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Archer-Daniels-Midland looks for more time to submit quarterly outcomes

ArcherDanielsMidland has looked for an extension to submit its thirdquarter financial report, stating it might not satisfy the due date without unreasonable effort and expense, the worldwide grain trader stated in a. regulative filing.

The reiterated filings, which ADM stated would be launched soon,. will consist of some newly determined mistakes on intersegment sales. for all three of its primary units.

The Chicago-based grain trader stated it has identified some. transactions in between Ag Services and Oilseeds and Carbohydrate. Solutions segments that were not accounted for consistently as. per sector reporting standards.

This is the second time this year that ADM has actually delayed. submitting its financial reports. In March, it was required to remedy. six years of monetary information after an internal probe discovered sales. between its nutrition service and other core units were not. taped properly.

The business had recently cut its 2024 profit outlook and. stated it would amend previous financial declarations after. finding accounting irregularities.

ADM's shares had then plummeted to the most affordable because January. 2021, rubbing out almost $1.6 billion from its market price.

(source: Reuters)