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Archer-Daniels-Midland Company (ADM-1.43%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenues to $19.9 billion from $21.7 billion in the same quarter the previous year. The decrease is attributed to lower sales prices and volumes across various segments.
Cost of products sold for the quarter was $18.6 billion, compared to $19.9 billion in the same quarter of the previous year. This decrease is primarily due to lower average commodity costs.
The company reported a gross profit of $1.4 billion for the quarter, compared to $1.8 billion in the previous year, with the decline attributed to lower margins in several segments.
Asset impairment, exit, and restructuring costs increased to $507 million, primarily due to a $461 million impairment charge related to the company's investment in Wilmar.
Selling, general, and administrative expenses increased to $905 million from $815 million, driven by higher legal and financing fees, and increased salary and benefit costs.
Net earnings for the quarter were $18 million, down from $821 million in the previous year. The decrease is largely due to the impairment charge related to Wilmar.
Cash provided by operating activities was $2.5 billion, while cash used in investing and financing activities was $2.0 billion and $1.5 billion, respectively.
Archer-Daniels-Midland had a working capital of $7.6 billion as of September 30, 2024. The company acknowledges its dependence on positive operating results and potential financing to meet future obligations.
The filing also details various financial agreements, including accounts receivable securitization programs providing up to $2.8 billion in funding.
Archer-Daniels-Midland does not anticipate cash dividend payments to common stockholders in the near future.
The company identified a material weakness in its internal controls over financial reporting related to intersegment sales, which is being addressed through enhanced controls and procedures.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Archer-Daniels-Midland Company quarterly 10-Q report dated November 18, 2024. To report an error, please email earnings@qz.com.