Archer-Daniels-Midland’s Financial Figures ‘Are Too High,’ Analyst Downgrades Stock
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Sunday, Archer-Daniels-Midland Company (NYSE:ADM) placed its CFO Vikram Luthar on leave due to an investigation studying accounting practices and procedures related to its nutrition segment.
Also, the company has appointed Ismael Roig as its interim Chief Financial Officer. It updated its FY23 outlook with adjusted EPS of above $6.90 vs. consensus of $7.28.
Archer-Daniels-Midland expects to report fourth quarter and FY23 operating profit for its AS&O and Carbohydrate Solutions reporting segments in line with previous indications provided in the third quarter 2023 earnings call.
Due to the ongoing investigation, the company has withdrawn its outlook for the nutrition segment.
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