ADM calls off investor webcast after new confusion over its accounts’ reliability

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Financial Times 2w ago

ADM calls off investor webcast after new confusion over its accounts’ reliability - Financial Times

Quick Summary:

Luciano said that the carbohydrate solutions division — which makes starch, flour and other corn and wheat products — had achieved “strong results”.

The company also cut its forecast for full-year adjusted earnings per share, a measure that excludes the effect of some debt types and lease obligations, from a range of between $5.25 and $6.25 to between $4.50 and $5.

The restatements relate to confusion relating to reporting of figures that were reported as sales between different segments of ADM (intersegment) that were in fact within an individual segment (intrasegment).