We are in the midst of the first earnings season of the year, and if you’re ADM, things are looking mighty fine.
ADM just dropped their first-quarter financials, and while they may have been overshadowed by all the #Plant21 selfies on Twitter, they definitely caught our attention.
By the numbers:
- ADM reported a 76% increase in quarterly profits, rising from just 69 cents per share a year ago to $1.22 per share.
- Overall revenue for the grain giant blew projections away, jumping to $18.89 billion, a 26% increase.
- The company’s Ag Services & Oilseed segment posted a record quarter with operating profits of $777 million, an 84% increase.
ADM’s CEO Juan Luciano said that the impressive quarter could largely be attributed to the ever-growing demand for imported grain in China. The company also brought two ethanol plants back online as demand continues to rise.
But wait, there’s more: Earlier this month, the company opened a new “Plant-Based Innovation Lab” in Singapore. ADM hopes this new facility will drive new, versatile product offerings in the trendy plant-based protein market.
