The agriculture giant is expecting weaker profitability for its recently completed third quarter, and cut its bottom-line guidance for 2024.
Shares in Archer-Daniels-Midland (ADM) sank as the maker of agricultural commodities canceled an earnings conference call scheduled for Tuesday and announced restating previous results amid additional concerns about its accounting practices.
ADM announces preliminary results for the third quarter of 2024. The Nutrition business witnesses lower-than- expected results due to the weaker market conditions.
24/7 Wall St. Insights The market is pricing in two 25-basis-point rate cuts for the rest of 2024.
The agricultural firm reported weaker-than-expected third-quarter earnings, and cancelled its earnings conference call.
Archer Daniels Midland Co.'s stock tumbled 6% early Tuesday, after the food-processing and ethanol giant published guidance for the third quarter that lags estimates and said it would restate prior financials.
AOS, ARCH and ADM have been added to the Zacks Rank #24 (Strong Sell) List on November 5, 2024.
Beyond analysts' top -and-bottom-line estimates for ADM (ADM), evaluate projections for some of its key metrics to gain a better insight into how the business might have performed for the quarter ended September 2024.
Archer Daniels' Q3 results are expected to reflect continued weak trends in the Agricultural Services & Oilseeds segment, and soft crush margins.
AMR, ATRO and ADM have been added to the Zacks Rank #5 (Strong Sell) List on October 30, 2024.
In the closing of the recent trading day, Archer Daniels Midland (ADM) stood at $56.32, denoting a -1.61% change from the preceding trading day.
Archer-Daniels-Midland Company (ADM) is a leading player in the global grain processing and trading industry. A number of valuation metrics suggest the mid-$50's area is a good floor for the stock. The company's financial performance and consistent dividend payouts make it an attractive option for long-term investors.