Archer-Daniels-Midland Co. Q4 FY2023 results: revenue $23.0 billion, down 11.4% on the year

Archer-Daniels-Midland Co. (ADM) reported revenue of $23.0 billion for Q4 FY2023, the quarter ended 31 December 2023, down 11.4% on the same quarter a year earlier. Net income was $565 million, down 44.6% on the year, and diluted earnings per share $1.06. The figures are the company's own, from the 10-K it filed with the SEC on 12 March 2024.

Revenue$23.0 billiondown 11.4%

Net income$565 milliondown 44.6%

Diluted EPS$1.06

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	22,978	21,695	n/a	n/a
Cost of revenue	21,238	19,885	n/a	n/a
Gross profit	1,740	1,810	n/a	n/a
Gross margin	7.6%	8.3%	n/a
Selling, general and administrative	919	815	n/a	n/a
Interest expense	165	155	n/a	n/a
Pre-tax income	734	1,031	n/a	n/a
Income tax	192	207	n/a	n/a
Effective tax rate	26.2%	20.1%	n/a
Net income	565	821	n/a	n/a
Net margin	2.5%	3.8%	n/a
Diluted EPS	$1.06	$1.52	n/a	n/a

$ million except per share. Free 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	2,569	992	n/a	n/a
Capital expenditure	439	441	n/a	n/a
Free cash flow	2,130	551	n/a	n/a
Free cash flow margin	9.3%	2.5%	n/a
Depreciation and amortisation	277	261	n/a	n/a
Share-based compensation	14.0	12.0	n/a	n/a
Buybacks	1,555	117	n/a	n/a
Dividends paid	239	244	n/a	n/a
Dividend per share	n/a	$0.45	n/a	n/a
Diluted shares, weighted	n/a	540m	n/a	n/a
Shares outstanding at period end	510m	533m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	54,631	55,093	n/a	n/a
Cash and equivalents	1,368	1,498	n/a	n/a
Receivables	4,232	4,443	n/a	n/a
Inventory	11,957	11,224	n/a	n/a
Goodwill	4,103	n/a	n/a	n/a
Long-term debt	8,260	8,224	n/a	n/a
Operating lease liabilities	931	864	n/a	n/a
Shareholders' equity	24,145	25,265	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	21,695	22,978	21,847	22,248	19,937	21,498	20,175	21,166	20,372	18,556	20,490	22,681
Cost of revenue	19,885	21,238	20,188	20,852	18,572	20,140	18,995	19,796	19,102	17,343	19,268	20,746
Gross profit	1,810	1,740	1,659	1,396	1,365	1,358	1,180	1,370	1,270	1,213	1,222	1,935
Gross margin	8%	8%	8%	6%	7%	6%	6%	6%	6%	7%	6%	9%
SG&A	815	919	951	907	905	943	932	911	873	893	961	1,026
Interest expense	155	165	166	187	174	179	158	159	153	142	149	148
Pre-tax income	1,031	734	885	596	108	666	353	279	147	476	384	1,088
Tax rate	20%	26%	19%	19%	83%	16%	17%	22%	25%	5%	21%	16%
Net income	821	565	729	486	18.0	567	295	219	108	456	298	908
Net margin	4%	2%	3%	2%	0%	3%	1%	1%	1%	2%	1%	4%
Diluted EPS	$1.52	$1.06	$1.42	$0.98	$0.04	$1.21	$0.61	$0.45	$0.22	$0.95	$0.62	$1.87
Operating cash flow	992	2,569	700	468	1,300	322	-342	4,298	1,809	-313	150	1,149
Capital expenditure	441	439	328	362	381	492	291	305	296	356	194	272
Free cash flow	551	2,130	372	106	919	-170	-633	3,993	1,513	-669	-44.0	877
Buybacks	117	1,555	1,327	1,000	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a
Dividends paid	244	239	257	246	241	241	247	248	248	244	254	256
Shares outstanding	533m	510m	494m	478m	479m	480m	480m	480m	481m	481m	482m	482m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 12 March 2024, accession 0000007084-24-000009: the filing on EDGAR. All of Archer-Daniels-Midland Co.'s filings: EDGAR company page.

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