REUTERS —Archer-Daniels-Midland says chief financial officer Vikram Luthar will resign from his role effective Sept. 30. Luthar is the highest-level executive to leave the firm since it disclosed accounting issues within its Nutrition division that later triggered two government investigations and forced it to revise six years of financial data. ADM had put Luthar on […] Read more
Tag Archives ADM — page 2
ADM recalls animal feed
Reuters – Archer-Daniels-Midland said its division is expanding a recall to include 17 additional lots of chicken, swine and rabbit feed products due to elevated levels of magnesium, sodium, calcium and/or phosphorus that may harm the animals. ADM Animal Nutrition in late March had recalled select Pen Pals chicken feed, MoorMan’s ShowTec swine feed, AMPT […] Read more
FBI agents deliver subpoenas to ADM employees
Criminal probe into company’s accounting practices linked to below-cost sales from its ag unit to its nutrition division
SAN FRANCISCO (Reuters) — FBI agents delivered grand jury subpoenas to current and former employees of grain trader Archer-Daniels-Midland in early March, said three sources with knowledge of the matter. The subpoenas were signed by officials at the U.S. attorney’s Manhattan office and delivered to recipients’ homes in the Decatur, Illinois, area where ADM has […] Read more
ADM misses profit goal
REUTERS — Archer-Daniels-Midland reported lower-than-expected fourth-quarter earnings earlier this month after an investigation into accounting practices at the company’s nutrition unit delayed the release of its financial results for nearly two months. The global grains merchant reported adjusted earnings of $1.36 per share for the fourth quarter, while analysts had expected earnings of $1.43 per […] Read more
U.S. justice department probes ADM
WASHINGTON, D.C. (Reuters) — The U.S. justice department is probing the accounting practices at Archer Daniels Midland, according to two people with direct knowledge of the matter. New York-listed shares of ADM’s stock dropped 24 percent late last month after the company disclosed it had suspended its chief financial officer amid an internal probe into […] Read more
ADM posts big profit
CHICAGO, Ill. (Reuters) — Archer-Daniels-Midland Co. beat Wall Street expectations for third-quarter profit on good ethanol and sweetener margins and strong Brazilian crop exports, though results were lower year-on-year. The company said it was raising its full-year earnings outlook after a strong first three quarters and a favourable market environment. ADM has capitalized on good […] Read more
ADM profit disappoints market
Demand for vegetable oils has soared as biofuel makers have expanded capacity to produce renewable diesel.
But weaker-than-expected oilseed crushing margins in key markets worried some investors.
