Financial Data and Key Metrics Changes - ADM reported Q3 2023 adjusted earnings per share of $1.63 and adjusted segment operating profit of $1.5 billion, with year-to-date adjusted EPS of $5.62, marking the second-best EPS year achieved in the first nine months [4] - The trailing four-quarter average adjusted ROIC was 13.2%, reflecting strong performance [4][5] - Operating cash flows before working capital were strong at $3.8 billion, with $1.1 billion allocated to capital expenditures and $1.9 billion returned to shareholders through share repurchases and dividends [25][26] Business Line Data and Key Metrics Changes - **Ag Services & Oilseeds**: Results were lower year-over-year due to a shift in export demand to Brazil, but South American origination results were higher due to strong export demand [13][14] - **Carbohydrate Solutions**: Delivered outstanding results significantly higher than the prior year, driven by strong demand and margins in starches, sweeteners, and ethanol [18] - **Nutrition**: Flavors showed strong growth, while lower demand for plant-based proteins and challenges in pet solutions impacted overall performance [19][21] Market Data and Key Metrics Changes - The demand for vegetable oils remained strong, supporting a solid crush environment [6] - Ethanol margins are expected to remain strong due to solid domestic demand and healthy U.S. exports [19][56] - The plant-based protein market is experiencing destocking and consumer demand softness, which is anticipated to persist into next year [21] Company Strategy and Development Direction - ADM is focused on leveraging its integrated business model from farm to fork, enhancing partnerships for sustainable agriculture, and expanding renewable fuel production [7][8][30] - The company aims to capitalize on the growing demand for low-carbon products and is investing in digital transformation to drive efficiencies [10][11] - ADM is committed to improving safety and productivity while navigating external challenges such as geopolitical tensions and inflation [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in exceeding 2023 expectations, citing strong execution against strategic plans and adaptability to market dynamics [5][12] - The company anticipates continued growth in Ag Services and Oilseeds, with healthy crush margins and productivity measures supporting a more efficient cost structure [30] - For Nutrition, management expects a return to growth in 2024, driven by innovation and a focus on higher-margin products [23][46] Other Important Information - The effective tax rate for Q3 2023 was approximately 20%, higher than the prior year due to a change in the geographic mix of earnings [25] - ADM has a strong balance sheet with an adjusted net debt-to-EBITDA leverage ratio of 0.9, providing financial flexibility for long-term strategic initiatives [26] Q&A Session Summary Question: U.S. crush margin outlook - Management confirmed that crush margins are expected to remain healthy, driven by strong demand for soybean meal and renewable green diesel [36] Question: Nutrition operating income guidance - Management provided context on the $600 million operating income guidance for Nutrition, highlighting strong performance in Flavors and challenges in plant-based proteins [40][44] Question: Ethanol and renewable diesel supply and demand - Management expects a constructive environment for ethanol and renewable diesel, with strong export demand and growth projections for renewable diesel [74] Question: Guidance clarification - Management raised the full-year EPS guidance to in excess of $7, attributing the increase to strong performance in Ag Services and Oilseeds [78]

Archer-Daniels-Midland Company (ADM) Conference Call Summary Company Overview - **Company**: Archer-Daniels-Midland Company (NYSE: ADM) - **Industry**: Agricultural commodities processing and distribution - **Key Products**: Corn, soybeans, wheat, soybean oil, soybean meal, sweeteners, starches, ethanol, flour - **End Markets**: Food, animal feed, biofuels, nutrition products including flavors, colors, plant-based meat ingredients, pro and prebiotics [2][4] Core Insights and Strategies - **Financial Discipline and Execution Agility**: ADM's transformation over the past decade is based on financial discipline and execution agility, leading to increased earnings power and return on invested capital (ROIC) [4][5] - **Strong Performance Amid Challenges**: Despite facing challenges such as the pandemic, war, and severe weather, ADM has expanded its earnings and maintained a healthy balance sheet [4][10] - **Supply-Demand Balance**: The supply-demand balance in the food commodity space is improving, allowing ADM to leverage its origination footprint and export capabilities [5][6] - **Biofuels Demand**: Strong demand for biodiesel and ethanol is supporting ADM's strategy, with significant margins observed in these areas [6][7] - **New Crushing Plant**: The new crushing plant in Spiritwood, North Dakota, will add 1.5 million tons of crushing capacity, enhancing production of low carbon intensity feedstocks [7][8] - **Decarbonization Efforts**: ADM is advancing its decarbonization initiatives, including carbon capture and sequestration projects, to provide sustainable products across various sectors [8][10] Industry Dynamics - **Agricultural Transformation**: ADM is working to transform agriculture practices towards more regenerative methods, enhancing relationships with farmers and customers [13][15] - **Market Normalization**: The agricultural market is moving towards normalization after years of volatility, but regional dislocations remain a concern [19][20] - **Ukraine Conflict Impact**: The ongoing war in Ukraine has shifted from accessibility to availability concerns regarding grain production [21][22] Nutrition Business Insights - **Health and Wellness Focus**: ADM is investing in health and wellness trends, particularly in probiotics and prebiotics, to bridge the gap between food and pharmaceuticals [38][39] - **Probiotic Market Potential**: The penetration of probiotics in households is significantly lower than vitamins, indicating substantial growth potential [41][44] - **Innovation in Delivery**: Introduction of postbiotics allows for broader applications in food products, enhancing marketability and functionality [43][44] Financial Performance and Capital Allocation - **Healthy Balance Sheet**: ADM's balance sheet is strong, with 60% to 70% of free cash flow available for shareholder returns or strategic acquisitions [10][55] - **M&A Strategy**: ADM is cautious with M&A, focusing on bolt-on acquisitions in the nutrition sector while maintaining financial discipline [55][56] - **Share Buybacks**: ADM has executed $1 billion in share buybacks in the first half of the year, reflecting confidence in its intrinsic value [10][56] Market Outlook - **Strong 2023 and Beyond**: ADM is optimistic about finishing 2023 strong and entering 2024 with momentum, despite some challenges in specific markets [11][48] - **Crush Margins**: North American crush margins are currently strong, driven by domestic and export demand, while other regions face mixed conditions [66][70] Additional Considerations - **Animal Nutrition**: The animal nutrition segment is experiencing margin pressures, prompting ADM to focus on innovation and efficiency improvements [50][51] - **Regional Dynamics**: Different regions are experiencing varied market conditions, affecting overall performance and strategy [48][70] This summary encapsulates the key points discussed during the conference call, highlighting ADM's strategic positioning, market dynamics, and future outlook.

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Archer-Daniels-Midland Company (NYSE:ADM) Q2 2023 Earnings Conference Call July 25, 2023 9:00 AM ET Company Participants Megan Britt - VP-IR Juan Luciano - Chairman and CEO Vikram Luthar - CFO Conference Call Participants Ben Theurer - Barclays Ben Bienvenu - Stephens Tom Palmer - JPMorgan Manav Gupta - UBS Adam Samuelson - Goldman Sachs Andrew Strelzik - BMO Salvator Tiano - Bank of America Steve Haynes - Morgan Stanley Operator Good morning, and welcome to the ADM Second Quarter 2023 Earnings Conference C ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number 1-44 ARCHER-DANIELS-MIDLAND COMPANY (Exact name of registrant as specified in its charter) Delaware 41-0129150 (State or ...

Archer-Daniels-Midland Company (NYSE:ADM) 2023 Bernstein's 39th Annual Strategic Decisions Conference Call May 31, 2023 3:30 PM ET Company Participants Juan Luciano - Chairman & Chief Executive Officer Conference Call Participants Alexia Howard - Bernstein Alexia Howard Okay. Good afternoon, everyone. I'm Alexia Howard covering the U.S. food producers at Bernstein. And I'm delighted to have with me on the podium Juan Luciano, who is the CEO of ADM since 2015. Now under Juan's leadership, the company has evo ...

Archer-Daniels-Midland Company (NYSE:ADM) 2023 BMO Capital Markets Global Farm to Market Conference Transcript May 17, 2023 9:30 AM ET Executives Chris Cuddy - Senior Vice President and President, Carbohydrate Solutions Vikram Luthar - Senior Vice President and CFO Analysts Andrew Strelzik - BMO Capital Markets Andrew Strelzik All right. We are thrilled to have ADM with us today to discuss its strategy for realizing sustainable long-term growth. ADM has executed on the strategy through improvements to its p ...

Archer-Daniels-Midland Company (NYSE:ADM) Q1 2023 Earnings Conference Call April 25, 2023 9:00 AM ET Company Participants Megan Britt – Vice President-Investor Relations Juan Luciano – Chairman and Chief Executive Officer Vikram Luthar – Chief Financial Officer Conference Call Participants Tom Palmer – JP Morgan Adam Samuelson – Goldman Sachs Ben Theurer – Barclays Andrew Strelzik – BMO Capital Markets Eric Larson – Seaport Global Securities Manav Gupta – UBS Steven Haynes – Morgan Stanley Ben Kallo – Baird ...

1 Proprietary business information of ADM. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number 1-44 ARCHER-DANIELS-MIDLAND COMPANY (Exact name of registrant as specified in its charter) Delaware 41-0129150 (State or ...