Financial News

ADM Reports First Quarter Earnings per Share of $2.12, $2.09 on an Adjusted Basis

By: via Business Wire
  • Net earnings of $1.2 billion, adjusted net earnings of $1.2 billion
  • Trailing four-quarter average adjusted ROIC of 14.0%

ADM (NYSE: ADM) today reported financial results for the quarter ended March 31, 2023.

“Our continued strong performance in the first quarter demonstrates ADM’s unique ability to deliver results through a rapidly evolving external environment, and showcases our team’s agility in responding to opportunities that leverage our company’s unparalleled global footprint and capabilities. Our broad portfolio continues to serve diverse global food, feed and industrial markets and creates compelling value for our customers and our shareholders,” said Chairman and CEO Juan Luciano.

“ADM’s integrated value chain has helped each of our business segments to deliver strong earnings in the quarter. Our foundational businesses in Ag Services & Oilseeds and Carbohydrate Solutions both continue to manage market volatility and deliver strong margins across the value chain. We continue to see healthy pipeline growth and win rates in Human Nutrition that support our confidence in the earnings growth in the Nutrition segment, even as we navigate temporary challenges, particularly in parts of Animal Nutrition. With a strong balance sheet and healthy cash flows, ADM is poised to continue investing in profitable growth, and we are excited about our strategic plan for 2023 and beyond.”

First Quarter 2023 Highlights

 

(Amounts in millions except per share amounts)

 

2023

 

 

2022

Earnings per share (as reported)

$

2.12

 

$

1.86

Adjusted earnings per share1

$

2.09

 

$

1.90

 

 

 

 

Segment operating profit

$

1,719

 

$

1,539

Adjusted segment operating profit (loss)1

$

1,725

 

$

1,556

Ag Services and Oilseeds

 

1,210

 

 

1,008

Carbohydrate Solutions

 

273

 

 

317

Nutrition

 

145

 

 

189

Other Business

 

97

 

 

42

  • Q1 2023 EPS as reported of $2.12 includes a $0.01 per share charge related to impairments and restructuring; a $0.01 per share gain related to the mark-to-market adjustment on the Wilmar exchangeable bond; and a $0.03 per share tax benefit related to certain discrete items. Adjusted EPS, which excludes these items, was $2.09.1

1 Non-GAAP financial measures; see pages 5, 10, 11 and 12 for explanations and reconciliations, including after-tax amounts.

Quarterly Results of Operations

Ag Services & Oilseeds results were significantly higher than the first quarter of 2022.

  • Ag Services results were much higher than the first quarter of 2022. In South American origination, excellent risk management and higher export demand due to the record Brazilian soybean crop drove significantly higher year-over-year results. Results for North America origination were also higher, driven by stronger soybean exports. In Global Trade, solid margins and efficient execution led to strong results.
  • Crushing results were in line with the first quarter last year. In North America, the team executed well, capitalizing on historically strong soybean and softseed crush margins that were supported by robust demand for renewable fuels. In EMEA, crush margins were lower year-over-year as trade flows adjusted from the dislocations caused last year by the war in Ukraine. Additionally, there were approximately $240 million of positive timing effects in the quarter, including positive impacts from declining crush margins at the end of the period.
  • Refined Products and Other results were substantially higher than the prior-year period. North America biodiesel results were higher with record volumes and strong margins, supported by favorable blend economics and tight diesel stocks. In EMEA, domestic demand for food oil and export demand for biodiesel drove strong margins.
  • Equity earnings from Wilmar were lower versus the first quarter of 2022.

Carbohydrate Solutions delivered solid results in Q1, though lower than the very strong first quarter of the prior year.

  • The Starches and Sweeteners subsegment capitalized on solid demand in the quarter. North America starches and sweeteners delivered strong volumes and margins. Ethanol margins, pressured by high industry stock levels, were down relative to the same quarter last year. In EMEA, the team effectively managed margins in a dynamic operating environment to deliver improved results. The global wheat milling business posted much higher margins driven by robust customer demand.
  • Vantage Corn Processors results were significantly lower due to weaker ethanol margins.

Nutrition results were significantly lower year-over-year versus the record prior-year quarter.

  • Human Nutrition results were in line with the first quarter of 2022, as the business continued to manage demand fulfillment challenges and destocking in certain categories. Flavors results were slightly lower than the prior year as strong results in EMEA were offset by lower results in North America. Specialty Ingredients results were higher year-over-year driven by healthy margins. Health & Wellness results were lower year-over-year.
  • Animal Nutrition results were significantly lower compared to the same quarter last year, primarily due to much lower margins in amino acids.

Other Business results were significantly higher than the prior-year quarter due to improved ADM Investor Services earnings on higher interest income. Captive insurance results were in line with the prior year.

Other Items of Note

As additional information to help clarify underlying business performance, the table on page 10 includes reported earnings and EPS as well as adjusted earnings and EPS.

Segment operating profit of $1.7 billion for the quarter includes charges of $7 million ($0.01 per share) related to impairments and restructuring and gains of $1 million ($0.00 per share) related to the sale of certain assets.

In Corporate results, interest expense for the quarter increased year-over-year primarily on higher short-term interest rates. Unallocated corporate costs were higher year-over-year due primarily to higher financing and centers of excellence costs. Other Corporate was unfavorable versus the prior year due to the absence of an ADM Ventures investment revaluation gain, partially offset by higher contributions from foreign currency hedges.

Note: Additional Facts and Explanations

Additional facts and explanations about results and industry environment can be found at the end of the ADM Q1 Earnings Presentation at www.adm.com/webcast.

Conference Call Information

ADM will host a webcast on April 25, 2023, at 8 a.m. Central Time to discuss financial results and provide a company update. To listen to the webcast, go to www.adm.com/webcast. A replay of the webcast will also be available for an extended period of time at www.adm.com/webcast.

Forward-Looking Statements

Some of our comments and materials in this presentation 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, and you should carefully review the assumptions and factors in our SEC reports. 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.

About ADM

ADM unlocks the power of nature to enrich the quality of life. We’re a premier global human and animal nutrition company, delivering solutions today with an eye to the future. We’re blazing new trails in health and well-being as our scientists develop groundbreaking products to support healthier living. We’re a cutting-edge innovator leading the way to a new future of plant-based consumer and industrial solutions to replace petroleum-based products. We’re an unmatched agricultural supply chain manager and processor, providing food security by connecting local needs with global capabilities. And we’re a leader in sustainability, scaling across entire value chains to help decarbonize our industry and safeguard our planet. From the seed of the idea to the outcome of the solution, we give customers an edge in solving the nutritional and sustainability challenges of today and tomorrow. Learn more at www.adm.com.

Financial Tables Follow

Source: Corporate Release

Source: ADM

Segment Operating Profit, Adjusted Segment Operating Profit (a non-GAAP financial measure)

and Corporate Results

(unaudited)

 

 

Quarter ended

 

 

March 31

 

(In millions)

 

2023

 

 

2022

 

Change

 

 

 

 

Segment Operating Profit

$

1,719

 

$

1,539

 

$

180

 

Specified items:

 

 

 

Gains on sales of assets

 

(1

)

 

(1

)

 

 

Impairment, restructuring, and settlement charges

 

7

 

 

18

 

 

(11

)

Adjusted Segment Operating Profit

$

1,725

 

$

1,556

 

$

169

 

 

 

 

 

Ag Services and Oilseeds

$

1,210

 

$

1,008

 

$

202

 

Ag Services

 

348

 

 

258

 

 

90

 

Crushing

 

426

 

 

428

 

 

(2

)

Refined Products and Other

 

327

 

 

198

 

 

129

 

Wilmar

 

109

 

 

124

 

 

(15

)

 

 

 

 

Carbohydrate Solutions

$

273

 

$

317

 

$

(44

)

Starches and Sweeteners

 

307

 

 

316

 

 

(9

)

Vantage Corn Processors

 

(34

)

 

1

 

 

(35

)

 

 

 

 

Nutrition

$

145

 

$

189

 

$

(44

)

Human Nutrition

 

138

 

 

141

 

 

(3

)

Animal Nutrition

 

7

 

 

48

 

 

(41

)

 

 

 

 

Other Business

$

97

 

$

42

 

$

55

 

 

 

 

 

 

 

 

 

Segment Operating Profit

$

1,719

 

$

1,539

 

$

180

 

 

 

 

 

Corporate Results

$

(322

)

$

(268

)

$

(54

)

 

 

 

 

Interest expense - net

 

(103

)

 

(76

)

 

(27

)

Unallocated corporate costs

 

(248

)

 

(209

)

 

(39

)

Other

 

24

 

 

36

 

 

(12

)

Specified items:

 

 

 

Expenses related to acquisitions

 

 

 

(2

)

 

2

 

Gain (loss) on debt conversion option

 

5

 

 

(15

)

 

20

 

Loss on sale of assets

 

 

 

(3

)

 

3

 

Restructuring adjustment

 

 

 

1

 

 

(1

)

Earnings Before Income Taxes

$

1,397

 

$

1,271

 

$

126

 

Segment operating profit is ADM’s consolidated income from operations before income tax excluding corporate items. Adjusted segment operating profit, a non-GAAP financial measure, is segment operating profit excluding specified items. Management believes that segment operating profit and adjusted segment operating profit are useful measures of ADM’s performance because they provide investors information about ADM’s business unit performance excluding corporate overhead costs as well as specified items. Segment operating profit and adjusted segment operating profit are not measures of consolidated operating results under U.S. GAAP and should not be considered alternatives to income before income taxes, the most directly comparable GAAP financial measure, or any other measure of consolidated operating results under U.S. GAAP.

Consolidated Statements of Earnings

(unaudited)

 

 

Quarter ended

 

March 31

 

 

2023

 

 

 

2022

 

 

(in millions, except per

share amounts)

 

 

 

 

Revenues

$

24,072

 

 

$

23,650

 

Cost of products sold (1)

 

21,992

 

 

 

21,753

 

Gross profit

 

2,080

 

 

 

1,897

 

Selling, general, and administrative expenses (2)

 

881

 

 

 

829

 

Asset impairment, exit, and restructuring costs (3)

 

7

 

 

 

1

 

Equity in (earnings) losses of unconsolidated affiliates

 

(174

)

 

 

(204

)

Interest and investment income

 

(134

)

 

 

(59

)

Interest expense (4)

 

147

 

 

 

92

 

Other (income) expense - net (5)

 

(44

)

 

 

(33

)

Earnings before income taxes

 

1,397

 

 

 

1,271

 

Income tax expense (benefit) (6)

 

225

 

 

 

207

 

Net earnings including noncontrolling interests

 

1,172

 

 

 

1,064

 

 

 

 

 

Less: Net earnings (losses) attributable to noncontrolling interests

 

2

 

 

 

10

 

Net earnings attributable to ADM

$

1,170

 

 

$

1,054

 

 

 

 

 

Diluted earnings per common share

$

2.12

 

 

$

1.86

 

 

 

 

 

Average diluted shares outstanding

 

551

 

 

 

566

 

 

 

 

 

(1)

Includes charges related to inventory writedowns in Ukraine of $9 million partially offset by an insurance settlement of $2 million in the prior year quarter.

 

(2)

Includes charges related to receivable impairment of $7 million in the prior year quarter.

 

(3)

Includes charges related to the impairment of certain assets and restructuring of $7 million and $1 million in the current quarter and prior year quarter, respectively.

 

(4)

Includes (gains) losses related to the mark-to-market adjustment of the conversion option of the exchangeable bond issued in August 2020 of $(5) million and $15 million in the current quarter and prior year quarter, respectively.

 

(5)

Includes net (gains) losses related to the sale of certain assets of $(1) million and $2 million in the current year and prior year quarter, respectively.

 

(6)

Includes the tax benefit impact of the above specified items and tax discrete items totaling $20 million and $8 million in the current quarter and prior year quarter, respectively.

Summary of Financial Condition

(unaudited)

 

 

 

March 31,

2023

 

March 31,

2022

 

 

(in millions)

Net Investment In

 

 

 

 

Cash and cash equivalents

 

$

899

 

$

1,079

Operating working capital

 

 

13,457

 

 

15,171

Property, plant, and equipment

 

 

10,071

 

 

9,794

Investments in affiliates

 

 

5,525

 

 

5,404

Goodwill and other intangibles

 

 

6,583

 

 

6,750

Other non-current assets

 

 

2,298

 

 

2,465

 

 

$

38,833

 

$

40,663

Financed By

 

 

 

 

Short-term debt

 

$

1,809

 

$

3,777

Long-term debt, including current maturities

 

 

8,697

 

 

9,295

Deferred liabilities

 

 

3,130

 

 

3,574

Temporary equity

 

 

301

 

 

262

Shareholders’ equity

 

 

24,896

 

 

23,755

 

 

$

38,833

 

$

40,663

 

Summary of Cash Flows

(unaudited)

 

 

 

Three months ended

 

 

March 31

 

 

 

2023

 

 

 

2022

 

 

 

(in millions)

Operating Activities

 

 

 

 

Net earnings

 

$

1,172

 

 

$

1,064

 

Depreciation and amortization

 

 

259

 

 

 

257

 

Asset impairment charges

 

 

3

 

 

 

1

 

(Gains) losses on sales/revaluation of assets

 

 

(11

)

 

 

(34

)

Other - net

 

 

(113

)

 

 

328

 

Other changes in operating assets and liabilities

 

 

(2,920

)

 

 

(2,822

)

Total Operating Activities

 

 

(1,610

)

 

 

(1,206

)

 

 

 

 

 

Investing Activities

 

 

 

 

Purchases of property, plant and equipment

 

 

(327

)

 

 

(217

)

Proceeds from sale of business/assets

 

 

13

 

 

 

5

 

Investments in affiliates

 

 

(4

)

 

 

(36

)

Other investing activities

 

 

(10

)

 

 

(94

)

Total Investing Activities

 

 

(328

)

 

 

(342

)

 

 

 

 

 

Financing Activities

 

 

 

 

Long-term debt borrowings

 

 

 

 

 

750

 

Long-term debt payments

 

 

(2

)

 

 

 

Net borrowings (payments) under lines of credit

 

 

1,306

 

 

 

2,824

 

Share repurchases

 

 

(351

)

 

 

 

Cash dividends

 

 

(248

)

 

 

(226

)

Other

 

 

(107

)

 

 

(30

)

Total Financing Activities

 

 

598

 

 

 

3,318

 

Effect of exchange rate on cash, cash equivalents, restricted cash, and restricted cash equivalents

 

 

(6

)

 

 

 

Increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents

 

 

(1,346

)

 

 

1,770

 

Cash, cash equivalents, restricted cash, and restricted cash equivalents - beginning of period

 

 

7,033

 

 

 

7,454

 

Cash, cash equivalents, restricted cash, and restricted cash equivalents - end of period

 

$

5,687

 

 

$

9,224

 

 

Segment Operating Analysis

(unaudited)

 

 

Quarter ended

 

March 31

 

 

2023

 

 

2022

 

(in ‘000s metric tons)

Processed volumes (by commodity)

 

 

 

Oilseeds

 

8,627

 

 

8,491

Corn

 

4,394

 

 

4,812

Total processed volumes

 

13,021

 

 

13,303

 

 

 

 

 

 

 

 

 

Quarter ended

 

March 31

 

 

2023

 

 

2022

 

(in millions)

Revenues

 

 

 

Ag Services and Oilseeds

$

18,579

 

$

18,253

Carbohydrate Solutions

 

3,537

 

 

3,366

Nutrition

 

1,853

 

 

1,924

Other Business

 

103

 

 

107

Total revenues

$

24,072

 

$

23,650

 

Adjusted Earnings Per Share

A non-GAAP financial measure

(unaudited)

 

 

Quarter ended March 31

 

2023

 

2022

 

 

In millions

Per share

In millions

Per share

Net earnings and fully diluted EPS

$

1,170

 

$

2.12

 

$

1,054

 

$

1.86

 

Adjustments:

 

 

 

 

Loss (gain) on sales of assets and businesses (a)

 

(1

)

 

 

 

2

 

 

 

Impairment, restructuring, and settlement charges (b)

 

5

 

 

0.01

 

 

14

 

 

0.02

 

Expenses related to acquisitions (c)

 

 

 

 

 

1

 

 

 

Loss (gain) on debt conversion option (d)

 

(5

)

 

(0.01

)

 

15

 

 

0.03

 

Tax adjustment (e)

 

(18

)

 

(0.03

)

 

(4

)

 

(0.01

)

Sub-total adjustments

 

(19

)

 

(0.03

)

 

28

 

 

0.04

 

Adjusted net earnings and adjusted EPS

$

1,151

 

$

2.09

 

$

1,082

 

$

1.90

 

(a)

Current quarter gain of $1 million pretax ($1 million after tax) was related to the sale of certain assets, tax effected using the applicable tax rate. Prior year quarter loss of $2 million pretax ($2 million after tax) was related to the sale of certain assets, tax effected using the Company’s U.S. income tax rate.

(b)

Current quarter charges of $7 million pretax ($5 million after tax) were related to the impairment of certain assets and restructuring, tax effected using the applicable tax rates. Prior year quarter charges of $17 million pretax ($14 million after tax) were related to the impairment of certain assets, partially offset by a restructuring adjustment and an insurance settlement, tax effected using the applicable tax rates.

(c)

Prior year quarter expenses of $2 million pretax ($1 million after tax) were related to the Deerland and Sojaprotein acquisitions, tax effected using the applicable tax rates.

(d)

Current and prior year quarter (gain) loss on debt conversion option of $(5) million and $15 million pretax, respectively, ($(5) million and $15 million after tax), respectively, was related to the mark-to-market adjustment of the conversion option of the exchangeable bonds issued in August 2020, tax effected using the applicable tax rate.

(e)

Tax adjustment due to certain discrete items totaling $18 million and $4 million in the current and prior year quarter, respectively.

Adjusted net earnings reflects ADM’s reported net earnings after removal of the effect on net earnings of specified items as more fully described above. Adjusted EPS reflects ADM’s fully diluted EPS after removal of the effect on EPS as reported of specified items as more fully described above. Management believes that Adjusted net earnings and Adjusted EPS are useful measures of ADM’s performance because they provide investors additional information about ADM’s operations allowing better evaluation of underlying business performance and better period-to-period comparability. These non-GAAP financial measures are not intended to replace or be alternatives to net earnings and EPS as reported, the most directly comparable GAAP financial measures, or any other measures of operating results under GAAP. Earnings amounts described above have been divided by the company’s diluted shares outstanding for each respective period in order to arrive at an adjusted EPS amount for each specified item.

Adjusted Return on Invested Capital

A non-GAAP financial measure

(unaudited)

 

Adjusted ROIC Earnings (in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Four Quarters

 

Quarter Ended

 

Ended

 

Jun. 30, 2022

 

Sep. 30, 2022

 

Dec. 31, 2022

 

Mar. 31, 2023

 

Mar. 31, 2023

 

 

 

 

 

 

 

 

 

 

Net earnings attributable to ADM

$

1,236

 

 

$

1,031

 

 

$

1,019

 

 

$

1,170

 

 

$

4,456

 

Adjustments:

 

 

 

 

 

 

 

 

 

Interest expense

 

73

 

 

 

97

 

 

 

134

 

 

 

100

 

 

 

404

 

Other adjustments

 

7

 

 

 

27

 

 

 

62

 

 

 

(12

)

 

 

84

 

Total adjustments

 

80

 

 

 

124

 

 

 

196

 

 

 

88

 

 

 

488

 

Tax on adjustments

 

(19

)

 

 

(25

)

 

 

(47

)

 

 

(26

)

 

 

(117

)

Net adjustments

 

61

 

 

 

99

 

 

 

149

 

 

 

62

 

 

 

371

 

Total Adjusted ROIC Earnings

$

1,297

 

 

$

1,130

 

 

$

1,168

 

 

$

1,232

 

 

$

4,827

 

 

 

 

 

 

 

 

 

 

 

Adjusted Invested Capital (in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

Trailing Four

 

Jun. 30, 2022

 

Sep. 30, 2022

 

Dec. 31, 2022

 

Mar. 31, 2023

 

Quarter Average

 

 

 

 

 

 

 

 

 

 

Equity (1)

$

24,393

 

$

23,997

 

$

24,284

 

$

24,860

 

 

$

24,384

 

+ Interest-bearing liabilities (2)

 

11,524

 

 

8,747

 

 

9,187

 

 

10,512

 

 

 

9,993

 

Other adjustments

 

5

 

 

25

 

 

47

 

 

(14

)

 

 

16

 

Total Adjusted Invested Capital

$

35,922

 

$

32,769

 

$

33,518

 

$

35,358

 

 

$

34,393

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Return on Invested Capital

 

 

 

 

 

 

 

 

14.0

%

(1)

Excludes noncontrolling interests

(2)

Includes short-term debt, current maturities of long-term debt, finance lease obligations, and long-term debt

Adjusted ROIC is Adjusted ROIC earnings divided by adjusted invested capital. Adjusted ROIC earnings is ADM’s net earnings adjusted for the after-tax effects of interest expense on borrowings, and specified items. Adjusted invested capital is the sum of ADM’s equity (excluding noncontrolling interests) and interest-bearing liabilities adjusted for the after-tax effect of specified items. Management believes Adjusted ROIC is a useful financial measure because it provides investors information about ADM’s returns excluding the impacts of specified items and increases period-to-period comparability of underlying business performance. Management uses Adjusted ROIC to measure ADM’s performance by comparing Adjusted ROIC to its weighted average cost of capital (WACC). Adjusted ROIC, Adjusted ROIC earnings and Adjusted invested capital are non-GAAP financial measures and are not intended to replace or be alternatives to GAAP financial measures.

Adjusted Earnings Before Taxes, Interest, and Depreciation and Amortization (EBITDA)

A non-GAAP financial measure

(unaudited)

The tables below provide a reconciliation of earnings before income taxes to adjusted EBITDA and adjusted EBITDA by segment for the trailing four quarters ended March 31, 2023.

 

 

 

 

 

 

 

 

 

Four Quarters

 

Quarter Ended

 

Ended

 

Jun. 30, 2022

 

Sep. 30, 2022

 

Dec. 31, 2022

 

Mar. 31, 2023

 

Mar. 31, 2023

 

 

 

 

 

(in millions)

 

 

 

 

Earnings before income taxes

$

1,519

 

$

1,230

 

 

$

1,213

 

 

$

1,397

 

 

$

5,359

 

Interest expense

 

73

 

 

97

 

 

 

134

 

 

 

100

 

 

 

404

 

Depreciation and amortization

 

257

 

 

260

 

 

 

254

 

 

 

259

 

 

 

1,030

 

Losses (gains) on sales of assets and businesses

 

 

 

(29

)

 

 

(17

)

 

 

(1

)

 

 

(47

)

Asset impairment, exit, restructuring, and settlement charges

 

8

 

 

49

 

 

 

74

 

 

 

7

 

 

 

138

 

Railroad maintenance expense

 

9

 

 

32

 

 

 

26

 

 

 

 

 

 

67

 

Adjusted EBITDA

$

1,866

 

$

1,639

 

 

$

1,684

 

 

$

1,762

 

 

$

6,951

 

 

 

 

 

 

 

 

 

 

 

Four Quarters

 

Quarter Ended

 

Ended

 

Jun. 30, 2022

 

Sep. 30, 2022

 

Dec. 31, 2022

 

Mar. 31, 2023

 

Mar. 31, 2023

 

 

 

 

 

(in millions)

 

 

 

 

Ag Services and Oilseeds

$

1,207

 

 

$

1,166

 

 

$

1,271

 

 

$

1,300

 

 

$

4,944

 

Carbohydrate Solutions

 

550

 

 

 

391

 

 

 

338

 

 

 

352

 

 

 

1,631

 

Nutrition

 

304

 

 

 

242

 

 

 

196

 

 

 

210

 

 

 

952

 

Other Business

 

24

 

 

 

35

 

 

 

124

 

 

 

97

 

 

 

280

 

Corporate

 

(219

)

 

 

(195

)

 

 

(245

)

 

 

(197

)

 

 

(856

)

Adjusted EBITDA

$

1,866

 

 

$

1,639

 

 

$

1,684

 

 

$

1,762

 

 

$

6,951

 

 

Adjusted EBITDA is defined as earnings before taxes, interest on borrowings, and depreciation and amortization, adjusted for specified items. The Company calculates adjusted EBITDA by removing the impact of specified items and adding back the amounts of interest expense on borrowings and depreciation and amortization to earnings before income taxes. Management believes that adjusted EBITDA is a useful measure of the Company’s performance because it provides investors additional information about the Company’s operations allowing better evaluation of underlying business performance and better period-to-period comparability. Adjusted EBITDA is a non-GAAP financial measure and is not intended to replace or be an alternative to earnings before income taxes, the most directly comparable GAAP financial measure.

Contacts

Media Relations

Jackie Anderson

312-634-8484

Investor Relations

Megan Britt

872-257-8378

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