Archer-Daniels-Midland Co.
ADM Reports Third Quarter 2024 Results and Files Restated Financial Statements
Summary
Archer-Daniels-Midland Company (ADM) reported its third-quarter 2024 financial results, announcing GAAP net earnings of $18 million and adjusted net earnings of $530 million. The company also filed its restated financial statements for fiscal year 2023 and the first and second quarters of 2024. These restatements had no impact on the consolidated financial results for the respective periods. ADM highlighted a non-cash impairment charge of $461 million related to its Wilmar equity investment, which contributed to the GAAP net earnings decline. Adjusted earnings per share (EPS) stood at $1.09, down from $1.63 in the same period last year. The company's segment operating profits and revenues also showed a decline for the quarter and year-to-date. ADM's cash flows from operating activities for the year-to-date period were $2,468 million, and the company filed the restated financial statements as exhibits to the 8-K.
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About Archer-Daniels-Midland Co.
Archer-Daniels-Midland Co. is a global food processing and commodities trading corporation. Its primary function is to procure, transport, store, process, and merchandize a wide variety of agricultural products. Notably involved in the production of oilseeds, corn, wheat, and cocoa, the company plays a critical role in creating essentials like food and animal feed ingredients, renewable fuels, and other industrial products. Archer-Daniels-Midland impacts sectors such as agriculture, energy, and nutrition. Additionally, it emphasizes sustainable practices, focusing on responsible production and supply chain management. Established in 1902, the company has grown to become a significant player in the agricultural industry, with operations spanning over various continents, fortifying its market significance by ensuring food security and supporting energy alternatives like ethanol. Archer-Daniels-Midland serves a broad array of customers, including food manufacturers and industrial processors, by converting natural products into key ingredients and solutions, thus driving forward the global food supply chain.
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