Archer Daniels Midland 2007 Annual Report Download - page 80

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72
Archer Daniels Midland Company
Notes to Consolidated Financial Statements (Continued)
Note 16. Quarterly Financial Data (Unaudited)
Quarter
First Second Third Fourth Year
(In millions, except per share amounts)
Fiscal 2007
Net Sales $9,447 $10,976 $11,381 $12,214 $44,018
Gross Profit 865 908 746 718 3,237
Net Earnings 403 441 363 955 2,162
Basic Earnings Per
Common Share 0.61 0.67 0.56 1.48 3.32
Diluted Earnings Per
Common Share 0.61 0.67 0.56 1.47 3.30
Fiscal 2006
Net Sales $8,627 $ 9,299 $ 9,123 $ 9,547 $36,596
Gross Profit 583 783 771 829 2,966
Net Earnings 186 368 348 410 1,312
Basic Earnings Per
Common Share 0.29 0.56 0.53 0.63 2.01
Diluted Earnings Per
Common Share 0.29 0.56 0.53 0.62 2.00
Net earnings for the three months and year ended June 30, 2007, include credits to other income for gains of
$440 million ($286 million after tax, equal to $0.44 per share) related to exchanging shares of certain
unconsolidated affiliates for shares in WIL, $357 million ($225 million after tax, equal to $0.34 per share)
related to the Company’s sale of equity securities of Tyson Foods Inc. and Overseas Shipholding Group, Inc.,
and $157 million ($99 million after tax, equal to $0.15 per share) related to the sale of businesses. Net earnings
for the three months and year ended June 30, 2007, also includes a charge to other income of $46 million ($29
million after tax, equal to $0.04 per share) related to the repurchase of $400 million of the Company’s
outstanding debentures and a charge to cost of products sold of $19 million ($12 million after tax, equal to $0.02
per share) related to abandonment and write-down of long-lived assets. For the year ended June 30, 2007, net
earnings include a credit to other income of $209 million ($132 million after tax, equal to $0.20 per share)
related to the sale of businesses.
Net earnings for the three months and year ended June 30, 2006, include charges to cost of products sold of $34
million ($22 million after tax, equal to $.03 per share) and $61 million ($38 million after tax, equal to $.06 per
share), respectively, related to the abandonment and write-down of certain long-lived assets, a charge to cost of
products sold of $15 million ($9 million after tax, equal to $0.1 per share) related to the adoption of FIN 47, and
a credit to other income of $17 million ($11 million after tax, equal to $.02 per share) related to the sale of long-
lived assets. Net earnings for the three months and year ended June 30, 2006, also include a credit to cost of
products sold of $27 million ($18 million after tax, equal to $.03 per share) related to Brazilian transactional tax
credits. For the year ended June 30, 2006, net earnings include a credit to income taxes of $36 million ($.05 per
share) related to the adjustment of state and federal income taxes to previously filed returns. The year ended
June 30, 2006 also includes a credit to other income of $19 million ($12 million after tax, equal to $.02 per
share) related to Brazilian transactional tax credits.