The Food Ingredients & Applications segment was the largest contributor to adjusted operating earnings in the third quarter, with gains in sweeteners globally and plant-based bio-industrials in North America. A favorable product mix in salts for food applications also boosted results in North America, as did seasonal sales volume in deicing products. Cocoa and chocolate earnings rose on the strength of the European business, supported by origination in West Africa. The segment’s Asia-based business rebounded from a challenging year-ago period, lifted by good performance in corn-based starches and sweeteners in China and edible oils in India.

Earnings in Animal Nutrition & Protein rose significantly, lifted by strong performance in animal protein against a weak comparative period. Although below the earnings pace set in the first half, the North American protein business continued to benefit from renewed consumer demand for beef, which pulled more boxed beef and case-ready volume through its supply chain. It also realized steady foodservice demand for egg products. The poultry business gave protein results an additional boost, with higher cooked chicken exports out of Southeast Asia and improved processing yields and fresh chicken sales in Europe. Elsewhere in the segment, third-quarter earnings in global animal nutrition were below the year-ago level. Despite good performance in bulk feeds and premix products in India, Vietnam and other countries, sales volume softened due to competitive pressure in China and Russia, an avian influenza outbreak in Korea, and disruptive or unseasonable weather in other countries.

Origination & Processing earnings slightly lagged last year’s third quarter. The North America-based business remained a large contributor to segment earnings, thanks to steady grain export volumes; oilseed crush volume decreased late in the period as South America approached harvest season. Performance in South America trailed the prior year as the business dealt with reduced farmer selling and slowed processing in Argentina due to excess rain, as well as decreased corn exports out of Brazil due to last year’s drought. In contrast, segment earnings rose substantially in Asia Pacific, boosted by soybean crush activities in China, and grain origination and trading in Australia.

Industrial & Financial Services put up a strong third quarter against a weak comparative period. Ocean transportation earnings rose sharply, aided by better market conditions in ocean freight, as well as in the mining and steel industries. Returns from asset management activities added to the segment’s improved performance. The energy businesses also contributed to the rebound.