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

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).

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Article Details

Author / Journalist: Robert Wright

Category: MarketsFinanceInvesting

Markets: United StatesSingapore

Topics: Nutrition Chief Adm’s Oilseeds Figures Financial Company January Results Sales Luciano

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-05 @ 18:04:47 (1 days ago)

News Timezone: GMT -5:00

News Source URL: ft.com

Language: English

Article Length: 584 words

Reading Time: 4 minutes read

Sentences: 23 lines

Sentence Length: 26 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Financial Times

News ID: 23449196

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