ADM Reports 2024 Q2 Financials – $1.03 Adjusted EPS

By Tamara Parker • Tuesday, July 30 15:24 • Permanent Link

ADM (NYSE: ADM) has reported its financial results for the second quarter of 2024, affirming a full-year EPS guidance. The company's reported EPS stood at $0.98, while the adjusted EPS was $1.03.

In the second quarter of 2024, net earnings were $486 million, with adjusted net earnings at $508 million. Earnings before taxes totaled $596 million, segment operating profit at $1,014 million, and adjusted segment operating profit at $1,021 million. The trailing four-quarter average return on invested capital (ROIC) was reported at 8.9%, while the trailing four-quarter average adjusted ROIC was 9.7%.

Comparing the second quarter of 2024 to the same period in 2023, there was a 47% decrease in earnings before taxes, a 42% decrease in GAAP EPS, and a 46% decrease in adjusted EPS.

For the first half of 2024, earnings before taxes were $1,481 million, with GAAP EPS at $2.41, and adjusted EPS at $2.49. These figures represent a 41% decrease in earnings before taxes, a 37% decrease in GAAP EPS, and a 37% decrease in adjusted EPS when compared to the first half of 2023.

Segment operating profit for the second quarter of 2024 saw a 37% decrease compared to the same period in 2023, while for the first half of 2024, there was a 30% decrease in adjusted segment operating profit compared to the first half of 2023.

In the second quarter of 2024, ADM's Ag Services & Oilseeds segment operating profit was down 56% compared to the prior year, while the Carbohydrate Solutions segment operating profit increased by 12%. The Nutrition segment operating profit decreased by 36%, and the other segment operating profit increased by 12%.

Looking at the first half of 2024, the Ag Services & Oilseeds segment operating profit was down 42%, the Carbohydrate Solutions segment operating profit increased by 1%, the Nutrition segment operating profit decreased by 37%, and the other segment operating profit increased by 19%.

ADM has affirmed its previously provided EPS guidance for the full year, expecting adjusted earnings per share to be in the range of $5.25 to $6.25.

For further details on the financial results and a company update, ADM will host a webcast on July 30, 2024, at 8 a.m. Central Time. The market has reacted to these announcements by moving the company's shares -1.6% to a price of $62.31. If you want to know more, read the company's complete 8-K report here.

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