Archer-Daniels-Midland Company (NYSE:ADM) Q4 2023 Earnings Conference Call March 12, 2024 9:00 AM ET

Company Participants

Megan Britt - Vice President of Investor Relations

Juan Luciano - Chairman and Chief Executive Officer

Ismael Roig - Interim Chief Financial Officer

Conference Call Participants

Adam Samuelson - Goldman Sachs

Tom Palmer - Citi

Andrew Strelzik - BMO Capital Markets

Ben Bienvenu - Stephens

Ben Theurer - Barclays

Manav Gupta - UBS

Salvator Tiano - Bank of America

Steven Haynes - Morgan Stanley

Dushyant Ailani - Jefferies

Operator

Good morning, and welcome to the ADM Fourth Quarter 2023 Earnings Conference Call. All lines have been placed on a listen-only mode to prevent background noise. As a reminder, this conference call is being recorded.

I'd 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

Hello, and welcome to ADM's fourth quarter and full year 2023 earnings conference call. Our prepared remarks today will be led by Juan Luciano our Board Chair and Chief Executive Officer and Ismael Roig, our Interim Chief Financial Officer. We've prepared presentation slides to supplement our remarks on the call today which are posted on the Investor Relations section of the ADM website and through the link to our webcast.

Some of our comments and materials may 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 risk 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 this 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.

I'll now turn the call over to Juan.

Juan Luciano

Thank you, Megan, and good morning to all who have joined for today's call. I realize we're holding this call later than we have in the past and we appreciate your patience as we have managed through our internal investigation and worked expeditiously to complete our 10-K filing.

Before we start the business update, I want to provide some perspective on the additional release that we issued this morning on the progress we have made in our internal investigation, which is being led by the Audit Committee of the Board of Directors. ADM has historically disclosed in the footnotes to our financial statements that intersegment sales have been recorded at amounts approximating market.