Archer-Daniels-Midland Company (ADM) Q4 2022 Earnings Call Transcript

Archer-Daniels-Midland Company (NYSE:ADM) Q4 2022 Earnings Conference Call January 26, 2023 9:00 AM ET

Company Participants

Megan Britt - Vice President, Investor Relations

Juan Luciano - Chairman and Chief Executive Officer

Vikram Luthar - Chief Financial Officer

Conference Call Participants

Ben Bienvenu - Stephens

Adam Samuelson - Goldman Sachs

Ben Theurer - Barclays

Manav Gupta - UBS

Salvator Tiano - Bank of America

Robert Moskow - Credit Suisse

Eric Larson - Seaport Global Securities

Steve Byrne - Bank of America

Operator

Good morning and welcome to the ADM Fourth Quarter 2022 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to introduce your host for today’s call, Megan Britt, Vice President, Investor Relations for ADM. Ms. Britt, you may begin.

Megan Britt

Thank you. Hello and welcome to the fourth quarter earnings webcast for ADM. Starting tomorrow, a replay of this webcast will be available on our Investor Relations website.

Please turn to Slide 2, which says that some of our comments and materials constitute forward-looking statements that reflect management’s current views and estimates of future economic circumstances, industry conditions, company performance and financial results. These statements and materials are based on many assumptions and factors that are subject to risks and uncertainties. ADM has provided additional information in its reports on file with the SEC concerning assumptions and factors that could cause actual results to differ materially from those in the presentation.

To the extent permitted, under applicable law, ADM assumes no obligation to update any forward-looking statements as a result of new information or future events. On today’s webcast, our Chairman and Chief Executive Officer, Juan Luciano, will discuss our full year accomplishments and share detail on our priorities for 2023. Our Chief Financial Officer, Vikram Luthar, will review the drivers of our financial performance at the segment level and review our cash generation and capital allocation results. Juan will have closing remarks regarding our planning framework for 2023 and then he and Vikram will take your questions.

Please turn to Slide 3. I will now turn the call over to Juan.

Juan Luciano

Thank you, Megan. This morning, we reported very strong fourth quarter adjusted earnings per share of $1.93. Adjusted segment operating profit was $1.7 billion. Our full year adjusted EPS of $7.85, adjusted segment operating profit of $6.6 billion, and trailing fourth quarter average adjusted ROIC of 13.6% demonstrate once again the great work of our global team of dedicated colleagues who manage unprecedented market disruptions to deliver an outstanding year.