What's Going On With Archer-Daniels-Midland Shares Today?
Portfolio Pulse from Shivani Kumaresan
Archer-Daniels-Midland Co (NYSE:ADM) shares rose 4.46% after reporting Q4 FY23 results with revenues of $22.98 billion, missing estimates. Adjusted EPS was $1.36, below the consensus of $1.43. The company announced a $2 billion share repurchase and provided an update on an investigation into accounting practices, identifying a material weakness in internal control over financial reporting.
March 12, 2024 | 4:57 pm
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Archer-Daniels-Midland Co reported lower-than-expected Q4 FY23 results but announced a $2 billion share repurchase. It also updated on an accounting investigation, revealing a material weakness in internal control.
Despite missing revenue and EPS estimates, ADM's stock price increased, likely due to the positive reaction to the $2 billion share repurchase announcement. However, the revelation of a material weakness in internal control over financial reporting due to accounting practices could raise concerns among investors, potentially tempering the positive impact of the share repurchase program.
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