Archer Daniels Midland 3Q Profit Plunges, Revenue Falls

Dow Jones11-19

By Sabela Ojea

Archer Daniels Midland said profit plunged in the third quarter, shortly after saying it would restate its 2023 filing with the Securities Exchange Commission, along with the first and second quarter forms.

The food-production and ethanol company on Monday posted a net profit of $18 million, or 4 cents a share, compared with $821 million, or $1.52 a share, for the same period a year earlier.

The company booked a $461 million non-cash charge related to its investment into Asia and Africa agriculture company Wilmar.

Stripping out one-time items, the company's earnings per share came in at $1.09 a share.

Revenue fell 8.1% to $19.9 billion after seeing its Ag Services and Oilseeds and Nutrition businesses hit by softer than expected market conditions. Wall Street had forecast revenue of $21.5 billion.

Regarding its restatement with the SEC, the company said it didn't impact its consolidated financial results for any of the periods covered by those reports. "We continue to focus on implementing enhancements to internal controls to ensure integrity and accuracy of reporting," Chief Executive Juan Luciano said.

The company continues to expect softer market conditions into next year. "We are redoubling our focus on productivity and operational excellence, while maintaining our disciplined approach to capital allocation," Luciano added.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

November 18, 2024 17:35 ET (22:35 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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