Archer Daniels Midland Company (ADM) posted soft third-quarter 2024 results, wherein the bottom and top lines missed the Zacks Consensus Estimate. Both the metrics also declined on a year-over-year basis.Earlier this month, ADM announced preliminary results for the third quarter of 2024. The company revealed that it will amend its 2023 Form 10-K and Form 10-Q for the first and second quarters of 2024 to restate the segment information disclosure. The restated filings will have corrections for the identified ...

For the quarter ended September 2024, Archer Daniels Midland (ADM) reported revenue of $19.94 billion, down 8.1% over the same period last year. EPS came in at $1.09, compared to $1.63 in the year-ago quarter.The reported revenue represents a surprise of -3.36% over the Zacks Consensus Estimate of $20.63 billion. With the consensus EPS estimate being $1.26, the EPS surprise was -13.49%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations t ...

Archer Daniels Midland (ADM) came out with quarterly earnings of $1.09 per share, missing the Zacks Consensus Estimate of $1.26 per share. This compares to earnings of $1.63 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -13.49%. A quarter ago, it was expected that this agribusiness giant would post earnings of $1.23 per share when it actually produced earnings of $1.03, delivering a surprise of -16.26%.Over the last four qua ...

Earnings and Profitability - Net earnings expected to be $18 million, with adjusted net earnings of $530 million[2] - Earnings per share expected to be $0.04, with adjusted earnings per share of $1.09[2] - Adjusted net earnings for Q3 2024 were $530 million, with adjusted EPS of $1.09[33] - Adjusted net earnings for the nine months ended September 30, 2024, were $1.788 billion, with adjusted EPS of $3.61[33] - Adjusted earnings per share guidance lowered to $4.50 to $5.00 for full year 2024[25] - Net earnings for the four quarters ended September 30, 2024, totaled $1,798 million[39] Return on Invested Capital (ROIC) - Trailing four-quarter average ROIC of 6.6%, adjusted ROIC of 8.8%[2] - Adjusted ROIC for the trailing four quarters ended September 30, 2024, was 8.8%[35] - Total adjusted ROIC earnings for the trailing four quarters ended September 30, 2024, were $2.876 billion[35] - Total adjusted invested capital for the trailing four quarters ended September 30, 2024, was $32.794 billion[36] Cash Flows and Operating Activities - Year-to-date cash flows from operating activities expected to be $2.468 billion[2] - Net cash provided by operating activities for the nine months ended September 30, 2024, was $2,468 million[40] - Cash flows from operations before working capital for the nine months ended September 30, 2024, was $2,341 million[40] Segment Performance - Ag Services and Oilseeds segment operating profit down 43% to $480 million[10] - Carbohydrate Solutions segment operating profit down 3% to $452 million[16] - Nutrition segment operating profit down 19% to $105 million[18] Impairment and Restructuring Charges - Impairment and restructuring charges for Q3 2024 were $500 million after tax[33] - Impairment and restructuring charges for the nine months ended September 30, 2024, were $523 million after tax[33] - Impairment and restructuring charges and contingency provisions for the four quarters ended September 30, 2024, were $701 million[39] Tax Adjustments - Tax adjustments for Q3 2024 were $13 million[33] - Tax adjustments for the nine months ended September 30, 2024, were $30 million[33] - Income tax expense for the four quarters ended September 30, 2024, was $563 million[39] Other Expenses - Interest expense for the four quarters ended September 30, 2024, was $483 million[39] - Depreciation and amortization for the four quarters ended September 30, 2024, was $1,131 million[39] - Railroad maintenance expense for the four quarters ended September 30, 2024, was $71 million[39] - Expenses related to acquisitions for the four quarters ended September 30, 2024, were $5 million[39] Adjusted EBITDA - Adjusted EBITDA reconciliation for the trailing four quarters ended September 30, 2024, is provided[38] - Adjusted EBITDA for the four quarters ended September 30, 2024, was $4,706 million[39] Non-Cash Charges and Restatements - Non-cash charge of $461 million related to Wilmar equity investment[5] - Restatement of fiscal year 2023 Form 10-K and subsequent Forms 10-Q due to intersegment sales errors[6]

Financial Performance - Revenues for the three months ended September 30, 2024, were $19,937 million, a decrease of 8.1% from $21,695 million in the same period of 2023[13] - Gross profit for the three months ended September 30, 2024, was $1,365 million, down 24.6% from $1,810 million in the prior year[13] - Net earnings attributable to Archer-Daniels-Midland Company for the three months ended September 30, 2024, were $18 million, a significant decline from $821 million in the same period of 2023[13] - Basic earnings per common share for the three months ended September 30, 2024, were $0.04, compared to $1.52 in the same period of 2023[13] - Comprehensive income attributable to Archer-Daniels-Midland Company for the three months ended September 30, 2024, was $58 million, down from $643 million in the same period of 2023[16] - Net earnings for the nine months ended September 30, 2024, were $1,218 million, a decrease from $2,924 million in the same period of 2023, representing a decline of approximately 58.3%[24] - Total segment operating profit for the nine months ended September 30, 2024 was $3,158 million, down from $4,616 million for the same period in 2023, a decline of 32%[198] Assets and Liabilities - Total current assets decreased to $26,626 million as of September 30, 2024, from $29,767 million at the end of September 2023[21] - Total liabilities decreased to $38,932 million as of September 30, 2024, from $40,166 million at the end of September 2023[21] - Total assets as of September 30, 2024, amounted to $9,066 million, a decrease from $10,104 million as of December 31, 2023[88] - Total liabilities as of September 30, 2024, were $1,949 million, compared to $2,421 million as of December 31, 2023, indicating a reduction in liabilities[88] - The fair value of the company's long-term debt, excluding the current portion, was $7.5 billion as of September 30, 2024, compared to a carrying value of $7.6 billion[151] Cash Flow and Investments - Net cash provided by operating activities increased to $2,468 million, up from $1,891 million, reflecting a growth of about 30.5% year-over-year[24] - Net cash used by investing activities was $2,002 million, significantly higher than $1,061 million in the previous year, marking an increase of approximately 88.5%[24] - Share repurchases totaled $2,327 million, compared to $1,118 million in the same period last year, reflecting an increase of about 108.5%[24] - Cash dividends paid were $744 million, slightly up from $738 million, representing an increase of 0.8%[24] - The Company reported a total of $11.6 billion in purchases and $11.8 billion in sales for the nine months ended September 30, 2024[107] Segment Performance - The Ag Services and Oilseeds segment generated $5,139 million in revenues, with a 552 million increase year-over-year[69] - The Carbohydrate Solutions segment reported revenues of $8,370 million, with no year-over-year change noted[69] - The Nutrition segment achieved revenues of $5,490 million, maintaining consistent performance compared to the previous year[69] - The Ag Services and Oilseeds segment reported an operating profit of $480 million for the three months ended September 30, 2024, compared to $848 million for the same period in 2023, a decrease of 43%[198] Impairments and Restructuring - The company incurred asset impairment, exit, and restructuring costs of $507 million for the three months ended September 30, 2024, compared to $79 million in the same period of 2023[13] - The Company reported an asset impairment charge of $517 million for the nine months ended September 30, 2024, compared to $120 million in 2023, indicating a significant increase of 331.7%[24] - Restructuring charges for the nine months ended September 30, 2024 were $15 million, primarily related to employee severance[201] Tax and Regulatory Matters - The company’s effective tax rate was 83.3% for the three months ended September 30, 2024, an increase from 20.1% for the same period in 2023, primarily due to the impairment of an investment[156] - The Company received a tax assessment of $122 million from the Netherlands tax authority, which was later reduced to $52 million by the Tax Court of Appeals[159] - The Company accrued a final assessed tax amount of $52 million as of September 30, 2024, following the Tax Court's ruling[159] Share Repurchase and Dividends - On March 12, 2024, the Company initiated an accelerated share repurchase (ASR) program to repurchase $1.0 billion of its common stock, with a target of repurchasing up to 200 million shares by December 31, 2024[160] - As of September 30, 2024, the Company had 14.8 million shares remaining under its existing share repurchase program[164] - The total number of shares repurchased under the ASR agreement included 8,880,986 shares at an average price of $60.596, totaling $538 million, and a final delivery of 7,325,733 shares at an average price of $63.045, totaling $462 million[161][163] Receivables and Cash Collections - The Company recorded a loss on sale of receivables of $22 million for the three months ended September 30, 2024, compared to $11 million for the same period in 2023, representing a year-over-year increase of 100%[206] - Total receivables sold for the nine months ended September 30, 2024, were $34.9 billion, compared to $41.2 billion for the same period in 2023, indicating a decrease of approximately 5.7%[205] - Cash collections from customers on receivables sold were $34.0 billion for the nine months ended September 30, 2024, down from $40.7 billion in 2023, reflecting a decline of about 16.5%[205]

Q3 Revenues Increased 12% Year over Year, Up 13% Year to DateTrialing Twelve Month Revenue $5.7 MillionNew Facility Under Construction Appraised at $13 MillionFort Worth, Texas--(Newsfile Corp. - November 14, 2024) - Just Right Products Inc., the wholly owned subsidiary of ADM Endeavors (OTCQB: ADMQ) ("ADM" or the "Company"), announces its financial results for the three- and nine-months ended September 30, 2024. Unless otherwise stated, all dollar amounts are in U.S. dollars. The Company's 10-Q can be acc ...

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Here are three stocks added to the Zacks Rank #24 (Strong Sell) List today:Albemarle Corporation (ALB) is an engineered specialty chemicals company. The Zacks Consensus Estimate for its current year earnings has been revised 106.1% downward over the last 60 days.Archer-Daniels-Midland Company (ADM) is an agricultural commodities and ingredients company. The Zacks Consensus Estimate for its current year earnings has been revised 5.7% downward over the last 60 days.Antero Resources Corporation (AR) is an inde ...

The agriculture giant is expecting weaker profitability for its recently completed third quarter, and cut its bottom-line guidance for 2024.Archer Daniels Midland (ADM -5.97%) -- also known as ADM -- had some news to report after the market closed Monday, and investors didn't find it comforting. They traded out of the stock assertively on Tuesday, bidding it down by about 6% through the close of the session. That did not compare well to the S&P 500 index's gain of more than 1% for the day.Preliminary result ...

Key TakeawaysArcher-Daniels-Midland said it will again restate results as it has discovered more concerns about its accounting practices. The company also canceled a conference call with analysts after releasing a preliminary third quarter earnings report that showed profit well below estimates.CEO Juan Luciano blamed softer than anticipated market conditions and the speed of ADM's improvement efforts. Shares in Archer-Daniels-Midland (ADM) sank as the maker of agricultural commodities canceled an earnings ...