From the earnings release statement:
Fourth Quarter 2014 Highlights
- Adjusted EPS of $1.00 excludes approximately $0.14 of asset disposal gains, $0.09 in benefits related to biodiesel tax credits attributable to the first three quarters of the year, $0.09 in noncash pension settlement charges, and other net charges totaling $0.06.
- Oilseeds Processing decreased $107 million from an exceptional comparator, with record profits from North American soybean crushing and strong results from soybean crushing in Europe
more than offset by weakness in South American results.
- Corn Processing decreased $31 million with rising net corn costs through the quarter partially offset by strong ethanol results.
- Agricultural Services increased $234 million amid strong margins, record volumes and good execution in the U.S., and improved international merchandising.
- Trailing four-quarter-average adjusted ROIC was 9.0 percent, up 240 basis points year over year and 260 basis points above annual WACC of 6.4 percent.
- During the fourth quarter, the company repurchased 9.4 million shares. During 2014, ADM returned more than $1.8 billion to shareholders through dividends and share repurchases.
Dividend Declaration and 2015 Capital Plan
- ADM’s Board of Directors has declared a quarterly cash dividend of 28.0 cents per share on the company’s common stock, an increase of approximately 17 percent from the prior quarterly rate, resulting in estimated annual dividend payments of $0.7 billion in 2015.
- The dividend is payable on March 10, 2015, to shareholders of record at the close of business on Feb. 17, 2015. As of Dec. 31, 2014, there were 636,704,061 shares of ADM common stock outstanding.
- The company has targeted $1.5 to $2.0 billion of share repurchases in 2015, subject to strategic capital requirements.
- The company expects 2015 capital expenditures of between $1.1 and $1.3 billion.
My portfolio consists of 80 shares of Archer Daniels Midland, which increases my annual dividends from $76.80 to $89.60, an increase of $12.80.