Archer-Daniels-Midland reported preliminary financial results for the third quarter ended September 30, 2024, on November 5, 2024, with adjusted earnings per share of $1.09, which fell below market expectations. The company noted that its Ag Services and Oilseeds and Nutrition businesses delivered results below anticipated levels.
ADM announced it would restate its fiscal year 2023 Form 10-K and the Forms 10-Q for the first and second quarters of 2024. This decision followed the identification of new errors related to intersegment sales and a material weakness in internal control over financial reporting.
The company also recorded a non-cash impairment charge of $461 million related to its equity investment in Wilmar. In response to these developments, ADM postponed its scheduled third-quarter conference call, indicating ongoing efforts to finalize its financial statements and strengthen internal controls.
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