Chief Financial Officer at Archer-Daniels-Midland
Thanks, Juan. Slide seven please. The Ag Services and Oilseeds team delivered substantially higher year-over-year results. Ag Services results were significantly higher than the third-quarter of 2021. The short crops in South America supported US exports, driving improved volumes and margins in North American origination which had significant negative impacts from Hurricane Ida in the prior year. Better margins in global ocean freight driven by good execution amid dynamic global trade flows, powered better results in global trade. South American origination saw improved volumes and margins driven by increased farmer selling, in addition to, higher volumes through our export facilities.
Crushing results was significantly higher with margins driven by resilient global demand for both meal and oil. Strong rapeseed margins in EMEA, driven by robust oil demand and continued market dislocations along with positive impacts from an insurance settlement, helped drive improved results. North American soy crush margins continued to benefit from renewable diesel demand. Also, net positive timing effects in the quarter were about 175 million as compared to the approximately $70 million in the prior year quarter.
Positive results were partially offset by lower crush volumes, including impacts from idle facilities in Ukraine and Paraguay. Refined products and other results were higher year-over-year in a strong margin environment for both refined oils and biodiesel. Robust performance in global refined oils was driven by healthy demand and elevated refined oil margins amid supply-chain disruptions. Equity earnings from Wilmar were much higher versus the third-quarter of 2021.
Looking ahead to Q4, we expect AS&O to deliver much better results in the fourth-quarter of 2021. We expect continued strength in crush margins to more than offset the adverse impact of low water conditions on US export volumes.
Slide eight, please. The Carbohydrate Solutions team delivered significantly higher results versus the prior year quarter. The starches and sweetener sub-segment, which includes ethanol production from our wet mills, delivered much improved year-over-year results amid steady global demand for sweeteners and starches. Corn co-products, including continued robust demand for corn oil, as well as effective risk management drove higher execution margins in North America.
Wheat milling, had a strong performance, delivering improved volumes and margins to meet healthy demand for flour. In EMEA, the business delivered solid volumes and margins and managed through a dynamic energy environment to drive stronger results. Our Biosolutions platform, continued its upward trajectory with 29% year-over-year revenue growth year-to-date. Vantage Corn Processors results was substantially lower. Ethanol margins were pressured by higher industry inventories, lower domestic demand and elevated corn costs. In addition, the prior year's results included contributions from the now sold Peoria facility.
Looking ahead, we expect the fourth-quarter of this year for Carbohydrate Solutions to be significantly lower than the fourth-quarter of last year. Demand and margins for sweeteners, starches and flour should remain healthy but ethanol margins are expected to be substantially lower than last year historic highs.
On slide nine, the Nutrition business continued to outpace the industry with Q3 revenue growth of 10% on a reported basis and 16% on a constant currency basis. Third-quarter adjusted operating profit was similar to last year and 7% higher on a constant currency basis. Profit was impacted in the quarter by the significant strengthening of the US dollar and demand fulfillment challenges as the rapid growth in customer demand exceeded our operational capacity. We are prioritizing unlocking capacity in the face of some persistent supply-chain bottlenecks. Our year-to-date performance remains very strong, including 20% revenue and 19% OP growth on a constant currency basis. And our portfolio of acquisitions from 2021 continues to deliver OP above our acquisition models.
In this quarter, Human Nutrition results were higher than the third-quarter of 2021. Strong demand for plant-based proteins, as well as solid performance in texturants drove continued growth in Specialty Ingredients. Flavors results were impacted by adverse currency translation effects in EMEA, partially offset by continued strong demand growth in the region. Demand fulfillment challenges in North America and lower demand in APAC, driven partly by the lockdowns in China, also negatively impacted results.
Health and Wellness was lower versus the prior year, which included higher income from this fiber fermentation agreement. Animal Nutrition results were down versus the prior year quarter. Pet results were lower in Latin-America on lower volumes, partially offset by strong volumes and margins in North America. Softer animal protein demand affected feed volumes. Looking ahead, we expect the fourth-quarter for Nutrition this year to be higher than the fourth-quarter of 2021, with continued strong demand in human nutrition, more than offsetting adverse currency effects. We expect Nutrition's full-year OP growth to be between 15% and 20% on a constant currency basis.
Slide 10 please. Other business results increased from the prior year quarter. Higher short-term interest rates drove improved earnings in ADM Investor Services, partially offset by increased claims settlements in captive insurance. In the corporate lines, unallocated corporate costs of $251 million were higher year-over-year due primarily to performance-related compensation accruals, higher IT operating and project-related costs, and higher costs in the company's Centers of Excellence. Other corporate was favorable versus the prior year, primarily due to higher results from foreign currency-related hedge activity. Net interest expense for the quarter increased year-over-year on higher interest rates. The effective tax-rate for the third-quarter of 2022 was approximately 16%. We still project full-year corporate cost to be about $1.3 billion. And we still expect our adjusted tax-rate to remain in the range of 16% to 19%.
Next slide please. Year-to-date operating cash flows before working capital of $4.7 billion are up significantly versus $3.1 billion over the same-period last year. Our net-debt to total capital ratio is about 24% and we have available liquidity of about $11.2 billion. We are continuing to invest in the business with $841 million in capital expenditures and have returned capital to shareholders with $677 million in dividends and $1.2 billion in share repurchases through the third-quarter, which reflects the completion of the $1 billion stock buyback announced last quarter. And with our enhanced financial flexibility and in line with a balanced capital allocation framework, we plan to repurchase an additional $1 billion of shares by the end of 2023, subject to other strategic uses of capital. Juan?