The company said that, following an internal investigation, it is correcting certain segment-specific historical financial information for 2021 to 2023 to reflect immaterial error corrections to intersegment sales. It said the adjustments have no effect on the consolidated balance sheets and consolidated financial statements, including the statements of earnings.

1. 01

   The company said that, following an internal investigation, it is correcting certain segment-specific historical financial information for 2021 to 2023 to reflect immaterial error corrections to intersegment sales. It said the adjustments have no effect on the consolidated balance sheets and consolidated financial statements, including the statements of earnings.

2. 02

   ADM said it identified a material weakness in internal control over financial reporting related to intersegment sales accounting practices and procedures. The company is cooperating with the SEC and said it received voluntary document requests from the U.S. Department of Justice (DOJ) and grand jury subpoenas directed to certain current and former employees.

3. 03

   ADM said net earnings attributable to controlling interests for 2023 decreased 20%, or $0.9 billion, to $3.5 billion. Segment operating profit fell 10%, or $5.9 billion, and included a net charge of $344 million, consisting of asset impairment, restructuring and net settlement contingency charges totaling $361 million, partly offset by a gain on the sale of certain assets of $17 million.

4. 04

   The company said revenues for 2023 decreased $93.9 billion to $7.6 billion less, due to lower sales prices ($10.3 billion), partially offset by higher sales volumes ($2.7 billion).

Key figures

Fiscal year ended December 31, 2023

Net income

$3.5B

EPS

$6.43

Gross profit

$7.5B

Operating cash flow

$4.5B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.