Reported 2 days ago
Archer-Daniels-Midland Co. has restated its previous earnings following the discovery of new accounting errors, aiming to regain investor trust. The Chicago-based company noted that the revised figures for intersegment sales, which had been overestimated by $1.28 billion, do not affect its consolidated results for 2023 or the first half of this year. This move comes after an accounting scandal that resulted in significant market value loss and ongoing investigations. Despite the challenges, ADM's operating profits remained unchanged, though its shares have dropped 27% this year.
Source: YAHOO