---
title: "ADM Cancels Investor Call as Fresh Accounting Concerns Surface Share Price Plummets"
publisher: "Stockmark.IT"
author: "Stockmark.IT Website"
published: "2024-11-06T05:58:52+00:00"
modified: "2024-11-06T05:58:52+00:00"
date: 2024-11-06
canonical: "https://stockmark.it/adm-cancels-investor-call-as-fresh-accounting-concerns-surface-share-price-plummets/"
category: "Financial"
categories: ["Financial", "Stockmarket", "Trading"]
image: "https://i0.wp.com/stockmark.it/wp-content/uploads/stencil.default-12-1.jpg?fit=1200%2C800&quality=89&ssl=1"
format: "news"
language: "en-GB"
---

# ADM Cancels Investor Call as Fresh Accounting Concerns Surface Share Price Plummets

**Published:** November 6, 2024
**Author:** Stockmark.IT Website
**Categories:** Financial, Stockmarket, Trading
**Featured image:** ![Candlestick chart showing Dow Jones Industrial Average crossing 40,000. from Stockmark.it](https://i0.wp.com/stockmark.it/wp-content/uploads/stencil.default-12-1.jpg?fit=1200%2C800&quality=89&ssl=1)

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Agricultural commodities giant Archer Daniels Midland (ADM) has cancelled its quarterly results webcast with investors following the discovery of financial-reporting errors, deepening the crisis that began when it placed its finance director on leave earlier this year.

The Chicago-based trader’s shares tumbled by 11.5 per cent in early trading, marking the steepest decline since its initial disclosure of accounting irregularities within its nutrition unit in January. The company’s stock value has deteriorated by 26 per cent since the January announcement, settling at $50.65.

The decision to cancel the scheduled 9am Chicago time webcast came as ADM pledged to work “diligently” to finalise its financial statements. The company emphasised that the published figures for the third quarter ending 30 September remained preliminary and unaudited.

The latest complications stem from confusion regarding the reporting of intersegment and intrasegment sales figures. During system testing, ADM identified additional misclassified sales across its ag services and oilseeds, carbohydrate solutions, and nutrition segments.

Net earnings for the quarter plummeted to $18 million from $821 million in the corresponding period last year, largely due to investment writedowns totalling approximately $500 million. The most significant impact came from a $461 million write-off related to ADM’s stake in Singapore-listed food processor Wilmar International.

Chief Executive Juan Luciano acknowledged strong performance in the carbohydrate solutions division but admitted that both the nutrition and ag services and oilseeds segments delivered results below expectations. The company has reduced its full-year adjusted earnings per share forecast from $5.25-$6.25 to $4.50-$5.00.

ADM is currently collaborating with the Securities and Exchange Commission to restate its 2023 results and those for the first two quarters of 2024, though no specific timeline has been provided for the completion of these revisions.

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