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Text: This is already above our full-year 2020 adjusted EPS.
Adjusted segment operating profit was $1 billion, up 18% versus the third quarter of 2020 and our 8th consecutive quarter of year-over-year OP growth.
Our trailing fourth quarter adjusted EBITDA was about $4.6 billion, almost a $1 billion more than a year ago.
And our trailing fourth quarter average adjusted ROIC was 9.6%, significantly higher versus the year-ago period.
I remain proud to lead a global team that is delivering robust returns and sustained growth in profit.
Our strong quarter and our ongoing upward trajectory, our system into our team's execution and agility and the consistent implementation of our strategic plan.
I'd like to take a moment now to highlight some of our accomplishments from the quarter.
I'd like to start by talking about our approach to portfolio management.
Our starting point, if they believe that in order to thrive and create value, a company needs to have a dynamic view office business portfolio.
So when we talked about the dramatic transformation of our portfolio over the last 10 years, it's not a discrete event.
Of course, those opportunities may be the -- must be the right ones.
The enduring trends of food security, health and well-being and sustainability provide unique and stable opportunities for ADM to expand our existing capabilities, and we are focusing our efforts on identifying high growth on trend areas with attractive margins and which are adjacent to our existing capabilities, that focusing from the building of our global nutrition business.
The acquisition of WILD gave us entry into flavors and a global taste platform.
We then use bolt-on acquisitions to other adjacent capabilities and build a one-stop shop with an industry-leading pantry of ingredients and solutions for Human Nutrition.
We did the same for Animal Nutrition with the acquisition of Neovia and we continue to do the same today across our business.
In order to meet growing demand for sustainable solutions, we have announced a joint venture, an offtake agreement with Marathon Oil Company to support the production of renewable diesel.
We are continuing to invest in key nutrition categories as demand for alternative protein grows from $10 billion to $30 billion over the next decade.
We are further enhancing our capabilities with the acquisition of Sojaprotein.
And with global demand for pet food grow into the $140 billion in the coming years.
We are continuing our growth with a 75% ownership stake in PetDine.
In the early of microbiome, we've signed an agreement with Vland Biotech to launch a joint venture that we perfectly positioned to help meet $1 billion in retail demand for probiotics in China.
These are just some examples of how we are dynamically positioned in our portfolio to continue driving growth for years to come.
There will be more to come.
And you can expect an increased level of investments to support our sustainable earnings growth and sort of that expand our capacity and capabilities.
As part of our portfolio management approach, we're looking to evolve our Carbohydrate Solutions business, expanding our array of solutions to meet growing customer demand driven by the enduring trend of sustainability.
We've made significant progress recently focused on two areas.
New opportunities for our alcohol production, an ever growing volume solutions platform.
Let me start with alcohol.
Last Thursday, we announced that we reached an agreement, which we expect to close at the end of the month to sell our ethanol facility in Peoria.
And yesterday, we announced a memorandum of understanding with Gevo to explore potential joint venture, one of which would include our Columbus and Cedar Rapids dry mills and our ethanol assets indicator transitioning 900 million gallons of ethanol production to support growing demand for low carbon sustainable aviation fuel.
These actions represent our commitment to a process that we began when we first analysis to tissue review of our dry mills.
Taken together, they will allow us to significantly reduce our exposure to vehicle fuel ethanol while using our expertise and assets to capitalize on new opportunities.
SAF is one of those opportunities.
The U.S. and EU have set goals that together with support almost 4 billion gallons of annual sustainable aviation fuel production by 2030 and more than 45 billion by 2050.
The other focus area for our Carbohydrate Solutions evolution were biosolutions growth platform.
Biosolutions, which we launched a year ago, it's an effort focused on using our product streams to expand our participation in sustainable higher margin solutions for attractive end markets like pharmaceuticals and personal care.
This is an area of significant potential and our team is doing a great job identifying new and exciting opportunities.
Earlier this fall, for example, we signed an MoU with LG Chem for the production of lactic and polylactic acids for bioplastics, another plant-based products.
These efforts and enable in biosolutions to deliver 10% annualized revenue growth including more than $80 million in new revenue wins in the first nine months of this year and we believe there are many new opportunities to come.
So from the transformation of our dry mills to our growing biosolutions platform, our work to evolve our work Carbohydrate Solutions capabilities is a perfect example of how we're managing our portfolio and delivering the smart strategic growth and one of the many reasons we remain convinced and our ability to deliver sustainable earnings growth in the years to come.
I'll talk a little bit more about our business outlook at the end of our call.
And of course, we'll be going into much more detail at our Global Investor Day on December 10th.
The Ag Services and royalties team continue their outstanding year with another quarter of substantial profit growth.
In Ag Services, we're proud to tell the team executed in a challenging environment, including a swift return to operation after Hurricane Ida.
Overall results were significantly lower versus the prior year quarter, driven by approximately $50 million in that timing effects that should reverse in coming quarters, as well as $54 million in insurance settlement recorded in the prior year period, and lower export volumes caused by Hurricane Ida.
Global trade continues its strong performance.
The Crushing team delivered substantially higher year-over-year results, executed well, delivering stronger margins in a dynamic environment that includes strong demand for vegetable oils to support our existing food customers as well as the increasing production of renewable diesel.
Results were also driven by about $70 million in net positive timing effects in the quarter.
Refined Products and Other results were significantly higher than prior year period, driven by positive timing effects of approximately $80 million, our expected to reverse in future quarters.
Strong execution in EMEA and North American biodiesel and strong refining premiums due to demand for renewable diesel and foodservice recovery in North America also contributed to the results.
Equity earnings from Wilmar were lower year-over-year.
Looking ahead, we expect to see continued fundamental demand strength for Ag Services and Oilseeds products including from China, as well as solid global soybean crush margin environment in the fourth quarter, partially offset by some higher manufacturing costs.
In addition, RPO will be negatively impacted by timing reversals.
All told, we expect results in the fourth quarter to be significantly higher than the third quarter of this year.
Carbohydrate Solutions results were lower year-over-year.
The Startches and Sweetener sub segment including ethanol production from our wet mills showed their agility by managing through dynamic market conditions and optimizing mix between sweeteners and ethanol production through the quarter.
Year-over-year results were significantly lower, primarily due to higher input costs.
Vantage Corn Processors results were much higher versus the third quarter of 2020 supported by the resumption of production of at our two dry mills and improved fuel ethanol margins, particularly late in the quarter.
Looking ahead to the fourth quarter, we expect the solid fundamentals from the end of the third quarter to continue for Carbohydrate Solutions with good ethanol margins extending through the quarter due to industry supply demand balance and solid demand for corn oil and starches offset by higher manufacturing costs, particularly in Europe as well as the absence of the pure dry mill.
Also fourth quarter results for the segment should be similar to the previous year fourth quarter.
On Slide 8, the Nutrition business remains on its solid growth trajectory was 17% higher revenues and 15% on a constant currency basis and 20% higher profits year-over-year and continued strong EBITDA margins.
The human nutrition team delivered revenue growth of 12% year-over-year on a constant currency basis, helping to drive 9% higher profit, higher volume improved pilot mix, particular strength in beverage drove strong flavor results in EMEA in North America, partially offset by lower results in APAC.
Specialty Ingredients continued to benefit from strong demand for alternative proteins, offset by some higher costs.
Health & Wellness results were higher on robust sales growth in bioactives and fiber.
Aninal Nutrition profits were nearly double the year-ago period and sales were up 19% on a constant currency basis, driven primarily by the strength in the mineral assets as well as feed additives and ingredients, partially offset by higher costs in LATAM and slower demand recovery in APAC.
Looking ahead, we expect nutrition to continue on its impressive growth path with strength across the Human and Animal Nutrition leading to strong year-over-year earnings expansion in the fourth quarter and a 20% full year growth versus 2020.
Let me finish up with few observations from the other segment as well as some of the corporate line items.
Other business results were substantially lower than the prior year period, driven primarily by captive insurance underwriting losses, most of which were offset by corresponding recoveries in the other business segments.
We expect fourth quarter to have some additional insurance underwriting losses, resulting in a breakeven other business for the fourth quarter.
As expected, net interest expense for the quarter decreased year-over-year on lower interest rates and the favorable liability management actions taken in the prior year.
In the corporate lines, unallocated corporate costs of $230 million were driven primarily by higher IT offerings and project-related costs and transverse cost into the centralized centers of excellence in supply chain and operation.
Looking at total corporate costs including net interest, corporate unallcoated and other corporate, we are still on track fourth calendar year to be overall similar to 2020.
The effective tax rate for the third quarter of 2021 was approximately 18%.
We anticipate our calendar year adjusted effective tax rate to be the upper end of our previously communicated range of 14% through 16% and potentially a bit higher depending upon the geographic mix in the fourth quarter.
Our balance sheet remains solid with a net debt to total capital ratio of about 26% and available liquidity of about $11.5 billion.
From consistent sustained profitable growth for the ongoing management of our business and product portfolio, our team has a lot to be positive.
And there's one other thing we achieved last quarter that I want to mention.
We have many team members impacted when Hurricane Ida hit in late August.
So we provide temporary housing arrangements, portable generators, food and water and more.
In fact, many ADM colleagues travelled through the region and spend time helping repair their coworkers damaged homes.
I put the rest of my close remarks those insured as we plan to go into our outlook in far more of this when our December 10 Global Investor Day.
As I look back at the third quarter and all of the last nine months, I continue to see a team and a company that are delivering on our goals and our purpose.
We are closing out 2021 with great momentum.
We are on track for a strong fourth quarter and the second consecutive year of record earnings per share.
And as we look ahead to 2022, we see another strong year for ADM.
Robust global demand environment will continue to go for opportunities for us to leverage our indispensable global origination, processing, and logistics capabilities.
And nutrition will continue on its strong growth trajectory in line with our 15% per annum trend rate growth and on its way to $1 billion in operating profit in the coming years.
Of course, there are things we continue to watch including energy costs and inflation more widely and much abilities to meet needs in the enduring trend areas of food security, health and wellbeing and sustainability and a truly unparallel team of nearly 40,000 colleagues around the world, we remain very optimistic in a strong year to come.

user
on track for a strong q4.

assistant