Archer Daniels Midland Co. on April 26 reported that its carbohydrates solutions business segment, which includes both its wet mill and dry mill ethanol plants, delivered improved financial results for the first quarter of 2022.

ADM’s carbohydrate solutions segment reported $317 million in segment operating profit for the first quarter, up $58 million when compared to the same period of last year. That includes $316 million in operating profit for the starches and sweeteners subsegment, which includes the company’s wet mills, up from $222 million in segment operating profit reported for the first quarter of 2021. ADM’s Vantage Corn Processors subsegment, which includes its dry mills, reported $1 million in operating profit for the first quarter, down from $37 million reported for the same period of last year.

ADM said that Vantage Corn Processors delivered solid execution margins during the first quarter, but position losses on ethanol inventory as prices fell early in the quarter drove lower results versus the prior year. The company also noted that first quarter 2021 results benefited from demand for USP-grade industrial alcohol from the Peoria facility, which was divested in the fourth quarter of 2021.

Overall, ADM reported $1.539 billion in operating profit for the first quarter, up from $1.105 billion reported for the same period of last year. Adjusted segment operating profit was $1.556 billion, up from $1.199 billion. Earnings per share for the first quarter reached $1.86, up from $1.22. Adjusted earnings per share were at $1.90, up from $1.39.