Archer Daniels Midland Company (NYSE: ADM) today reported financial
results for the quarter ended June 30, 2013. The company reported net
earnings for the quarter of $223 million, or $0.34 per share, down from
$0.43 per share in the same period one year earlier. Adjusted earnings
per share1 were $0.46, up from $0.38 in the same period last
year. Segment operating profit1 was $647 million, up 19
percent from the prior year.
“The team managed well through this period, as tight U.S. crop supplies
reduced volumes,” said ADM Chairman and CEO Patricia Woertz. “Also, corn
results improved amid volatile ethanol industry conditions.
“During the quarter, we continued our work to improve the company’s
future returns and earnings power over the cycle. Our effort to unlock
cash reached $2 billion, with the team reaching this milestone a
half-year ahead of schedule. And, in cost, we made solid progress toward
our goal of $200 million in additional cost reductions by the end of
2014.
“Looking ahead, we’ll be managing through tight crop supplies until the
forecast large but delayed U.S. harvest.”
Second Quarter 2013 Highlights
-
Adjusted EPS of $0.46 excludes approximately $39 million in pretax
LIFO charges, or $0.04 per share; $51 million, or $0.05 per share, in
foreign-currency hedging losses related to the GrainCorp acquisition;
and $29 million, or $0.03 per share, of additional provisions related
to the previously disclosed FCPA matter.
-
Oilseeds Processing profit decreased $10 million as solid performance
in crushing and origination was offset by weaker cocoa results.
-
Corn Processing profit increased $149 million due to improved ethanol
results.
-
Agricultural Services profit decreased $42 million amid expected lower
U.S. origination volumes as well as weaker international merchandising
results.
-
ADM’s net debt position fell to $5.5 billion, down from $8.9 billion a
year ago, as ADM’s focus on capital efficiency further strengthened
the balance sheet.
Adjusted EPS of 46 Cents, up 8 Cents
Adjusted EPS increased primarily due to higher segment operating profit.
This quarter’s effective tax rate of 29 percent was below the 30 percent
rate during the same period last year.
Oilseeds Earnings Essentially Flat as Stronger Crushing and
Origination Profits Were Offset by Lower Cocoa Results
Oilseeds operating profit in the second quarter was $321 million,
similar to the same period one year earlier.
Crushing and origination operating profit was $185 million, up $35
million from the year-ago quarter. European crushing results improved
significantly year-over-year as delays in the arrival of South American
meal contributed to stronger margins. In North America, tighter crop
supplies resulted in weaker soy and softseed crush margins. South
American operations recovered from the first quarter and generated
strong overall results, equivalent to the year-ago quarter.
Refining, packaging, biodiesel and other generated a profit of $93
million for the quarter, up $9 million on stronger European results.
Cocoa and other results decreased $58 million due to lower margins on
business contracted in earlier quarters.
Oilseeds results in Asia for the quarter were up $4 million from the
same period last year, principally reflecting ADM’s share of the
improved results from Wilmar International Limited.
Corn Processing Results Reflect Improved Ethanol Conditions
Corn processing operating profit of $223 million represented an increase
of $149 million from the same period one year earlier.
Sweeteners and starches operating profit decreased $9 million to $126
million. Excluding the impact of corn hedge ineffectiveness, sweeteners
and starches results improved by $25 million, with overall demand and
margins remaining solid.
Bioproducts results increased $158 million to $97 million. Overall
ethanol margins were profitable, albeit volatile.
Agricultural Services Impacted by Lower U.S. Volumes and Weaker
International Merchandising Results
Agricultural Services operating profit was $81 million, down $42 million
from the same period one year earlier.
Merchandising and handling earnings declined $16 million to $14 million,
due to smaller U.S. origination and export volumes, and lower margins in
international merchandising.
Transportation results decreased $14 million to $3 million as lower U.S.
export volumes reduced barge freight utilization.
Milling and other results remained steady, excluding Gruma, as the
milling business continued to perform well.
Provision for FCPA Matter
ADM has been in discussions with the U.S. Department of Justice and the
U.S. Securities and Exchange Commission regarding a previously disclosed
FCPA matter dating back to 2008 and earlier. Based upon recent progress
in these discussions, ADM believes it is appropriate to increase its
provision to $54 million, a $29 million increase over the $25 million
established in the first quarter.
Conference Call Information
ADM will host a conference call and audio webcast Tuesday, Aug. 6, 2013,
at 8 a.m. Central Time to discuss financial results and provide a
company update. A financial summary slide presentation will be available
to download approximately 60 minutes prior to the call.
To listen to the call via the Internet or to download the slide
presentation, go to www.adm.com/webcast.
To listen by telephone, dial (888) 522-5398 in the U.S. or (706)
902-2121 if calling from outside the U.S. The access code is 16833630.
Replay of the call will be available from Aug. 7, 2013, to Aug. 13,
2013. To listen to the replay by telephone, dial (855) 859-2056 in the
U.S. or (404) 537-3406 if calling from outside the U.S. The access code
is 16833630. The replay will also be available online for an extended
period of time at www.adm.com/webcast.
About ADM
For more than a century, the people of Archer Daniels Midland Company
(NYSE: ADM) have transformed crops into products that serve vital needs.
Today, 30,000 ADM employees around the globe convert oilseeds, corn,
wheat and cocoa into products for food, animal feed, industrial and
energy uses. With more than 265 processing plants, 460 crop procurement
facilities, and the world’s premier crop transportation network, ADM
helps connect the harvest to the home in more than 140 countries. For
more information about ADM and its products, visit www.adm.com.
1 Non-GAAP financial measures, see pages 5 and 10 for
explanations and reconciliations
Financial Tables Follow
|
|
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|
|
|
|
|
|
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Segment Operating Profit and Corporate Results
|
|
A non-GAAP financial measure (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended
|
|
|
|
Six months ended
|
|
|
|
|
|
|
June 30
|
|
|
|
June 30
|
|
|
|
|
|
|
2013
|
|
2012
|
|
Change
|
|
2013
|
|
2012
|
|
Change
|
|
|
|
|
(in millions)
|
|
Oilseeds Processing Operating Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crushing and origination
|
|
$
|
185
|
|
|
$
|
150
|
|
|
$
|
35
|
|
|
$
|
341
|
|
|
$
|
414
|
|
|
|
($73
|
)
|
|
Refining, packaging, biodiesel, and other
|
|
|
93
|
|
|
|
84
|
|
|
|
9
|
|
|
|
201
|
|
|
|
163
|
|
|
|
38
|
|
|
Cocoa and other
|
|
|
(6
|
)
|
|
|
52
|
|
|
|
(58
|
)
|
|
|
(28
|
)
|
|
|
211
|
|
|
|
(239
|
)
|
|
Asia
|
|
|
49
|
|
|
|
45
|
|
|
|
4
|
|
|
|
120
|
|
|
|
85
|
|
|
|
35
|
|
|
|
Total Oilseeds Processing
|
|
$
|
321
|
|
|
$
|
331
|
|
|
|
($10
|
)
|
|
$
|
634
|
|
|
$
|
873
|
|
|
|
($239
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corn Processing Operating Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sweeteners and starches
|
|
$
|
126
|
|
|
$
|
135
|
|
|
|
($9
|
)
|
|
$
|
202
|
|
|
$
|
230
|
|
|
|
($28
|
)
|
|
Bioproducts (excluding charges)
|
|
|
97
|
|
|
|
(61
|
)
|
|
|
158
|
|
|
|
174
|
|
|
|
(13
|
)
|
|
|
187
|
|
|
Restructuring and exit costs
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
(10
|
)
|
|
|
10
|
|
|
|
Total Corn Processing
|
|
$
|
223
|
|
|
$
|
74
|
|
|
$
|
149
|
|
|
$
|
376
|
|
|
$
|
207
|
|
|
$
|
169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agricultural Services Operating Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merchandising and handling
|
|
$
|
14
|
|
|
$
|
30
|
|
|
|
($16
|
)
|
|
$
|
100
|
|
|
$
|
178
|
|
|
|
($78
|
)
|
|
Milling and other
|
|
|
64
|
|
|
|
76
|
|
|
|
(12
|
)
|
|
|
123
|
|
|
|
162
|
|
|
|
(39
|
)
|
|
Transportation
|
|
|
3
|
|
|
|
17
|
|
|
|
(14
|
)
|
|
|
9
|
|
|
|
44
|
|
|
|
(35
|
)
|
|
|
Total Agricultural Services
|
|
$
|
81
|
|
|
$
|
123
|
|
|
|
($42
|
)
|
|
$
|
232
|
|
|
$
|
384
|
|
|
|
($152
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Operating Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
|
|
$
|
22
|
|
|
$
|
16
|
|
|
$
|
6
|
|
|
$
|
35
|
|
|
|
($2
|
)
|
|
$
|
37
|
|
|
|
Total Other
|
|
$
|
22
|
|
|
$
|
16
|
|
|
$
|
6
|
|
|
$
|
35
|
|
|
|
($2
|
)
|
|
$
|
37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Operating Profit
|
|
$
|
647
|
|
|
$
|
544
|
|
|
$
|
103
|
|
|
$
|
1,277
|
|
|
$
|
1,462
|
|
|
|
($185
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIFO credit (charge)
|
|
|
($39
|
)
|
|
$
|
50
|
|
|
|
($89
|
)
|
|
|
($73
|
)
|
|
|
($57
|
)
|
|
|
($16
|
)
|
|
Interest expense - net
|
|
|
(104
|
)
|
|
|
(112
|
)
|
|
|
8
|
|
|
|
(209
|
)
|
|
|
(226
|
)
|
|
|
17
|
|
|
Corporate costs
|
|
|
(71
|
)
|
|
|
(67
|
)
|
|
|
(4
|
)
|
|
|
(153
|
)
|
|
|
(134
|
)
|
|
|
(19
|
)
|
|
Employee-related exit costs
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
(71
|
)
|
|
|
71
|
|
|
Loss on Australian foreign exchange hedges
|
|
|
(51
|
)
|
|
|
0
|
|
|
|
(51
|
)
|
|
|
(51
|
)
|
|
|
0
|
|
|
|
(51
|
)
|
|
Other
|
|
|
(65
|
)
|
|
|
1
|
|
|
|
(66
|
)
|
|
|
(99
|
)
|
|
|
10
|
|
|
|
(109
|
)
|
|
|
Total Corporate
|
|
|
($330
|
)
|
|
|
($128
|
)
|
|
|
($202
|
)
|
|
|
($585
|
)
|
|
|
($478
|
)
|
|
|
($107
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Before Income Taxes
|
|
$
|
317
|
|
|
$
|
416
|
|
|
|
($99
|
)
|
|
$
|
692
|
|
|
$
|
984
|
|
|
|
($292
|
)
|
Total segment operating profit is ADM’s consolidated income from
operations before income tax that excludes certain corporate items.
Management believes that segment operating profit is a useful measure of
ADM’s performance because it provides investors information about ADM’s
business unit performance excluding certain corporate overhead costs.
Total segment operating profit is a non-GAAP financial measure and is
not intended to replace earnings before income tax, the most directly
comparable GAAP financial measure. Total segment operating profit is not
a measure of consolidated operating results under U.S. GAAP and should
not be considered as an alternative to income before income taxes or any
other measure of consolidated operating results under U.S. GAAP.
|
|
|
|
|
|
|
|
Consolidated Statements of Earnings
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended
|
|
Six months ended
|
|
|
|
|
June 30
|
|
June 30
|
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
(in millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales and other operating income
|
|
$
|
22,541
|
|
|
$
|
22,675
|
|
|
$
|
44,268
|
|
|
$
|
43,830
|
|
|
Cost of products sold
|
|
|
21,734
|
|
|
|
21,862
|
|
|
|
42,705
|
|
|
|
42,009
|
|
|
|
Gross profit
|
|
|
807
|
|
|
|
813
|
|
|
|
1,563
|
|
|
|
1,821
|
|
|
Selling, general, and administrative expenses
|
|
|
452
|
|
|
|
394
|
|
|
|
888
|
|
|
|
796
|
|
|
Asset impairment charges and exit costs
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
85
|
|
|
Equity in (earnings) losses of unconsolidated affiliates
|
|
|
(62
|
)
|
|
|
(106
|
)
|
|
|
(199
|
)
|
|
|
(221
|
)
|
|
Interest income
|
|
|
(29
|
)
|
|
|
(24
|
)
|
|
|
(56
|
)
|
|
|
(50
|
)
|
|
Interest expense
|
|
|
107
|
|
|
|
116
|
|
|
|
213
|
|
|
|
232
|
|
|
Other (income) expense - net
|
|
|
22
|
|
|
|
17
|
|
|
|
25
|
|
|
|
(5
|
)
|
|
|
Earnings before income taxes
|
|
|
317
|
|
|
|
416
|
|
|
|
692
|
|
|
|
984
|
|
|
Income taxes
|
|
|
(91
|
)
|
|
|
(123
|
)
|
|
|
(196
|
)
|
|
|
(286
|
)
|
|
|
Net earnings including noncontrolling interests
|
|
|
226
|
|
|
|
293
|
|
|
|
496
|
|
|
|
698
|
|
|
Less: Net earnings (losses) attributable to noncontrolling
interests
|
|
|
3
|
|
|
|
9
|
|
|
|
4
|
|
|
|
15
|
|
|
Net earnings attributable to ADM
|
|
$
|
223
|
|
|
$
|
284
|
|
|
$
|
492
|
|
|
$
|
683
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share
|
|
$
|
0.34
|
|
|
$
|
0.43
|
|
|
$
|
0.74
|
|
|
$
|
1.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of shares outstanding
|
|
|
663
|
|
|
|
661
|
|
|
|
663
|
|
|
|
662
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (income) expense - net consists of:
|
|
|
|
|
|
|
|
|
|
|
Net loss (gain) on marketable securities transactions
|
|
|
($5
|
)
|
|
|
($1
|
)
|
|
|
($5
|
)
|
|
|
($9
|
)
|
|
|
Gain on sale of assets
|
|
|
(16
|
)
|
|
|
0
|
|
|
|
(21
|
)
|
|
|
(9
|
)
|
|
|
Loss on Australian foreign exchange hedges
|
|
|
51
|
|
|
|
0
|
|
|
|
51
|
|
|
|
0
|
|
|
|
Other - net
|
|
|
(8
|
)
|
|
|
18
|
|
|
|
0
|
|
|
|
13
|
|
|
|
|
|
$
|
22
|
|
|
$
|
17
|
|
|
$
|
25
|
|
|
|
($5
|
)
|
|
|
|
|
|
|
|
|
Summary of Financial Condition
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
|
2013
|
|
2012
|
|
|
|
|
(in millions)
|
|
|
|
|
|
|
|
|
NET INVESTMENT IN
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
1,848
|
|
$
|
1,291
|
|
|
Short-term marketable securities
|
|
|
181
|
|
|
176
|
|
|
Operating working capital (a)
|
|
|
12,042
|
|
|
14,646
|
|
|
Property, plant, and equipment
|
|
|
10,091
|
|
|
9,812
|
|
|
Investments in and advances to affiliates
|
|
|
3,145
|
|
|
3,388
|
|
|
Long-term marketable securities
|
|
|
720
|
|
|
262
|
|
|
Other non-current assets
|
|
|
1,246
|
|
|
1,355
|
|
|
|
|
$
|
29,273
|
|
$
|
30,930
|
|
|
|
|
|
|
|
|
FINANCED BY
|
|
|
|
|
|
|
Short-term debt
|
|
$
|
1,016
|
|
$
|
2,108
|
|
|
Long-term debt, including current maturities
|
|
|
6,508
|
|
|
8,212
|
|
|
Deferred liabilities
|
|
|
2,736
|
|
|
2,441
|
|
|
Shareholders' equity
|
|
|
19,013
|
|
|
18,169
|
|
|
|
|
$
|
29,273
|
|
$
|
30,930
|
(a) Current assets (excluding cash and cash equivalents and short-term
marketable securities) less current liabilities (excluding short-term
debt and current maturities of long-term debt).
|
|
|
|
|
|
|
Summary of Cash Flows
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended
|
|
|
|
|
|
June 30
|
|
|
|
|
|
2013
|
|
2012
|
|
|
|
|
|
(in millions)
|
|
Operating Activities
|
|
|
|
|
|
|
Net earnings
|
|
$
|
496
|
|
|
$
|
698
|
|
|
|
Depreciation and amortization
|
|
|
454
|
|
|
|
434
|
|
|
|
Asset impairment charges
|
|
|
0
|
|
|
|
30
|
|
|
|
Other - net
|
|
|
(243
|
)
|
|
|
(17
|
)
|
|
|
Changes in operating assets and liabilities
|
|
|
1,641
|
|
|
|
(1,291
|
)
|
|
|
|
Total Operating Activities
|
|
|
2,348
|
|
|
|
(146
|
)
|
|
Investing Activities
|
|
|
|
|
|
|
Purchases of property, plant and equipment
|
|
|
(442
|
)
|
|
|
(625
|
)
|
|
|
Net assets of businesses acquired
|
|
|
(16
|
)
|
|
|
(35
|
)
|
|
|
Marketable securities - net
|
|
|
324
|
|
|
|
453
|
|
|
|
Other investing activities
|
|
|
192
|
|
|
|
19
|
|
|
|
|
Total Investing Activities
|
|
|
58
|
|
|
|
(188
|
)
|
|
Financing Activities
|
|
|
|
|
|
|
Long-term debt borrowings
|
|
|
20
|
|
|
|
6
|
|
|
|
Long-term debt payments
|
|
|
(260
|
)
|
|
|
(185
|
)
|
|
|
Net borrowings (payments) under lines of credit
|
|
|
(1,787
|
)
|
|
|
1,273
|
|
|
|
Debt repayment premium and costs
|
|
|
|
|
(12
|
)
|
|
|
Purchases of treasury stock
|
|
|
(11
|
)
|
|
|
(100
|
)
|
|
|
Cash dividends
|
|
|
(250
|
)
|
|
|
(231
|
)
|
|
|
Other
|
|
|
16
|
|
|
|
10
|
|
|
|
|
Total Financing Activities
|
|
|
(2,272
|
)
|
|
|
761
|
|
|
Increase (decrease) in cash and cash equivalents
|
|
|
134
|
|
|
|
427
|
|
|
Cash and cash equivalents - beginning of period
|
|
|
1,714
|
|
|
|
864
|
|
|
Cash and cash equivalents - end of period
|
|
$
|
1,848
|
|
|
$
|
1,291
|
|
|
|
|
|
|
|
|
Segment Operating Analysis
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Quarter ended
|
|
Six months ended
|
|
|
|
June 30
|
|
June 30
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
(in '000s metric tons)
|
|
|
|
|
|
|
|
|
|
|
|
Processed volumes
|
|
|
|
|
|
|
|
|
|
Oilseeds
|
|
|
7,382
|
|
|
7,793
|
|
|
15,737
|
|
|
15,952
|
|
Corn
|
|
|
6,226
|
|
|
6,036
|
|
|
11,520
|
|
|
12,210
|
|
Milling and Cocoa
|
|
|
1,755
|
|
|
1,680
|
|
|
3,486
|
|
|
3,420
|
|
Total processed volumes
|
|
|
15,363
|
|
|
15,509
|
|
|
30,743
|
|
|
31,582
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended
|
|
Six months ended
|
|
|
|
June 30
|
|
June 30
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
Net sales and other operating income
|
|
|
|
|
|
|
|
|
|
Oilseeds Processing
|
|
$
|
9,336
|
|
$
|
9,663
|
|
$
|
17,479
|
|
$
|
17,378
|
|
Corn Processing
|
|
|
3,638
|
|
|
2,828
|
|
|
6,691
|
|
|
5,663
|
|
Agricultural Services
|
|
|
9,530
|
|
|
10,147
|
|
|
20,030
|
|
|
20,718
|
|
Other
|
|
|
37
|
|
|
37
|
|
|
68
|
|
|
71
|
|
Total net sales and other operating income
|
|
$
|
22,541
|
|
$
|
22,675
|
|
$
|
44,268
|
|
$
|
43,830
|
|
|
|
|
|
|
|
Adjusted Earnings Per Share
|
|
A non-GAAP financial measure
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Six months ended
|
|
|
|
June 30
|
|
June 30
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
Reported EPS (fully diluted)
|
|
$
|
0.34
|
|
$
|
0.43
|
|
|
$
|
0.74
|
|
$
|
1.03
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
LIFO (credit) charge (a)
|
|
|
0.04
|
|
|
(0.05
|
)
|
|
|
0.07
|
|
|
0.05
|
|
Loss on Australian-dollar foreign exchange hedges (b)
|
|
|
0.05
|
|
|
|
|
0.05
|
|
|
|
FCPA charge (c)
|
|
|
0.03
|
|
|
|
|
0.06
|
|
|
|
Restructuring and exit costs (d)
|
|
|
|
|
|
|
|
|
0.08
|
|
Sub-total adjustments
|
|
|
0.12
|
|
|
(0.05
|
)
|
|
|
0.18
|
|
|
0.13
|
|
Adjusted earnings per share (non-GAAP)
|
|
$
|
0.46
|
|
$
|
0.38
|
|
|
$
|
0.92
|
|
$
|
1.16
|
|
(a)
|
|
The Company’s pretax changes in its LIFO reserves during the period,
tax effected using the Company’s U.S. effective income tax rate.
|
|
(b)
|
|
The loss on Australian-dollar foreign exchange hedges tax effected
using the Company’s U.S. effective income tax rate.
|
|
(c)
|
|
The FCPA charge related to an estimated provision for settlement
with the government agencies pertaining to potential violations of
anti-corruption practices net of estimated tax.
|
|
(d)
|
|
The restructuring and exit costs related primarily to the global
workforce reduction program, tax effected using the applicable U.S.,
European and South American tax rates.
|
Adjusted EPS is ADM’s fully diluted EPS after removal of the effect on
Reported EPS of certain specified items as more fully described above.
Management believes that Adjusted EPS is a useful measure of ADM’s
performance because it provides investors additional information about
ADM’s operations allowing better evaluation of ongoing business
performance. Adjusted EPS is a non-GAAP financial measure and is not
intended to replace or be an alternative to EPS, the most directly
comparable GAAP financial measure, or any other measures of operating
results under GAAP. Earnings amounts in the tables above have been
divided by the company’s diluted shares outstanding for each respective
quarter in order to arrive at an adjusted EPS amount for each specified
item.
Copyright Business Wire 2013