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Sep 30, 2024
ADM Q3 2024 Earnings Report
Reported third quarter results consistent with preliminary results, restated fiscal year 2023 Form 10-K and subsequent Forms 10-Q, and the restatement had no impact on consolidated financial results for 2023 and first and second quarters of 2024.
Key Takeaways
ADM reported third quarter 2024 financial results, with net earnings of $18 million and adjusted net earnings of $530 million. EPS was $0.04, while adjusted EPS was $1.09. The company filed its restated financial statements with no impact on ADM’s consolidated balance sheet, earnings, or cash flows for the periods presented in the restated filings.
Net earnings of $18 million, adjusted net earnings of $530 million (includes non-cash charge against GAAP earnings of $461 million related to our Wilmar equity investment)
Earnings per share of $0.04, with adjusted earnings per share 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) of 8.8%
Year-to-date cash flows from operating activities were $2,468 million, with cash flows from operations before working capital of $2,341 million
Revenue by Segment
Forward Guidance
ADM expects adjusted earnings per share in the range of $4.50 to $5.00 for the full year 2024 based on trends in ADM’s performance to date, legislative and regulatory policy uncertainties, and ongoing headwinds from slower market demand and internal operational challenges.
Positive Outlook
- Improved environment in Ag Services is expected.
- Solid demand and margins in North American Starches & Sweeteners.
- Strong fundamentals in ethanol.
- Fourth quarter operating profit will be higher than the prior year period in Nutrition.
Challenges Ahead
- Slower market demand.
- Internal operational challenges.
- Lower margins in Crushing and Refined Products & Other.
- Moderating wheat milling margins.
- Softer consumer demand, lower texturants pricing, and ongoing operational challenges, including prolonged downtime at Decatur East.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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