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Archer Daniels Midland Company (ADM) has reported 47.39 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $339 million, or $0.59 a share in the quarter, compared with $230 million, or $0.39 a share for the same period last year. On an adjusted basis, earnings per share were at $0.60 for the quarter compared with $0.42 in the same period last year.
Revenue during the quarter grew 4.20 percent to $14,988 million from $14,384 million in the previous year period. Gross margin for the quarter expanded 36 basis points over the previous year period to 5.79 percent. Total expenses were 97.64 percent of quarterly revenues, down from 97.97 percent for the same period last year. This has led to an improvement of 33 basis points in operating margin to 2.36 percent.
"Our year-over-year results improved as a company and in all four of our business segments during the first quarter, and we continue to be on course for a stronger 2017," said ADM chairman and chief executive officer Juan Luciano. "Ag Services was up for the quarter, with higher results in U.S. grain and transportation operations. The Corn business delivered a good quarter, with improved performances across their portfolio. Oilseeds earnings were up, including solid results in global softseeds and from our equity investment in Wilmar. WFSI results were higher, led by WILD Flavors.
Operating cash flow improves significantly Archer Daniels Midland Co has generated cash of $409 million from operating activities during the quarter, up 1,536 percent or $384 million, when compared with the last year period.
The company has spent $381 million cash to meet investing activities during the quarter as against cash outgo of $448 million in the last year period. It has incurred capital expenditure of $175 million on net basis during the quarter, up 3.55 percent or $6 million from year ago period.
The company has spent $180 million cash to carry out financing activities during the quarter as against cash inflow of $221 million in the last year period.
Cash and cash equivalents stood at $536 million as on Mar. 31, 2017, down 33.08 percent or $265 million from $801 million on Mar. 31, 2016.
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