ADM(US:ADM)2025-11-04 11:05Financial Performance - Third quarter earnings were $108 million, with adjusted net earnings of $448 million, and adjusted EPS of $0.92, down 16% year-over-year[7]. - For the quarter ended September 30, 2025, total revenues were $20,372 million, an increase from $19,937 million in the same quarter of 2024, representing a growth of 2.2%[43]. - Gross profit for the quarter was $1,270 million, down from $1,365 million in the prior year, reflecting a decrease of 7%[43]. - Adjusted net earnings for the quarter ended September 30, 2025, were $448 million, or $0.92 per share, compared to $530 million, or $1.09 per share, in the same quarter of 2024[48]. - Net earnings for the quarter ended December 31, 2024, were $567 million, while for the quarter ended September 30, 2025, they were $1,798 million, indicating a significant increase[53]. - Adjusted EBITDA for the quarter ended September 30, 2025, was $954 million, compared to $807 million for the quarter ended March 31, 2025, reflecting a growth of approximately 18.2%[53]. - Total EBITDA for the year ended September 30, 2025, reached $3,937 million, up from $3,068 million for the year ended September 30, 2024, representing an increase of about 28.3%[53]. Segment Performance - Total segment operating profit for Q3 2025 was $845 million, down 19% compared to Q3 2024[11]. - The Ag Services & Oilseeds segment operating profit was $379 million, a decrease of 21% year-over-year, while the Crushing subsegment saw a 93% decline in operating profit[12][15]. - Carbohydrate Solutions segment operating profit was $336 million, down 26% year-over-year, with Starches and Sweeteners subsegment profit decreasing by 36%[20][21]. - Nutrition segment operating profit increased by 24% to $130 million, driven by a 79% increase in Animal Nutrition[25][27]. - Segment operating profit for Ag Services and Oilseeds was $379 million, down from $480 million in the prior year, a decrease of 21%[41]. - The Carbohydrate Solutions segment reported an operating profit of $336 million, a decline of 26% from $452 million in the same quarter of 2024[41]. Cash Flow and Capital Management - Year-to-date cash flows from operations were $5.8 billion, with cash flows before working capital of $2.1 billion[7]. - Cash and cash equivalents increased to $1,235 million from $784 million year-over-year, showing a growth of 57.4%[44]. - Total operating working capital decreased to $7,176 million from $9,297 million, a reduction of 22.8%[44]. - Long-term debt, including current maturities, decreased to $7,610 million from $8,303 million, a decline of 8.3%[44]. - Shareholders' equity increased to $22,502 million from $21,984 million, reflecting a growth of 2.4%[44]. - Net cash provided by operating activities for the nine months ended September 30, 2025, was $5.765 billion, a significant increase from $2.468 billion in the same period of 2024[45]. - The net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents for the nine months ended September 30, 2025, was $1.951 billion, compared to a decrease of $993 million in 2024[45]. Guidance and Future Outlook - Full-year 2025 adjusted EPS guidance was revised to $3.25 - $3.50 per share from approximately $4.00 per share[7]. - The company anticipates clarity on biofuel policy and trade policy evolution to provide demand signals for the industry moving forward[5]. Expenses and Charges - The company incurred impairment, exit, restructuring charges, and settlement contingencies of $201 million in the quarter ended September 30, 2025, compared to $500 million in the same quarter of 2024[48]. - The company incurred impairment, exit, restructuring charges, and settlement contingencies totaling $701 million for the year ended September 30, 2025, compared to $622 million for the year ended September 30, 2024[53]. - Railroad maintenance expenses for the year ended September 30, 2025, were $71 million, compared to $48 million for the year ended September 30, 2024, reflecting an increase of approximately 47.9%[53]. Investment and Equity - Equity earnings from the investment in Wilmar were approximately 10% lower year-over-year, excluding a $163 million penalty charge[17].