Earnings Updates | Q1 2024

March 20, 2024by toleg.work

In the past week, 1 company from the S&P 500 index reported for Q4 2023 and 7 companies for Q1 2024.

Archer Daniels Midland was the last of the 500 companies to report for the fourth quarter of 2023, as it was forced to postpone the publication date. This is due to inspections and investigations into financial fraud by both the Securities Exchange Commission (SEC) and the FBI. Let’s analyze the company’s business in more detail.

Archer Daniels Midland is an international food production and processing company, ranked 35th in the Fortune500 list. The company’s production facilities include 270 plants and 420 agricultural enterprises.

Archer Daniels Midland’s revenue amounted to $23.6B and decreased by -11.6% compared to the same quarter last year. During the reporting quarter, the company repurchased $1.5B worth of shares and paid $977M in dividends in 2023. In addition, Archer Daniels Midland has entered into an agreement with Merrill Lynch International to repurchase $1.0B worth of shares during 2024.

92% of the revenue structure is made up of manufacturing costs, and 8% is gross revenue. Over the past quarter, the company made a profit of $542M. Its market capitalization is $29B.

After the publication of the report, Archer Daniels Midland stock rose +3.8% to $59 per share. In general, market participants are satisfied with the company’s current financial results and reacted positively to the forecasts for the next quarter.

*surprise – % ratio between actual and expected revenue
**growth – % ratio of the amount of revenue for the last 4 quarters compared to this value calculated for the previous quarter

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