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Text: Our chief financial officer, Ray Young, will review the drivers of our performance as well as corporate results and financial highlights.
Then Juan will discuss our outlook.
Our team delivered a super fourth quarter.
Adjusted segment operating profit was $1.4 billion, 23% higher than the fourth quarter of 2020.
Our trailing four-quarter adjusted EBITDA was $4.9 billion, $1.25 billion more than a year ago.
And our trailing four-quarter average adjusted ROIC was 10%, meeting our objectives.
That performance represented a strong finish to an outstanding 2021.
For the full year, our adjusted earnings per share was $5.19, also a record.
And full year adjusted segment operating profit was $4.8 billion.
This excellent performance was reflected across the company.
The Ag Services and Oilseeds team's actions to improve their business portfolio and strengthen their operating model continued to enable superior performance in a strong market environment.
AS&O delivered full year 2021 OP of $2.8 billion, with each subsegment performing at or near historic highs.
Carbohydrate solutions executed phenomenally well to deliver full year operating profits of $1.3 billion.
And the team is continuing the evolution of carbohydrate solutions from the sale of our Peoria dry mill and the announcement of the sustainable aviation fuel MOU; to our agreement with LG Chem and the continued growth of our exciting biosolutions platform, which delivered new revenue wins with an annualized run rate of almost $100 million; to the project we announced earlier this month to further decarbonize our operations by connecting two other major processing facilities; to our vacate of carbon capture and storage capabilities.
The nutrition team once again delivered industry-leading revenue and OP growth, with full year revenues up 16% and full year OP of $691 million, representing a 20% year-over-year increase.
We also continued to enhance our nutrition business with strategic investments targeted at growing areas of demand, including soya protein, which will expand our participation in alternative proteins; PetDine, which substantially enhance our presence in pet food and treats; Deerland, which continued the expansion of our functional probiotics and enzymes portfolio within our global health & wellness business; and FISA, which enhance our flavor footprint by opening up new growth opportunities in Latin America and the Caribbean.
Last month, at our Global Investor Day, we unveiled our strategic plan and reiterated our balanced financial framework for value creation, including using our strong cash flows to deliver both growth investments and distributions to shareholders.
We are confident in our plan [Audio gap] which is why we are pleased to announce an 8% increase in our quarterly dividend to $0.40 per share.
We are proud of our record of 90 uninterrupted years of dividends and more than 40 years of consecutive annual dividend increases, and we are pleased to continue to follow through on our commitment to shareholder value creation.
It's been a great year, and we're excited about what's to come.
Our continued actions to build a better ADM and dynamically align it with the global trends of food security, health and well-being, and sustainability, and the steadfast advancement of our productivity and innovation initiatives will help propel our 2022 results.
I will talk in more detail about the upcoming calendar year shortly.
The Ag Services and Oilseeds team capped off really a truly impressive year, successfully navigating through supply chain challenges to deliver results largely in line with the extremely strong prior-year quarter.
The Ag Services team performed well in an environment of continued strong global demand, including significantly increased export volumes for customers outside of China.
Global trade was substantially higher year over year, driven by solid risk management and improved results in global ocean freight.
Overall, Ag Services delivered strong results, just slightly off the outstanding fourth quarter of 2020 when we benefit from exceptionally high export margins.
Crushing executed well on the continued solid demand environment for both soybean meal and vegetable oil.
Lower results in EMEA versus a very strong fourth quarter of 2020 and approximately $250 million in net negative timing impacts versus negative $125 million in the prior-year quarter drove overall results lower year over year.
The majority of those negative timing effects are expected to reverse in the first half of 2022.
The refined products and other teams delivered substantially higher results versus the prior-year period, driven by strong volumes and margins in North America for refined oils and improved biodiesel margins in North America and EMEA, which more than offset weaker South American results due to the reduced biodiesel mandate.
Equity earnings from Wilmar were higher year over year.
Looking ahead, we expect a strong first quarter from Ag Services and Oilseeds, higher than the first quarter of 2021 and in line with the just-ended fourth quarter.
Carbohydrate solutions' fourth quarter results were more than double the prior-year quarter.
In Starches and Sweeteners subsegment, including ethanol production from our wet mills, results were lower versus the fourth quarter of 2020, driven by higher input costs, including energy costs in EMEA as well as lower wheat milling volumes, partially offset by continued strong ethanol margins.
Volumes for North America sweeteners and starches were largely flat year over year.
Vantage corn processor results were again substantially higher year over year, driven by historically strong industry ethanol margins as a result of strong demand relative to supply as well as increased sales volumes due to production at the two dry mills that were idle in the previous year period.
As we look ahead, we believe the first quarter for carbohydrate solutions should be similar to or slightly above the strong first quarter of 2021.
The nutrition business closed out a year of consistent and strong growth, with fourth quarter revenues 19% higher year over year, 21% on a constant currency basis, with 26% higher profits year over year, and sustained strong EBITDA margins.
Human Nutrition had a great fourth quarter, with revenue growth of 21% on a constant currency basis and substantially higher profits.
Flavors continued its growth trajectory, driven primarily by improved product mix in EMEAI and continued strong performance from North America, partially offset by weaker APAC results.
In specialty ingredients, overall profits for the fourth quarter were in line with the year-ago period as strong demand for plant-based proteins offset the impact of onetime insurance proceeds in the fourth quarter of 2020.
Health & wellness was higher versus the prior-year quarter as the business continued to deliver growing profits in bioactives and fermentation.
Animal nutrition revenue was up 21% on a constant currency basis, and operating profit was much higher year over year, driven primarily by continued strength in amino acids.
Now looking ahead, we expect nutrition to continue to grow operating profits at a 15%-plus rate for calendar year 2022, with the first quarter similar to the first quarter of 2021 with continued revenue growth offset by some higher costs upfront in the year and the absence of the onetime benefits we saw in the first quarter of the prior year.
Now let me finish up with a few observations from the Other segment as well as some of the corporate line items.
Other business results were substantially higher, driven primarily by higher captive insurance underwriting results as the prior-year quarter included larger intracompany insurance settlements.
For calendar year 2022, we expect other business results to be similar to 2021.
Although for the first quarter, we expect a loss of about $25 million due to insurance settlements currently planned.
Net interest expense increased year over year on higher short-term borrowings.
In the corporate lines, unallocated corporate costs of $276 million were lower year over year due primarily to increased variable performance-related compensation expense accruals in the prior year, partially offset by higher IT offering in project-related costs and transfers of costs from business segments into centralized centers of excellence in supply chain and operations.
We anticipate calendar year 2022 total corporate costs, including net interest, corporate unallocated, and other corporate, to be in line with the $1.2 billion area, consistent with what I discussed at Global Investor Day with net interest roughly similar, corporate unallocated a bit higher, and corporate other a bit lower.
The effective tax rate for the fourth quarter of 2021 was approximately 21%, compared to 8% in the prior year.
The calendar year 2021 effective tax rate was approximately 17%, up from 5% in 2020.
The increase for the calendar year was due primarily to changes in geographic mix of earnings and current year discrete tax items, primarily valuation allowance and return to provision adjustments.
Looking ahead, we're expecting full year 2022 effective tax rate to be in the range of 16 to 19%.
Our balance sheet remains solid, with a net debt-to-total capital ratio of about 28% and available liquidity of about $9 billion.
I hope most of you were able to join us on our Global Investor Day last month.
There, we showed that we have consistently advanced our strategy from our work to improve ROIC through capital cost and cash; to our strategic growth and margin enhancement accomplishments, including the creation of a global Nutrition business; to today's focus on productivity and innovation.
Let me take a few moments to talk about how we see the 2022 environment.
In Ag Services and Oilseeds, we see a continued favorable global demand environment.
Due to a short growth in South America, with the magnitude of the shortfall still to be determined, we expect global ag commodity buyers will rely relatively more on the U.S. market for their needs, assuming we have a normal U.S. crop later this year.
On the oilseeds side, we're starting 2022 with strong soy crush margins.
And as we discussed at Global Investor Day, we believe that increasing demand for meal as well as vegetable oil as a feedstock for renewable green diesel should continue to support the positive environment this year, with our soy crush margins in the range of 45 to $55 per metric ton.
Assuming these dynamics play out, we believe that Ag Services and Oilseeds in 2022 has the potential to deliver operating profit similar to or better than 2021.
For carbohydrate solutions, we are assuming the demand and margin environment for our starch and sweetener products will be steady versus 2021.
We expect the industry ethanol environment to continue to be constructive, supported by the recovery of domestic demand to pre-COVID levels, energy costs driving higher exports, and better clarity on the regulatory landscape.
With this in mind, we're assuming higher ADM ethanol volumes and EBITDA margins to average $0.15 to $0.25 for the calendar year.
In addition, we are expecting our biosolutions platform to deliver another year of solid growth as we continue to evolve the carbohydrate solutions business.
Putting it all together, we expect carbohydrate solutions to deliver full year operating profit slightly lower than their outstanding 2021.
In nutrition, we're expecting continued growth in demand for our unparalleled portfolio of nutrition ingredients and systems, along with the benefits of accretion from our recent acquisitions.
With these dynamics, we expect 15-plus percent OP growth in 2022, revenue growth above 10%, and EBITDA margins above 20% in human nutrition and high single digits in animal nutrition, consistent with targets we set out at our Global Investor Day.
So as we look forward in 2022, we see a positive demand environment across our portfolio.
And then we add to that thing we can do better.
Our execution was great in 2021, but we're always identifying opportunities for improvement.
And we intend to do even more to meet this growing demand in 2022.
Put it all together, and we're optimistic for another very strong performance in 2022 as we progress toward our strategic plans next earnings milestones of six to $7 per share.

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compname reports outstanding results: fourth quarter earnings per share of $1.38, $1.50 on an adjusted basis; full year 2021 earnings per share of $4.79, $5.19 on an adjusted basis.
announcing 8% increase in quarterly dividend.

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