- Net earnings and adjusted earnings of about $1.2 billion
- Adjusted ROIC of 11.6%
ADM (NYSE: ADM) today reported financial results for the quarter
ended June 30, 2022.
“Our second quarter adjusted earnings per share of $2.15 reflect
our team’s strong execution, delivering nutrition to billions of
people around the globe,” said Chairman and CEO Juan Luciano. “In
addition, our productivity initiatives are improving our
capabilities and mitigating the impact of inflation, while our
innovation projects are powering profitable growth, as we leverage
our unique portfolio and globally integrated network to meet demand
driven by the three enduring global trends of food security, health
and well-being, and sustainability.
“Looking forward, we expect the combination of our strategic
actions and continued good demand for our products to propel very
strong earnings in the second half of 2022, with strong cash flows
enabling us to accelerate approximately $1 billion in share
repurchases into the back half of the year. Beyond that, we will
continue to execute the growth plan we laid out at our Global
Investor Day, while maintaining our focus on balanced capital
allocation and optimizing ROIC.”
Second Quarter 2022 Highlights
(Amounts in millions except per share
amounts)
2022
2021
Earnings per share (as
reported)
$
2.18
$
1.26
Adjusted earnings per share1
$
2.15
$
1.33
Segment operating profit
$
1,840
$
1,145
Adjusted segment operating profit
(loss)1
$
1,849
$
1,160
Ag Services and Oilseeds
1,119
570
Carbohydrate Solutions
473
383
Nutrition
239
201
Other Business
18
6
- Q2 2022 EPS as reported of $2.18 includes a $0.01 per share net
charge related to impairments and restructuring and a $0.04 per
share gain related to the mark-to-market adjustment on the Wilmar
exchangeable bond. Adjusted EPS, which excludes these items, was
$2.15.1
1 Non-GAAP financial measures;
see pages 3, 5, 10, 11 and 12 for explanations and reconciliations,
including after-tax amounts.
Quarterly Results of Operations
Ag Services & Oilseeds
delivered substantially higher year-over-year results.
- Ag Services results more than doubled versus the year-ago
quarter. Global Trade had an outstanding quarter: The destination
marketing team’s ability to meet customer demand around the globe
helped drive strong volumes and margins, and good execution in
global freight, as well as net timing gains of about $65 million
for the quarter, contributed to significantly higher year-over-year
profits. North America had a solid performance as export volumes
remained strong in a good global demand environment, though
year-over-year results were lower due to the prior-year’s insurance
settlement and strong positioning gains. South America results were
higher, based on stronger origination volumes and better margins
driven by strong global grain demand.
- Crushing delivered substantially higher results. Strong soy
crush margins drove improved performance in all three regions, as
meal and oil demand remained robust. Positive net timing effects of
approximately $90 million for the quarter, versus the $70 million
of negative timing in the year-ago period, helped drive higher
year-over-year results.
- Refined Products and Other results were similar to the
prior-year period, as strong demand for biofuels and food oils
drove refining premiums and biodiesel margins, offset by
approximately $150 million of negative timing effects versus
negative $30 million in the prior-year quarter.
- Equity earnings from Wilmar were significantly higher versus
the second quarter of 2021.
Carbohydrate Solutions
results were substantially higher versus the prior-year period.
- The Starches and Sweeteners subsegment, including ethanol
production from our wet mills, delivered much better results due to
solid demand as food service volumes reached close to pre-pandemic
levels. Corn co-products, including strong demand for corn oil, and
effective risk management drove higher ethanol and sweetener
margins.
- Vantage Corn Processors results were slightly higher in an
environment of good gasoline demand and strong ethanol blending
economics. A $50 million recovery from the USDA Biofuel Producer
Recovery Program helped offset the prior year’s strong industrial
alcohol results from the now-sold Peoria facility as well as
valuation losses on ethanol inventory as prices fell late in the
quarter.
Nutrition delivered 16%
revenue growth — 20%1 on a constant currency basis — and 19% higher
year-over-year operating profit.
- Human Nutrition delivered higher year-over-year results as
demand across its diverse product portfolio remained robust.
Flavors grew revenue in North America, EMEA and South America,
though profits were lower due to negative currency effects in EMEA
as well as weaker results in APAC. Healthy demand for alternative
proteins resulted in strong soy protein volumes and margins, as
contributions from the Sojaprotein acquisition, as well as good
demand for texturants, drove higher results in Specialty
Ingredients. Strength across probiotics, including in the recently
acquired Deerland business, as well as robust demand for fibers,
contributed to a stronger quarter in Health and Wellness.
- Animal Nutrition profits were up substantially year over year,
driven by continued strong volumes and margins in amino acids.
Other Business results
increased from the prior-year quarter, driven primarily by higher
ADM Investor Services earnings due to higher interest rates.
Other Items of Note
As additional information to help clarify underlying business
performance, the table on page 10 includes reported earnings and
EPS as well as adjusted earnings and EPS.
Segment operating profit of $1.8 billion for the quarter
includes net charges related to impairment of $9 million ($0.01 per
share).
In Corporate results, interest expense increased year over year
on higher rates and higher short-term borrowings to support working
capital needs, as well as higher expense for long-term debt.
Unallocated corporate costs were higher year over year due
primarily to higher IT operating and project-related costs and
higher costs in the company’s centers of excellence. Other
Corporate was unfavorable to the prior year primarily due to an ADM
Ventures investment revaluation gain in the prior-year quarter.
Corporate results also included a loss related to the
mark-to-market adjustment on the Wilmar exchangeable bond of $19
million ($0.04 per share).
The effective tax rate for the quarter was approximately 18%,
compared to approximately 14% in the prior year. The increased rate
was driven primarily by changes in the geographic mix of pretax
earnings in addition to the impact of discrete tax items.
Note: Additional Facts and Explanations
Additional facts and explanations about results and industry
environment can be found at the end of the ADM Q2 Earnings
Presentation at www.adm.com/webcast.
1 FX adjusted revenue is ADM's GAAP
revenue adjusted for the impact of fluctuations in foreign currency
exchange rates. The Company calculates FX adjusted revenue by
converting its current period revenue using the prior period
exchange rates and comparing the adjusted amount to its prior
period reported results. Management believes providing FX adjusted
revenue provides valuable supplemental information regarding its
revenue and facilitates period-to-period comparison. FX adjusted
revenue is a non-GAAP measure and is not intended to replace or be
an alternative to GAAP revenues, the most directly comparable GAAP
financial measure.
Conference Call Information
ADM will host a webcast on July 26, 2022, at 8 a.m. Central
Time to discuss financial results and provide a company update.
To listen to the webcast, go to www.adm.com/webcast. A replay of
the webcast will also be available for an extended period of time
at www.adm.com/webcast.
Forward-Looking Statements
Some of our comments and materials in this presentation
constitute forward-looking statements that reflect management’s
current views and estimates of future economic circumstances,
industry conditions, Company performance and financial results.
These statements and materials are based on many assumptions and
factors that are subject to risk and uncertainties. ADM has
provided additional information in its reports on file with the SEC
concerning assumptions and factors that could cause actual results
to differ materially from those in this presentation, and you
should carefully review the assumptions and factors in our SEC
reports. To the extent permitted under applicable law, ADM assumes
no obligation to update any forward-looking statements as a result
of new information or future events.
About ADM
ADM unlocks the power of nature to enrich the quality of life.
We’re a premier global human and animal nutrition company,
delivering solutions today with an eye to the future. We’re blazing
new trails in health and well-being as our scientists develop
groundbreaking products to support healthier living. We’re a
cutting-edge innovator leading the way to a new future of
plant-based consumer and industrial solutions to replace
petroleum-based products. We’re an unmatched agricultural supply
chain manager and processor, providing food security by connecting
local needs with global capabilities. And we’re a leader in
sustainability, scaling across entire value chains to help
decarbonize our industry and safeguard our planet. From the seed of
the idea to the outcome of the solution, we give customers an edge
in solving the nutritional and sustainability challenges of today
and tomorrow. Learn more at www.adm.com.
Financial Tables Follow
Source: Corporate Release Source: ADM
Segment Operating Profit, Adjusted
Segment Operating Profit (a non-GAAP financial measure)
and Corporate Results
(unaudited)
Quarter ended
Six months ended
June 30
June 30
(In millions)
2022
2021
Change
2022
2021
Change
Segment Operating Profit
$
1,840
$
1,145
$
695
$
3,379
$
2,250
$
1,129
Specified items:
Gain on sale of assets
—
(22
)
22
(1
)
(22
)
21
Impairment, restructuring, and settlement
charges
9
37
(28
)
27
131
(104
)
Adjusted Segment Operating
Profit
$
1,849
$
1,160
$
689
$
3,405
$
2,359
$
1,046
Ag Services and Oilseeds
$
1,119
$
570
$
549
$
2,127
$
1,347
$
780
Ag Services
407
190
217
665
399
266
Crushing
468
150
318
896
532
364
Refined Products and Other
130
130
—
328
231
97
Wilmar
114
100
14
238
185
53
Carbohydrate Solutions
$
473
$
383
$
90
$
790
$
642
$
148
Starches and Sweeteners
393
306
87
709
528
181
Vantage Corn Processors
80
77
3
81
114
(33
)
Nutrition
$
239
$
201
$
38
$
428
$
355
$
73
Human Nutrition
183
162
21
324
290
34
Animal Nutrition
56
39
17
104
65
39
Other Business
$
18
$
6
$
12
$
60
$
15
$
45
Segment Operating Profit
$
1,840
$
1,145
$
695
$
3,379
$
2,250
$
1,129
Corporate Results
$
(321
)
$
(320
)
$
(1
)
$
(589
)
$
(601
)
$
12
Interest expense - net
(87
)
(70
)
(17
)
(163
)
(134
)
(29
)
Unallocated corporate costs
(267
)
(248
)
(19
)
(476
)
(450
)
(26
)
Other
13
49
(36
)
49
59
(10
)
Specified items:
Expenses related to acquisitions
—
—
—
(2
)
—
(2
)
Gain on debt conversion option
19
30
(11
)
4
10
(6
)
Loss on sale of assets
—
—
—
(3
)
—
(3
)
Restructuring and settlement charges
1
(81
)
82
2
(86
)
88
Earnings Before Income Taxes
$
1,519
$
825
$
694
$
2,790
$
1,649
$
1,141
Segment operating profit is ADM’s consolidated income from
operations before income tax excluding corporate items. Adjusted
segment operating profit, a non-GAAP financial measure, is segment
operating profit excluding specified items. Management believes
that segment operating profit and adjusted segment operating profit
are useful measures of ADM’s performance because they provide
investors information about ADM’s business unit performance
excluding corporate overhead costs as well as specified items.
Segment operating profit and adjusted segment operating profit are
not measures of consolidated operating results under U.S. GAAP and
should not be considered alternatives to income before income
taxes, the most directly comparable GAAP financial measure, or any
other measure of consolidated operating results under U.S.
GAAP.
Consolidated Statements of
Earnings
(unaudited)
Quarter ended
Six months ended
June 30
June 30
2022
2021
2022
2021
(in millions, except per share
amounts)
Revenues
$
27,284
$
22,926
$
50,934
$
41,819
Cost of products sold (1)
25,184
21,463
46,937
38,808
Gross profit
2,100
1,463
3,997
3,011
Selling, general, and administrative
expenses (2)
814
739
1,643
1,488
Asset impairment, exit, and restructuring
costs (3)
1
23
2
82
Equity in (earnings) losses of
unconsolidated affiliates
(192
)
(163
)
(396
)
(288
)
Investment income
(32
)
(50
)
(91
)
(63
)
Interest expense (4)
73
40
165
127
Other (income) expense - net (5,6)
(83
)
49
(116
)
16
Earnings before income taxes
1,519
825
2,790
1,649
Income tax expense (benefit) (7)
279
113
486
244
Net earnings including noncontrolling
interests
1,240
712
2,304
1,405
Less: Net earnings (losses) attributable
to noncontrolling interests
4
—
14
4
Net earnings attributable to
ADM
$
1,236
$
712
$
2,290
$
1,401
Diluted earnings per common
share
$
2.18
$
1.26
$
4.03
$
2.48
Average diluted shares outstanding
568
566
568
565
(1) Includes charges related to inventory
writedown of $14 million and $25 million in the current quarter and
YTD respectively, and $13 million in the prior year quarter and
YTD. Current YTD was partially offset by an insurance settlement of
$2 million.
(2) Includes a $7 million reversal of a
charge related to receivable impairment in the current quarter and
a legal settlement of $38 million in the prior YTD.
(3) Includes net charges related to the
impairment of certain assets and restructuring of $1 million and $2
million in the current quarter and YTD, respectively, and $23
million and $82 million in the prior year quarter and YTD,
respectively.
(4) Includes gains related to the
mark-to-market adjustment of the conversion option of the
exchangeable bond issued in August 2020 of $19 million and $4
million in the current quarter and YTD, respectively, and gains of
$30 million and $10 million in the prior year quarter and YTD,
respectively.
(5) Includes net losses related to the
sale of certain assets of $2 million in the current YTD and gains
of $22 million in the prior year quarter and YTD.
(6) Includes a pension settlement charge
of $82 million in the prior year quarter and YTD. Also, includes
exit costs of $2 million in the prior YTD.
(7) Includes the tax benefit impact of the
above specified items and tax discrete items totaling $3 million
and $11 million in the current quarter and YTD, respectively, and
$24 million and $49 million in the prior year quarter and YTD,
respectively.
Summary of Financial Condition
(unaudited)
June 30, 2022
June 30, 2021
(in millions)
Net Investment In
Cash and cash equivalents (a)
$
906
$
869
Operating working capital (b)
14,537
11,628
Property, plant, and equipment
9,680
9,873
Investments in and advances to
affiliates
5,464
5,113
Goodwill and other intangibles
6,547
5,266
Other non-current assets
2,490
2,202
$
39,624
$
34,951
Financed By
Short-term debt (a)
$
2,352
$
1,289
Long-term debt, including current
maturities (a)
9,166
8,432
Deferred liabilities
3,419
3,556
Temporary equity
261
71
Shareholders’ equity
24,426
21,603
$
39,624
$
34,951
(a)
Net debt is calculated as short-term debt
plus long-term debt (including current maturities) less cash and
cash equivalents.
(b)
Current assets (excluding cash and cash
equivalents) less current liabilities (excluding short-term debt
and current maturities of long-term debt).
Summary of Cash Flows
(unaudited)
Six months ended
June 30
2022
2021
(in millions)
Operating Activities
Net earnings
$
2,304
$
1,405
Depreciation and amortization
514
492
Asset impairment charges
4
54
(Gains) losses on sales/revaluation of
assets
(42
)
(79
)
Other - net
438
330
Other changes in operating assets and
liabilities
(3,893
)
805
Total Operating Activities
(675
)
3,007
Investing Activities
Purchases of property, plant and
equipment
(500
)
(427
)
Net assets of businesses acquired
—
(5
)
Proceeds from sale of business/assets
12
58
Investments in and advances to
affiliates
(58
)
(8
)
Other investing activities
(101
)
(12
)
Total Investing Activities
(647
)
(394
)
Financing Activities
Long-term debt borrowings
751
595
Long-term debt payments
—
(2
)
Net borrowings (payments) under lines of
credit
1,414
(752
)
Share repurchases
(200
)
—
Cash dividends
(453
)
(417
)
Other
(21
)
—
Total Financing Activities
1,491
(576
)
Increase (decrease) in cash, cash
equivalents, restricted cash, and restricted cash
equivalents
169
2,037
Cash, cash equivalents, restricted
cash, and restricted cash equivalents - beginning of period
7,454
4,646
Cash, cash equivalents, restricted
cash, and restricted cash equivalents - end of period
$
7,623
$
6,683
Segment Operating Analysis
(unaudited)
Quarter ended
Six months ended
June 30
June 30
2022
2021
2022
2021
(in ‘000s metric tons)
Processed volumes (by
commodity)
Oilseeds
8,208
8,778
16,699
17,738
Corn
4,776
5,042
9,588
8,692
Total processed volumes
12,984
13,820
26,287
26,430
Quarter ended
Six months ended
June 30
June 30
2022
2021
2022
2021
(in millions)
Revenues
Ag Services and Oilseeds
$
21,429
$
18,271
$
39,682
$
33,278
Carbohydrate Solutions
3,751
2,820
7,117
5,043
Nutrition
2,003
1,733
3,927
3,296
Other Business
101
102
208
202
Total revenues
$
27,284
$
22,926
$
50,934
$
41,819
Adjusted Earnings Per Share
A non-GAAP financial measure
(unaudited)
Quarter ended June 30
Six months ended June 30
2022
2021
2022
2021
In millions
Per share
In millions
Per share
In millions
Per share
In millions
Per share
Net earnings and fully diluted
EPS
$
1,236
$
2.18
$
712
$
1.26
$
2,290
$
4.03
$
1,401
$
2.48
Adjustments:
Loss (gains) on sales of assets and
businesses (a)
—
—
(17
)
(0.03
)
2
—
(17
)
(0.03
)
Impairment, restructuring, and settlement
charges (b)
6
0.01
90
0.16
20
0.04
164
0.29
Expenses related to acquisitions (c)
—
—
—
—
1
—
—
—
Loss (gain) on debt conversion option
(d)
(19
)
(0.04
)
(30
)
(0.06
)
(4
)
(0.01
)
(10
)
(0.02
)
Tax adjustment (e)
(1
)
—
(1
)
—
(5
)
(0.01
)
(1
)
—
Sub-total adjustments
(14
)
(0.03
)
42
0.07
14
0.02
136
0.24
Adjusted net earnings and adjusted
EPS
$
1,222
$
2.15
$
754
$
1.33
$
2,304
$
4.05
$
1,537
$
2.72
(a)
Current YTD loss on sale of assets of $2
million pretax ($2 million after tax), tax effected using the
Company’s U.S. income tax rate. Prior year quarter and YTD gains of
$22 million pretax ($17 million after tax) were related to the sale
of certain assets, tax effected using the Company’s U.S. income tax
rate.
(b)
Current quarter and YTD charges of $8
million and $25 million pretax ($6 million and $20 million after
tax), respectively, were primarily related to the impairment of
certain assets partially offset by a restructuring adjustment, tax
effected using the applicable tax rates. Current YTD charges were
also partially offset by an insurance settlement, tax effected
using the applicable tax rate. Prior year quarter and YTD charges
of $118 million and $217 million pretax, respectively, ($90 million
and $164 million after tax, respectively) were related to the
impairment of certain assets, restructuring, and legal and pension
settlements, tax effected using the applicable tax rates.
(c)
Current YTD expenses of $2 million pretax
($1 million after tax) were related to the Deerland and Sojaprotein
acquisitions, tax effected using the applicable tax rates.
(d)
Current quarter and YTD gain on debt
conversion option of $19 million and $4 million pretax,
respectively, ($19 million and $4 million after tax, respectively)
and prior year quarter and YTD gain on debt conversion option of
$30 million and $10 million pretax, respectively, ($30 million and
$10 million after tax, respectively), were related to the
mark-to-market adjustment of the conversion option of the
exchangeable bonds issued in August 2020, tax effected using the
applicable tax rate.
(e)
Tax adjustment due to certain discrete
items totaling $1 million and $5 million in the current quarter and
YTD, respectively, and $1 million in the prior year quarter and
YTD.
Adjusted net earnings reflects ADM’s reported net earnings after
removal of the effect on net earnings of specified items as more
fully described above. Adjusted EPS reflects ADM’s fully diluted
EPS after removal of the effect on EPS as reported of specified
items as more fully described above. Management believes that
Adjusted net earnings and Adjusted EPS are useful measures of ADM’s
performance because they provide investors additional information
about ADM’s operations allowing better evaluation of underlying
business performance and better period-to-period comparability.
These non-GAAP financial measures are not intended to replace or be
alternatives to net earnings and EPS as reported, the most directly
comparable GAAP financial measures, or any other measures of
operating results under GAAP. Earnings amounts described above have
been divided by the company’s diluted shares outstanding for each
respective period in order to arrive at an adjusted EPS amount for
each specified item.
Adjusted Return on Invested
Capital
A non-GAAP financial measure
(unaudited)
Adjusted ROIC Earnings (in
millions)
Four Quarters
Quarter Ended
Ended
Sep. 30, 2021
Dec. 31, 2021
Mar. 31, 2022
June 30, 2022
June 30, 2022
Net earnings attributable to ADM
$
526
$
782
$
1,054
$
1,236
$
3,598
Adjustments:
Interest expense
61
77
92
73
303
Other adjustments
39
66
17
7
129
Total adjustments
100
143
109
80
432
Tax on adjustments
(24
)
(14
)
(26
)
(19
)
(83
)
Net adjustments
76
129
83
61
349
Total Adjusted ROIC Earnings
$
602
$
911
$
1,137
$
1,297
$
3,947
Adjusted Invested Capital (in
millions)
Quarter Ended
Trailing Four
Sep. 30, 2021
Dec. 31, 2021
Mar. 31, 2022
June 30, 2022
Quarter Average
Equity (1)
$
21,969
$
22,477
$
23,722
$
24,393
$
23,140
+ Interest-bearing liabilities (2)
8,941
9,546
13,079
11,524
10,773
Other adjustments
29
70
13
5
29
Total Adjusted Invested Capital
$
30,939
$
32,093
$
36,814
$
35,922
$
33,942
Adjusted Return on Invested
Capital
11.6
%
(1) Excludes noncontrolling interests
(2) Includes short-term debt, current
maturities of long-term debt, finance lease obligations, and
long-term debt
Adjusted ROIC is Adjusted ROIC earnings divided by adjusted
invested capital. Adjusted ROIC earnings is ADM’s net earnings
adjusted for the after-tax effects of interest expense and
specified items. Adjusted invested capital is the sum of ADM’s
equity (excluding noncontrolling interests) and interest-bearing
liabilities adjusted for the after-tax effect of specified items.
Management believes Adjusted ROIC is a useful financial measure
because it provides investors information about ADM’s returns
excluding the impacts of specified items and increases
period-to-period comparability of underlying business performance.
Management uses Adjusted ROIC to measure ADM’s performance by
comparing Adjusted ROIC to its weighted average cost of capital
(WACC). Adjusted ROIC, Adjusted ROIC earnings and Adjusted invested
capital are non-GAAP financial measures and are not intended to
replace or be alternatives to GAAP financial measures.
Adjusted Earnings Before Taxes, Interest, and
Depreciation and Amortization (EBITDA)
A non-GAAP financial measure
(unaudited)
The tables below provide a reconciliation
of earnings before income taxes to adjusted EBITDA and adjusted
EBITDA by segment for the trailing four quarters ended June 30,
2022.
Four Quarters
Quarter Ended
Ended
Sep. 30, 2021
Dec. 31, 2021
Mar. 31, 2022
June 30, 2022
June 30, 2022
(in millions)
Earnings before income taxes
$
653
$
1,011
$
1,271
$
1,519
$
4,454
Interest expense
61
77
92
73
303
Depreciation and amortization
247
257
257
257
1,018
Losses (gains) on sales of assets and
businesses
—
(55
)
2
—
(53
)
Asset impairment, exit, restructuring, and
settlement charges
3
80
17
8
108
Railroad maintenance expense
31
33
—
9
73
Debt extinguishment charges
36
—
—
—
36
Expenses related to acquisitions
3
4
2
—
9
Adjusted EBITDA
$
1,034
$
1,407
$
1,641
$
1,866
$
5,948
Four Quarters
Quarter Ended
Ended
Sep. 30, 2021
Dec. 31, 2021
Mar. 31, 2022
June 30, 2022
June 30, 2022
(in millions)
Ag Services and Oilseeds
$
711
$
902
$
1,096
$
1,207
$
3,916
Carbohydrate Solutions
297
510
396
550
1,753
Nutrition
230
220
254
304
1,008
Other Business
(3
)
17
44
24
82
Corporate
(201
)
(242
)
(149
)
(219
)
(811
)
Adjusted EBITDA
$
1,034
$
1,407
$
1,641
$
1,866
$
5,948
Adjusted EBITDA is defined as earnings before taxes, interest,
and depreciation and amortization, adjusted for specified items.
The Company calculates adjusted EBITDA by removing the impact of
specified items and adding back the amounts of interest expense and
depreciation and amortization to earnings before income taxes.
Management believes that adjusted EBITDA is a useful measure of the
Company’s performance because it provides investors additional
information about the Company’s operations allowing better
evaluation of underlying business performance and better
period-to-period comparability. Adjusted EBITDA is a non-GAAP
financial measure and is not intended to replace or be an
alternative to earnings before income taxes, the most directly
comparable GAAP financial measure.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220725005869/en/
Media Relations Jackie Anderson 312-634-8484 Investor
Relations Michael Cross 217-451-4647
Archer Daniels Midland (NYSE:ADM)
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