the previous year, and profits increased from $645-million to $813-million year-over-year. The company attributed the strong numbers to increased business in South America.

ADM spent the past year in a transformation, which included merging business sectors and making other cost-cutting moves to strengthen the bottom line. 

ADM employs about 55 workers at five elevators in Hutchinson.