Archer Daniels Midland Company (ADM) Q4 2024 earnings summary

Executive summary

• Q4 2024 adjusted EPS was $1.14, down 16% year-over-year; full-year adjusted EPS was $4.74, down 32% year-over-year, meeting guidance midpoint.

• Total segment operating profit was $1.1B for Q4 2024 (down 16% YoY) and $4.2B for the year (down 28% YoY).

• Cash flows from operations before working capital for FY 2024 were $3.3B, down 30% year-over-year.

• Achieved strong crush volumes in canola, rapeseed, and LATAM; improved North American soy operations and reduced unplanned downtime.

• Increased quarterly dividend, marking 93 consecutive years of uninterrupted dividends, and announced $500–$750M targeted cost savings.

Financial highlights

• Q4 2024 revenue was $21.5B, down from $23.0B in Q4 2023; FY 2024 revenue was $85.5B, down from $93.9B in FY 2023.

• FY 2024 net earnings attributable to ADM were $1.8B, down from $3.5B in FY 2023; adjusted EBITDA for FY 2024 was $4.5B, down from $6.2B.

• Q4 segment operating profit: $1.1B; full-year: $4.2B.

• Returned $3.3B to shareholders via dividends and repurchases; $1.6B in capex; $1B to M&A.

• Adjusted net debt/adjusted EBITDA ratio increased to 2.0x from 0.9x year-over-year.

Outlook and guidance

• 2025 adjusted EPS expected between $4.00–$4.75, reflecting weaker market fundamentals and ongoing policy uncertainty.

• Q1 2025 AS&O segment profit expected down ~50% YoY; full-year AS&O profit to be below or similar to 2024.

• Carbohydrate Solutions Q1 profit expected down 5%–15% YoY; full-year profit expected lower than 2024.

• Nutrition Q1 profit expected down 50% YoY; full-year profit expected higher with low to mid-single-digit revenue growth.

• $200M–$300M in cost savings targeted for 2025; $500M–$750M over 3–5 years.