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May 1, 2024 Source: ADM news release CHICAGO--ADM (NYSE: ADM) today reported financial results for the quarter ended March 31, 2024. 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 Juan Luciano. "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." Summary of First Quarter 2024 For the first quarter ended March 31, 2024, earnings per share on a GAAP basis were $1.42. Segment operating profit on a GAAP basis was $1,311 million and included charges of $6 million, or approximately $0.01 per share, related to impairments and restructuring. Adjusted segment operating profit was $1,317 million for the first quarter, a 24% decrease versus the prior year period. Adjusted earnings per share were $1.46. Lower pricing and execution margins led to a decline of $1.00 per share versus the prior year period, largely reflecting the impact of lower crush and origination margins, as well as lower mark-to-market timing impacts of $0.38 per share. Improved input and manufacturing costs, primarily related to lower energy costs, led to an increase of $0.15 per share versus the prior year. Volume improvement represented a $0.20 per share increase versus the prior year period, primarily reflecting higher processed volumes in AS&O. Higher equity earnings led to a $0.07 per share increase in the first quarter of 2024 versus the prior year period. To read the entire report click here. Tweet |
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