ADM Net Earnings Rise 29%; Selects Chevron Executive as CEO

2 May 2006

Archer Daniels Midland Company (ADM), one of the largest agricultural processors in the world, reported first quarter earnings of $348 million, up 29% from the first quarter of 2005.

Segment operating profit increased 46% to $549 million for the quarter year-on-year, propelled by sharp gains in its Oilseeds and Corn Processing segments.

Oilseeds Processing operating profit increased $116 million to $ 177 million for the quarter—an increase of 190%. Corn Processing operating profit increased $41 million to $219 million for the quarter—an increase of 23%—due to improved starch, sweetener and ethanol selling prices and lower net corn costs.

For the quarter, ethanol sales volumes declined versus year-ago levels as last year’s volumes included a draw-down of ethanol stocks which were built up in anticipation of new markets.

Last week, ADM announced the selection of a former high-ranking Chevron executive as its new President and CEO. Patricia Woertz was Executive Vice President of Chevron Corporation, in charge of the oil company’s downstream operations, including refining, marketing, lubricant, supply and trading businesses in 180 countries, with more than $100 billion in annual revenues and a global workforce of 30,000.