来源：格隆汇APP 格隆汇8月5日｜谷物贸易商Archer-Daniels-Midland(ADM)公布，第二季度营收同比下降约5%至211.7亿 美元，低于分析师预测的220.3亿美元；净利润同比下降55%至2.19亿美元，调整后每股收益为93美分， 分析师预期为82美分。ADM预计全年调整后每股收益将接近此前指引范围的低端，约为4美元，分析师 预期为3.99美元。 ...

Archer Daniels Midland (ADM) came out with quarterly earnings of $0.93 per share, beating the Zacks Consensus Estimate of $0.88 per share. This compares to earnings of $1.03 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +5.68%. A quarter ago, it was expected that this agribusiness giant would post earnings of $0.69 per share when it actually produced earnings of $0.7, delivering a surprise of +1.45%. Over the last four quar ...

Archer-Daniels-Midland Co. cut its outlook for the year as the crop trader navigates tariffs uncertainty, with profits hit by a lack of clarity on biofuels policy earlier this year https://t.co/3KPgAFJZnl ...

[Executive Summary & Outlook](index=1&type=section&id=Executive%20Summary%20%26%20Outlook) This section provides key financial highlights, the CEO's strategic outlook, and important notes on non-GAAP financial measures [Highlights](index=1&type=section&id=Highlights) ADM reported second-quarter net earnings of $219 million and adjusted net earnings of $452 million, with adjusted EPS of $0.93, both down year-over-year. Year-to-date cash flows from operations were strong at $4.0 billion. The company also remediated a material weakness in internal controls related to segment disclosures and tightened its full-year 2025 adjusted EPS guidance to approximately $4.00/share, anticipating improved margins to benefit the fourth quarter and beyond | Metric | 2Q 2025 | Change vs. 2Q 2024 | | :-------------------------------- | :------ | :------------------- | | Net Earnings | $219 million | - | | Adjusted Net Earnings | $452 million | Down | | EPS (as reported) | $0.45 | Down | | Adjusted EPS | $0.93 | Down | | YTD Cash Flows from Operating Activities | $4.0 billion | - | - Remediated previously identified material weakness in internal controls regarding segment disclosures related to reporting, pricing, and measurement[8](index=8&type=chunk) - Tightened full-year 2025 adjusted EPS guidance to approximately **$4.00/share**, with improved margins expected to benefit Q4 2025 and beyond[8](index=8&type=chunk) [CEO Outlook](index=1&type=section&id=CEO%20Outlook) CEO Juan Luciano highlighted progress on operational improvements and portfolio simplification, driving cost savings. Despite a challenging environment in Ag Services & Oilseeds (AS&O) and pockets of demand softness in Carb Solutions, Nutrition showed sequential improvement. The company expects the challenging environment to ease in Q4 due to clarity on Renewable Volume Obligations and is well-positioned to exit 2025 with strong momentum, confident in executing future opportunities - ADM continued operational improvements, driving cost savings through targeted realignments and advancing portfolio simplification opportunities[4](index=4&type=chunk) - AS&O focused on operational resilience and network consolidations, expecting the challenging environment to ease in Q4 with biofuel policy clarity[5](index=5&type=chunk)[6](index=6&type=chunk) - Nutrition delivered sequential improvement in operating profit, with restored Decatur East Plant operations expected to support improved performance in the second half of the year[5](index=5&type=chunk) [Non-GAAP Financial Measures Note](index=1&type=section&id=Non-GAAP%20Financial%20Measures%20Note) The report includes non-GAAP financial measures, such as adjusted EPS and cash flows from operations before working capital, which are explained and reconciled on later pages (7-8 and 14-17). The company is not providing a forecasted GAAP EPS reconciliation due to the unreasonable effort required to predict certain variable items - Non-GAAP financial measures are used and reconciled on pages 7-8 and 14-17[6](index=6&type=chunk) - Forecasted GAAP EPS reconciliation is not provided due to the unreasonable effort exemption, as the impact of certain items (impairment, restructuring, legal, tax matters) is uncertain and material[7](index=7&type=chunk) [Consolidated Financial Results Overview](index=2&type=section&id=Consolidated%20Financial%20Results%20Overview) This section provides a summary of ADM's overall financial performance for the second quarter and year-to-date, highlighting key earnings and profit metrics [Summary of Second Quarter & Year-to-Date Performance](index=2&type=section&id=Summary%20of%20Second%20Quarter%20%26%20Year-to-Date%20Performance) For Q2 2025, ADM's earnings before income taxes decreased by 53% to $279 million, with GAAP EPS down 54% to $0.45. Adjusted EPS also declined by 10% to $0.93. Total segment operating profit fell 10% to $830 million, impacted by $147 million in specified items. Year-to-date, earnings before income taxes were $632 million (down 57%), total segment operating profit was $1,577 million (down 26%), GAAP EPS was $1.06 (down 56%), and adjusted EPS was $1.63 (down 35%) 2Q 2025 Consolidated Financial Performance | Metric | 2Q 2025 | % Change vs. 2Q 2024 | | :-------------------------- | :------ | :------------------- | | Earnings Before Income Taxes | $279 million | (53)% | | EPS (as reported) | $0.45 | (54)% | | Total Segment Operating Profit | $830 million | (10)% | | Adjusted EPS | $0.93 | (10)% | YTD 2025 Consolidated Financial Performance | Metric | YTD 2025 | % Change vs. YTD 2024 | | :-------------------------- | :------- | :-------------------- | | Earnings Before Income Taxes | $632 million | (57)% | | EPS (as reported) | $1.06 | (56)% | | Total Segment Operating Profit | $1,577 million | (26)% | | Adjusted EPS | $1.63 | (35)% | - Total segment operating profit for Q2 2025 excluded **$147 million** in specified items, primarily portfolio optimization and impairment charges[11](index=11&type=chunk) [Segment Performance Analysis](index=2&type=section&id=Segment%20Performance%20Analysis) This section details the financial performance of ADM's key business segments: Ag Services & Oilseeds, Carbohydrate Solutions, and Nutrition, along with Corporate and Other Business [Ag Services & Oilseeds (AS&O)](index=3&type=section&id=Ag%20Services%20%26%20Oilseeds%20(AS%26O)) The Ag Services & Oilseeds segment reported a 17% decrease in operating profit for Q2 2025, totaling $379 million, and a 40% decrease year-to-date to $791 million. This decline was primarily driven by lower volumes and margins in Ag Services due to trade policy uncertainty and commodity prices, and significantly lower crushing margins impacted by reduced vegetable oil demand and biofuel policy uncertainty. Refined Products and Other saw a 14% increase in Q2 operating profit, while equity earnings from Wilmar also increased by 13% in Q2 AS&O Segment Operating Profit (Q2 2025 vs. Q2 2024) | Subsegment | 2Q 2025 (millions) | 2Q 2024 (millions) | % Change | | :------------------------ | :----------------- | :----------------- | :------- | | Total AS&O | $379 | $459 | (17)% | | Ag Services | $113 | $122 | (7)% | | Crushing | $33 | $132 | (75)% | | Refined Products and Other | $156 | $137 | 14% | | Wilmar | $77 | $68 | 13% | - Ag Services operating profit decreased due to lower volumes and margins from trade policy uncertainty, lower commodity prices, and slower farmer selling, with negative mark-to-market timing impacts[15](index=15&type=chunk) - Crushing operating profit significantly declined by **75%** due to lower margins, primarily from reduced vegetable oil demand impacted by biofuel and trade policy uncertainty[16](index=16&type=chunk) AS&O Segment Operating Profit (YTD 2025 vs. YTD 2024) | Subsegment | YTD 2025 (millions) | YTD 2024 (millions) | % Change | | :------------------------ | :------------------ | :------------------ | :------- | | Total AS&O | $791 | $1,323 | (40)% | | Ag Services | $272 | $354 | (23)% | | Crushing | $79 | $445 | (82)% | | Refined Products and Other | $291 | $307 | (5)% | | Wilmar | $149 | $217 | (31)% | [Carbohydrate Solutions](index=4&type=section&id=Carbohydrate%20Solutions) The Carbohydrate Solutions segment's operating profit decreased by 6% to $337 million in Q2 2025 and by 5% to $576 million year-to-date. The Starches & Sweeteners subsegment saw a 6% decline in Q2, mainly due to lower international volumes and margins, partially offset by improved global wheat milling and North America corn wet milling performance. Vantage Corn Processors' operating profit remained relatively flat in Q2 Carbohydrate Solutions Segment Operating Profit (Q2 2025 vs. Q2 2024) | Subsegment | 2Q 2025 (millions) | 2Q 2024 (millions) | % Change | | :------------------------ | :----------------- | :----------------- | :------- | | Total Carb Solutions | $337 | $357 | (6)% | | Starches and Sweeteners | $304 | $323 | (6)% | | Vantage Corn Processors | $33 | $34 | (3)% | - Starches & Sweeteners operating profit decreased due to lower international volumes and margins, impacted by higher corn costs in EMEA, despite improved global wheat milling and North America corn wet milling[23](index=23&type=chunk) Carbohydrate Solutions Segment Operating Profit (YTD 2025 vs. YTD 2024) | Subsegment | YTD 2025 (millions) | YTD 2024 (millions) | % Change | | :------------------------ | :------------------ | :------------------ | :------- | | Total Carb Solutions | $576 | $605 | (5)% | | Starches and Sweeteners | $511 | $584 | (13)% | | Vantage Corn Processors | $65 | $21 | NM (Not Meaningful) | [Nutrition](index=5&type=section&id=Nutrition) The Nutrition segment's operating profit increased by 5% to $114 million in Q2 2025 and by 9% to $210 million year-to-date. Human Nutrition operating profit declined by 11% in Q2, with Flavors showing growth from higher margins and volumes, but Specialty Ingredients and Health & Wellness experiencing declines. Animal Nutrition operating profit was up significantly due to improved margins and cost optimization efforts Nutrition Segment Operating Profit (Q2 2025 vs. Q2 2024) | Subsegment | 2Q 2025 (millions) | 2Q 2024 (millions) | % Change | | :---------------- | :----------------- | :----------------- | :------- | | Total Nutrition | $114 | $109 | 5% | | Human Nutrition | $92 | $103 | (11)% | | Animal Nutrition | $22 | $6 | NM (Not Meaningful) | - Human Nutrition operating profit declined, with Flavors increasing due to higher margins and volumes, but Specialty Ingredients and Health & Wellness declining[28](index=28&type=chunk) - Animal Nutrition operating profit increased significantly, driven by improved margins and ongoing cost optimization efforts[29](index=29&type=chunk) Nutrition Segment Operating Profit (YTD 2025 vs. YTD 2024) | Subsegment | YTD 2025 (millions) | YTD 2024 (millions) | % Change | | :---------------- | :------------------ | :------------------ | :------- | | Total Nutrition | $210 | $193 | 9% | | Human Nutrition | $168 | $179 | (6)% | | Animal Nutrition | $42 | $14 | NM (Not Meaningful) | [Corporate and Other Business Summary](index=5&type=section&id=Corporate%20and%20Other%20Business%20Summary) For the second quarter of 2025, Corporate and Other Business experienced lower costs compared to the prior year quarter, primarily due to a decrease in net interest expense, excluding revaluation losses - Corporate and Other Business achieved lower costs in Q2 2025 versus prior year, driven by lower net interest expense, excluding revaluation losses[31](index=31&type=chunk) [Company Information](index=6&type=section&id=Company%20Information) This section provides details on the conference call, an overview of ADM's business, and a cautionary note on forward-looking statements [Conference Call Details](index=6&type=section&id=Conference%20Call%20Details) ADM hosted a webcast on August 5, 2025, at 9 a.m. Central Time to discuss financial results and outlook, with a replay available on their website - Webcast held on August 5, 2025, at 9 a.m. Central Time to discuss financial results and outlook, with replay available at www.adm.com/webcast[32](index=32&type=chunk) [About ADM](index=6&type=section&id=About%20ADM) ADM is a global leader in agricultural supply chain management and processing, providing food security, human and animal nutrition solutions, and pioneering bio-based consumer and industrial solutions. The company is committed to business-driven sustainability efforts across the agricultural sector and bioeconomy - ADM is an essential global agricultural supply chain manager and processor, providing food security[33](index=33&type=chunk) - ADM is a premier human and animal nutrition provider, offering a broad portfolio of ingredients and solutions[33](index=33&type=chunk) - ADM is an innovator in new bio-based consumer and industrial solutions and leads in business-driven sustainability efforts[33](index=33&type=chunk) [Cautionary Note Regarding Forward-Looking Statements](index=6&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This press release contains forward-looking statements subject to substantial risks and uncertainties that could cause actual results to differ materially. These risks include operational issues, commodity price volatility, changes in government policies (trade, biofuels), international conflicts, legal proceedings, and transaction-related uncertainties. Readers are cautioned not to place undue reliance on these statements, and ADM disclaims any duty to update them - Forward-looking statements are subject to significant risks and uncertainties, including operational risks, commodity price volatility, and changes in government policies[34](index=34&type=chunk) - Other risks include international conflicts, legal proceedings (including ongoing government investigations), and uncertainties related to acquisitions and divestitures[34](index=34&type=chunk) - ADM claims the protection of the safe harbor for forward-looking statements and disclaims any duty to update them after the announcement date[34](index=34&type=chunk)[35](index=35&type=chunk) [Non-GAAP Financial Measures Definitions](index=7&type=section&id=Non-GAAP%20Financial%20Measures%20Definitions) This section defines and explains various non-GAAP financial measures used in the report, such as adjusted net earnings, total segment operating profit, and adjusted ROIC [Adjusted Net Earnings and Adjusted EPS](index=7&type=section&id=Adjusted%20Net%20Earnings%20and%20Adjusted%20EPS) Adjusted net earnings and adjusted EPS are non-GAAP measures that remove the effect of specified items from reported net earnings and diluted EPS, respectively. Management uses these to provide investors with additional information on underlying business performance and period-to-period comparability, but they are not intended to replace GAAP measures - Adjusted net earnings and Adjusted EPS exclude the effect of specified items from reported net earnings and diluted EPS[37](index=37&type=chunk) - These measures provide additional information for evaluating underlying business performance and period-to-period comparability[37](index=37&type=chunk) [Total Segment Operating Profit](index=7&type=section&id=Total%20Segment%20Operating%20Profit) Total segment operating profit is a non-GAAP measure representing consolidated earnings before income taxes, adjusted for Other Business, Corporate costs, and specified items. It helps investors understand reportable segment performance by excluding overhead and specific non-recurring items, but it is not a GAAP measure of consolidated operating results - Total segment operating profit adjusts consolidated earnings before income taxes for Other Business, Corporate, and specified items[38](index=38&type=chunk) - It provides information on reportable segment performance by excluding overhead costs and specified items[38](index=38&type=chunk) [Adjusted Return on Invested Capital (ROIC)](index=7&type=section&id=Adjusted%20Return%20on%20Invested%20Capital%20(ROIC)) Adjusted ROIC is a non-GAAP measure calculated by dividing Adjusted ROIC earnings (net earnings adjusted for after-tax interest expense and specified items) by adjusted invested capital (equity plus interest-bearing liabilities, adjusted for specified items). Management uses it to assess returns, excluding specified items, and to compare against its weighted average cost of capital (WACC) - Adjusted ROIC is calculated using Adjusted ROIC earnings (net earnings adjusted for after-tax interest and specified items) and adjusted invested capital[39](index=39&type=chunk) - It provides information about ADM's returns, excluding specified items, and enhances period-to-period comparability[39](index=39&type=chunk) [EBITDA and Adjusted EBITDA](index=7&type=section&id=EBITDA%20and%20Adjusted%20EBITDA) EBITDA is defined as earnings before interest, taxes, depreciation, and amortization. Adjusted EBITDA further adjusts EBITDA by removing the impact of specified items. These non-GAAP measures offer investors additional insight into the company's operations, allowing for better evaluation of underlying business performance and period-to-period comparability, but are not alternatives to GAAP net earnings - EBITDA is earnings before interest, taxes, depreciation, and amortization[40](index=40&type=chunk) - Adjusted EBITDA removes the impact of specified items from EBITDA[40](index=40&type=chunk) - These measures provide additional information for evaluating underlying business performance and period-to-period comparability[41](index=41&type=chunk) [Cash Flows from Operations Before Working Capital](index=8&type=section&id=Cash%20Flows%20from%20Operations%20Before%20Working%20Capital) Cash flows from operations before working capital is a non-GAAP measure that adjusts cash flows from operating activities for changes in operating assets and liabilities. Management considers it a useful indicator of the company's cash generation, though it is not an alternative to GAAP cash from operating activities - Cash flows from operations before working capital adjusts cash flows from operating activities for changes in operating assets and liabilities[42](index=42&type=chunk) - This non-GAAP measure is considered useful for understanding the company's cash generation[42](index=42&type=chunk) [Financial Tables](index=9&type=section&id=Financial%20Tables) This section presents detailed financial tables including segment operating profit, consolidated statements of earnings, balance sheet, cash flows, and non-GAAP reconciliations [Segment Operating Profit and Corporate Results](index=9&type=section&id=Segment%20Operating%20Profit%20and%20Corporate%20Results) This table provides a detailed breakdown of segment operating profit for Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition, along with Corporate Results, for both the second quarter and six months ended June 30, 2025, compared to the prior year. It highlights changes in profit contributions from each segment and corporate expenses Segment Operating Profit and Corporate Results (Q2 & YTD 2025 vs. 2024) | (In millions) | Q2 2025 | Q2 2024 | Q2 Change | YTD 2025 | YTD 2024 | YTD Change | | :-------------------------- | :------ | :------ | :-------- | :------- | :------- | :--------- | | Ag Services and Oilseeds | $379 | $459 | $(80) | $791 | $1,323 | $(532) | | Carbohydrate Solutions | $337 | $357 | $(20) | $576 | $605 | $(29) | | Nutrition | $114 | $109 | $5 | $210 | $193 | $17 | | Corporate Results | $(498) | $(418) | $(80) | $(939) | $(844) | $(95) | | Interest expense - net | $(112) | $(128) | $16 | $(212) | $(238) | $26 | | Unallocated corporate function costs | $(294) | $(292) | $(2) | $(647) | $(596) | $(51) | | Revaluation losses, impairment, restructuring | $(99) | — | $(99) | $(104) | $(12) | $(92) | [Consolidated Statements of Earnings](index=10&type=section&id=Consolidated%20Statements%20of%20Earnings) This table presents the consolidated statements of earnings for the second quarter and six months ended June 30, 2025, and 2024. It details revenues, cost of products sold, gross profit, various expenses, and ultimately net earnings attributable to ADM, along with diluted earnings per common share Consolidated Statements of Earnings (Q2 & YTD 2025 vs. 2024) | (in millions, except per share amounts) | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :-------------------------------------- | :------ | :------ | :------- | :------- | | Revenues | $21,166 | $22,248 | $41,341 | $44,095 | | Gross Profit | $1,370 | $1,396 | $2,550 | $3,055 | | Earnings Before Income Taxes | $279 | $596 | $632 | $1,481 | | Net Earnings Attributable to ADM | $219 | $486 | $514 | $1,215 | | Diluted earnings per common share | $0.45 | $0.98 | $1.06 | $2.41 | [Summary of Financial Condition (Balance Sheet)](index=11&type=section&id=Summary%20of%20Financial%20Condition%20(Balance%20Sheet)) This table provides a summary of ADM's financial condition (balance sheet) as of June 30, 2025, and June 30, 2024. It outlines key assets such as cash, operating working capital, property, plant, and equipment, and liabilities including short-term and long-term debt, as well as shareholders' equity Summary of Financial Condition (June 30, 2025 vs. 2024) | (in millions) | June 30, 2025 | June 30, 2024 | | :-------------------------- | :------------ | :------------ | | Cash and cash equivalents | $1,057 | $764 | | Operating working capital | $8,377 | $9,827 | | Property, plant, and equipment | $11,142 | $10,628 | | Investments in affiliates | $5,175 | $5,557 | | Short-term debt | $856 | $2,312 | | Long-term debt, including current maturities | $8,372 | $8,248 | | Shareholders' equity | $22,438 | $22,159 | | Total Net Investment / Financed By | $35,147 | $36,327 | [Summary of Cash Flows](index=12&type=section&id=Summary%20of%20Cash%20Flows) This table presents the summary of cash flows for the six months ended June 30, 2025, and 2024. It details cash flows from operating, investing, and financing activities, showing a significant increase in net cash provided by operating activities in 2025 and a net increase in cash and cash equivalents Summary of Cash Flows (YTD 2025 vs. 2024) | (in millions) | YTD 2025 | YTD 2024 | | :-------------------------------------- | :------- | :------- | | Net cash provided by operating activities | $3,956 | $1,168 | | Net cash used in investing activities | $(391) | $(1,612) | | Net cash used in financing activities | $(1,579) | $(661) | | Net increase (decrease) in cash, cash equivalents | $2,020 | $(1,119) | | Cash, cash equivalents - end of period | $5,944 | $4,271 | [Segment Operating Analysis (Volumes & Revenues)](index=13&type=section&id=Segment%20Operating%20Analysis%20(Volumes%20%26%20Revenues)) This table provides an analysis of certain processed volumes by commodity (Oilseeds and Corn) and total segment revenues for Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition for the second quarter and six months ended June 30, 2025, compared to the prior year Certain Processed Volumes (Q2 & YTD 2025 vs. 2024) | (in '000s metric tons) | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :---------------------- | :------ | :------ | :------- | :------- | | Oilseeds | 9,051 | 8,872 | 18,142 | 18,259 | | Corn | 4,614 | 4,482 | 9,195 | 8,890 | Segment Revenues (Q2 & YTD 2025 vs. 2024) | (in millions) | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :---------------------- | :------ | :------ | :------- | :------- | | Ag Services and Oilseeds | $16,269 | $17,333 | $31,944 | $34,552 | | Carbohydrate Solutions | $2,792 | $2,894 | $5,362 | $5,577 | | Nutrition | $1,993 | $1,908 | $3,810 | $3,744 | | Total Segment Revenues | $21,054 | $22,135 | $41,116 | $43,873 | | Total Revenues | $21,166 | $22,248 | $41,341 | $44,095 | [Total Segment Operating Profit Reconciliation (Non-GAAP)](index=14&type=section&id=Total%20Segment%20Operating%20Profit%20Reconciliation%20(Non-GAAP)) This table provides a reconciliation of earnings before income taxes (GAAP) to total segment operating profit (Non-GAAP) for the second quarter and six months ended June 30, 2025, and 2024. It details adjustments for Other Business, Corporate, and specified items like impairment and restructuring charges Total Segment Operating Profit Reconciliation (Q2 & YTD 2025 vs. 2024) | (In millions) | Q2 2025 | Q2 2024 | Q2 Change | YTD 2025 | YTD 2024 | YTD Change | | :-------------------------------- | :------ | :------ | :-------- | :------- | :------- | :--------- | | Earnings before income taxes | $279 | $596 | $(317) | $632 | $1,481 | $(849) | | Other Business (earnings) | $(94) | $(96) | $2 | $(190) | $(217) | $27 | | Corporate | $498 | $418 | $80 | $939 | $844 | $95 | | Specified items (net) | $147 | $7 | $140 | $196 | $13 | $183 | | Total Segment Operating Profit | $830 | $925 | $(95) | $1,577 | $2,121 | $(544) | [Adjusted Net Earnings and Adjusted EPS Reconciliation (Non-GAAP)](index=15&type=section&id=Adjusted%20Net%20Earnings%20and%20Adjusted%20EPS%20Reconciliation%20(Non-GAAP)) This table reconciles GAAP net earnings and EPS to adjusted net earnings and adjusted EPS for the second quarter and six months ended June 30, 2025, and 2024. It itemizes specific adjustments, including gains on asset sales, impairment and restructuring charges, acquisition expenses, and contract termination gains, along with their per-share impact Adjusted Net Earnings and Adjusted EPS Reconciliation (Q2 & YTD 2025 vs. 2024) | (in millions, except per share amounts) | Q2 2025 (millions) | Q2 2025 (per share) | Q2 2024 (millions) | Q2 2024 (per share) | YTD 2025 (millions) | YTD 2025 (per share) | YTD 2024 (millions) | YTD 2024 (per share) | | :-------------------------------------- | :----------------- | :------------------ | :----------------- | :------------------ | :------------------ | :------------------- | :------------------ | :------------------- | | Net earnings and reported EPS (diluted) | $219 | $0.45 | $486 | $0.98 | $514 | $1.06 | $1,215 | $2.41 | | Total adjustments | $233 | $0.48 | $22 | $0.05 | $276 | $0.57 | $43 | $0.08 | | Adjusted net earnings and adjusted diluted EPS | $452 | $0.93 | $508 | $1.03 | $790 | $1.63 | $1,258 | $2.49 | - Adjustments for Q2 2025 included **$291 million** (**$0.60/share**) for impairment, exit, restructuring charges, and settlement contingencies, and a **$52 million** (**$0.11/share**) gain on contract termination[51](index=51&type=chunk) [Return on Invested Capital (ROIC) and Adjusted ROIC Reconciliation (Non-GAAP)](index=17&type=section&id=Return%20on%20Invested%20Capital%20(ROIC)%20and%20Adjusted%20ROIC%20Reconciliation%20(Non-GAAP)) This table provides a reconciliation of ROIC and Adjusted ROIC, non-GAAP financial measures, for the four quarters ended June 30, 2025. It details the calculation of Adjusted ROIC Earnings and Adjusted Invested Capital, showing the company's Return on Invested Capital at 4.5% and Adjusted Return on Invested Capital at 6.9% Adjusted ROIC Earnings (Four Quarters Ended June 30, 2025) | (in millions) | Sep. 30, 2024 | Dec. 31, 2024 | Mar. 31, 2025 | June 30, 2025 | Four Quarters Ended June 30, 2025 | | :-------------------------- | :------------ | :------------ | :------------ | :------------ | :-------------------------------- | | Net earnings attributable to ADM | $18 | $567 | $295 | $219 | $1,099 | | Total ROIC Earnings | $112 | $663 | $383 | $307 | $1,465 | | Total Adjusted ROIC Earnings | $624 | $641 | $426 | $540 | $2,231 | Adjusted Invested Capital (Trailing Four Quarter Average) | (in millions) | Sep. 30, 2024 | Dec. 31, 2024 | Mar. 31, 2025 | June 30, 2025 | Trailing Four Quarter Average | | :-------------------------- | :------------ | :------------ | :------------ | :------------ | :---------------------------- | | Equity | $21,974 | $22,168 | $22,119 | $22,430 | $22,173 | | Interest-bearing liabilities | $10,051 | $10,180 | $11,088 | $9,252 | $10,143 | | Total Invested Capital | $32,025 | $32,348 | $33,207 | $31,682 | $32,316 | | Total Adjusted Invested Capital | $32,537 | $32,326 | $33,250 | $31,915 | $32,507 | - Return on Invested Capital was **4.5%**, and Adjusted Return on Invested Capital was **6.9%** for the four quarters ended June 30, 2025[55](index=55&type=chunk) [EBITDA and Adjusted EBITDA Reconciliation (Non-GAAP)](index=19&type=section&id=EBITDA%20and%20Adjusted%20EBITDA%20Reconciliation%20(Non-GAAP)) This table reconciles net earnings to EBITDA and Adjusted EBITDA for the four quarters ended June 30, 2025, and June 30, 2024. It details the adjustments made for income tax expense, interest expense, depreciation and amortization, and various specified items to arrive at the non-GAAP EBITDA figures EBITDA and Adjusted EBITDA Reconciliation (Four Quarters Ended June 30, 2025 vs. 2024) | (in millions) | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Four Quarters Ended June 30, 2025 | Four Quarters Ended June 30, 2024 | | :-------------------------------------- | :------ | :------ | :------ | :------ | :-------------------------------- | :-------------------------------- | | Net earnings | $18 | $567 | $295 | $219 | $1,099 | $2,601 | | Income tax expense | $90 | $106 | $61 | $62 | $319 | $680 | | Interest expense | $124 | $132 | $116 | $116 | $488 | $456 | | Depreciation and amortization | $288 | $287 | $284 | $286 | $1,145 | $1,104 | | EBITDA | $520 | $1,086 | $753 | $681 | $3,040 | $4,806 | | Total adjustments | $531 | $51 | $54 | $250 | $894 | $340 | | Adjusted EBITDA | $1,051 | $1,095 | $807 | $931 | $3,884 | $5,146 |

Core Viewpoint - Archer Daniels Midland Company (ADM) is expected to report declines in both earnings and revenues for the second quarter of 2025, with earnings estimated at 88 cents per share, reflecting a 14.6% decrease year-over-year, and revenues projected at $21.1 billion, indicating a 5.1% dip from the previous year [1][2][11] Financial Performance - The Zacks Consensus Estimate for ADM's earnings is 88 cents per share, down 14.6% from the same quarter last year, with a 7.4% decrease in the consensus mark over the past 30 days [2] - Revenue expectations are set at $21.1 billion, which represents a 5.1% decline compared to the year-ago quarter [2] - In the last reported quarter, ADM had an earnings surprise of 1.5% but missed the Zacks Consensus Estimate by an average of 5.4% over the last four quarters [3] Segment Performance - The Ag Services and Oilseeds segment is facing challenges due to sluggish market conditions, including increased cost inflation and depressed vegetable oil demand, leading to expected lower results year-over-year [4][6] - The Ag Services and Oilseeds segment's revenues are estimated at $16.2 billion, suggesting a 6.7% year-over-year decline [8] - The Carbohydrate Solutions segment is projected to generate revenues of $2.9 billion, indicating a slight decline of 0.9% year-over-year [8] - Conversely, the Nutrition segment is expected to see revenues of $1.9 billion, reflecting a 0.8% year-over-year growth, driven by improvements in operational structure and capacity [9][11] Market Conditions and Management Outlook - Management has expressed caution regarding the second-half outlook for crush margin improvement, noting that current domestic crush replacement margins are below expectations [7] - There are signs of weakening customer demand in certain markets, leading to reduced volume expectations [7] - The company is actively managing productivity and innovation, focusing on food security and health trends, which is expected to support margins in the upcoming quarter [10] Valuation and Market Performance - ADM is trading at a forward 12-month price-to-earnings ratio of 12.29X, which is below both its five-year high of 18.93X and the industry average of 14.77X, indicating an attractive valuation opportunity [13] - Over the past three months, ADM's shares have increased by 13.4%, outperforming the industry growth of 11.6% [14]

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-投资动态- 梦龙拟向德国冰淇淋工厂投资数百万美元 日前，联合利华旗下的梦龙冰淇淋公司计划在德国黑森州Heppenheim的工厂投资数百万美元，以建立新生产线、冷库和能源基础设施。该厂生产其备受 欢迎的Langnese冰淇淋。 Heppenheim的梦龙冰淇淋生产线于2024年建立，每年产量超过20亿件，主要销往德国市场，以及部分欧洲国家。（品牌官方） 小编评： 于梦龙而言，这不仅是一次简单的产能扩张，而是新公司在高端化、可持续与供应链安全战上打响的"奠基之战"。 日前，澜沧古茶公告宣布拟以每股2.46港元配售2400万股H股，较7月25日收盘价折让16.61%，预计集资约5900万港元，用于补充营运资金。根据公告， 此次配售股份占扩大后总股本16%，净筹资金额约5804万港元。（观点网） 小编评： 近期港股市场频现折让配股案例，部分上市公司通过股权融资缓解现金流压力，澜沧古茶此举也可以进一步其巩固财务基础。 近日，ADM宣布已与日本知名食品企业朝日集团食品株式会社签署独家协议，负责推广和分销其专有乳酸菌类创新型后生元产品——格氏乳杆菌 CP2305。格氏乳杆菌CP2305为朝日集团所有，是其在多年对可尔必思 ...

Group 1 - Archer Daniels Midland (ADM) closed at $55.50, reflecting a -1.28% change from the previous day, underperforming the S&P 500's gain of 0.07% [1] - Prior to the latest trading session, ADM shares had increased by 7.5%, outperforming the Consumer Staples sector's decline of 0.29% and the S&P 500's rise of 5.71% [1] Group 2 - ADM's upcoming earnings report is scheduled for August 5, 2025, with an expected EPS of $0.88, indicating a 14.56% decline year-over-year, and projected revenue of $21.11 billion, down 5.13% from the prior-year quarter [2] - Full-year Zacks Consensus Estimates predict earnings of $4.03 per share and revenue of $84.15 billion, representing year-over-year changes of -14.98% and -1.61%, respectively [3] Group 3 - Recent estimate revisions for ADM are linked to stock price performance, with positive revisions indicating optimism about the business outlook [4] - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), currently ranks ADM at 3 (Hold), with a consensus EPS projection moving 0.44% lower in the past 30 days [5] Group 4 - ADM's Forward P/E ratio is 13.94, compared to the industry average of 16.48, suggesting that ADM is trading at a discount [6] - The company has a PEG ratio of 3.14, while the average PEG ratio for Agriculture - Operations stocks is 1.73 [7] Group 5 - The Agriculture - Operations industry, part of the Consumer Staples sector, has a Zacks Industry Rank of 218, placing it in the bottom 12% of over 250 industries [8]

Core Insights - Archer Daniels Midland Company (ADM), a major player in the agricultural trade sector, has closed its factory in Brazil due to the inability to find a buyer for the facility [1] Company Summary - ADM's decision to close the Brazilian factory highlights challenges in the agricultural sector, particularly in managing underperforming assets [1]

Market Overview - Volatility in the U.S. stock market is expected to continue due to uncertainty regarding interest rate cuts, new tariffs, and geopolitical tensions, complicating portfolio management for individual investors [1] Investment Strategy - Selecting inappropriate stocks can negatively affect returns, undermining investment goals; adhering to broker advice is suggested as brokers possess extensive knowledge of stocks and the broader economy [2] Recommended Stocks - Broker-friendly stocks identified for potential healthy returns include BrightSpring Health Services (BTSG), GXO Logistics (GXO), BrightView Holdings (BV), Bloomin' Brands (BLMN), and Archer Daniels Midland Company (ADM) [3][9] Screening Methodology - A screening strategy was developed to identify stocks based on improving broker recommendations and upward revisions in earnings estimates over the past four weeks, incorporating the price/sales ratio as a valuation metric [4] Screening Criteria - The screening criteria include: - Top 75 companies with net upgrades in broker ratings over the last four weeks [5] - Top 10 stocks with positive earnings estimate revisions for the upcoming quarter [5] - Bottom 10% of stocks based on price/sales ratio [5] - Stocks priced above $5 to attract investor interest [5] - Average daily volume exceeding 100,000 shares over the last 20 trading days [6] - Top 3000 stocks by market capitalization [6] Company Highlights - **BrightSpring Health Services (BTSG)**: Expected earnings growth rate of 55.4% for 2025, with a projected revenue increase of 9.1% over 2024; currently holds a Zacks Rank 2 (Buy) [7][9] - **GXO Logistics (GXO)**: Benefits from increased e-commerce and cost-cutting efforts; projected revenue growth of 9.9% for 2025; currently holds a Zacks Rank 3 (Hold) [10][11] - **BrightView Holdings (BV)**: Largest commercial landscaper in the U.S., with expected earnings growth of 10.5% for 2025; currently holds a Zacks Rank 3 [12][13] - **Bloomin' Brands (BLMN)**: Performance driven by off-premise channels and technology upgrades; Zacks Consensus Estimate for 2025 earnings revised upward by 1.7% [14][15] - **Archer Daniels Midland Company (ADM)**: Focus on flexitarian diets and sustainable materials; currently holds a Zacks Rank 3 [16][17]