Archer-Daniels-Midland Company (ADM) reports lower Q4 revenue and earnings

Archer-Daniels-Midland Company (NYSE: ADM), a leading provider of human and animal nutrition solutions, on Tuesday reported earnings for the fourth quarter of 2023.

• Fourth-quarter revenues decreased to $22.98 billion from $25.94 billion in the same period of last year
• The company reported net income of $565 million or $1.06 per share for the December quarter, vs. $1.02 billion or $1.84 per share in the prior-year period
• On an adjusted basis, Q4 earnings came in at $1.36 per share, compared to $1.93 per share a year earlier
• Segment operating profit was $1.24 billion, including one-time charges of $171 million, or approximately $0.30 per share
• For fiscal 2024, the company expects adjusted earnings per share in the range of $5.25 to $6.25, down 18% at the midpoint compared to 2023
• The board authorized the repurchase of an additional $2 billion of the company’s shares under the existing 200 million share repurchase program