- Archer-Daniels-Midland Co ADM reported first-quarter FY23 sales growth of 1.8% year-on-year to $24.07 billion — in line with the consensus.
- Revenues from Ag Services and Oilseeds rose 1.8% Y/Y, Carbohydrate Solutions increased by 5.1%, and Nutrition fell 3.7%.
- Gross profit of the human and animal nutrition company increased 9.6% Y/Y to $2.08 billion. Gross margin expanded 62 basis points to 8.64%.
- Adjusted earnings per share rose 10% to $2.09, beating the analyst consensus of $1.78.
- The company held $899 million in cash and equivalents as of Mar. 31.
- “With a strong balance sheet and healthy cash flows, ADM is poised to continue investing in profitable growth, and we are excited about our strategic plan for 2023 and beyond,” said CEO Juan Luciano.
- Price Action: ADM shares are trading lower by 0.6% at $80.31 premarket on the last check Tuesday.
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