Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $0.92 and total segment operating profit of $845 million for the third quarter [4] - The trailing four-quarter adjusted return on invested capital (ROIC) was 6.7% and cash flow from operations before working capital changes was $2.1 billion year to date [4] - Adjusted earnings per share expectations for the full year 2025 have been revised down to a range of $3.25-$3.50, down from approximately $4 per share [12][21] Business Line Data and Key Metrics Changes - The Services & Oilseeds (AS&O) segment operating profit was $379 million, down 21% compared to the prior year quarter, primarily due to the deferral of U.S. biofuel policy [14] - Ag Services subsegment operating profit increased by 78% to $190 million, driven by higher export activity in North America [14] - Carbohydrate Solutions segment operating profit was $336 million, down 26% year-over-year, primarily due to a decline in global demand for sweeteners and starches [16] - Nutrition segment revenues were $1.9 billion, up 5% year-over-year, with operating profit increasing by 24% to $130 million [18] Market Data and Key Metrics Changes - The company achieved the best total export volume for September since 2016, which helped offset some weakness in the cash business [7] - Global soybean and canola crush execution margins were significantly lower than the prior year quarter, particularly in North America [15] - Ethanol EBITDA margins per gallon for the quarter were approximately double compared to the prior year quarter, with volumes roughly flat [17] Company Strategy and Development Direction - The company is focusing on operational excellence, portfolio optimization, and cost savings through a self-help agenda, targeting $200 million-$300 million in cost savings for 2025 [9][21] - A joint venture with Alltech in Animal Nutrition aims to transition the business into higher-margin specialty ingredients, expected to commence operations in 2026 [9][40] - The company is investing in innovation, particularly in flavor systems for energy drinks and natural colors, as well as postbiotics [10] Management's Comments on Operating Environment and Future Outlook - Management noted a challenging industry-wide operating environment but remains flexible and focused on long-term growth [4] - The deferral in U.S. biofuel policy has led to lowered expectations for full-year 2025, but management remains optimistic about 2026 due to potential improvements in market conditions [11][13] - The company is prepared for gradual improvements in margins as clarity on biofuel policies is expected [76] Other Important Information - The company has maintained a strong balance sheet and disciplined capital allocation, allowing for continued investments and shareholder returns [6] - The company has reduced inventory by $3.2 billion year to date, improving working capital efficiency [20] Q&A Session Summary Question: Can you help reconcile the sequential decline in the third quarter for crush? - Management explained that soybean crush rallied sharply post-RVO announcements but then moved lower due to various factors, including a decrease in U.S. acres and uncertainty about biofuels policy [30] Question: Can you clarify the insurance gains? - Management confirmed that insurance proceeds in the fourth quarter are expected to be funded half by captive insurance and half by third parties, with total proceeds lower than the previous year [35] Question: What are the benefits of the JV with Alltech? - The JV aims to pivot towards more specialty products in Animal Nutrition, combining the strengths of both companies to enhance operational improvements and synergies [40] Question: How does the company view the clarity on biofuel policy? - Management expressed optimism about the eventual clarity on biofuel policies, which is expected to positively impact margins and demand for domestic feedstocks [76] Question: What is the outlook for Ag Services? - Management noted that while Q3 was strong, the outlook for Q4 may be softer due to ongoing uncertainties regarding trade deals and farmer selling behavior [68]

Core Viewpoint - Hormel Foods is undergoing a restructuring process that involves cutting 250 corporate and sales jobs, which is expected to incur restructuring charges between $20 million and $25 million [1] Group 1: Company Actions - The company is reducing its workforce as part of a broader restructuring strategy [1] - Hormel Foods owns well-known brands such as Planters, Skippy, and Spam [1] Group 2: Financial Implications - The anticipated restructuring charges are estimated to be in the range of $20 million to $25 million [1]

Core Insights - Beyond Meat Inc. is experiencing a significant decline in momentum rankings, dropping to the bottom 10th percentile of Benzinga's report [1] - The company's stock score plummeted from 25.74 to 3.38, indicating a loss of 22.36 points in a short period, with no positive momentum observed across any timeframe [2] - The rescheduling of the Q3 earnings report to November 11 has negatively impacted investor sentiment, attributed to the need for additional time to address a substantial non-cash impairment charge [3] - Preliminary Q3 revenue guidance remains stagnant at $68–73 million, reflecting no growth and continued margin pressure, with gross margins expected at 10–11% due to costs associated with shutdowns in China [4] - A brief rally in October, driven by retail traders' interest, has been overshadowed by underlying fundamental weaknesses [5] - The stock closed 16.01% lower at $1.39, with a year-to-date decline of 63.9% and a yearly drop of 76.99% [6]

Core Insights - Beyond Meat Inc. is experiencing a significant decline in momentum rankings, dropping to the bottom 10th percentile of Benzinga's report [1] - The company's stock score plummeted from 25.74 to 3.38, indicating a loss of 22.36 points in a short period, with no positive momentum observed across any timeframe [2] - The rescheduling of the Q3 earnings report to November 11 has negatively impacted investor sentiment, attributed to the need for additional time to address a substantial non-cash impairment charge [3] - Preliminary Q3 revenue guidance remains stagnant at $68–73 million, reflecting no growth and continued margin pressure, with gross margins expected at 10–11% due to costs associated with shutdowns in China [4] - A brief rally in October, driven by retail traders' interest, has been overshadowed by underlying fundamental weaknesses [5] - The stock closed 16.01% lower at $1.39, with a year-to-date decline of 63.9% and a yearly drop of 76.99% [6]

Group 1 - Archer Daniels Midland has cut its full-year earnings outlook due to pressured margins [1] - The company reported higher profit and revenue in the third quarter [1] - The operating environment remains dynamic for the company [1]

Core Insights - Ingredion Incorporated reported its third quarter results for 2025, highlighting a mixed performance across its business segments, with a notable decline in earnings per share compared to the previous year [1][6]. Financial Performance - The company reported diluted earnings per share (EPS) of $2.61 for Q3 2025, down from $2.83 in Q3 2024, reflecting a decrease of 8% [4][6]. - Adjusted diluted EPS also fell to $2.75 from $3.05, marking a 10% decline year-over-year [4][6]. - Reported operating income decreased by 7% to $249 million, while adjusted operating income fell by 10% to $254 million compared to the same quarter last year [10][46]. Segment Performance - The Texture & Healthful Solutions segment achieved 4% sales volume growth, driven by double-digit increases in clean label ingredient solutions in the U.S./Canada and Asia-Pacific [2][3]. - The Food & Industrial Ingredients—U.S./Canada segment saw an 18% decline in operating income, primarily due to production challenges at a major facility and reduced consumer demand [3][17]. - The Food & Industrial Ingredients—LATAM segment's operating income decreased by 11%, impacted by lower brewing industry demand and a challenging economic environment [3][15]. Sales and Revenue - Total net sales for Q3 2025 were $1.816 billion, a 3% decrease from $1.870 billion in Q3 2024, driven by lower volumes across the F&II segments [7][45]. - Year-to-date net sales also declined by 3%, totaling $5.462 billion compared to $5.630 billion in the previous year [7][45]. Strategic Outlook - The company plans to continue investing in organic growth opportunities and mergers and acquisitions to strengthen its Texture & Healthful Solutions portfolio [3][21]. - Full-year 2025 guidance for reported EPS is projected to be in the range of $11.11 to $11.31, with adjusted EPS expected between $11.10 and $11.30 [21][23]. Shareholder Returns - In Q3 2025, Ingredion paid $54 million in dividends and declared a quarterly dividend of $0.82 per share, marking the 11th consecutive annual increase [20][21]. - The company repurchased $134 million in common stock year-to-date through September 30, 2025 [20].

Core Viewpoint - Associated British Foods, the owner of Primark, reported a 13% decline in full-year profit, primarily due to poor performance in its sugar business, which was impacted by low European prices. However, the company anticipates an improved outcome in the upcoming financial year [1] Group 1 - The company experienced a 13% fall in full-year profit [1] - The decline in profit was significantly influenced by the weak performance of its sugar business [1] - Low European prices were a key factor affecting the sugar business [1] Group 2 - The company forecasts an improved outcome for the new financial year [1]

Core Viewpoint - The establishment of Gengma Rongji Rice Noodle Processing Workshop indicates a new player entering the food processing industry, focusing on food sales and production [1] Company Summary - Gengma Rongji Rice Noodle Processing Workshop is registered with a capital of 100,000 RMB [1] - The legal representative of the company is Yang Rong [1] - The business scope includes licensed projects such as food sales, food production, and small-scale catering [1] Industry Summary - The company is involved in the food processing sector, specifically in the production and sale of pre-packaged food [1] - The operation of the business is subject to approval from relevant authorities, indicating regulatory compliance is necessary for its activities [1]

Core Viewpoint - Beyond Meat's stock has experienced a significant decline, falling 16% on Monday and down 63% year-to-date after a previous surge fueled by retail investor interest [1][4]. Group 1: Stock Performance - Beyond Meat's stock fell as much as 16% on Monday, extending a weeklong decline following a meme-fueled rally [1]. - The stock had previously surged by 1,300% in four days during September but has since tumbled significantly [1]. - The stock briefly approached $10 a share last month before the recent decline [4]. Group 2: Earnings Report Delay - Beyond Meat announced a delay in its third-quarter earnings report to November 11, due to the need to recalculate a non-cash impairment charge [2]. - The company indicated that the impairment charge is expected to be material, but it cannot yet quantify the amount [2]. - This delay presents another obstacle for retail investors who were hoping for a renewed rally [3]. Group 3: Investor Sentiment - The delay of the earnings report has disappointed some retail investors, particularly those on the byndinvest subreddit [3]. - Despite the setback, some investors remain committed to holding the stock, hoping for future positive catalysts [3].

CapitaLand China Trust - CapitaLand China Trust (CLCT) reported an 8% YoY decline in gross revenue to RMB416.6 million and an 8.5% YoY decrease in net property income (NPI) to RMB273.5 million [2][3] - The decline is attributed to lower rents, occupancy, and the divestment of CapitaMall Yuhuating [3] - The retail segment has a high occupancy rate of 97.1%, contributing 69.96% of gross rental income, with shopper traffic up 4.5% YoY and tenant sales rising 3.2% [4] - Rental reversion for retail, business parks, and logistics parks declined by 1.5%, 8.9%, and 24.5% respectively [4] - The company has a gearing ratio of 38.8%, down from 42.1%, and a financing cost of 3.36% [5] CDL Hospitality Trusts - CDL Hospitality Trusts reported a 5.6% YoY decline in NPI to S$34.3 million, with Singapore properties down 8.1% YoY [7] - Average daily revenue (ADR) decreased by 9.4% to S$228, while revenue per available room (RevPar) dropped 5.9% to S$201 [7] - UK operations showed strong performance with NPI rising 8.6% YoY to approximately S$4.8 million [8] - The company has a stable gearing ratio of 42.4% and a weighted average cost of debt of 3.4% [9] - Management anticipates stronger performance in 4Q2025 due to F1 and tourism recovery [10] Wilmar International - Wilmar International reported a 7.4% YoY increase in revenue to US$19.1 billion, with core net profit rising 71.6% to US$357.2 million, excluding a one-off US$712 million penalty [11][12] - Sales for food products increased by 6.5% YoY, with strong performance in oil, flour, and rice businesses [12][13] - Operating cash flows surged 70% YoY to US$2.1 billion, reducing net debt to US$16.5 billion and improving net gearing ratio to 0.82 times [14] - Management expects robust operating performance to continue barring adverse geopolitical developments [15] Keppel Limited - Keppel Limited reported a 25% growth in core operating segment earnings for the nine months ended 2025 [16] - Recurring income increased by 15% YoY, supported by higher contributions from asset management [17] - The company raised S$6.7 billion in funds under management, with S$2.4 billion in asset monetization completed [18] - Management aims for continued asset monetization and EBITDA growth in 2025, signaling potential for higher shareholder returns [19]