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Text: These statements and materials are based on many assumptions and factors that are subject to risk and uncertainties.
Our Chief Financial Officer, Ray Young, will review financial highlights and corporate results as well as the drivers of our performance and our outlook.
Vince Macciocchi, Senior Vice President and President of our Nutrition segment will give an update on our Nutrition business and its future growth.
Last night, we reported third quarter adjusted earnings per share of $0.89, up from $0.77 in the prior year quarter.
Adjusted segment operating profit was $849 million, up 11% year-over-year and our trailing four quarter adjusted ROIC was 8.3%.
Our strategic initiatives have continued to enable our teams around the world to demonstrate their expertise and skills.
And I'm proud of how our colleagues are supporting customers and driving strong results.
The team has done a great job of handling the daily and sometimes hourly challenges that have come our way in 2020.
That resiliency allows us to deliver outstanding results today, while we simultaneously continue our strategic work to make our company better and advance our growth and transformation.
Let me share with you some of our accomplishments.
In our optimized pillar, Ag Services & Oilseeds team continue this work to enhance returns, delivering another $100 million in invested capital reductions in the third quarter.
Since 2017, Ag Services & Oilseeds has improved its capital position by exiting from no longer strategic assets including 71 grain origination locations, six oilseeds facilities, 14 Golden Peanut and Tree Nuts locations, and seven oceangoing vessels.
We've also seen first-hand however improvement initiatives have helped drive business continuity.
In addition to the pandemic, in recent months, we've seen multiple hurricanes in the US Gold under the retro storm that swept across the Midwest.
In our drive pillar, we're continuing to accelerate our 1ADM business transformation, expanding the deployment of our procurement, contract labor and sales and marketing modules, which are helping us drive efficiencies and growth and will provide us with a trove of data to support enhanced analytics and decision making.
Our Decatur corn complex, ongoing strong performance from grind to gluten to workplace safety continues to demonstrate the benefits of our centralized operations organization.
Our Supply Chain Center of Excellence is delivering as well using our enhanced processes and tools, as well as integrated planning between commercial, supply chain and operations we recently piloted changes at the nutrition facility that are on track to unlock a 20 plus percent increase in production capacity at that location.
I have already resulted in enhancements in customer service, without additional capital spending.
We'll be rolling these kinds of improvements out to other locations.
In our expand pillar, we're continuing to harvest our investments.
For example, year-to-date, our Algar Agro acquisition has tripled its year-over-year operating profit.
In a very short time, Algar has grown to be an important component of the South American business.
We've successfully expanded production of high-quality USP grade alcohol in Peoria and Clinton to meet high demand for hand sanitizer.
We announced the construction of a new state-of-the-art production facility in Spain that will dramatically expand our ability to meet growing demand for probiotics and other consumer products to support health and wellness.
We also signed a long-term agreement with Japanese start-up Spiber Inc
This project taps into our innovative spirit and capabilities, creating value from across our supply chain from the corn we buy to the dextrose we make to the science and manufacturing technology we have invested in.
And it meets a critical need in the marketplace for both consumer and industrial products that come from sustainable sources.
Our transformation and growth and our confidence in the future will not be possible without readiness.
By the end of the third quarter, our team identified and executed on readiness initiatives that unlocked almost $1.2 billion in run rate benefits.
And now, I'm pleased to announce that we are on track to achieve $1.3 billion by the end of the year.
Readiness encompasses and supports our entire company.
It drives the strategic imperatives that help us fulfill our purpose, such as sustainability.
We are advancing our sustainability efforts on many fronts.
Such as our Strive 35 goals to improve our performance on greenhouse gases, energy, water and waste.
Readiness creates growth enablers.
For example, we're continuing to elevate our commercial excellence with innovative tools like our consumer insight programs and virtual customer technologies.
And of course, readiness is one of the key elements, powering the growth algorithm we laid out at the beginning of the year, because of its success, along with tremendous progress in our harvest and improved initiatives, we now expect to meet or exceed the high end of our $500 million to $600 million goal for targeted improvements in 2020.
In 2014, we started a new journey with the acquisition of WILD Flavors, and the launch of a full-service nutrition business, offering customers a broad array of products and services.
I could not be more proud of the growth we have seen since then.
Nutrition has delivered its fifth consecutive quarter of 20-plus percent year-over-year OP growth.
Revenue is up 5.7% on a currency-adjusted basis for the first nine months of the year.
And in the years since we acquired WILD, we are nearly tripled OP in the flavors business.
As we've been getting more and more questions about that business and its growth potential, we decided that it was the perfect time to update and explain the business further.
As Juan mentioned, adjusted earnings per share for the quarter was $0.89, up from the $0.77 in the prior year quarter.
Excluding specified items, adjusted segment operating profit was $849 million, up 11%.
And our trailing four-quarter average adjusted ROIC was 8.3%, 255 basis points higher than our 2020 annual lack.
Our trailing four-quarter adjusted EBITDA was about $3.7 billion.
Our cash flows are strong, as we generate about $2.3 billion of cash from operations before working capital for the first nine months of the year.
The effective tax rate for the third quarter was a benefit of approximately 13% compared to an expense of 19% in the prior year.
Our Q3 tax rate was impacted by our debt retirement actions as well as the sale of our Walmart shares, and higher year-over-year Walmart earnings and U.S. tax credits.
Absent the effect of earnings per share adjusting items, our effective tax rate was approximately 11%.
We expect our adjusted tax rate for Q4 to be similar to this adjusted Q3 effective tax rate.
As we announced at various points during Q3, we've taken several actions over the last few months to both utilize and enhance our strong balance sheet.
These actions were not about cash flow or liquidity as we had cash and available credit capacity at the end of the quarter of almost $10 billion.
They were about creating balance sheet optionality for future transactions, while maintaining a strong credit rating profile.
We monetized a portion of our Walmart investment through a block sale of Walmart stock, and issuance of bonds exchangeable for Walmart shares at a future date.
As we have indicated, we view our significant remaining Walmart stake as strategic, and we do not have any intentions to sell additional shares.
Leveraging our strong cash position, we also rebalanced our mix between long and short-term debt, economically retiring higher coupon debt through positive NPV transactions and reducing interest payments in the future.
Combined, these actions allow us the flexibility to make strategic investments, further bolt-on acquisitions or buyback shares when it makes sense to do so, all while continuing to make progress in deleveraging our balance sheet and maintaining our single A credit ratings.
These actions were also a significant driver of our tax rate.
Return of capital for the first nine months was $724 million, including around $115 million in opportunistic share repurchases, the vast majority of which were executed earlier this year.
We finished the quarter with a net debt to total capital ratio of about 27%, down from the 30% a year ago.
Capital spending for the first nine months was about $560 million.
We expect capital spending for the year to be around $800 million that we previously indicated and well below our depreciation and amortization rate of about $1 billion.
Other business results were lower than the prior year quarter, driven by lower ADM investor services earnings and captive insurance underwriting losses, including a $17 million settlement impact for the high water claim with Ag Services and Oilseeds.
In the corporate lines, unallocated corporate costs of $196 million were higher year-over-year, due primarily to variable performance-related incentive compensation accruals, which were low in the prior year.
Corporate results this quarter also included $396 million related to the early debt retirement charges that I referred to earlier, which is an earnings per share adjustment item.
Net interest expense for the quarter was similar to the prior year period.
Looking forward, we expect unallocated corporate expenses to be in line with our initial $800 million guidance for calendar year and Q4 net interest expense to be slightly lower than Q3.
We also expect a loss of about $50 million in other business in Q4 due to anticipated intercompany insurance claim settlements.
Ag Services and Oilseeds results were higher than the third quarter of 2019.
In Ag Services, we saw extremely good execution around the globe.
The North American team did well to capitalize on strong industry export margins and volumes, and the global trade team had another strong quarter as they continued their focus on serving customers.
Ag Services also benefit from a $54 million settlement related to the 2019 US high water insurance claims, which is partially offset by an expense in captive insurance.
The crushing team also did a great job executing in a solid demand environment.
Both Ag Services and Crushing saw expanding margins during the quarter resulting in around $155 million in total negative timing effects, which led to lower results.
Those timing impacts are expected to reverse in the coming quarters.
Refined Products and Other was significantly higher year-over-year, driven by improved biodiesel margins around the globe.
Equity earnings from Wilmar were substantially higher versus the prior year period.
Looking ahead, we expect to see strong North American exports in global crush margins in the fourth quarter, combined to contribute to a very strong Ag Services and Oilseeds performance.
With results significantly higher than the third quarter of this year, though lower than Q4 of 2019, which included a $270 million benefit for two years of the retroactive biodiesel tax credit.
Carbohydrate Solutions results were significantly higher year-over-year.
The Starches and Sweeteners sub-segment was substantially higher driven by strong risk management and improved net corn costs as well as a balanced ethanol industry supply and demand environment.
Reduced foodservice demand affected sweetener and flower volumes, but we're seeing good demand recovery for starches in North America.
The Vantage Corn Processors team did a good job executing on the wet mill fuel ethanol distribution and capitalizing on higher year-over-year industry margins, while managing the fixed costs from the two temporarily idled dry mills, increased volumes and margins on USP grade industrial alcohol to support the hand sanitizer market also contributed to higher year-over-year profits.
Looking ahead, we expect the fourth quarter for Carbohydrate Solutions to be close to Q3 of this year and substantially higher than the fourth quarter of 2019, driven by improved year-over-year fuel ethanol margins and higher industrial-grade sales.
While Sweetener and Flower volumes will still be impacted by weaker food service demand, we expect the year-over-year percentage decline to be smaller than it was in Q3.
On slide eight, Nutrition delivered its fifth consecutive quarter of 20-plus percent year-over-year profit growth.
Human Nutrition results were substantially higher versus the prior year quarter, with strength across the entire pantry, including flavors, plant-based proteins, and probiotics.
Animal Nutrition was also higher year-over-year, driven by continued delivery of Neovia synergies, strengthen livestock and year-over-year improvement in amino acids, partially offset by softer aquaculture feed demand as well as negative foreign currency impacts.
Looking ahead to the fourth quarter, we expect nutrition to deliver another quarter of 20-plus percent year-over-year OP growth with a typically seasonally weaker Q4 in human nutrition, offset by seasonally stronger animal nutrition.
I'd now like to transition to Vince Macciocchi, President of our Nutrition business for an update and overview of the business.
Vince, congratulations to you and your team for not just a great quarter, but for consistent delivery of strong growth.
I'm proud of the team who have delivered in so many ways.
When I reflect upon the growth we've made in the journey we are still taking, I keep coming back to our purpose, to unlock the power of nature, to enrich the quality of life.
I think it's remarkable how these few words sum up, not just what we do, but why our work is so important.
The global population is growing, and consumer behavior is shifting in ways we couldn't have predicted only 10 or 15 years ago.
The scale of the change and the opportunity for ADM is enormous.
Global sales of specialty ingredients across both human and animal nutrition are as much as $85 billion and growing at a rate of 5% to 7% per year.
These specialty ingredients, which represent the majority of the nutrition portfolio aside from fee going to the full array of consumer nutrition products for humans and animals, many of which are projected to grow significantly in the coming years.
For example, global market for functional beverages could be as large as $190 billion in 2024.
The global dietary supplement market could be worth more than $77 billion in that same time frame.
Global retail sales of alternative proteins are already a $25 billion market today, with a projected growth rate of 14% per year.
Global retail sales of pet food are projected to grow at 4% per year, reaching $120 billion by 2024.
These aren't just numbers.
They're indicators of significant long-term trends in how people choose food, drink and other products, driven by a global population that cares deeply about health and sustainability.
And based upon the portfolio, footprint, capabilities and talent we've built, no other company is positioned to meet these needs and lead in these industries like ADM.
It's been six years since we started on this journey.
In that time, we built or expanded more than 16 facilities from our pea protein complex in the US through our network of free mix plants in China.
We've enhanced our science and technology capabilities, invested in market research and consumer insights and built new interactive ways to engage with customers.
From our more than 50 global customer innovation centers to daily virtual innovation and tasting sessions.
We've made platform acquisitions, and we've added bolt-ons.
All in all, we have invested just over $6 billion to build our global leadership position in nutrition.
These investments are delivering results.
Since 2014, we've increased our annual revenue by $3 billion.
And by the end of this year, we'll have grown operating profits by more than $300 million over those six years, more than double.
Our human nutrition business can offer customers ingredients, flavor systems or turnkey product development solutions, supporting them every step of the way to take their ideas from concept to prototype to market in record time.
In Animal Nutrition, only 1.5 years after we completed our Neovia acquisition, we can look back on a successful integration in which we exceeded our synergy goals and built a global business that offers a full portfolio of on-trend items from pet treats to enzymes to ingredients for aquaculture to meet evolving customer needs.
In our health and wellness business, which is part of our human nutrition subsegment, our scientists are expanding the universe of pro, pre and post biotics and other functional products to meet growing demand from stand-alone supplements to ingredients that help enhance our array of human and animal solutions.
Taken together, our extremely broad portfolio of ingredients and solutions can add value for customers across both human and animal nutrition.
For instance, taste and color are just as important for animal nutrition customers today, as they are for food and beverage customers.
Functional ingredients matter in both Human and Animal Nutrition & so on across our entire pantry.
Then we add the rest of ADM's capabilities.
In plant-based protein, for example, we have the unique advantage of ADM's broad and integrated value chain from sourcing and transporting the soybeans and peas to transforming them into high-protein ingredients at our own facilities.
To adding the colors, flavors, oils and other key elements to create just the right taste, appearance, juiciness and sizzle for delicious finished plant-based products.
We're proud to have come this far in six short years, but our eye is on the future.
We are confident in continuing our growth story.
It starts with the global category trends I outlined earlier.
It continues with our extensive and ongoing research into consumer behavior and needs.
Earlier this week, we released our latest view of the top consumer trends of 2021 based upon research that includes our proprietary outside voice consumer insights program.
Our findings show that the events of the past year are accelerating and deepening fundamental market shifts, including consumers taking a more proactive approach to nourishing body and mind, the microbiome as the gateway to wellness.
Continued growing demand for plant-based foods.
Sustainability is a key driver of purchasing decisions and transparency as a building block of consumer trusts.
The last piece of the equation is how our team brings it all together for our customers combining unmatched customer support and service with our vast value chain to deliver ingredients, systems and solution that align perfectly with market trends and needs.
These are the reasons we expect to continue to lead the industry outpacing the market and operating profit growth, and we remain confident in reaching $1 billion in OP in the medium-term future.
And congratulations to you and the entire ADM team for another outstanding quarter.
Across the enterprise, we are continuing to advance our work to enrich the quality of life and meet key needs for consumers around the globe.
At the time of heightened concerns around food security, ADM's bust global value chain is helping ensure that countries and families can continue to put nutritious, delicious foods on the table.
As consumers focus more and more on proactive approaches to health, we're expanding the frontier in groundbreaking, functional ingredients and supplements for people with conditions like migraine and atopic dermatitis.
And we're paving the way to a new world of precision nutrition personalized for every individual.
And as sustainability becomes a key driver of consumer decisions and business success, we're playing a leading role in the transition to a low-carbon economy for our industry.
We are committed to our purpose, and our team is continuing to deliver for our customers, our shareholders and all could depend on us.
And that is why we are confident in a strong finish to 2020 and a positive momentum continuing through 2021.

user
compname reports third quarter earnings of $0.40 per share, $0.89 per share on an adjusted basis.
q3 adjusted non-gaap earnings per share $0.89 excluding items.

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