HUTCHINSON, Kan. — Archer Daniels Midland (ADM) released its second quarter earnings before the bell Tuesday. The oil seed giant reported earnings of $2.18 per share compared with $1.26 per share in the same period last year.
“Our second quarter adjusted earnings per share of $2.15 reflect our team’s strong execution, delivering nutrition to billions of people around the globe,” said Chairman and CEO Juan Luciano. “In addition, our productivity initiatives are improving our capabilities and mitigating the impact of inflation, while our innovation projects are powering profitable growth, as we leverage our unique portfolio and globally integrated network to meet demand driven by the three enduring global trends of food security, health and well-being, and sustainability.
“Looking forward, we expect the combination of our strategic actions and continued good demand for our products to propel very strong earnings in the second half of 2022, with strong cash flows enabling us to accelerate approximately $1 billion in share repurchases into the back half of the year. Beyond that, we will continue to execute the growth plan we laid out at our Global Investor Day, while maintaining our focus on balanced capital allocation and optimizing ROIC.
Ag Services results more than doubled versus the year-ago quarter as North America had a solid performance as export volumes remained strong in a good global demand environment, though year-over-year results were lower due to the prior-year’s insurance settlement and strong positioning gains according to a news release from ADM.
Second quarter revenue topped $27.1-billion which is above 2021 numbers.
ADM operates five elevators around Hutchinson employing about 60 workers.
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