Global grain trader Archer-Daniels-Midland posted a drop in third-quarter profit on Monday and said in its delayed filing that it has revised its calculation of total segment operating profit.
The company had on Nov. 5 delayed its earnings statement and cut its 2024 profit outlook to amend previous financial statements due to the discovery of fresh accounting irregularities.
ADM was forced to correct six years of financial data in March after an internal investigation found sales between its nutrition business and other core units were not recorded properly.
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CEO Juan Luciano said they are focusing on improving internal controls. “Looking ahead, while we foresee softer market conditions into next year, we are taking actions to improve performance,” he said.
The company’s total segment operating profit fell 28.3 per cent to $1.04 billion (C$1.46 billion) in the quarter after restatement, while profit for Ag Services & Oilseeds segment slumped 43 per cent in the same period.
It reported net earnings of $18 million ($25.2 million), or four cents per share, for the quarter ended Sept. 30, compared with $821 million (C$1.15 billion), or $1.52 per share, a year ago.
—Reporting by Tanay Dhumal and Sourasis Bose in Bengaluru
