BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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ADM Reports Resilient 2023 Performance and Sets 2024 Expectations
CHICAGO, March 12, 2024 – ADM (NYSE: ADM) today disclosed its financial achievements for the fourth quarter and the entirety of 2023, highlighting the strength and resilience of its operations worldwide. The company's comprehensive performance details for the past year and its strategy moving forward were outlined, including an ambitious share repurchase plan.
Full-Year 2023 Highlights
The corporation realized a segment operating profit of $5,900 million and an adjusted segment operating profit of $6,244 million. Additionally, it reported a trailing four-quarter average adjusted return on invested capital (ROIC) of 12.2%. Juan Luciano, Board Chair and CEO, praised the ADM team for their solid execution throughout the year, emphasizing their focus on quality, innovation, and productivity that underpinned strong cash flow and shareholder returns.
Fourth Quarter Insights
For the quarter ending December 31, 2023, ADM reported earnings per share (EPS) of $1.06 on a GAAP basis, with a segment operating profit of $1,235 million. Adjustments included net charges related to impairments and restructuring, net of a contingent loss reversal, and gains from asset sales. The adjusted segment operating profit stood at $1,399 million, a 16% decrease from the previous year, attributed mainly to lower pricing and execution margins, despite improved manufacturing costs and reduced input and energy expenses.
Full-Year Financials
The full-year GAAP EPS was $6.43, with segment operating profit including net charges related to impairments and gains from asset sales. Adjusted EPS reached $6.98, a 6% decrease from the previous year, with the company facing various challenges and achievements throughout the year, including pricing adjustments, volume changes, and manufacturing costs.
2024 Guidance and Share Repurchase Announcement
Looking ahead, ADM anticipates adjusted EPS for 2024 in the range of $5.25 to $6.25, reflecting an 18% decrease at the midpoint compared to 2023. This projection accounts for expected moderating margin conditions and increased costs, despite anticipated volume improvements. Moreover, ADM announced an additional $2 billion share repurchase authorization, intending to fast-track this capital return through available cash and an accelerated share repurchase program.
Market Reaction
Following the announcement, ADM shares saw a positive response in the pre-market trading, with a 2% increase. This uptick reflects investor confidence in the company's strategic direction and its ability to navigate the challenges ahead.
ADM's 2023 achievements and its forward-looking strategy underscore its position as a resilient leader in the global food and agriculture sector. With a focus on innovation, efficiency, and shareholder value, ADM is well-positioned for continued success in 2024 and beyond.
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