ADM’s second-quarter results highlighted earnings of $927 million, beating profit expectations. The company reported that its agriculture and oilseed results were strong but slightly lower than in the second quarter of 2022. Results for North America were slightly lower year-over-year, driven by lower export volumes due to large South American supplies.
It has been a year of innovation for ADM. In March ADM and food processing solutions provider Marel signed a JV agreement to build a taste and texture-focused alt-protein innovation centre in the Netherlands. Meanwhile, June saw the company open its new food innovation centre in the UK’s northern city of Manchester, designed to expand the company’s culinary capabilities into new savoury solutions.
ADM made several investments in sustainable proteins; in April, the global nutrition giant and Believed Meats signed a memorandum of understanding to collaborate on driving the development and commercialisation of cell-based meat products. In May, ADM and food tech company Air Protein entered into a strategic development agreement to collaborate on R&D to advance new and novel proteins for nutrition. Air Protein has developed air-based nutritional proteins that require no agriculture or farmland, enabling the decoupling of protein production from traditional supply chain risks.
The company has also made significant investments into regenerative agriculture practices to reduce carbon and increase the sustainability of its supply chains. The company announced plans to expand its project in North America to cover two million acres in 2023, offering financial incentives and technical support for implementing regenerative agriculture practices to producers spanning 18 states and three Canadian provinces. The agricultural giant revealed it was acquiring Canadian pulse crop cleaning, milling and packaging company Prairie Pulse, to boost its pulse footprint in Canada.