Archer-Daniels-Midland (ADM) FY2019 results: revenue $64.7 billion, up 0.5% on the year
Archer-Daniels-Midland Co. (ADM) reported revenue of $64.7 billion for fiscal 2019, the year ended 31 December 2019, up 0.5% on the year before. Net income was $1.4 billion, down 23.8%, and diluted earnings per share $2.44. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2020.
Revenue
$64.7 billion
+0.5% on the year
FY2012FY2019
Operating margin
n/a
FY2012FY2019
Net income
$1.4 billion
-23.8% on the year
FY2012FY2019
Diluted EPS
$2.44
-23.5% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
64,656
64,341
60,828
+0.5%
Cost of revenue
60,509
60,160
57,322
+0.6%
Gross profit
4,147
4,181
3,518
-0.8%
Gross margin
6.4%
6.5%
5.8%
Research and development
154
141
129
+9.2%
Selling, general and administrative
2,493
2,165
1,978
+15.2%
Interest expense
402
364
330
+10.4%
Pre-tax income
1,588
2,060
1,609
-22.9%
Income tax
209
245
7.0
-14.7%
Effective tax rate
13.2%
11.9%
0.4%
Net income
1,379
1,810
1,595
-23.8%
Net margin
2.1%
2.8%
2.6%
Diluted EPS
$2.44
$3.19
$2.79
-23.5%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
-5,452
-4,784
-5,966
Capital expenditure
828
842
1,049
-1.7%
Free cash flow
-6,280
-5,626
-7,015
Free cash flow margin
-9.7%
-8.7%
-11.5%
Cash from investing
5,259
6,582
7,291
-20.1%
Cash from financing
-660
187
-1,028
Depreciation and amortisation
993
941
924
+5.5%
Share-based compensation
89.0
109
66.0
-18.3%
Buybacks
150
77.0
750
+94.8%
Dividends paid
789
758
730
+4.1%
Dividend per share
$1.40
$1.34
$1.28
+4.5%
Diluted shares, weighted
565m
567m
572m
-0.4%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
19,225
18,996
18,322
+1.2%
Redeemable equity
58.0
49.0
53.0
+18.4%
Debt
8,881
8,388
7,493
+5.9%
Operating lease liabilities
781
n/a
n/a
Other liabilities
15,052
13,400
14,095
+12.3%
Total liabilities and equity
43,997
40,833
39,963
+7.7%
Fixed assets
10,106
9,953
10,138
+1.5%
Goodwill
3,385
2,496
2,374
+35.6%
Intangible assets
2,091
1,545
1,544
+35.3%
Investments
n/a
13.0
92.0
Cash and equivalents
852
1,997
804
-57.3%
Receivables
2,267
2,233
1,947
+1.5%
Inventory
9,170
8,813
9,173
+4.1%
Other assets
16,126
13,783
13,891
+17.0%
Total assets
43,997
40,833
39,963
+7.7%
10-K for the year ended 31 December 2019, filed 18 February 2020: the filing.