Leadership Changes - Kenta Kon has been promoted to president and CEO of Toyota Motor, effective April 1, succeeding Koji Sato, who will become vice chairman and chief industry officer [2] - Prashanth Mahendra-Rajah will step down as CFO of Uber on February 16, 2026, and will be replaced by Balaji Krishnamurthy, currently vice president of strategic finance at Uber [3] - Peer Bueller has been promoted to CEO of Kayak, succeeding cofounder Steve Hafner, who will become executive chair and focus on AI innovation at Booking Holdings [4] - Liz Coddington, CFO of Peloton, is leaving for a similar role at Palmetto, with her departure effective March 30 [5] - Anubhav Mittal's employment offer to become CFO of Universal Corp. has been withdrawn, and Johan Kroner will continue as CFO until a successor is named [6] Background of Key Individuals - Kenta Kon has been with Toyota since 1991 and served as CFO since July 2025 [2] - Balaji Krishnamurthy joined Uber in 2019 and has held various leadership roles, including head of investor relations [3] - Peer Bueller joined Kayak in 2016 as CFO and took on the COO role in 2021 [4] - Liz Coddington joined Peloton as CFO in June 2022, previously working at Amazon and other notable companies [5] - Anubhav Mittal has worked at ADM for 10 years, most recently as CFO of ADM Nutrition, a $8 billion business [6] Company Implications - Toyota's leadership transition may signal a strategic shift under new management [2] - Uber's CFO change could impact its financial strategy and investor relations [3] - Kayak's new CEO may drive innovation and operational changes within the company [4] - Peloton's CFO transition could affect its financial management and strategic direction [5] - Universal Corp.'s withdrawal of Mittal's offer may create uncertainty in its financial leadership [6]

Core Insights - Archer-Daniels-Midland Company (ADM) has a market capitalization of $32.4 billion and is involved in the procurement, transportation, storage, processing, and merchandising of agricultural commodities and ingredients [1] Performance Overview - ADM shares have outperformed the broader market, gaining 41.8% over the past year compared to a 14% increase in the S&P 500 Index [2] - Year-to-date (YTD) performance shows ADM stock up 17.1%, exceeding the S&P 500's marginal rise [2] - Compared to the VanEck Agribusiness ETF (MOO), which gained 20.2% over the past year, ADM's YTD returns also surpass the ETF's 13.6% gains [3] Financial Results - In Q4, ADM reported an adjusted EPS of $0.87, exceeding Wall Street's expectation of $0.83, but its revenue of $18.6 billion fell short of the forecasted $22.3 billion [5] - For the full fiscal year, ADM expects adjusted EPS to be in the range of $3.60 to $4.25 [5] Earnings Expectations - Analysts project ADM's EPS to grow by 17.5% to $4.03 on a diluted basis for the current fiscal year ending in December [6] - ADM has a strong earnings surprise history, beating consensus estimates in each of the last four quarters [6] Analyst Ratings - Among 11 analysts covering ADM, the consensus rating is a "Hold," with one "Strong Buy," six "Holds," two "Moderate Sells," and two "Strong Sells" [6] - Recent analysis indicates a less bearish outlook compared to a month ago, with three analysts suggesting a "Strong Sell" [8] Price Targets - ADM currently trades above its mean price target of $57.30, with a Street-high price target of $70 indicating a potential upside of 4% [9]

Group 1 - Brett Ashcroft Green is a CERTIFIED FINANCIAL PLANNER™ advocating for early retirement through disciplined, tax-efficient investing [1] - He has a background in private credit and commercial real estate mezzanine financing, having worked as a business director at a large family office [1] - His experience includes working with high-net-worth and ultra-high-net-worth families across the U.S. and Asia, with significant time spent in China [1] - Brett is fluent in Mandarin Chinese and has served as a court interpreter, enhancing his ability to operate in business and legal settings [1] - He has collaborated with notable commercial real estate developers such as The Witkoff Group, Kushner Companies, The Durst Organization, and Fortress Investment Group [1]

Core Insights - Archer Daniels Midland Company (ADM) reported fourth-quarter 2025 results with revenues falling short of estimates and declining year over year, while earnings exceeded estimates but also decreased compared to the previous year [1][2]. Financial Performance - Adjusted earnings were 87 cents per share, surpassing the Zacks Consensus Estimate of 83 cents, but down from $1.14 per share in the same quarter last year [2] - Reported earnings for the quarter were 94 cents per share, down from $1.17 in the prior-year quarter [2] - Revenues decreased by 13.7% year over year to $18.6 billion, missing the consensus estimate of $22.3 billion [2] Segment Performance - Ag Services & Oilseeds revenues fell 16.9% year over year to $14 billion, while Carbohydrate Solutions revenues decreased 3.9% to $2.6 billion [3] - Nutrition segment revenues rose 0.7% year over year to $1.8 billion, with the Zacks Consensus Estimate for these segments being $17.7 billion, $2.6 billion, and $1.9 billion respectively [3] - Other Business revenues remained flat at $117 million compared to the prior-year period [3] Profitability Metrics - Gross profit decreased by 10.7% year over year to $1.2 billion, with a gross margin of 6.5% [4] - Selling, general and administrative expenses declined to $893 million from $943 million in the year-ago quarter [4] - Adjusted segmental operating profit was $821 million, down 22% from the previous year [4] Segmental Operating Profit Analysis - Adjusted operating profit for Ag Services & Oilseeds dropped 31% year over year to $444 million, primarily due to lower soybean export activity and unfavorable mark-to-market impacts [5] - Crushing subsegment's operating profit plunged 69% year over year due to weaker crush margins, despite higher global crush volumes [6] - Carbohydrate Solutions segment posted an operating profit of $299 million, reflecting a 6% decline from the year-ago period [8] Dividend and Future Guidance - ADM raised its quarterly dividend by 2% to 52 cents per share, marking the company's 94th consecutive year of uninterrupted dividends [14] - For 2026, ADM expects adjusted EPS in the range of $3.60-$4.25, with the lower end reflecting continued deferral of U.S. biofuel policy clarity [15] - The outlook for 2026 anticipates year-over-year operating profit growth in Ag Services & Oilseeds, while Carbohydrate Solutions' operating profit is expected to remain flat [16] Financial Position - As of December 31, 2025, ADM had cash and cash equivalents of $1.02 billion, long-term debt of $7.6 billion, and shareholders' equity of $34.7 billion [13] - The company generated $5.45 billion in cash from operating activities and paid out dividends totaling $987 million during 2025 [13]

Financial Data and Key Metrics Changes - The company reported fourth quarter adjusted earnings per share of $0.87 and full year adjusted earnings per share of $3.43 [5] - Total segment operating profit was $821 million for the fourth quarter and $3.2 billion for the full year [5] - The trailing fourth quarter adjusted return on invested capital (ROIC) was 6.3% [5] - Cash flow from operations before working capital changes was $2.7 billion for 2025, with a $1.5 billion cash flow benefit from inventory reduction [5][22] Business Line Data and Key Metrics Changes - The Ag Services and Oilseeds (AS&O) segment operating profit for the fourth quarter was $444 million, down 31% year-over-year, and $1.6 billion for the full year, down 34% [14] - The Carbohydrate Solutions segment operating profit was $299 million for the fourth quarter, down 6% year-over-year, and $1.2 billion for the full year, down 12% [17] - The Nutrition segment revenues were $1.8 billion for the fourth quarter, remaining flat year-over-year, with human nutrition revenue increasing by 5% and animal nutrition revenue decreasing by 4% [19] Market Data and Key Metrics Changes - The company noted that the operating environment throughout 2025 was challenging, but there are expectations for a more constructive market environment in 2026 due to improved trade relations with China and anticipated clarity in U.S. biofuel policy [11][12] - The company expects segment operating profit for Carbohydrate Solutions to remain relatively flat, with lower starches and sweeteners volumes offset by higher ethanol margins [12] Company Strategy and Development Direction - The company is focusing on five key growth areas: enhanced nutrition, biotics, biosolutions, precision fermentation, and decarbonization [9] - The company executed over 20 projects as part of portfolio optimization and simplification initiatives, achieving approximately $200 million in cost savings [8] - The company aims to achieve targeted aggregate cost savings of $500-$750 million over three to five years, which began in 2025 [27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the potential for growth driven by improved market conditions and strategic initiatives [11][12] - The outlook for adjusted EPS in 2026 is projected to be between $3.60 and $4.25, reflecting growth over 2025 [12][23] Other Important Information - The company paid its 376th consecutive quarterly dividend [6] - The joint venture with Alltech has commenced operations, although it is not expected to have a material impact on nutrition operating profit in 2026 [25] Q&A Session Summary Question: Comments on the RVO and its impact on operating rates - Management acknowledged the uncertainty surrounding the Renewable Volume Obligation (RVO) and its timing, but expressed confidence in positive outcomes once clarity is achieved [33][34] Question: Update on Nutrition segment performance and customer recovery - Management noted strong performance in flavors and biotics, with ongoing efforts to regain market share lost during the Decatur East plant downtime [41][42] Question: Insights on crush margins and demand for Starches and Sweeteners - Management indicated that the softness in demand is influenced by consumer behavior changes and pricing pressures, but they are focused on offsetting these trends [66][67] Question: Clarification on corporate expenses and tax rates - Management provided guidance on an expected effective tax rate between 18% and 20% and noted that corporate costs would increase due to reinvestment in R&D and digital platforms [72] Question: Discussion on the impact of RVO on future earnings - Management emphasized that multiple factors will influence future earnings, including RVO clarity, consumer demand, and operational efficiency [80][81]

Financial Data and Key Metrics Changes - The company reported fourth quarter adjusted earnings per share of $0.87 and full-year adjusted earnings per share of $3.43, with total segment operating profit of $821 million for the fourth quarter and $3.2 billion for the full year [5][12] - The trailing fourth quarter adjusted return on invested capital (ROIC) was 6.3%, and cash flow from operations before working capital changes was $2.7 billion for 2025 [5][22] - The company achieved approximately $200 million in cost savings through portfolio optimization and simplification initiatives [8] Business Line Data and Key Metrics Changes - The Ag Services and Oilseeds (AS&O) segment operating profit for the fourth quarter was $444 million, down 31% year-over-year, and for the full year, it was $1.6 billion, a decrease of 34% compared to 2024 [14] - The Carbohydrate Solutions segment operating profit for the fourth quarter was $299 million, down 6% year-over-year, and for the full year, it was $1.2 billion, down 12% compared to 2024 [18] - The Nutrition segment revenues were $1.8 billion for the fourth quarter, remaining relatively flat year-over-year, with human nutrition revenue increasing by 5% and animal nutrition revenue decreasing by 4% [19] Market Data and Key Metrics Changes - The company noted that the operating environment throughout 2025 was challenging, but improvements in global trade relations and U.S. biofuel policy clarity are expected to support a more constructive market environment in 2026 [11][12] - The company anticipates positive economic opportunities for the industry and American farmers, which should drive additional long-term investments [11] Company Strategy and Development Direction - The company is focused on five key growth areas: enhanced nutrition, biotics, biosolutions, precision fermentation, and decarbonization, each with different growth profiles and timelines for value creation [9][10] - The company aims to optimize its results in what is expected to be a more constructive operating environment, with a focus on disciplined capital allocation and cost savings [30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the importance of timing regarding U.S. biofuel policy clarity and its potential positive impact on operations [33][34] - The company expects adjusted EPS for 2026 to be in the range of $3.60-$4.25, reflecting growth over 2025 [12][27] Other Important Information - The company paid its 376th consecutive quarterly dividend during the fourth quarter [6] - The company has made significant progress in improving working capital efficiency, realizing a $1.5 billion cash flow benefit from inventory reduction [22] Q&A Session Summary Question: Comments on the RVO and its impact on operating rates - Management acknowledged the difficulty in providing guidance due to external factors but expressed optimism about the positive impact of RVO clarity on operating rates and margins [33][34] Question: Update on Nutrition segment performance and customer recovery - Management clarified that while the Nutrition segment faced challenges, there was strong performance in flavors and a recovery in specialty ingredients, with ongoing efforts to regain market share [41][42] Question: Insights on crush margins and demand - Management indicated that the crush margins are influenced by various factors, including RVO policy and consumer demand, and emphasized the need for careful monitoring of market conditions [58][60] Question: Discussion on Starches and Sweeteners demand - Management noted that demand softness is attributed to various factors, including consumer behavior changes and pricing pressures, but emphasized efforts to offset these challenges [65][66]

Financial Data and Key Metrics Changes - The company reported fourth quarter adjusted earnings per share (EPS) of $0.87 and full year adjusted EPS of $3.43, with total segment operating profit of $821 million for the fourth quarter and $3.2 billion for the full year [4] - The trailing fourth quarter adjusted return on invested capital (ROIC) was 6.3%, and cash flow from operations before working capital changes was $2.7 billion for 2025, with a $1.5 billion cash flow benefit from inventory reduction [4][19] Business Line Data and Key Metrics Changes - The Ag Services and Oilseeds (AS&O) segment operating profit for the fourth quarter was $444 million, down 31% year-over-year, and for the full year, it was $1.6 billion, a 34% decrease compared to 2024 [11] - The Carbohydrate Solutions segment operating profit for the fourth quarter was $299 million, down 6% year-over-year, and for the full year, it was $1.2 billion, down 12% compared to 2024 [14] - The Nutrition segment revenues were $1.8 billion for the fourth quarter, remaining flat year-over-year, with human nutrition revenue increasing by 5% and animal nutrition revenue decreasing by 4% [16] Market Data and Key Metrics Changes - The operating environment throughout 2025 was challenging, with lower export activity from North America impacting the Ag Services subsegment [11] - The company expects positive economic opportunities for the industry and American farmers to materialize, which should drive additional long-term investments [9] Company Strategy and Development Direction - The company is focusing on five key growth areas: enhanced nutrition, biotics, biosolutions, precision fermentation, and decarbonization, with each presenting potential for compelling returns [7] - The company executed over 20 projects as part of portfolio optimization and simplification initiatives, achieving approximately $200 million in cost savings [6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, anticipating a more constructive operating environment in 2026, driven by improved trade relations and expected clarity in U.S. biofuel policy [9][10] - The current outlook for adjusted EPS in 2026 is projected to be between $3.60 and $4.25, reflecting growth over 2025 [20] Other Important Information - The company paid its 376th consecutive quarterly dividend during the fourth quarter [5] - The joint venture with Alltech has commenced operations, although it is not expected to have a material impact on nutrition operating profit in 2026 [22] Q&A Session Summary Question: Congratulations on closing the case with the SEC and DOJ. What are the expectations for operating rates and processing rates of biodiesel and renewable diesel facilities once the RVO arrives? - Management acknowledged the difficulty in providing guidance due to external factors but expressed optimism about positive impacts once clarity is received on policies [30][31] Question: Can you provide an update on the Nutrition segment and the recovery of customers lost during the Decatur East downtime? - Management indicated that while there was a strong performance in flavors, recovery of customer demand is ongoing and will take time [39][40] Question: What are the expectations for crush margins and the impact of RVO policy on future earnings? - Management stated that the timing and adoption of RVO policy will significantly influence crush margins and overall earnings, with a cautious outlook provided [58][60] Question: What is driving the weakness in Starches and Sweeteners demand? - Management noted that consumer behavior changes, including the adoption of GLP-1 medications, have contributed to reduced demand, alongside pricing pressures [64][66]

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Archer-Daniels-Midland Company (NYSE:ADM) is included among the Dividend Growth Stocks: 25 Aristocrats. ADM Works Through Market Volatility and Closes a Chapter on Past Issues Archer-Daniels-Midland Company (NYSE:ADM) plays a key role in moving food ingredients from farm to end market. The company buys basic commodities, including wheat, processes agricultural products into cooking and food ingredients, and manages the transport and resale of those goods across global markets. The past few years have n ...

格隆汇2月3日｜美国谷物贸易商Archer-Daniels-Midland(ADM)公布第四季度业绩，营收同比下降14%至 185.6亿美元，低于分析师预期的210.6亿美元；净利润同比下降19.6%至4.56亿美元，调整后每股收益为 0.87美元，超过分析师预期的0.8美元。 公司首席执行官Juan Luciano表示，尽管公司所处的环境充满挑战，面临着复杂的全球贸易格局以及美 国生物燃料政策的持续不确定性，但去年公司仍展现出了强大的韧性。展望今年，该公司预计调整后每 股收益将在3.6至4.25美元之间，而分析师的预期为4.22美元。 ...