WASHINGTON (dpa-AFX) - Archer-Daniels-Midland Company (ADM) reported preliminary earnings per share of $0.04 for the third quarter ended September 30, 2024, and quarterly adjusted earnings per share of $1.09, both lower than the prior year period. Analysts polled by Thomson Reuters expect the company to report earnings of $1.24 per share for the third quarter. Analysts' estimates typically exclude special items.
Net earnings for the third quarter are expected to be reported at $18 million, with adjusted net earnings of $530 million. This reflects a non-cash charge of $461 million against GAAP earnings related to its Wilmar equity investment.
ADM lowered its previously provided earnings per share guidance for the full year. The company now expects adjusted earnings per share in the range of $4.50 to $5.00 for the full year 2024, compared to the prior outlook of $5.25 to $6.25. Analysts expect annual earnings of $5.23 per share.
The outlook is based on trends in the company's performance to date, legislative and regulatory policy uncertainties, and ongoing headwinds from slower market demand and internal operational challenges.
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