ADM’s animal nutrition portfolio decreased by $16 million in 2022
The American multinational posted profits of $6.6 billion across all segments.
ADM’s animal nutrition business hit a profit of $170 million (€155.8M) last year compared to $154 million (€141M) in 2021.
In the last 3 months of 2022, the portfolio accounted for $35 million (€32M). This is $17 million (€15.5M) less than the same period in 2021.
ADM said that animal nutrition results were significantly lower than the prior-year quarter, mainly due to lower margins in amino acids driven by the recovery in the global supply of lysine.
Less business in Latin America
Pet nutrition volumes were down in Latin America, partly caused by demand fulfillment challenges. However, feed results were stronger in the Asia-Pacific region and Latin America, offset by weaker demand in Europe, the Middle East, and Africa.
Chairman and CEO Juan Luciano said: “As we look ahead, we are strengthening our focus on controllable actions to mitigate the impact of market forces, and we will continue to improve our global capabilities to serve our customers.”