Archer Daniels Midland raised its full-year 2024 adjusted earnings per share guidance to $5.15–$5.60, marking the second upward revision this year, and pointed to strengthening operating profits across its segments and a multiyear cost-cutting program as key drivers.
The Chicago-based food giant reported second-quarter adjusted EPS of $1.84, and first-half adjusted EPS rose roughly 50% year over year. Operating profit in the Nutrition segment grew approximately 50%, while Agricultural Services & Oilseeds posted more than a doubling of operating profit. Carbohydrate Solutions also performed well, supported by ethanol demand and policy incentives including the 45Z clean fuel tax credit.
At the Barclays 19th Annual Global Consumer Conference on September 9, 2026, executives emphasized momentum on both the growth and efficiency fronts. Monish Patolawala, executive vice president and CFO, said the company was built for complexity and that its scale, transportation infrastructure and customer relationships position it to add shareholder value through a challenging economy. He noted that mark-to-market impacts affect results but are disclosed rather than predicted.
In February 2025, ADM announced a cost-reduction program aimed at delivering $500 million to $750 million in savings over three to five years. Under a Lean initiative called Frictionless Finance, accounts payable costs have fallen 25% since the start of the year, and the company opened a global capability center in India to bolster its digital talent base.
On the growth side, ADM identified ten plants for debottlenecking, with four in the first phase. About $100 million in investment is targeted to generate more than 700,000 metric tons of additional capacity at a high return on invested capital. The company also outlined expanding opportunities in natural colors, estimating the U.S. addressable market at roughly $1 billion in revenue with an operating profit upside of $80 million to $100 million. Capacity expansions are underway at the Erlanger, Kentucky facility using existing infrastructure rather than a greenfield build.
Balance sheet metrics remained solid. Leverage stood at approximately 1.6x at the end of Q2 and is expected to reach around 2.0x by year-end. Credit ratings were returned to stable outlooks at all three major agencies. Capital spending guidance remained unchanged at $1.3 billion to $1.5 billion for the full year.
Shareholder returns continued to be a focus. ADM increased its dividend for the 379th consecutive quarter and for the 51st straight year, with the current yield standing at 2.46%. Modest share repurchases began in the third quarter.
