Archer-Daniels-Midland Co. suspended its chief financial officer and cut its earnings outlook pending an investigation into its accounting practices, which was prompted by a voluntary document request from the US Securities and Exchange Commission. The probe is focused on intersegment transactions involving ADM's nutrition unit, which makes ingredients for human and animal foods, and the company has spent billions expanding this business since 2014 but profits have failed to live up to initial expectations due to weakening demand. The investigation is likely to result in a lower margin for nutrition at a time when investors are already concerned about the risk to earnings, and ADM may reassess its strategic priorities as a result of this news.
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https://read.distractionfree.site/fortune/2024/01/22/archer-daniels-midland-cfo-suspended-sec-request-accouinting-shares-plunge-23-percent/
#ADM #AccountingPractices #SECInvestigation #NutritionUnit #WeakeningDemand #LowerMargin
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2024-01-23 02:17:03
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npub19vqkmyttvpwpul5njms9ej6hgc30e2t03shnx9dzyvy4gwstcc4s0mj236Published at
2024-01-23 02:17:03Event JSON
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"content": "Archer-Daniels-Midland Co. suspended its chief financial officer and cut its earnings outlook pending an investigation into its accounting practices, which was prompted by a voluntary document request from the US Securities and Exchange Commission. The probe is focused on intersegment transactions involving ADM's nutrition unit, which makes ingredients for human and animal foods, and the company has spent billions expanding this business since 2014 but profits have failed to live up to initial expectations due to weakening demand. The investigation is likely to result in a lower margin for nutrition at a time when investors are already concerned about the risk to earnings, and ADM may reassess its strategic priorities as a result of this news.\n\nRead this story from \"Fortune\" for free without being tracked.\n\nhttps://read.distractionfree.site/fortune/2024/01/22/archer-daniels-midland-cfo-suspended-sec-request-accouinting-shares-plunge-23-percent/\n\n#ADM #AccountingPractices #SECInvestigation #NutritionUnit #WeakeningDemand #LowerMargin",
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