ADM has released its financial results for the second quarter ended June 30, 2024, reporting solid performance in a challenging market environment.
ADM Chair and CEO Juan Luciano commented, "Despite challenging market conditions, ADM delivered solid results this quarter and made significant progress on our 2024 priorities and strategic initiatives."
Segment Performance:
- Ag Services & Oilseeds: Segment operating profit decreased 56% to $459 million due to large South American crops and shifts in farmer selling behaviors.
- Carbohydrate Solutions: Segment operating profit increased 12% to $357 million, driven by strong margins in Starches & Sweeteners and higher ethanol demand.
- Nutrition: Segment operating profit declined 36% to $109 million, impacted by unplanned downtime and higher costs.
First Half 2024 Results:
- Earnings before taxes: $1,481 million
- Earnings per share (EPS) on a GAAP basis: $2.41
- Segment operating profit: $2,325 million
- Adjusted segment operating profit: $2,338 million
- Adjusted EPS: $2.49
Outlook: ADM maintains its full-year guidance for adjusted earnings per share between $5.25 and $6.25, supported by expected improvements in crush and ethanol, operational excellence efforts, and strong team performance despite external uncertainties.
