Archer Daniels Midland Co. Stock Performance
Archer Daniels Midland Co.'s stock (ADM) rose 3.5% early Tuesday following the company's optimistic guidance for 2024, which offset a profit and sales miss for the fourth quarter.
Financial Performance Overview
- Net income of $565 million, or $1.06 per share, for the quarter
- Adjusted earnings per share of $1.36 after one-time items, below FactSet consensus of $1.43
- Revenue decreased to $22.978 billion from $25.939 billion a year ago, also falling short of FactSet consensus
Upbeat 2024 Guidance
Investigation Update
Archer Daniels provided an update on the investigation into accounting practices at its nutrition business. Finance chief Vikram Luthar was placed on administrative leave on March 1 as the probe was launched. The company stated that the internal investigation is nearly complete and any necessary adjustments will not significantly impact financial statements.
Despite a 28% drop in stock price over the last year, Archer Daniels Midland remains optimistic for the future amidst a challenging market where the S&P 500 has seen significant gains.
All Rights Reserved © 2024
Post a comment