ADM Reports First Quarter 2024 Results, Affirms Full-Year EPS Guidance
Reported EPS of
First Quarter 2024 Highlights
-
Segment operating profit of
$1,311 million , adjusted segment operating profit1 of$1,317 million - Trailing four-quarter average adjusted return on invested capital (ROIC)1 of 11.2%
“ADM’s solid first quarter results showcased our team’s ability to execute our strategy with agility in the face of anticipated challenging market conditions,” said Chair of the Board and CEO
“To manage through the cycle, we are driving key strategic initiatives across the business, including the ramp-up of production at our Green Bison JV and the scaling of our regenerative agriculture and BioSolutions efforts. Our productivity initiative pipeline is also expanding and we are already seeing the results of our actions to reduce supply chain complexity and better serve our customers in Nutrition as the segment delivered sequential quarterly improvement in operating profit. Our capital deployment actions such as our accelerated share repurchase program also continue to contribute to enhanced shareholder returns. Driving these priorities forward, we remain confident in our guidance for the year.”
First Quarter 2024 Results
1Q 2024 Results Overview |
|
|
($ in millions except per share amounts) |
|
|
|
Segment Operating Profit |
EPS (as reported) |
GAAP |
|
|
vs. 1Q 2023 |
(24)% |
(33)% |
|
|
|
|
Adjusted Segment Operating Profit1 |
Adjusted EPS1 |
NON-GAAP |
|
|
vs 1Q 2023 |
(24)% |
(30)% |
1 Non-GAAP financial measures; see pages 4, 5, 6, 11 and 12 for explanations and reconciliations. |
Summary of First Quarter 2024
For the first quarter ended
Adjusted segment operating profit was
1Q 2024 Segment Overview
($ in millions, except where noted) |
1Q 2024 |
1Q 20232 |
% Change |
Adjusted Segment Operating Profit1 |
|
|
(24)% |
Ag Services & Oilseeds |
864 |
1,211 |
(29)% |
Carbohydrate Solutions |
248 |
279 |
(11)% |
Nutrition |
84 |
138 |
(39)% |
Other |
121 |
97 |
25% |
|
|
|
|
1 Non-GAAP financial measure; see pages 5 and 6 for explanation and reconciliation. |
|||
2 2023 Ag Services & Oilseeds, Carbohydrate Solutions, and Nutrition segment operating profits have been revised to reflect immaterial error corrections with no change to total Adjusted Segment Operating Profit. See Note 13, Segment Information of the Company’s consolidated financial statements included in the Quarterly Report on Form 10-Q for the quarter ended |
Ag Services and Oilseeds Summary
AS&O segment operating profit was
1Q 2024 AS&O Overview
($ in millions, except where noted) |
1Q 2024 |
1Q 2023 |
% Change |
Segment Operating Profit |
|
|
(29)% |
Ag Services |
232 |
348 |
(33)% |
Crushing |
313 |
427 |
(27)% |
Refined Products and Other |
170 |
327 |
(48)% |
Wilmar |
149 |
109 |
37% |
|
|
|
|
Carbohydrate Solutions Summary
Carbohydrate Solutions segment operating profit was
1Q 2024 Carbohydrate Solutions Overview
($ in millions, except where noted) |
1Q 2024 |
1Q 2023 |
% Change |
Segment Operating Profit |
|
|
(11)% |
Starches and Sweeteners |
261 |
313 |
(17)% |
|
(13) |
(34) |
62% |
|
|
|
|
Nutrition Summary
Nutrition segment operating profit was
1Q 2024 Nutrition Overview
($ in millions, except where noted) |
1Q 2024 |
1Q 2023 |
% Change |
Segment Operating Profit |
|
|
(39)% |
Human Nutrition |
76 |
138 |
(45)% |
Animal Nutrition |
8 |
— |
—% |
|
|
|
|
Other and Corporate Summary
For the first quarter, Other segment operating profit was
In Corporate, unallocated corporate costs increased versus the prior year on higher global technology investments to support digital transformation efforts and increased legal fees. Other Corporate was unfavorable compared to the prior year due to investment valuation losses of approximately
Outlook
The Company affirms its previously provided EPS guidance for the full year.
_____________________________ |
2
Forecasted GAAP Earnings Reconciliation:
|
Conference Call Information
About
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements, other than statements of historical fact included in this release, are forward-looking statements. You can identify forward-looking statements by the fact they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “outlook,” “will,” “should,” “can have,” “likely,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. All forward-looking statements are subject to significant risks, uncertainties and changes in circumstances that could cause actual results and outcomes to differ materially from the forward-looking statements. These forward-looking statements are not guarantees of future performance and involve risks, assumptions and uncertainties, including, without limitation, those that are described in the Company’s most recent Annual Report on Form 10-K and in other documents that the Company files or furnishes with the
Non-GAAP Financial Measures
The Company uses certain “Non-GAAP” financial measures as defined by the
Adjusted net earnings and Adjusted earnings per share (EPS). Adjusted net earnings reflects ADM’s reported net earnings after removal of the effect on net earnings of specified items as more fully described in the reconciliation tables below. Adjusted EPS reflects ADM’s fully diluted EPS after removal of the effect on EPS as reported of specified items as more fully described in the reconciliation tables below. Management believes that Adjusted net earnings and Adjusted EPS are useful measures of ADM’s performance because they provide investors additional information about ADM’s operations allowing better evaluation of underlying business performance and better period-to-period comparability. These non-GAAP financial measures are not intended to replace or be alternatives to net earnings and EPS as reported, the most directly comparable GAAP financial measures, or any other measures of operating results under GAAP. Earnings amounts described above have been divided by the company’s diluted shares outstanding for each respective period in order to arrive at an adjusted EPS amount for each specified item.
Segment operating profit and adjusted segment operating profit. Segment operating profit is ADM’s consolidated income from operations before income tax excluding corporate items. Adjusted segment operating profit, a non-GAAP measure, is segment operating profit excluding specified items. Management believes that segment operating profit and adjusted segment operating profit are useful measures of ADM’s performance because they provide investors information about ADM’s business unit performance excluding corporate overhead costs as well as specified items. Segment operating profit and adjusted segment operating profit are not measures of consolidated operating results under
Adjusted Return on
Financial Tables Follow
Source: Corporate Release
Source:
Segment Operating Profit, Adjusted Segment Operating Profit (a non-GAAP financial measure) |
|||||||||
and Corporate Results |
|||||||||
(unaudited) |
|||||||||
|
Quarter ended |
|
|||||||
|
|
|
|||||||
(In millions) |
2024 |
2023 |
Change |
||||||
|
|
|
|
||||||
Segment Operating Profit |
$ |
1,311 |
|
$ |
1,719 |
|
$ |
(408 |
) |
Specified items: |
|
|
|
||||||
(Gain) loss on sales of assets |
|
— |
|
|
(1 |
) |
|
1 |
|
Impairment and restructuring charges |
|
6 |
|
|
7 |
|
|
(1 |
) |
Adjusted Segment Operating Profit |
$ |
1,317 |
|
$ |
1,725 |
|
$ |
(408 |
) |
|
|
|
|
||||||
Ag Services and Oilseeds |
$ |
864 |
|
$ |
1,211 |
|
$ |
(347 |
) |
Ag Services |
|
232 |
|
|
348 |
|
|
(116 |
) |
Crushing |
|
313 |
|
|
427 |
|
|
(114 |
) |
Refined Products and Other |
|
170 |
|
|
327 |
|
|
(157 |
) |
Wilmar |
|
149 |
|
|
109 |
|
|
40 |
|
|
|
|
|
||||||
Carbohydrate Solutions |
$ |
248 |
|
$ |
279 |
|
$ |
(31 |
) |
Starches and Sweeteners |
|
261 |
|
|
313 |
|
|
(52 |
) |
|
|
(13 |
) |
|
(34 |
) |
|
21 |
|
|
|
|
|
||||||
Nutrition |
$ |
84 |
|
$ |
138 |
|
$ |
(54 |
) |
Human Nutrition |
|
76 |
|
|
138 |
|
|
(62 |
) |
Animal Nutrition |
|
8 |
|
|
— |
|
|
8 |
|
|
|
|
|
||||||
Other Business |
$ |
121 |
|
$ |
97 |
|
$ |
24 |
|
|
|
|
|
||||||
|
|
|
|
||||||
Segment Operating Profit |
$ |
1,311 |
|
$ |
1,719 |
|
$ |
(408 |
) |
|
|
|
|
||||||
Corporate Results |
$ |
(426 |
) |
$ |
(322 |
) |
$ |
(104 |
) |
|
|
|
|
||||||
Interest expense - net |
|
(110 |
) |
|
(103 |
) |
|
(7 |
) |
Unallocated corporate costs |
|
(304 |
) |
|
(248 |
) |
|
(56 |
) |
Other |
|
— |
|
|
24 |
|
|
(24 |
) |
Specified items: |
|
|
|
||||||
Gain on debt conversion option |
|
— |
|
|
5 |
|
|
(5 |
) |
Restructuring charges |
|
(12 |
) |
|
— |
|
|
(12 |
) |
Earnings Before Income Taxes |
$ |
885 |
|
$ |
1,397 |
|
$ |
(512 |
) |
Segment operating profit is ADM’s consolidated income from operations before income tax excluding corporate items. Adjusted segment operating profit, a non-GAAP financial measure, is segment operating profit excluding specified items. Management believes that segment operating profit and adjusted segment operating profit are useful measures of ADM’s performance because they provide investors information about ADM’s business unit performance excluding corporate overhead costs as well as specified items. Segment operating profit and adjusted segment operating profit are not measures of consolidated operating results under |
Consolidated Statements of Earnings |
|||||||
(unaudited) |
|||||||
|
Quarter ended |
||||||
|
|
||||||
|
2024 |
|
2023 |
||||
|
(in millions, except per share amounts) |
||||||
|
|
|
|
||||
Revenues |
$ |
21,847 |
|
|
$ |
24,072 |
|
Cost of products sold |
|
20,188 |
|
|
|
21,992 |
|
Gross profit |
|
1,659 |
|
|
|
2,080 |
|
Selling, general, and administrative expenses |
|
951 |
|
|
|
881 |
|
Asset impairment, exit, and restructuring costs |
|
18 |
|
|
|
7 |
|
Equity in (earnings) losses of unconsolidated affiliates |
|
(212 |
) |
|
|
(174 |
) |
Interest and investment income |
|
(123 |
) |
|
|
(134 |
) |
Interest expense (1) |
|
166 |
|
|
|
147 |
|
Other (income) expense - net (2) |
|
(26 |
) |
|
|
(44 |
) |
Earnings before income taxes |
|
885 |
|
|
|
1,397 |
|
Income tax expense (benefit) (3) |
|
166 |
|
|
|
225 |
|
Net earnings including noncontrolling interests |
|
719 |
|
|
|
1,172 |
|
|
|
|
|
||||
Less: Net earnings (losses) attributable to noncontrolling interests |
|
(10 |
) |
|
|
2 |
|
Net earnings attributable to |
$ |
729 |
|
|
$ |
1,170 |
|
|
|
|
|
||||
Diluted earnings per common share |
$ |
1.42 |
|
|
$ |
2.12 |
|
|
|
|
|
||||
Average diluted shares outstanding |
|
514 |
|
|
|
551 |
|
|
|
|
|
(1) Includes (gains) losses related to the mark-to-market adjustment of the conversion option of the exchangeable bond issued in |
|
(2) Includes net (gains) losses related to the sale of certain assets of |
|
(3) Includes the tax expense (benefit) impact of specified items and tax discrete items totaling |
Summary of Financial Condition |
||||||
(unaudited) |
||||||
|
|
|
|
|
||
|
|
(in millions) |
||||
Net Investment In |
|
|
|
|
||
Cash and cash equivalents |
|
$ |
830 |
|
$ |
899 |
Operating working capital |
|
|
10,181 |
|
|
13,457 |
Property, plant, and equipment |
|
|
10,596 |
|
|
10,071 |
Investments in affiliates |
|
|
5,566 |
|
|
5,525 |
|
|
|
7,051 |
|
|
6,583 |
Other non-current assets |
|
|
2,612 |
|
|
2,298 |
|
|
$ |
36,836 |
|
$ |
38,833 |
Financed By |
|
|
|
|
||
Short-term debt |
|
$ |
1,734 |
|
$ |
1,809 |
Long-term debt, including current maturities |
|
|
8,246 |
|
|
8,697 |
Deferred liabilities |
|
|
3,317 |
|
|
3,130 |
Temporary equity |
|
|
307 |
|
|
301 |
Shareholders’ equity |
|
|
23,232 |
|
|
24,896 |
|
|
$ |
36,836 |
|
$ |
38,833 |
Summary of Cash Flows |
||||||||
(unaudited) |
||||||||
|
|
Three months ended |
||||||
|
|
|
||||||
|
|
2024 |
|
2023 |
||||
|
|
(in millions) |
||||||
Operating Activities |
|
|
|
|
||||
Net earnings |
|
$ |
719 |
|
|
$ |
1,172 |
|
Depreciation and amortization |
|
|
280 |
|
|
|
259 |
|
Asset impairment charges |
|
|
3 |
|
|
|
3 |
|
(Gains) losses on sales/revaluation of assets |
|
|
14 |
|
|
|
(11 |
) |
Other - net |
|
|
(134 |
) |
|
|
(113 |
) |
Other changes in operating assets and liabilities |
|
|
(182 |
) |
|
|
(2,920 |
) |
Total Operating Activities |
|
|
700 |
|
|
|
(1,610 |
) |
|
|
|
|
|
||||
Investing Activities |
|
|
|
|
||||
Purchases of property, plant and equipment |
|
|
(328 |
) |
|
|
(327 |
) |
Net assets of businesses acquired |
|
|
(915 |
) |
|
|
— |
|
Proceeds from sale of business/assets |
|
|
6 |
|
|
|
13 |
|
Investments in affiliates |
|
|
(4 |
) |
|
|
(4 |
) |
Other investing activities |
|
|
11 |
|
|
|
(10 |
) |
Total Investing Activities |
|
|
(1,230 |
) |
|
|
(328 |
) |
|
|
|
|
|
||||
Financing Activities |
|
|
|
|
||||
Long-term debt payments |
|
|
— |
|
|
|
(2 |
) |
Net borrowings (payments) under lines of credit |
|
|
1,619 |
|
|
|
1,306 |
|
Share repurchases |
|
|
(1,327 |
) |
|
|
(351 |
) |
Cash dividends |
|
|
(257 |
) |
|
|
(248 |
) |
Other |
|
|
(37 |
) |
|
|
(107 |
) |
Total Financing Activities |
|
|
(2 |
) |
|
|
598 |
|
Effect of exchange rate on cash, cash equivalents, restricted cash, and restricted cash equivalents |
|
|
(13 |
) |
|
|
(6 |
) |
Increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents |
|
|
(545 |
) |
|
|
(1,346 |
) |
Cash, cash equivalents, restricted cash, and restricted cash equivalents - beginning of period |
|
|
5,390 |
|
|
|
7,033 |
|
Cash, cash equivalents, restricted cash, and restricted cash equivalents - end of period |
|
$ |
4,845 |
|
|
$ |
5,687 |
|
Segment Operating Analysis |
|||||
(unaudited) |
|||||
|
Quarter ended |
||||
|
|
||||
|
2024 |
|
2023 |
||
|
(in ‘000s metric tons) |
||||
Processed volumes (by commodity) |
|
|
|
||
Oilseeds |
|
9,387 |
|
|
8,627 |
Corn |
|
4,407 |
|
|
4,394 |
Total processed volumes |
|
13,794 |
|
|
13,021 |
|
|
|
|
||
|
|
|
|
||
|
Quarter ended |
||||
|
|
||||
|
2024 |
|
2023 |
||
|
(in millions) |
||||
Revenues |
|
|
|
||
Ag Services and Oilseeds |
$ |
17,219 |
|
$ |
18,579 |
Carbohydrate Solutions |
|
2,683 |
|
|
3,537 |
Nutrition |
|
1,836 |
|
|
1,853 |
Other Business |
|
109 |
|
|
103 |
Total revenues |
$ |
21,847 |
|
$ |
24,072 |
Adjusted Earnings Per Share |
||||||||||
A non-GAAP financial measure |
||||||||||
(unaudited) |
||||||||||
|
Quarter ended |
|||||||||
|
2024 |
2023 |
||||||||
|
In millions |
Per share |
In millions |
Per share |
||||||
Net earnings and fully diluted EPS |
$ |
729 |
$ |
1.42 |
$ |
1,170 |
|
$ |
2.12 |
|
Adjustments: |
|
|
|
|
||||||
Loss (gain) on sales of assets and businesses (a) |
|
— |
|
— |
|
(1 |
) |
|
— |
|
Impairment and restructuring charges (b) |
|
18 |
|
0.03 |
|
5 |
|
|
0.01 |
|
Gain on debt conversion option (c) |
|
— |
|
— |
|
(5 |
) |
|
(0.01 |
) |
Tax adjustment (d) |
|
3 |
|
0.01 |
|
(18 |
) |
|
(0.03 |
) |
Sub-total adjustments |
|
21 |
|
0.04 |
|
(19 |
) |
|
(0.03 |
) |
Adjusted net earnings and adjusted EPS |
$ |
750 |
$ |
1.46 |
$ |
1,151 |
|
$ |
2.09 |
|
(a) |
Prior-year quarter gain of |
(b) |
Current quarter and prior-year quarter charges of |
(c) |
Prior-year quarter gain on debt conversion of |
(d) |
Tax expense (benefit) adjustment due to certain discrete items totaling |
Adjusted net earnings reflects ADM’s reported net earnings after removal of the effect on net earnings of specified items as more fully described above. Adjusted EPS reflects ADM’s fully diluted EPS after removal of the effect on EPS as reported of specified items as more fully described above. Management believes that Adjusted net earnings and Adjusted EPS are useful measures of ADM’s performance because they provide investors additional information about ADM’s operations allowing better evaluation of underlying business performance and better period-to-period comparability. These non-GAAP financial measures are not intended to replace or be alternatives to net earnings and EPS as reported, the most directly comparable GAAP financial measures, or any other measures of operating results under GAAP. Earnings amounts described above have been divided by the company’s diluted shares outstanding for each respective period in order to arrive at an adjusted EPS amount for each specified item. |
Adjusted Return on |
|||||||||||||||||||
A non-GAAP financial measure |
|||||||||||||||||||
(unaudited) |
|||||||||||||||||||
Adjusted ROIC Earnings (in millions) |
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
Four Quarters |
|||||||||||
|
Quarter Ended |
|
Ended |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net earnings attributable to |
$ |
927 |
|
|
$ |
821 |
|
|
$ |
565 |
|
|
$ |
729 |
|
|
$ |
3,042 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense |
|
124 |
|
|
|
97 |
|
|
|
109 |
|
|
|
115 |
|
|
|
445 |
|
Other adjustments |
|
130 |
|
|
|
76 |
|
|
|
167 |
|
|
|
21 |
|
|
|
394 |
|
Total adjustments |
|
254 |
|
|
|
173 |
|
|
|
276 |
|
|
|
136 |
|
|
|
839 |
|
Tax on adjustments |
|
(52 |
) |
|
|
(40 |
) |
|
|
(38 |
) |
|
|
(27 |
) |
|
|
(157 |
) |
Net adjustments |
|
202 |
|
|
|
133 |
|
|
|
238 |
|
|
|
109 |
|
|
|
682 |
|
Total Adjusted ROIC Earnings |
$ |
1,129 |
|
|
$ |
954 |
|
|
$ |
803 |
|
|
$ |
838 |
|
|
$ |
3,724 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
|
Quarter Ended |
|
Trailing Four |
||||||||||||
|
|
|
|
|
|
|
|
|
Quarter Average |
||||||
|
|
|
|
|
|
|
|
|
|
||||||
Equity (1) |
$ |
24,939 |
|
$ |
25,228 |
|
$ |
24,132 |
|
$ |
23,219 |
|
$ |
24,380 |
|
+ Interest-bearing liabilities (2) |
|
8,675 |
|
|
8,346 |
|
|
8,370 |
|
|
9,995 |
|
|
8,847 |
|
Other adjustments |
|
108 |
|
|
59 |
|
|
155 |
|
|
21 |
|
|
86 |
|
|
$ |
33,722 |
|
$ |
33,633 |
|
$ |
32,657 |
|
$ |
33,235 |
|
$ |
33,313 |
|
|
|
|
|
|
|
|
|
|
|
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Adjusted Return on |
|
|
|
|
|
|
|
|
11.2 |
% |
|||||
(1) Excludes noncontrolling interests |
|||||||||||||||
(2) Includes short-term debt, current maturities of long-term debt, finance lease obligations, and long-term debt |
Adjusted ROIC is Adjusted ROIC earnings divided by adjusted invested capital. Adjusted ROIC earnings is ADM’s net earnings adjusted for the after-tax effects of interest expense on borrowings, and specified items. Adjusted invested capital is the sum of ADM’s equity (excluding noncontrolling interests) and interest-bearing liabilities adjusted for the after-tax effect of specified items. Management believes Adjusted ROIC is a useful financial measure because it provides investors information about ADM’s returns excluding the impacts of specified items and increases period-to-period comparability of underlying business performance. Management uses Adjusted ROIC to measure ADM’s performance by comparing Adjusted ROIC to its weighted average cost of capital (WACC). Adjusted ROIC, Adjusted ROIC earnings and Adjusted invested capital are non-GAAP financial measures and are not intended to replace or be alternatives to GAAP financial measures. |
Adjusted Earnings Before Interest, Taxes, and Depreciation and Amortization (EBITDA) |
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A non-GAAP financial measure |
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(unaudited) |
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|
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The tables below provide a reconciliation of net earnings to adjusted EBITDA and adjusted EBITDA by segment for the trailing four quarters ended |
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|
|
|
|
|
|
|
|
|
Four Quarters |
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|
Quarter Ended |
|
Ended |
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|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
(in millions) |
|
|
|
|
|||||||||
Net earnings |
$ |
927 |
|
|
$ |
821 |
|
$ |
565 |
|
|
$ |
729 |
|
|
$ |
3,042 |
|
Net earnings (losses) attributable to noncontrolling interests |
|
1 |
|
|
|
3 |
|
|
(23 |
) |
|
|
(10 |
) |
|
|
(29 |
) |
Income tax expense |
|
204 |
|
|
|
207 |
|
|
192 |
|
|
|
166 |
|
|
|
769 |
|
Interest expense |
|
124 |
|
|
|
97 |
|
|
109 |
|
|
|
115 |
|
|
|
445 |
|
Depreciation and amortization |
|
262 |
|
|
|
261 |
|
|
277 |
|
|
|
280 |
|
|
|
1,080 |
|
EBITDA |
|
1,518 |
|
|
|
1,389 |
|
|
1,120 |
|
|
|
1,280 |
|
|
|
5,307 |
|
(Gain) loss on sales of assets and businesses |
|
(11 |
) |
|
|
2 |
|
|
(7 |
) |
|
|
— |
|
|
|
(16 |
) |
Impairment and restructuring charges and settlement contingencies |
|
117 |
|
|
|
71 |
|
|
172 |
|
|
|
18 |
|
|
|
378 |
|
Railroad maintenance expense |
|
2 |
|
|
|
26 |
|
|
39 |
|
|
|
— |
|
|
|
67 |
|
Expenses related to acquisitions |
|
3 |
|
|
|
3 |
|
|
1 |
|
|
|
— |
|
|
|
7 |
|
Adjusted EBITDA |
$ |
1,629 |
|
|
$ |
1,491 |
|
$ |
1,325 |
|
|
$ |
1,298 |
|
|
$ |
5,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Four Quarters |
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|
Quarter Ended |
|
Ended |
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|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
(in millions) |
|
|
|
|
||||||||||
Ag Services and Oilseeds |
$ |
1,143 |
|
|
$ |
937 |
|
|
$ |
1,053 |
|
|
$ |
959 |
|
|
$ |
4,092 |
|
Carbohydrate Solutions |
|
397 |
|
|
|
546 |
|
|
|
387 |
|
|
|
325 |
|
|
|
1,655 |
|
Nutrition |
|
237 |
|
|
|
197 |
|
|
|
58 |
|
|
|
158 |
|
|
|
650 |
|
Other Business |
|
84 |
|
|
|
44 |
|
|
|
143 |
|
|
|
119 |
|
|
|
390 |
|
Corporate |
|
(232 |
) |
|
|
(233 |
) |
|
|
(316 |
) |
|
|
(263 |
) |
|
|
(1,044 |
) |
Adjusted EBITDA |
$ |
1,629 |
|
|
$ |
1,491 |
|
|
$ |
1,325 |
|
|
$ |
1,298 |
|
|
$ |
5,743 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, and amortization, adjusted for specified items. The Company calculates adjusted EBITDA by removing the impact of specified items and adding back the amounts of income tax expense, interest expense on borrowings, and depreciation and amortization to net earnings. Management believes that adjusted EBITDA is a useful measure of the Company’s performance because it provides investors additional information about the Company’s operations allowing better evaluation of underlying business performance and better period-to-period comparability. Adjusted EBITDA is a non-GAAP financial measure and is not intended to replace or be an alternative to net earnings, the most directly comparable GAAP financial measure. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240430649673/en/
Media Contact
media@adm.com
312-634-8484
Investor Relations
Megan.Britt@adm.com
872-257-8378
Source: