8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)   July 30, 2004

Archer-Daniels-Midland Company

(Exact name of registrant as specified in its charter)

Delaware	1-44	41-0129150
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

4666 Faries Parkway Decatur, Illinois	62526
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code (217) 424-5200

Item 7.	Financial Statements and Exhibits.
(c) Exhibits	The following exhibit is furnished herewith:
99.1	Press release dated July 30, 2004 announcing fourth quarter results.
Item 12.	Results of Operations and Financial Condition.
	On July 30, 2004, Archer-Daniels-Midland Company (ADM) issued a press release announcing fourth quarter results. A copy of such  press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ARCHER-DANIELS-MIDLAND COMPANY

Date: July 30, 2004 By /s/ David J. Smith David J. Smith Executive Vice President, Secretary and   General Counsel

EXHIBIT INDEX

Exhibit	Description
99.1	Press Release dated July 30, 2004

EX-99.1

        Archer Daniels Midland Company 4666 Faries Parkway Decatur, IL 62525

 

News Release

 FOR IMMEDIATE RELEASE  July 30, 2004

ARCHER DANIELS MIDLAND REPORTS FOURTH QUARTER AND ANNUAL RESULTS

Decatur, IL— July 30, 2004— Archer Daniels Midland (NYSE: ADM)

n	Net earnings for the year ended June 30, 2004 increased 10% to $ 495 million - $ .76 per share compared to $ 451 million - $ .70 per share last year.
n	Segment operating profit for the year ended June 30, 2004 increased 55% to a record level of $ 1.56 billion.
n	Results for the quarter ended June 30, 2004 were a loss of $ 103 million – ($ .16) per share including a $ 400 million ($ 252 million after tax – ($ .39) per share) charge related to the fructose litigation settlement compared to profits last year of $ 95 million - $ .15 per share.
n	Segment operating profit for the quarter increased to $ 268 million from $ 230 million last year.

s	Oilseed Processing recorded a loss as Chinese contract defaults impacted global oilseed markets.
s	Corn Processing profits increased on improved Bioproducts results.
s	Agricultural Services continued its strong performance.
s	Other segment operating profits increased as Wheat Processing, Cocoa Processing and private equity investments continued to improve.

 n Financial Highlights

(Amounts in thousands, except per share data and percentages)

	THREE MONTHS ENDED						TWELVE MONTHS ENDED
		6/30/04			6/30/03	% CHANGE		6/30/04		6/30/03	% CHANGE
Net sales and other operating income	$	9,685,969		$	8,048,226	20%	$	36,151,394	$	30,708,033	18%
Segment operating profit	$	267,617		$	230,227	16%	$	1,561,011	$	1,009,912	55%
Net earnings (loss)	$	(103,061	)	$	95,020	-208%	$	494,710	$	451,145	10%
Earnings (loss) per share	$	(.16	)	$	.15	-207%	$	.76	$	.70	9%
Average number of shares outstanding		650,279			644,611	1%		647,698		646,086	-

" 2004 was a year characterized by extreme volatility and difficult business conditions for global agribusiness. In addition, during this past quarter,  ADM settled its remaining significant litigation exposures. Despite these challenges, we reported record operating profits for the fiscal year and a solid improvement in full year earnings. ADM is today strongly positioned to meet the needs of its global customers and deliver value to its shareholders.”   G. Allen Andreas, Chairman and Chief Executive

Archer Daniels Midland

Page 2

Discussion of Operations

Net earnings for the year ended June 30, 2004 were $ 495 million, or $ .76 per share, compared to $ 451 million, or $ .70 per share, last year. Results for the quarter ended June 30, 2004 were a loss of $ 103 million, or $ .16 per share, compared to earnings of $ 95 million, or $ .15 per share, last year. The quarter and year ended June 30, 2004 includes a $ 400 million charge ($ 252 million after tax, or $ .39 per share) related to the settlement of fructose litigation.

Segment operating profit increased $ 37 million to $ 268 million for the quarter and increased $ 551 million to $ 1.56 billion for the year as operating profit improvements were realized in all major segments except the Oilseed Processing segment. Oilseed Processing operating results declined to a loss of $ 15 million for the quarter and earnings of $ 291 million for the year as Chinese contract defaults in the fourth quarter had a significant impact on global oilseed markets which negatively impacted our oilseeds operation. Corn Processing operating earnings increased to $ 150 million for the quarter and $ 661 million for the year as Bioproducts results improved due to increased volumes and selling prices of alcohol and lysine product categories which more than offset higher net corn costs. Earnings of Sweetener and Starch products declined for the quarter as increased net corn costs more than offset improved volumes and selling prices. For the year, Sweetener and Starch earnings improved due to increased volumes and selling prices. Agricultural Services’ balanced global grain and marketing system continued its strong performance resulting in improved operating profits. Other segment operating profit increased to $ 88 million for the quarter and $ 359 million for the year as Food and Feed Ingredient earnings increased due to improved operating results of wheat processing and cocoa processing operations. In addition, financial operations increased primarily due to improved results of our private equity fund investments. Corporate expense for the quarter increased $ 328 million to $ 426 million due principally to the $ 400 million fructose litigation settlement partially offset by a $ 42 million credit due to changing commodity prices on LIFO inventory valuations and an increase of $ 10 million in security gains. For the year, corporate expense increased $ 464 million due primarily to the $ 400 million fructose litigation settlement and an increased charge of $ 104 million due to changing commodity price effects on LIFO inventory valuations partially offset by increased security gains of $ 24 million.

Fiscal 2004 fourth quarter includes a $ 400 million ($ 252 million after tax, equal to $ .39 per share) charge for the fructose litigation settlement, $ 10 million ($ 6 million after tax, equal to $ .01 per share) of asset abandonment charges and $ 12 million ($ 8 million after tax, equal to $ .01 per share) of security gains. Last years fourth quarter included $ 13 million ($ 8 million after tax, equal to $ .01 per share) of asset abandonment charges and $ 2 million ($ 1 million after tax) of security gains. Fiscal 2004 twelve month results includes a $ 400 million ($ 252 million after tax, equal to $ .39 per share) charge for the fructose litigation settlement, $ 51 million ($32 million after tax, equal to $ .05 per share) of asset abandonment charges, a $ 21 million ($ 13 million after tax, equal to $ .02 per share) gain from an insurance-related lawsuit pertaining to the flood of 1 993 and $ 24 million ($ 15 million after tax, equal to $ .02 a share) of security gains. Fiscal 2003 twelve month results include $ 13 million ($ 8 million after tax, equal to $ .01 per share) of asset abandonment charges, a $ 28 million ($ 17 million after tax, equal to $ .03 per share) gain from partial settlements of the Company’s claims related to vitamin antitrust litigation, and an $ 11 million ($ 7 million after tax, equal to $ .01 per share) charge related to the company’s global settlement with the EPA.

Archer Daniels Midland

Page 3

The Company has changed its reportable segments to reflect how the Company now manages its businesses and to reflect the activities of the Company as viewed by the Company’s chief operating decision maker. The Company’s Corn Processing segment now includes all of the Company’s fermentation activities, including operations such as Specialty Feed Ingredients that was previously classified in Other. The results of the Corn Processing segment are presented as two classes of products: Sweeteners & Starches and Bioproducts. Additionally, the Company will present two sub-categories of Other: Food & Feed Ingredients and Financial. Prior periods segment information has been reclassified to conform to the new presentation. Attached to this release are restated segment operating profit disclosures for each quarter in the fiscal years ended June 30, 2004 and 2003.< BR>

Conference Call Information

Archer Daniels Midland will host a conference call and audio Web cast to discuss fourth quarter results at 10:00 a.m. Central Daylight Time on July 30, 2004. To listen by phone, dial 888-639-3004 or 706-679-8315, no access code is required. Digital replay of the call will be available for fourteen days beginning on July 30, 2004 approximately 2 hours after the call and ending on August 13, 2004 at 10:59 p.m. CDT. To access this replay, dial 800-642-1687 or 706-645-9291 and enter access code: 8533881. To listen to a live broadcast via the Internet go to: http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=ADM&script=1010&item_id=825235. A replay of the Web cast will be available for 10 days on the www.admworld.com Web site.

Archer Daniels Midland Company (ADM) is a world leader in agricultural processing. ADM is one of the world's largest processors of soybeans, corn, wheat and cocoa. ADM is also a leader in the production of soy meal and oil, ethanol, corn sweeteners and flour. In addition, ADM produces value-added food and feed ingredients. Headquartered in Decatur, Illinois, ADM has over 26,000 employees, more than 260 processing plants and net sales for the fiscal year ended June 30, 2004 of $36.2 billion. Additional information can be found on ADM's Web site at http://www.admworld.com.

Contacts:
Brian Peterson	Dwight Grimestad
Senior Vice President, Corporate Affairs	Vice President, Investor Relations
217/424-5413	217/424-4586

(Financial Tables Follow)

July 30, 2004
ARCHER DANIELS MIDLAND COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)
		Three months ended						Twelve months ended
		June 30,						June 30,
			2004			2003			2004			2003
	(in thousands, except per share amounts)
Net sales and other operating income		$	9,685,969		$	8,048,226		$	36,151,394		$	30,708,033
Cost of products sold			9,182,712			7,646,306			34,003,070			28,980,895
Gross profit			503,257			401,920			2,148,324			1,727,138
Selling, general and administrative expenses			652,695			254,127			1,401,833			947,694
Other expense – net			8,695			14,897			28,480			148,471
Earnings (loss) before income taxes			(158,133	)		132,896			718,011			630,973
Income taxes			(55,072	)		37,876			223,301			179,828
Net earnings (loss)		$	(103,061	)	$	95,020		$	494,710		$	451,145
Basic and diluted earnings (loss) per common share		$	(.16	)	$	.15		$	.76		$	.70
Average number of shares outstanding			650,279			644,611			647,698			646,086
Other expense – net consists of:
Interest expense		$	82,142		$	86,853		$	341,991		$	359,971
Investment income			(26,828	)		(29,469	)		(116,352	)		(121,887	)
Net (gain) loss on marketable securities transactions			(12,271	)		(2,341	)		(23,968	)		363
Equity in (earnings) losses of unconsolidated   affiliates			(39,263	)		(36,336	)		(180,716	)		(65,991	)
Other – net			4,915			(3,810	)		7,525			(23,985	)
		$	8,695		$	14,897		$	28,480		$	148,471
Operating profit (loss) by segment is as follows:
Oilseeds Processing (1)		$	(15,491	)	$	82,612		$	290,732		$	337,089
Corn Processing
Sweeteners and Starches (1) (3)			62,155			71,048			318,369			228,227
Bioproducts (1)			87,897			18,442			342,578			130,473
Total Corn Processing			150,052			89,490			660,947			358,700
Agricultural Services (1) (3)			44,852			13,526			249,863			92,124
Other
Food and Feed Ingredients (1) (4)			58,260			27,953			260,858			212,507
Financial			29,944			16,646			98,611			9,492
Total Other			88,204			44,599			359,469			221,999
Total segment operating profit			267,617			230,227			1,561,011			1,009,912
Corporate (1) (2) (3) (5)			(425,750	)		(97,331	)		(843,000	)		(378,939	)
Earnings (loss) before income taxes		$	(158,133	)	$	132,896		$	718,011		$	630,973

(1)	Fiscal 2004 fourth quarter results include a charge for abandonment and write down of long-lived assets of: Oilseeds Processing ($1 million), Other - Food and Feed Ingredients ($9 million). Fiscal 2004 twelve month results include a charge for abandonment and write down of long-lived assets of: Oilseeds Processing ($4 million), Corn Processing – Sweeteners and Starches ($1 million), Corn Processing – Bioproducts ($14 million), Agricultural Services ($5 million), Other – Food and Feed Ingredients ($12 million), and Corporate ($14 million). Fiscal 2003 twelve month results include a charge for abandonment and write down of long-lived assets of: Oilseeds Processing ($7 million) and Other – Food and Feed Ingredients ($ 6 million).
(2)	Fiscal 2004 fourth quarter and twelve months results include a $400 million charge for the settlement of fructose litigation.
(3)	Fiscal 2004 twelve months results include a gain from an insurance-related lawsuit of: Corn Processing ($15 million), Agricultural Services ($2 million), and Corporate ($4 million).
(4)	Fiscal 2003 twelve months results include partial settlements of the Company’s claims related to vitamin antitrust litigation of $28 million.
(5)	Fiscal 2003 twelve months results include a charge related to the Company’s global settlement with the EPA of $11 million.

July 30, 2004
ARCHER DANIELS MIDLAND COMPANY
SUMMARY OF FINANCIAL CONDITION
(unaudited)
		June 30, 2004			June 30, 2003
	(in thousands)
NET INVESTMENT IN
Working capital	$	5,520,066		$	4,584,756
Property, plant and equipment		5,254,738			5,468,716
Investments in and advances to affiliates		1,832,619			1,763,453
Long-term marketable securities		1,161,388			818,016
Other non current assets		781,080			710,837
	$	14,549,891		$	13,345,778
FINANCED BY
Short-term debt	$	1,770,512		$	1,279,483
Long-term debt, including current maturites		3,900,670			3,903,175
Deferred liabilities		1,180,493			1,093,923
Shareholders' equity		7,698,216			7,069,197
	$	14,549,891		$	13,345,778
SUMMARY OF CASH FLOWS
(unaudited)	Twelve Months Ended
	June 30
		2004			2003
	(in thousands)
Operating activities
Net earnings	$	494,710		$	451,145
Depreciation		685,613			643,615
Asset abandonments		50,576			13,221
Other		(212,260	)		247,585
Changes in operating assets and liabilities		(985,300	)		(284,134	)
Total Operating Activities		33,339			1,071,432
Investing Activities
Purchases of property, plant and equipment		(509,237	)		(435,952	)
Net assets of businesses acquired		(93,022	)		(526,970	)
Other investing activities		27,824			(98,432	)
Total Investing Activities		(574,435	)		(1,061,354	)
Financing Activities
Long-term borrowings		4,366			517,222
Long-term debt payments		(32,381	)		(315,319	)
Net borrowings under lines of credit		483,764			281,669
Purchases of treasury stock		(4,113	)		(101,212	)
Cash dividends		(174,109	)		(155,565	)
Proceeds from exercises of stock options		38,817			1,971
Total Financing Activities		316,344			228,766
Increase (decrease) in cash and cash equivalents		(224,752	)		238,844
Cash and cash equivalents beginning of period		764,959			526,115
Cash and cash equivalents end of period	$	540,207		$	764,959

July 30, 2004
ARCHER DANIELS MIDLAND COMPANY
OPERATING PROFIT (LOSS) BY SEGMENT (AS RESTATED)
(unaudited)
	Quarter Ended													Fiscal Year
		09/30/03			12/31/03			03/31/04			06/30/04			2004
Oilseeds Processing	$	67,830		$	120,883		$	117,510		$	(15,491	)	$	290,732
Corn Processing
Sweeteners and Starches		88,860			75,812			91,542			62,155			318,369
Bioproducts		18,437			96,295			139,949			87,897			342,578
Total Corn Processing		107,297			172,107			231,491			150,052			660,947
Agricultural Services		42,849			106,335			55,827			44,852			249,863
Other
Food and Feed Ingredients		59,998			72,569			70,031			58,260			260,858
Financial		18,601			23,217			26,849			29,944			98,611
Total Other		78,599			95,786			96,880			88,204			359,469
Total segment operating profit		296,575			495,111			501,708			267,617			1,561,011
Corporate		(78,921	)		(175,082	)		(163,247	)		(425,750	)		(843,000	)
Earnings (loss) before income tax	$	217,654		$	320,029		$	338,461		$	(158,133	)	$	718,011

	Quarter Ended													Fiscal Year
		09/30/02			12/31/02			03/31/03			06/30/03			2003
Oilseeds Processing	$	76,374		$	102,724		$	75,379		$	82,612		$	337,089
Corn Processing
Sweeteners and Starches		61,643			41,919			53,617			71,048			228,227
Bioproducts		28,116			35,344			48,571			18,442			130,473
Total Corn Processing		89,759			77,263			102,188			89,490			358,700
Agricultural Services		40,113			34,959			3,526			13,526			92,124
Other
Food and Feed Ingredients		43,415			94,399			46,740			27,953			212,507
Financial		(9,715	)		(11,976	)		14,537			16,646			9,492
Total Other		33,700			82,423			61,277			44,599			221,999
Total segment operating profit		239,946			297,369			242,370			230,227			1,009,912
Corporate		(84,442	)		(108,527	)		(88,639	)		(97,331	)		(378,939	)
Earnings before income tax	$	155,504		$	188,842		$	153,731		$	132,896		$	630,973