Bulletin: Archer Daniels Midland Co.'s Announced Restatements Remain Immaterial To Its Consolidated Financial Performance

NEW YORK (S&P Global Ratings) Nov. 5, 2024--S&P Global Ratings today said that its ratings on agribusiness company Archer Daniels Midland Co. (ADM; A/Negative/A-1) continue to reflect the risk the company's leverage will exceed our expectations following its weaker-than-expected preliminary results for the third quarter ended Sept. 30, 2024. As part of the company's preliminary earnings announcement, it delayed its earnings call and announced a filing delay for its third-quarter interim financial statements until it completes the restatement of its financial reports for the quarters ended June 30, 2024, and March 31, 2024, as well as for the fiscal year ended 2023. At this stage, we do not view the restatements as a material negative development of the internal control

...NEW YORK (S&P Global Ratings) Nov. 5, 2024--S&P Global Ratings today said that its ratings on agribusiness company Archer Daniels Midland Co. (ADM; A/Negative/A-1) continue to reflect the risk the company's leverage will exceed our expectations following its weaker-than-expected preliminary results for the third quarter ended Sept. 30, 2024. As part of the company's preliminary earnings announcement, it delayed its earnings call and announced a filing delay for its third-quarter interim financial statements until it completes the restatement of its financial reports for the quarters ended June 30, 2024, and March 31, 2024, as well as for the fiscal year ended 2023. At this stage, we do not view the restatements as a material negative development of the internal control deficiencies ADM uncovered in January because the restatements remain immaterial to its consolidated financial performance and largely stem from the remediation efforts management has been putting in place to address its...

Bulletin