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ADM corrects financial statements amid probe over accounting practices

By Reuters   |   Mar 12, 2024 at 06:14 AM EST
ADM corrects financial statements amid probe over accounting practices

(Reuters) - Global grains merchant Archer-Daniels-Midland corrected parts of previous financial statements on Tuesday.

ADM reported profit of $6.43 per share for the full year, after an investigation into accounting practices at the company's nutrition division delayed the release of its financial results for nearly two months.

The company had cut its 2023 profit forecast in January, pulled its forward-looking outlook for nutrition, announced an internal investigation and put finance chief Vikram Luthar on administrative leave.

(Reporting by Karl Plume in Chicago; Editing by Bill Berkrot)

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