Key facts
- Luciano said ADM is moving toward commercial scale production of an egg white ingredient alternative for baked foods, protein bars and pasta.
- ADM said earlier in 2026 it would commercially scale production of OvoPro, an egg ingredient from The Every Co., at its Clinton, Iowa, corn processing facility.
- Luciano said ADM is working with a technology partner on a whey alternative matching the molecular profile of conventional whey.
- Luciano cited ADM's commercial scale dextrose supply and existing fermentation assets as advantages that let it scale without greenfield projects.
- ADM reported third-quarter total segment operating profit of $1.4 billion, up 64% year over year.
- ADM reported Nutrition segment revenue of $1.8 billion, down 4% year over year.
ADM executives used the company's November 3 third-quarter earnings call to set out precision fermentation as the next growth platform after natural colors, which they said last quarter could generate $80 million to $100 million of annual operating profit.
"Fundamentally, we believe that the combination of biology and technology will be a major driver of food innovation at scale for decades to come," chief executive Juan Luciano told analysts on the call, according to a transcript published by The Motley Fool.
Luciano pointed to protein as the clearest example, saying global demand is outpacing traditional supply. He said ADM is moving toward commercial scale production of an egg white ingredient alternative for baked foods, protein bars, pasta and other products. Earlier in 2026, ADM said it would commercially scale production of OvoPro, a high-protein egg ingredient from The Every Co., at its Clinton, Iowa, corn processing facility.
In dairy and food manufacturing, where Luciano said whey is in short supply, he said ADM is working with a technology partner to produce a whey alternative that matches the molecular profile of conventional whey with more consistent quality.
Luciano cited three advantages: access to commercial scale dextrose supply, which he said gives a cost and reliability edge; use of fermentation assets ADM already owns, which he said allows scaling without the time and capital of greenfield projects; and an integrated value chain of research, supply chain and customer relationships.
The growth commentary came alongside third-quarter results. Adjusted EPS was $1.77, up 92% from $0.92 a year earlier, and total segment operating profit was $1.4 billion, up 64% year over year, which the transcript attributed to favorable biofuels margins and North American execution. ADM raised full-year adjusted EPS guidance to $5.50 to $5.80 from $5.15 to $5.60.
Nutrition segment revenue was $1.8 billion, down 4% year over year, which the transcript attributed to pressure on wholesome ingredients product lines and portfolio actions. Nutrition operating profit was $134 million, up 3%, as gains in Flavors and Animal Nutrition were partly offset by unplanned downtime.