- Net earnings of $1.0 billion, adjusted net earnings of $1.1
billion
- Trailing four-quarter average adjusted ROIC of 13.6%
ADM (NYSE: ADM) today reported financial results for the quarter
ended December 31, 2022.
“ADM delivered another very strong quarter to complete an
outstanding year, and the strategic work we have done throughout
2022 has positioned us well for 2023 and beyond,” said Chairman and
CEO Juan Luciano.
“For the full year, we delivered adjusted EPS of $7.85, adjusted
segment operating profit of $6.6 billion, and trailing four-quarter
average adjusted ROIC of 13.6%. We generated cash from operations
before working capital of $5.3 billion, giving us the opportunity
to continue to invest in ADM while returning $2.3 billion to our
shareholders in the form of dividends and share repurchases. From
Nutrition revenue growth that continues to outpace the industry; to
Carbohydrates Solutions results that include 26% year-over-year
revenue growth in BioSolutions; to an agile, global AS&O
business that supported the global food system in the midst of
challenging external forces, Team ADM delivered again in 2022.
“As we look ahead, we are strengthening our focus on
controllable actions to mitigate the impact of market forces, and
we will continue to improve our global capabilities to serve our
customers. We are also increasing our investments in the
decarbonization of some of our large production facilities to
enable the evolution of our Carbohydrate Solutions segment, and
investing in our future by empowering new food technology platforms
to address evolving consumer preferences and longer-term food
security needs. We remain committed to balanced capital allocation,
which includes returning cash to shareholders. We are pleased to
announce today that we’re raising our quarterly dividend by 12.5%,
to $0.45 per share, representing our 50th consecutive year of
dividend increases.”
Fourth Quarter 2022 Highlights
(Amounts in millions except per share
amounts)
2022
2021
Earnings per share (as
reported)
$
1.84
$
1.38
Adjusted earnings per share1
$
1.93
$
1.50
Segment operating profit
$
1,611
$
1,388
Adjusted segment operating profit
(loss)1
$
1,665
$
1,413
Ag Services and Oilseeds
1,184
810
Carbohydrate Solutions
261
428
Nutrition
131
160
Other Business
89
15
- Q4 2022 EPS as reported of $1.84 includes a $0.10 per share
charge related primarily to impairments, restructuring, and
settlement contingencies; a $0.02 per share gain related to the
sale of certain assets; and a $0.01 per share tax expense related
to certain discrete items. Adjusted EPS, which excludes these
items, was $1.93.1
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 were higher than the fourth quarter of
2021. Low water conditions reduced North American export volumes,
partially offset by the South American team, which executed well to
deliver higher margins and volumes. Global Trade results were lower
than the strong fourth quarter of 2021, with lower ocean freight
results partially offset by higher results in EMEA origination and
destination marketing. The business benefited from a $110 million
legal recovery related to the 2019 and 2020 closure of the Reserve,
Louisiana, export facility.
- Crushing results were more than double those of the prior-year
period. In North America, strong export volumes for soybean meal
and growing domestic demand for renewable diesel contributed to
strong margins. In EMEA, oil demand powered strong rapeseed
margins, more than offsetting higher energy costs compared to the
prior year. Expanding margins drove negative timing impacts in the
quarter of approximately $40 million.
- RPO results were significantly higher year over year, as the
business continued to execute well to meet demand for food oil,
renewable diesel in the U.S. and biodiesel globally.
- Equity earnings from Wilmar were much higher versus the fourth
quarter of 2021.
Carbohydrate Solutions
results were substantially lower year over year.
- The Starches and Sweeteners subsegment, which includes ethanol
production from our wet mills, delivered much higher year-over-year
results. The North America business delivered solid volumes and
strong margins in both starches and sweeteners, partially
offsetting lower ethanol margins. The EMEA team effectively managed
risk and delivered improved results on better margins in a
continued dynamic environment. The global wheat milling business
delivered higher margins driven by solid customer demand.
- Vantage Corn Processors results were substantially lower, as
higher ethanol inventory levels pressured margins, especially
compared to the very strong margin environment in the fourth
quarter of 2021.
Nutrition delivered revenue
growth of 7% for the quarter, and 11%1 on a constant currency
basis. Q4 operating profits were significantly lower than the
prior-year quarter’s.
- Human Nutrition results were lower than those of the fourth
quarter of 2021. Flavors results were similar to the prior year, as
strong revenue growth helped offset demand fulfillment challenges.
Specialty Ingredients continued to see strong demand for its
product portfolio, including plant-based proteins, offset by
inventory adjustments. Health & Wellness was higher year over
year, driven primarily by the bioactives portfolio, including the
results from the Deerland acquisition.
- Animal Nutrition results were substantially lower than the
prior-year quarter, primarily due to lower margins in amino acids
driven by recovery in the global supply of lysine; pet nutrition
volumes were lower in Latin America, partially driven by demand
fulfillment challenges. Feed results were stronger, driven by APAC
and Latin America, partially offset by the impact of softer demand
in EMEA.
Other Business results were
significantly higher than the prior year. Higher short-term
interest rates drove improved earnings in ADM Investor Services,
and captive insurance experienced favorable underwriting results
and lower claim settlements versus the prior year.
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 $1.6 billion for the quarter
includes charges of $71 million ($0.09 per share) primarily related
to impairments, restructuring and settlement contingencies, and
gains of $17 million ($0.02 per share) related to the sale of
certain assets.
In Corporate results, interest expense increased year over year
on higher interest rates. 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 favorable versus the prior year
primarily due to higher contributions from foreign currency-related
hedge activity and lower railroad maintenance expense. Corporate
results also included losses related to the mark-to-market
adjustment on the Wilmar exchangeable bond and severance totaling
$6 million ($0.01 per share).
The effective tax rate for the quarter was approximately 16%
compared to 21% in the prior year. The decreased rate was driven
primarily by changes in the geographic mix of pretax earnings in
addition to lower discrete tax expense versus the prior year. The
full-year tax rate was 17%.
1 Constant currency revenue is ADM's GAAP
revenue adjusted for the impact of fluctuations in foreign currency
exchange rates. The Company calculates constant currency 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 constant
currency revenue provides valuable supplemental information
regarding its revenue and facilitates period-to-period comparison.
Constant currency 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.
Dividend
ADM’s Board of Directors has declared a cash dividend of 45.0
cents per share on the company’s common stock. The dividend is
payable on March 2, 2023, to shareholders of record on Feb. 9,
2023. This is ADM’s 365th consecutive quarterly payment, a record
of 91 years of uninterrupted dividends. As of Dec. 31, 2022, there
were 547,069,584 shares of ADM common stock outstanding.
Note: Additional Facts and Explanations
Additional facts and explanations about results and industry
environment can be found at the end of the ADM Q4 Earnings
Presentation at www.adm.com/webcast.
Conference Call Information
ADM will host a webcast on January 26, 2023, 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
Year ended
December 31
December 31
(In millions)
2022
2021
Change
2022
2021
Change
Segment Operating Profit
$
1,611
$
1,388
$
223
$
6,549
$
4,638
$
1,911
Specified items:
Gain on sale of assets
(17
)
(55
)
38
(47
)
(77
)
30
Impairment, restructuring, and settlement
charges
71
80
(9
)
147
213
(66
)
Adjusted Segment Operating
Profit
$
1,665
$
1,413
$
252
$
6,649
$
4,774
$
1,875
Ag Services and Oilseeds
$
1,184
$
810
$
374
$
4,386
$
2,775
$
1,611
Ag Services
417
335
82
1,374
770
604
Crushing
379
163
216
1,621
975
646
Refined Products and Other
214
185
29
837
652
185
Wilmar
174
127
47
554
378
176
Carbohydrate Solutions
$
261
$
428
$
(167
)
$
1,360
$
1,283
$
77
Starches and Sweeteners
287
207
80
1,323
913
410
Vantage Corn Processors
(26
)
221
(247
)
37
370
(333
)
Nutrition
$
131
$
160
$
(29
)
$
736
$
691
$
45
Human Nutrition
96
108
(12
)
566
537
29
Animal Nutrition
35
52
(17
)
170
154
16
Other Business
$
89
$
15
$
74
$
167
$
25
$
142
Segment Operating Profit
$
1,611
$
1,388
$
223
$
6,549
$
4,638
$
1,911
Corporate Results
$
(398
)
$
(377
)
$
(21
)
$
(1,316
)
$
(1,325
)
$
9
Interest expense - net
(94
)
(77
)
(17
)
(333
)
(277
)
(56
)
Unallocated corporate costs
(299
)
(276
)
(23
)
(1,026
)
(957
)
(69
)
Other
1
(22
)
23
40
20
20
Specified items:
Debt extinguishment charges
—
—
—
—
(36
)
36
Expenses related to acquisitions
—
(4
)
4
(2
)
(7
)
5
Gain (loss) on debt conversion option
(3
)
2
(5
)
9
19
(10
)
Loss on sale of assets
—
—
—
(3
)
—
(3
)
Restructuring and settlement charges
(3
)
—
(3
)
(1
)
(87
)
86
Earnings Before Income Taxes
$
1,213
$
1,011
$
202
$
5,233
$
3,313
$
1,920
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
Year ended
December 31
December 31
2022
2021
2022
2021
(in millions, except per share
amounts)
Revenues
$
26,231
$
23,090
$
101,848
$
85,249
Cost of products sold (1)
24,469
21,440
94,278
79,262
Gross profit
1,762
1,650
7,570
5,987
Selling, general, and administrative
expenses (2)
897
786
3,358
2,994
Asset impairment, exit, and restructuring
costs (3)
36
80
66
164
Equity in (earnings) losses of
unconsolidated affiliates
(226
)
(197
)
(832
)
(595
)
(Gain) loss on debt extinguishment (4)
—
—
—
36
Interest and investment income
(117
)
(13
)
(293
)
(96
)
Interest expense (5)
134
77
396
265
Other (income) expense - net (6,7)
(175
)
(94
)
(358
)
(94
)
Earnings before income taxes
1,213
1,011
5,233
3,313
Income tax expense (benefit) (8)
189
214
868
578
Net earnings including noncontrolling
interests
1,024
797
4,365
2,735
Less: Net earnings (losses) attributable
to noncontrolling interests
5
15
25
26
Net earnings attributable to
ADM
$
1,019
$
782
$
4,340
$
2,709
Diluted earnings per common
share
$
1.84
$
1.38
$
7.71
$
4.79
Average diluted shares outstanding
554
566
563
566
(1) Includes charges related to inventory
writedowns in Ukraine of $3 million and $39 million in the current
quarter and YTD respectively, and $13 million in the prior YTD.
Current YTD was partially offset by an insurance settlement of $2
million.
(2) Includes settlement contingencies of
$34 million and $44 million in the current quarter and YTD,
respectively, and $38 million in the prior YTD. Also includes
acquisition-related expenses of $2 million in the current YTD and
$4 million and $7 million in the prior year quarter and YTD,
respectively.
(3) Includes charges related to the
impairment of certain assets and restructuring of $37 million and
$67 million in the current quarter and YTD, respectively, and $80
million and $164 million in the prior year quarter and YTD,
respectively.
(4) Loss in the prior YTD primarily
related to the early redemption of the $500 million 2.75% notes due
in 2025.
(5) Includes gains (losses) related to the
mark-to-market adjustment of the conversion option of the
exchangeable bond issued in August 2020 of $(3) million and $9
million in the current quarter and YTD, respectively, and gains of
$2 million and $19 million in the prior year quarter and YTD,
respectively.
(6) Includes gains related to the sale of
certain assets of $17 million and $44 million in the current
quarter and YTD, respectively, and gains related to the sale of
ethanol and certain other assets of $55 million and $77 million in
the prior year quarter and YTD, respectively.
(7) Includes a pension settlement charge
of $83 million in the prior YTD. Also includes exit costs of $2
million in the prior YTD.
(8) Includes the tax expense (benefit)
impact of the above specified items and tax discrete items totaling
$(10) million and $(16) million in the current quarter and YTD,
respectively, and $41 million and $(21) million in the prior year
quarter and YTD, respectively.
Summary of Financial Condition
(unaudited)
December 31, 2022
December 31, 2021
(in millions)
Net Investment In
Cash and cash equivalents
$
1,037
$
943
Operating working capital
11,627
10,546
Property, plant, and equipment
9,933
9,890
Investments in affiliates
5,467
5,285
Goodwill and other intangibles
6,544
6,660
Other non-current assets
2,420
2,392
$
37,028
$
35,716
Financed By
Short-term debt
$
503
$
958
Long-term debt, including current
maturities
8,677
8,581
Deferred liabilities
3,232
3,410
Temporary equity
299
239
Shareholders’ equity
24,317
22,528
$
37,028
$
35,716
Summary of Cash Flows
(unaudited)
Year ended
December 31
2022
2021
(in millions)
Operating Activities
Net earnings
$
4,365
$
2,735
Depreciation and amortization
1,028
996
Asset impairment charges
37
125
(Gains) losses on sales/revaluation of
assets
(115
)
(149
)
Loss on debt extinguishment
—
36
Other - net
(48
)
198
Other changes in operating assets and
liabilities
(1,789
)
2,654
Total Operating Activities
3,478
6,595
Investing Activities
Purchases of property, plant and
equipment
(1,319
)
(1,169
)
Net assets of businesses acquired
(22
)
(1,564
)
Proceeds from sale of business/assets
131
245
Investments in affiliates
(77
)
(34
)
Other investing activities
(113
)
(147
)
Total Investing Activities
(1,400
)
(2,669
)
Financing Activities
Long-term debt borrowings
752
1,329
Long-term debt payments
(482
)
(534
)
Net borrowings (payments) under lines of
credit
(428
)
(1,085
)
Share repurchases
(1,450
)
—
Cash dividends
(899
)
(834
)
Other
8
6
Total Financing Activities
(2,499
)
(1,118
)
Increase (decrease) in cash, cash
equivalents, restricted cash, and restricted cash
equivalents
(421
)
2,808
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
$
7,033
$
7,454
Segment Operating Analysis
(unaudited)
Quarter ended
Year ended
December 31
December 31
2022
2021
2022
2021
(in ‘000s metric tons)
Processed volumes (by
commodity)
Oilseeds
8,565
8,878
32,952
35,125
Corn
4,589
5,383
18,558
19,126
Total processed volumes
13,154
14,261
51,510
54,251
Quarter ended
Year ended
December 31
December 31
2022
2021
2022
2021
(in millions)
Revenues
Ag Services and Oilseeds
$
21,032
$
18,080
$
79,855
$
67,047
Carbohydrate Solutions
3,263
3,201
13,961
11,110
Nutrition
1,845
1,719
7,636
6,712
Other Business
91
90
396
380
Total revenues
$
26,231
$
23,090
$
101,848
$
85,249
Adjusted Earnings Per Share
A non-GAAP financial measure
(unaudited)
Quarter ended December 31
Year ended December 31
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
$
1,019
$
1.84
$
782
$
1.38
$
4,340
$
7.71
$
2,709
$
4.79
Adjustments:
Loss (gains) on sales of assets and
businesses (a)
(13
)
(0.02
)
(40
)
(0.07
)
(33
)
(0.06
)
(57
)
(0.10
)
Impairment, restructuring, and settlement
charges (b)
55
0.10
70
0.12
115
0.21
237
0.42
Expenses related to acquisitions (c)
—
—
3
0.01
1
—
5
0.01
Debt extinguishment charges (d)
—
—
—
—
—
—
27
0.05
Loss (gain) on debt conversion option
(e)
3
—
(2
)
—
(9
)
(0.02
)
(19
)
(0.03
)
Tax adjustment (f)
5
0.01
37
0.06
7
0.01
33
0.05
Sub-total adjustments
50
0.09
68
0.12
81
0.14
226
0.40
Adjusted net earnings and adjusted
EPS
$
1,069
$
1.93
$
850
$
1.50
$
4,421
$
7.85
$
2,935
$
5.19
(a)
Current quarter and YTD gains of $17
million and $44 million pretax ($13 million and $33 million after
tax), respectively, were related to the sale of certain assets, tax
effected using the applicable tax rates. Prior year quarter and YTD
gains of $55 million and $77 million pretax ($40 million and $57
million after tax), respectively were related to the sale of
ethanol and certain other assets, tax effected using the applicable
tax rates.
(b)
Current quarter and YTD charges of $74
million and $148 million pretax ($55 million and $115 million after
tax), respectively, were primarily related to the impairment of
certain assets, restructuring charges, and settlement contingencies
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 charges of $80
million pretax ($70 million after tax) were related to the
impairment of certain assets, tax effected using the applicable tax
rates. Prior YTD charges of $300 million pretax ($237 million after
tax) were related to the impairment of certain assets,
restructuring, and legal and pension settlements, tax effected
using the applicable tax rates.
(c)
Current YTD acquisition-related expenses
were $2 million pretax ($1 million after tax), tax effected using
the applicable tax rates. Prior year quarter expenses of $4 million
pretax ($3 million after tax) were related to the Deerland
acquisition, tax effected using the Company’s U.S. income tax rate.
Prior YTD expenses of $7 million pretax ($5 million after tax) also
included expenses related to the Balto acquisition, tax effected
using the Company’s U.S. income tax rate.
(d)
Prior YTD debt extinguishment charges of
$36 million pretax ($27 million after tax) were related to the
early redemption of notes, tax effected using the Company’s U.S.
income tax rate.
(e)
Current quarter loss and YTD gain on debt
conversion option of $3 million and $9 million pretax,
respectively, ($3 million and $9 million after tax, respectively)
and prior year quarter and YTD gain on debt conversion option of $2
million and $19 million pretax, respectively, ($2 million and $19
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.
(f)
Tax adjustment due to certain discrete
items totaling $5 million and $7 million in the current quarter and
YTD, respectively, and $37 million and $33 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
Mar. 31, 2022
June 30, 2022
Sep 30, 2022
Dec. 31, 2022
Dec. 31, 2022
Net earnings attributable to ADM
$
1,054
$
1,236
$
1,031
$
1,019
$
4,340
Adjustments:
Interest expense
92
73
97
134
396
Other adjustments
17
7
27
62
113
Total adjustments
109
80
124
196
509
Tax on adjustments
(26
)
(19
)
(25
)
(47
)
(117
)
Net adjustments
83
61
99
149
392
Total Adjusted ROIC Earnings
$
1,137
$
1,297
$
1,130
$
1,168
$
4,732
Adjusted Invested Capital (in
millions)
Quarter Ended
Trailing Four
Mar. 31, 2022
June 30, 2022
Sep 30, 2022
Dec. 31, 2022
Quarter Average
Equity (1)
$
23,722
$
24,393
$
23,997
$
24,284
$
24,099
+ Interest-bearing liabilities (2)
13,079
11,524
8,747
9,187
10,634
Other adjustments
13
5
25
47
23
Total Adjusted Invested Capital
$
36,814
$
35,922
$
32,769
$
33,518
$
34,756
Adjusted Return on Invested
Capital
13.6
%
(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 December 31,
2022.
Four Quarters
Quarter Ended
Ended
Mar. 31, 2022
June 30, 2022
Sep 30, 2022
Dec. 31, 2022
Dec. 31, 2022
(in millions)
Earnings before income taxes
$
1,271
$
1,519
$
1,230
$
1,213
$
5,233
Interest expense
92
73
97
134
396
Depreciation and amortization
257
257
260
254
1,028
Losses (gains) on sales of assets and
businesses
2
—
(29
)
(17
)
(44
)
Asset impairment, exit, restructuring, and
settlement charges
17
8
49
74
148
Railroad maintenance expense
—
9
32
26
67
Expenses related to acquisitions
2
—
—
—
2
Adjusted EBITDA
$
1,641
$
1,866
$
1,639
$
1,684
$
6,830
Four Quarters
Quarter Ended
Ended
Mar. 31, 2022
June 30, 2022
Sep 30, 2022
Dec. 31, 2022
Dec. 31, 2022
(in millions)
Ag Services and Oilseeds
$
1,096
$
1,207
$
1,166
$
1,271
$
4,740
Carbohydrate Solutions
396
550
391
338
1,675
Nutrition
254
304
242
196
996
Other Business
44
24
35
124
227
Corporate
(149
)
(219
)
(195
)
(245
)
(808
)
Adjusted EBITDA
$
1,641
$
1,866
$
1,639
$
1,684
$
6,830
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/20230125005868/en/
Media Relations Jackie Anderson 312-634-8484
Investor Relations Megan Britt 872-257-8378
Archer Daniels Midland (NYSE:ADM)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
Archer Daniels Midland (NYSE:ADM)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024