Will Restate Previously Filed Fiscal Year 2023 Form 10-K and Subsequent Forms 10-Q
Postpones Third Quarter Conference Call
ADM (NYSE:ADM) ("the Company") today reported preliminary financial results for the quarter ended September 30, 2024.
Preliminary* Third Quarter 2024 Highlights
- Net earnings expected to be reported at $18 million, with adjusted net earnings1 of $530 million
- See below for impact of non-cash charge against GAAP earnings for the third quarter of $461 million related to our Wilmar equity investment
- Earnings per share1 expected to be $0.04, with adjusted earnings per share1, 2 of $1.09, both down versus the prior year period
- Trailing four-quarter average return on invested capital (ROIC) of 6.6%, trailing four-quarter average adjusted return on invested capital (ROIC)1 of 8.8%
- Restatement of previously filed fiscal year 2023 Form 10-K and subsequent Forms 10-Q not expected to materially impact results on a consolidated basis
In regards to cash flows, our year to date cash flows from operating activities are expected to be $2.468 billion, with cash flows from operations before working capital1 of $2.341 billion, as compared to cash flows from operating activities of $1.891 billion and cash flows from operations before working capital1 of $3.804 billion for the corresponding prior-year YTD period.
