ADM managed to increase its revenue and operating profits in the first quarter of the year, as its Agricultural Services and Oilseeds segment achieved “crushing results” due to record soybean crops and biofuel demand. The company reports net earnings of USD 1.2 bn and first-quarter earnings per share of USD 2.12, USD 2.09 on an adjusted basis. Meanwhile, the company’s Nutrition segment results “were significantly lower year-over-year” compared to 2021, as the business “continued to manage demand fulfilment challenges and destocking in certain categories.”

In its quarter results, ADM highlights its solid margins and results in the Agricultural Services and Oilseeds segment. The company achieved high soybean exports in North America and record crops in Brazil. The company brought its revenue in the quarter for the segment to USD 18.58 bn, compared to USD 18.25 bn last year. Its Sweeteners and Starches segment also increased revenues to reach USD 3.54 bn, up from USD 3.37 in 2022.