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Archer-Daniels-Midland Overstated 2022 Sales By $292 Million
Agriculture firm reveals “immaterial revision” to annual sales total it provided just three weeks ago.
February 14, 2023
In January Archer-Daniels-Midland (ADM), a seller of agricultural commodities, products, and ingredients, reported $101.8 billion in 2022 sales.
Three weeks later, investors learned the company generated just $101.5 billion.
The $292 million difference, according to the company in its latest annual report, reflects little more than:
“...immaterial revisions to certain line items in the consolidated statements of earnings and statements of cash flows…”
Earnings and Operating cash flow do not appear to be impacted as the sales error is offset by a corresponding cost of sales error.
Rather than reconciling or explicitly showing the adjustment made to the FY22 sales total, investors have to compare Archer-Daniels’ latest annual report with a news release issued January 26, 2023.
The error is less than 1% of total annual sales.
The company says its internal controls over financial reporting are effective.
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