ADM to Disclose Material Weakness in Financial Controls, Maintains Earnings Forecast
Archer-Daniels-Midland Company (ADM) has announced it expects to file its annual report by March 15, 2023, and anticipates disclosing a material weakness in its internal control over financial reporting. Despite this, the company maintains that its adjusted earnings per share for the year ended December 31, 2023, will remain as previously disclosed on January 21, 2024. ADM has filed a Form 12b-25 with the Securities and Exchange Commission to notify of the late filing. The company also stated that due to the sales occurring between the company's reporting segments, there would be no impact on the company's consolidated balance sheets, statements of earnings, comprehensive income (loss), or cash flows.
Sources
John T. Bresnahan"Because each such sale occurred between the Company’s reporting segments, the Company does not anticipate an impact to the Company’s consolidated balance sheets, statements of earnings, comprehensive income (loss), or cash flows." $ADM 😮💨 https://t.co/QUlCeEBi8M
PiQ
⚠️ ADM EXPECTS TO DISCLOSE MATERIAL WEAKNESS IN ANNUAL REPORT BY MARCH 15 (Reuters) Grain trader Archer-Daniels-Midland said on Friday it expects to report material weakness in the internal control over financial reporting in its annual report, which it aims to file by March… https://t.co/AGA7xUZPfN
Javier Blas COMMODITY TRADING: ADM delays annual results further, now expecting a filing by March 15th. It warns it will disclose "material weakness" in internal controls. BUT importantly, the corrections it anticipates seem quite limited - with not impact on balance sheet and/or P&L | $ADM https://t.co/l22ljHE7g2