ADM Q1 2021 net earnings up 76% YoY
In Q1 2021 ended March 31, Archer Daniels Midland (ADM) net earnings surged by 76.2% YoY to USD 689 mln (Q1 2020: USD 391 mln).
According to the company's report, the adjusted net earnings increased to USD 783 mln vs. USD 361 mln in Q1 2020.
The revenue for the period surged to USD 693 mln, USD 302 mln higher YoY.
The gross profit in Q1 2021 stood at USD 1.55 bln (Q1 2020: USD 951 mln). Earnings per share (EPS) grew to USD 1.22 (Q1 2020: USD 0.69).
ADM's EBITDA for the quarter totalled USD 4.19 bln (Q1 2020: USD 1.26 bln).
Chairman and CEO Juan Luciano states that the company is moving into the next phase of its strategic transformation, which will sharpen ADM's focus on two key pillars — Productivity and Innovation — to enhance the company's capabilities to deliver outstanding execution, serve customer needs, and power growth and profitability.
"We expect significant year-over-year growth in earnings across all three of our businesses in 2021, and continued sustainable growth in the years to come," he adds.
For the year 2020, ADM reported 28.5% higher YoY net earnings.
