((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))
Archer-Daniels-Midland's actions
ADM.N fell 7% premarket Tuesday after the global grain trader cut its adjusted annual profit forecast and said it would amend its previous financial statements after discovering additional accounting irregularities.
The company lowered its 2024 adjusted earnings per share forecast to the range of $4.50 to $5, from the previously estimated $5.25 to $6.25.
In March, ADM corrected six years of financial data after an internal investigation found that some sales between the company's business units had not been recorded correctly.
The accounting irregularities triggered several government investigations and led to the departure of CFO Vikram Luthar.
The restated documents will include certain newly identified errors regarding additional cross-segment sales for the Ag Services and Oilseeds, Carbohydrate Solutions and Nutrition segments, the company said late Monday.
ADM does not expect a material impact and is working to complete restatements as soon as “reasonably possible.”
The company will amend its Form 10-K for fiscal 2023 and its filings for the first and second quarters of this year.
Meanwhile, ADM reported adjusted net income of $1.09 per share for the third quarter ended Sept. 30, compared with analysts' average estimate of $1.25, according to data compiled by LSEG.
