Decatur, Ill.-based agribusiness giant Archer Daniels Midland (ADM) has posted earnings per share (EPS) of US$0.78 for the FY 2002, ended 30 June, compared to US$0.58 last year.

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Meanwhile, operating profit increased to US$1bn for the full year, up from US$903m last year and including a gain from vitamin settlements of US$147m, and an US$83m charge for abandonment and write down of long lived assets.


G. Allen Andreas, chairman and CEO, commented: “We expect the challenging environment of the Q4 to continue as weather concerns dominate many of our markets. Our year end results showed continued progress in improving the return on our assets. We remain confident in the value of the global ADM franchise, and are building long-term value for our shareholders.”


Q4 results


Q4 net earnings were US$112m, compared with US$56m last year. This year’s results include a US$0.09 per share gain on the partial settlement of ADM’s claims related to vitamin antitrust litigation, a US$0.04 per share tax credit and an US$0.08 per share charge upon abandonment and write down of long lived assets.

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Operating profit increased to US$223m from US$206m last year. The gain from vitamin settlements of US$93m less an US$83m charge upon abandonment and write down of long lived assets accounted for most of the increase.


Twelve month results


Net earnings for the full year were US$511m, up from US$383m last year and including a loss of US$0.05 per share from private equity fund investments, a gain of US$0.03 per share from security transactions, a gain of US$0.14 per share from the vitamin antitrust litigation, a charge of US$0.08 per share from abandonment and write down of long lived assets and a tax credit of US$0.04 per share.


Earnings for FY 2001 include a loss of US$0.03 per share from private equity fund investments, a loss of US$0.05 per share from security transactions and a gain of US$0.14 per share from ADM’s unconsolidated affiliate, CIP.