ADM(ADM) - 2024 Q3 - Quarterly Results

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]