- Net earnings of $0.8 billion, adjusted net earnings of $0.9
billion
- Trailing four-quarter average adjusted ROIC of 13.2%
ADM (NYSE: ADM) today reported financial results for the quarter
ended September 30, 2023.
“ADM again delivered a strong quarter in increasingly dynamic
market conditions as we continued to adjust our business model to
meet the evolving needs of our customers. Through targeted
investments in innovation and a focus on efficiencies that align to
our customers’ goals, we are strengthening critical partnerships
and expanding our new profit opportunities to deliver additional
shareholder value,” said Chair of the Board and CEO Juan
Luciano.
“Ag Services & Oilseeds delivered another solid quarter,
leveraging the strength of our Brazilian export capabilities,
extending regenerative agriculture partnerships, and commissioning
our Spiritwood production facility to serve growing demand for
renewable green diesel. Carbohydrate Solutions drove strong results
through excellent execution in favorable ethanol, starches and
sweeteners margin environments, while extending customer wins in
BioSolutions and formally advancing the Broadwing Energy project
for lower carbon intensity power generation in Decatur. Within
Nutrition, the outstanding growth of Flavors continues to outpace
the market, and Health & Wellness is developing the next
generation of evidence-based solutions, while we address pockets of
softness in other areas of the portfolio. With strong performance
to date in 2023 and a constructive expectation for the remainder of
the year, we are again raising our full-year earnings outlook.”
Third Quarter 2023 Highlights
(Amounts in millions except per share
amounts)
2023
2022
Earnings per share (as
reported)
$
1.52
$
1.83
Adjusted earnings per share1
$
1.63
$
1.86
Segment operating profit
$
1,421
$
1,559
Adjusted segment operating profit
(loss)1
$
1,492
$
1,579
Ag Services and Oilseeds
848
1,075
Carbohydrate Solutions
460
309
Nutrition
138
177
Other Business
46
18
- Q3 2023 EPS as reported of $1.52 includes a $0.10 per share net
charge related to impairments and restructuring, net of a
contingency loss reversal and a $0.01 per share charge related to
acquisition expenses. Adjusted EPS, which excludes these items, was
$1.63.1
1 Non-GAAP financial measures; see pages 5, 10, 11 and 12 for
explanations and reconciliations, including after-tax amounts.
Quarterly Results of Operations
Ag Services & Oilseeds
results were lower than the third quarter of 2022.
- Ag Services results were lower than the strong third quarter of
2022. South American origination results were higher
year-over-year, as the team delivered significantly higher volumes
and margins on strong export demand. Results for North American
origination were lower year-over-year, driven by the shift of
exports to South America. Effective risk management and higher
volumes and margins in Global Trade led to strong results, however,
lower year-over-year. The current quarter also included a $48
million insurance settlement related to damages from Hurricane
Ida.
- Crushing results were much lower than the prior-year’s record
third quarter. Global soy crush margins remained robust, but lower
than the very strong levels of a year ago. In EMEA, we continued to
optimize our flex capacity to higher margin softseeds, in line with
market opportunities. In the quarter, there were large net positive
mark-to-market timing effects, which were lower than the net
positive impacts in the prior year quarter.
- Refined Products and Other results were higher than the
prior-year period. EMEA results were higher year-over-year as
strong export demand for biodiesel and domestic demand for food oil
supported higher margins. In the quarter, there were large net
positive mark-to-market timing effects which are expected to
reverse as contracts execute in future periods.
- Equity earnings from Wilmar were significantly lower versus the
third quarter of 2022.
Carbohydrate Solutions
delivered an outstanding third quarter, significantly higher than
last year.
- The Starches and Sweeteners subsegment results, including
ethanol production from our wet mills, were higher year-over-year
on a healthy demand environment during the quarter. North American
starches and sweeteners delivered higher margins on similar volumes
versus the prior year and capitalized on a strong ethanol backdrop.
The global wheat milling business posted higher margins on similar
volumes, supported by steady customer demand.
- Vantage Corn Processors results were significantly higher
year-over-year on robust demand and margins for ethanol.
Nutrition results were
significantly lower year-over-year.
- Human Nutrition results were much lower than the third quarter
of 2022. Flavors results were substantially higher than the prior
year, driven by pricing actions in EMEA and strong win rates in
North America. Specialty Ingredients results were much lower
year-over-year due to continued lower market demand for plant-based
proteins in meat alternatives, inventory adjustments, and unplanned
down time resulting from the recent Decatur incident. In Health
& Wellness, a favorable impact related to the revised
commercial agreement with Spiber, as well as stronger probiotics
sales, led to higher results versus the prior year.
- Animal Nutrition results were lower compared to the same
quarter last year due to lower contributions from amino acids and
persistent demand fulfillment challenges in Pet Solutions,
partially offset by cost optimization actions and improving
volumes.
Other Business results were
significantly higher than the prior-year quarter due to improved
ADM Investor Services earnings on higher net interest income.
Captive insurance results were slightly lower on higher claim
settlements partially offset by premiums from new programs.
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 $1.4 billion for the quarter
includes net charges of $69 million ($0.10 per share) related to
impairments and restructuring, net of a contingent loss reversal,
and a loss of $2 million ($0.00 per share) related to the sale of
certain assets.
In Corporate results, net interest expense for the quarter
increased year-over-year primarily on higher short-term interest
rates. Unallocated corporate costs increased versus the prior year
on higher global technology spend to support our digital
transformation efforts. Other Corporate was favorable versus the
prior year primarily due to foreign currency hedges.
Note: Additional Facts and Explanations
Additional facts and explanations about results and industry
environment can be found at the end of the ADM Q3 Earnings
Presentation at www.adm.com/webcast.
Conference Call Information
ADM will host a webcast on October 24, 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
Nine months ended
September 30
September 30
(In millions)
2023
2022
Change
2023
2022
Change
Segment Operating Profit
$
1,421
$
1,559
$
(138
)
$
4,665
$
4,938
$
(273
)
Specified items:
(Gain) loss on sales of assets
2
(29
)
31
(10
)
(30
)
20
Impairment and restructuring charges and
settlement contingencies
69
49
20
190
76
114
Adjusted Segment Operating
Profit
$
1,492
$
1,579
$
(87
)
$
4,845
$
4,984
$
(139
)
Ag Services and Oilseeds
$
848
$
1,075
$
(227
)
$
3,112
$
3,202
$
(90
)
Ag Services
226
292
(66
)
954
957
(3
)
Crushing
250
346
(96
)
900
1,242
(342
)
Refined Products and Other
337
295
42
1,026
623
403
Wilmar
35
142
(107
)
232
380
(148
)
Carbohydrate Solutions
$
460
$
309
$
151
$
1,036
$
1,099
$
(63
)
Starches and Sweeteners
395
327
68
987
1,036
(49
)
Vantage Corn Processors
65
(18
)
83
49
63
(14
)
Nutrition
$
138
$
177
$
(39
)
$
468
$
605
$
(137
)
Human Nutrition
118
146
(28
)
440
470
(30
)
Animal Nutrition
20
31
(11
)
28
135
(107
)
Other Business
$
46
$
18
$
28
$
229
$
78
$
151
Segment Operating Profit
$
1,421
$
1,559
$
(138
)
$
4,665
$
4,938
$
(273
)
Corporate Results
$
(390
)
$
(329
)
$
(61
)
$
(1,105
)
$
(918
)
$
(187
)
Interest expense - net
(98
)
(76
)
(22
)
(326
)
(239
)
(87
)
Unallocated corporate costs
(298
)
(251
)
(47
)
(808
)
(727
)
(81
)
Other
11
(10
)
21
34
39
(5
)
Specified items:
Expenses related to acquisitions
(3
)
—
(3
)
(6
)
(2
)
(4
)
Gain on debt conversion option
—
8
(8
)
6
12
(6
)
Loss on sale of assets
—
—
—
—
(3
)
3
Restructuring (charges) adjustment
(2
)
—
(2
)
(5
)
2
(7
)
Earnings Before Income Taxes
$
1,031
$
1,230
$
(199
)
$
3,560
$
4,020
$
(460
)
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
Nine months ended
September 30
September 30
2023
2022
2023
2022
(in millions, except per share
amounts)
Revenues
$
21,695
$
24,683
$
70,957
$
75,617
Cost of products sold (1)
19,885
22,872
65,184
69,809
Gross profit
1,810
1,811
5,773
5,808
Selling, general, and administrative
expenses (2)
815
818
2,537
2,461
Asset impairment, exit, and restructuring
costs (3)
79
28
146
30
Equity in (earnings) losses of
unconsolidated affiliates
(83
)
(210
)
(408
)
(606
)
Interest and investment income
(152
)
(85
)
(428
)
(176
)
Interest expense (4)
155
97
482
262
Other (income) expense - net (5)
(35
)
(67
)
(116
)
(183
)
Earnings before income taxes
1,031
1,230
3,560
4,020
Income tax expense (benefit) (6)
207
193
636
679
Net earnings including noncontrolling
interests
824
1,037
2,924
3,341
Less: Net earnings (losses) attributable
to noncontrolling interests
3
6
6
20
Net earnings attributable to
ADM
$
821
$
1,031
$
2,918
$
3,321
Diluted earnings per common
share
$
1.52
$
1.83
$
5.35
$
5.87
Average diluted shares outstanding
540
563
546
566
(1) Includes a net reversal of charges
related to inventory writedowns of $5 million and a contingency
loss provision of $62 million related to import duties in the
current YTD. Includes charges related to inventory writedowns of
$11 million and $36 million in the prior-year quarter and YTD,
respectively, partially offset by an insurance settlement of $2
million in the prior-year YTD.
(2) Includes acquisition-related expenses
of $3 million and $6 million in the current quarter and YTD,
respectively, and a contingency loss adjustment of $8 million in
the current quarter and YTD. Includes a contingency/settlement of
$10 million in the prior-year quarter and YTD. Also includes
acquisition-related expenses of $2 million in the prior-year
YTD.
(3) Includes charges related to the
impairment of certain assets and restructuring.
(4) Includes gains related to the
mark-to-market adjustment of the conversion option of the
exchangeable bond issued in August 2020 of $6 million in the
current YTD and $8 million and $12 million in the prior-year
quarter and YTD, respectively.
(5) Includes net (gains) losses related to
the sale of certain assets of $2 million and $(10) million in the
current quarter and YTD, respectively, and ($29) million and (27)
million in the prior-year quarter and YTD, respectively.
(6) Includes the tax expense (benefit)
impact of the above specified items and tax discrete items totaling
$(17) million and $(38) million in the current quarter and YTD,
respectively, and $5 million and ($6) million in the prior-year
quarter and YTD, respectively.
Summary of Financial Condition
(unaudited)
September 30, 2023
September 30, 2022
(in millions)
Net Investment In
Cash and cash equivalents
$
1,498
$
1,099
Operating working capital
11,036
11,603
Property, plant, and equipment
10,218
9,605
Investments in affiliates
5,469
5,429
Goodwill and other intangibles
6,392
6,364
Other non-current assets
2,492
2,337
$
37,105
$
36,437
Financed By
Short-term debt
$
116
$
181
Long-term debt, including current
maturities
8,225
8,559
Deferred liabilities
3,183
3,378
Temporary equity
316
290
Shareholders’ equity
25,265
24,029
$
37,105
$
36,437
Summary of Cash Flows
(unaudited)
Nine months ended
September 30
2023
2022
(in millions)
Operating Activities
Net earnings
$
2,924
$
3,341
Depreciation and amortization
782
774
Asset impairment charges
120
20
(Gains) losses on sales/revaluation of
assets
(33
)
(77
)
Other - net
11
599
Other changes in operating assets and
liabilities
(1,913
)
(1,309
)
Total Operating Activities
1,891
3,348
Investing Activities
Purchases of property, plant and
equipment
(1,055
)
(841
)
Net assets of businesses acquired
(11
)
—
Proceeds from sale of business/assets
21
51
Investments in affiliates
(8
)
(60
)
Other investing activities
(8
)
(98
)
Total Investing Activities
(1,061
)
(948
)
Financing Activities
Long-term debt borrowings
500
752
Long-term debt payments
(963
)
(482
)
Net borrowings (payments) under lines of
credit
(379
)
(751
)
Share repurchases
(1,118
)
(1,200
)
Cash dividends
(738
)
(677
)
Other
(102
)
(6
)
Total Financing Activities
(2,800
)
(2,364
)
Effect of exchange rate on cash, cash
equivalents, restricted cash, and restricted cash equivalents
(22
)
—
Increase (decrease) in cash, cash
equivalents, restricted cash, and restricted cash
equivalents
(1,992
)
36
Cash, cash equivalents, restricted
cash, and restricted cash equivalents - beginning of period
7,033
7,454
Cash, cash equivalents, restricted
cash, and restricted cash equivalents - end of period
$
5,041
$
7,490
Segment Operating Analysis
(unaudited)
Quarter ended
Nine months ended
September 30
September 30
2023
2022
2023
2022
(in ‘000s metric tons)
Processed volumes (by
commodity)
Oilseeds
8,648
7,688
26,058
24,387
Corn
4,507
4,381
13,349
13,969
Total processed volumes
13,155
12,069
39,407
38,356
Quarter ended
Nine months ended
September 30
September 30
2023
2022
2023
2022
(in millions)
Revenues
Ag Services and Oilseeds
$
16,479
$
19,141
$
54,902
$
58,823
Carbohydrate Solutions
3,325
3,581
10,243
10,698
Nutrition
1,784
1,864
5,490
5,791
Other Business
107
97
322
305
Total revenues
$
21,695
$
24,683
$
70,957
$
75,617
Adjusted Earnings Per Share
A non-GAAP financial measure
(unaudited)
Quarter ended September 30
Nine months ended September
30
2023
2022
2023
2022
In millions
Per share
In millions
Per share
In millions
Per share
In millions
Per share
Net earnings and fully diluted
EPS
$
821
$
1.52
$
1,031
$
1.83
$
2,918
$
5.35
$
3,321
$
5.87
Adjustments:
Loss (gain) on sales of assets and
businesses (a)
2
—
(22
)
(0.04
)
(7
)
(0.02
)
(20
)
(0.04
)
Impairment and restructuring charges and
settlement contingencies (b)
54
0.10
40
0.07
152
0.28
60
0.10
Expenses related to acquisitions (c)
3
0.01
—
—
5
0.01
1
—
Gain on debt conversion option (d)
—
—
(8
)
(0.01
)
(6
)
(0.01
)
(12
)
(0.02
)
Tax adjustment (e)
—
—
7
0.01
3
0.01
2
—
Sub-total adjustments
59
0.11
17
0.03
147
0.27
31
0.04
Adjusted net earnings and adjusted
EPS
$
880
$
1.63
$
1,048
$
1.86
$
3,065
$
5.62
$
3,352
$
5.91
(a)
Current quarter and YTD loss (gain) of $2
million and $(10) million pretax ($2 million and $(7) million after
tax), respectively, was related to the sale of certain assets, tax
effected using the applicable tax rate. Prior-year quarter and YTD
gains of $29 million and $27 million pretax ($22 million and $20
million after tax), respectively was 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 $79
million and $141 million pretax ($60 million and $111 million after
tax), respectively, were related to the impairment of certain
assets and restructuring. Also included is a contingency loss
reversal of $8 million pretax ($6 million after tax) in the current
quarter and YTD and a contingency provision related to import
duties of $62 million pretax ($47 million after tax) in the current
YTD, tax effected using the applicable tax rates. Prior-year
quarter and YTD charges of $49 million and $74 million pretax ($40
million and $60 million after tax), respectively, were related to
the impairment of certain assets, restructuring charges, and a
contingency/settlement, tax effected using the applicable tax
rates. Prior-year YTD charges were also partially offset by an
insurance settlement, tax effected using the applicable tax
rate.
(c)
Current quarter and YTD expenses of $3
million and $6 million pretax ($3 million and $5 million after
tax), respectively, were related to certain acquisitions, tax
effected using the Company’s U.S. income tax rate. Prior-year
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 YTD gain on debt conversion option
of $6 million pretax ($6 million after tax) and prior-year quarter
and YTD gain on debt conversion of $8 million and $12 million
pretax ($8 million and $12 million after tax), respectively, was
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 expense adjustment due to certain
discrete items totaling $3 million in the current YTD and $7
million and $2 million in the prior-year quarter and YTD,
respectively.
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
Dec. 31, 2022
Mar. 31, 2023
Jun. 30, 2023
Sep. 30, 2023
Sep. 30, 2023
Net earnings attributable to ADM
$
1,019
$
1,170
$
927
$
821
$
3,937
Adjustments:
Interest expense
134
100
124
97
455
Other adjustments
62
(12
)
130
76
256
Total adjustments
196
88
254
173
711
Tax on adjustments
(47
)
(26
)
(52
)
(40
)
(165
)
Net adjustments
149
62
202
133
546
Total Adjusted ROIC Earnings
$
1,168
$
1,232
$
1,129
$
954
$
4,483
Adjusted Invested Capital (in
millions)
Quarter Ended
Trailing Four
Dec. 31, 2022
Mar. 31, 2023
Jun. 30, 2023
Sep. 30, 2023
Quarter Average
Equity (1)
$
24,284
$
24,860
$
24,939
$
25,228
$
24,828
+ Interest-bearing liabilities (2)
9,187
10,512
8,675
8,346
9,180
Other adjustments
47
(14
)
108
59
50
Total Adjusted Invested Capital
$
33,518
$
35,358
$
33,722
$
33,633
$
34,058
Adjusted Return on Invested
Capital
13.2
%
(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 on borrowings, 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 September
30, 2023.
Four Quarters
Quarter Ended
Ended
Dec. 31, 2022
Mar. 31, 2023
Jun. 30, 2023
Sep. 30, 2023
Sep. 30, 2023
(in millions)
Earnings before income taxes
$
1,213
$
1,397
$
1,132
$
1,031
$
4,773
Interest expense
134
100
124
97
455
Depreciation and amortization
254
259
262
261
1,036
(Gain) loss on sales of assets and
businesses
(17
)
(1
)
(11
)
2
(27
)
Impairment and restructuring charges and
settlement contingencies
74
7
117
71
269
Railroad maintenance expense
26
—
2
26
54
Expenses related to acquisitions
—
—
3
3
6
Adjusted EBITDA
$
1,684
$
1,762
$
1,629
$
1,491
$
6,566
Four Quarters
Quarter Ended
Ended
Dec. 31, 2022
Mar. 31, 2023
Jun. 30, 2023
Sep. 30, 2023
Sep. 30, 2023
(in millions)
Ag Services and Oilseeds
$
1,271
$
1,300
$
1,143
$
937
$
4,651
Carbohydrate Solutions
338
352
381
538
1,609
Nutrition
196
210
253
205
864
Other Business
124
97
84
44
349
Corporate
(245
)
(197
)
(232
)
(233
)
(907
)
Adjusted EBITDA
$
1,684
$
1,762
$
1,629
$
1,491
$
6,566
Adjusted EBITDA is defined as earnings
before taxes, interest on borrowings, 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 on borrowings 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/20231024989906/en/
Media Relations Jackie Anderson 312-634-8484
Investor Relations Megan Britt 872-257-8378
Archer Daniels Midland (NYSE:ADM)
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