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Archer Daniels (ADM) Delays Earning Release, Revises Outlook
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Archer Daniels Midland Company (ADM - Free Report) announces the postponement of its earnings release and conference call for the fourth quarter and 2023. The company also delays the filing of its annual report on Form 10-K for the year ending Dec 31, 2023, marking a departure from its historical schedule. ADM commits to providing updates regarding the rescheduled timing of its earnings release and the filing of Form 10-K.
Image Source: Zacks Investment Research
Updated Outlook
The company updated its 2023 outlook, including several key components. ADM expects to deliver above $6.90 in adjusted earnings per share for the year ended Dec 31, 2023, compared with the previously mentioned $7. The revised EPS is subject to the completion of the company's annual close processes and related internal controls. It expects operating profit for the AS&O and Carbohydrate Solutions segments to align with previous forecasts, as indicated in the third-quarter 2023 earnings call on Oct 24, 2023.
A significant aspect of the updated outlook is the withdrawal of all forward-looking projections for the Nutrition reporting segment. This withdrawal is due to the ongoing investigation into certain accounting practices related to this segment. The lack of guidance for the Nutrition segment reflects the uncertainty and potential impacts of the investigation's findings on this part of ADM's business.
Under the supervision of the Audit Committee, ADM is swiftly collaborating with advisors to bring the investigation to a conclusion. The legal firms Kirkland & Ellis LLP, and Wachtell, Lipton, Rosen & Katz are, respectively, offering legal advice to ADM and its Audit Committee in this matter.
Leadership and Oversight Changes
Ismael Roig, with extensive experience at ADM, has been appointed as the interim chief financial officer following Vikram Luthar’s administrative leave. Vikram Luthar, CFO and senior VP, is placed on leave amid an investigation into accounting practices, particularly in the Nutrition segment.
The board, expressing serious concerns, is actively engaged with advisors to ensure adherence to the best financial governance practices. CEO Juan Luciano commends Ismael Roig’s expertise and readiness to lead the Finance organization during this critical period. Interim CFO Roig emphasizes collaboration with the management team and board to resolve current issues and continue adding value for stakeholders.
Driven by the aforementioned factors, this Zacks Rank #4 (Sell) company has lost 5.8% in the past three months as compared to the industry’s decline of 4.7%.
The Zacks Consensus Estimate for Dole’s current financial-year earnings indicates growth of 20% from the 2022 reported figures. Dole has a trailing four-quarter average earnings surprise of 78.3%.
Alico is an agribusiness company operating in Central and Southwest Florida. It currently carries a Zacks Rank #2 (Buy). ALCO delivered a 91.2% earnings surprise in the last reported quarter.
The Zacks Consensus Estimate for Alico’s current fiscal-year sales implies growth of 96.3% from the fiscal 2023 reported number.
Freshpet is a pet food company. It manufactures and markets natural fresh foods, refrigerated meals, and treats for dogs and cats. FRPT currently has a Zacks Rank #2.
The Zacks Consensus Estimate for Freshpet’s current financial-year sales suggests growth of 26.8% from the 2022 reported figure. FRPT delivered an earnings surprise of 25% in the third quarter of 2023.
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Archer Daniels (ADM) Delays Earning Release, Revises Outlook
Archer Daniels Midland Company (ADM - Free Report) announces the postponement of its earnings release and conference call for the fourth quarter and 2023. The company also delays the filing of its annual report on Form 10-K for the year ending Dec 31, 2023, marking a departure from its historical schedule. ADM commits to providing updates regarding the rescheduled timing of its earnings release and the filing of Form 10-K.
Image Source: Zacks Investment Research
Updated Outlook
The company updated its 2023 outlook, including several key components. ADM expects to deliver above $6.90 in adjusted earnings per share for the year ended Dec 31, 2023, compared with the previously mentioned $7. The revised EPS is subject to the completion of the company's annual close processes and related internal controls. It expects operating profit for the AS&O and Carbohydrate Solutions segments to align with previous forecasts, as indicated in the third-quarter 2023 earnings call on Oct 24, 2023.
A significant aspect of the updated outlook is the withdrawal of all forward-looking projections for the Nutrition reporting segment. This withdrawal is due to the ongoing investigation into certain accounting practices related to this segment. The lack of guidance for the Nutrition segment reflects the uncertainty and potential impacts of the investigation's findings on this part of ADM's business.
Under the supervision of the Audit Committee, ADM is swiftly collaborating with advisors to bring the investigation to a conclusion. The legal firms Kirkland & Ellis LLP, and Wachtell, Lipton, Rosen & Katz are, respectively, offering legal advice to ADM and its Audit Committee in this matter.
Leadership and Oversight Changes
Ismael Roig, with extensive experience at ADM, has been appointed as the interim chief financial officer following Vikram Luthar’s administrative leave. Vikram Luthar, CFO and senior VP, is placed on leave amid an investigation into accounting practices, particularly in the Nutrition segment.
The board, expressing serious concerns, is actively engaged with advisors to ensure adherence to the best financial governance practices. CEO Juan Luciano commends Ismael Roig’s expertise and readiness to lead the Finance organization during this critical period. Interim CFO Roig emphasizes collaboration with the management team and board to resolve current issues and continue adding value for stakeholders.
Driven by the aforementioned factors, this Zacks Rank #4 (Sell) company has lost 5.8% in the past three months as compared to the industry’s decline of 4.7%.
Three Solid Picks
A few better-ranked stocks are Dole plc (DOLE - Free Report) , Alico, Inc. (ALCO - Free Report) and Freshpet Inc. (FRPT - Free Report) .
Dole plc is a producer of fresh bananas and pineapples. The company currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Dole’s current financial-year earnings indicates growth of 20% from the 2022 reported figures. Dole has a trailing four-quarter average earnings surprise of 78.3%.
Alico is an agribusiness company operating in Central and Southwest Florida. It currently carries a Zacks Rank #2 (Buy). ALCO delivered a 91.2% earnings surprise in the last reported quarter.
The Zacks Consensus Estimate for Alico’s current fiscal-year sales implies growth of 96.3% from the fiscal 2023 reported number.
Freshpet is a pet food company. It manufactures and markets natural fresh foods, refrigerated meals, and treats for dogs and cats. FRPT currently has a Zacks Rank #2.
The Zacks Consensus Estimate for Freshpet’s current financial-year sales suggests growth of 26.8% from the 2022 reported figure. FRPT delivered an earnings surprise of 25% in the third quarter of 2023.