ADM on Aug. 5 announced second quarter earnings for its ethanol operations were essentially unchanged when compared to the previous year, with higher volumes and improved risk management largely offset by lower margins.
The Vantage Corn Processors segment, which includes ADM’s dry mills, reported second quarter operating profit of $33 million, down 3% when compared to the $34 million in operating profit reported for the same period of last year. For the first six months of 2025, Vantage Corn Processors reported segment operating profit of $65 million, up from $21 million reported for the same period of 2024.
During a second quarter earnings call, ADM Chief Financial Officer Monish Patolawala confirmed ethanol EBTIDA margins per gallon were positive during the second quarter, but down when compared to the same period of last year.
Moving forward, Patolawala said robust industry-wide ethanol production is expected to sustain pressure on margins, with ADM anticipating a mid-single-digit decline in ethanol EBITDA margins for the full year 2025 when compared to last year.
Overall, ADM reported second quarter earnings before income taxes of $279 million, down 53% when compared to the same period of 2024. Earnings per share on a GAAP basis was 45 cents, down 54%, and adjusted earnings per share was 93 cents, down 10%. Total segment operating profit was $830 million, down 10% when compared to the second quarter of last year.
