Archers Daniels Midland said Sunday that it's placed CFO Vikram Luthar on administrative leave while it investigates accounting practices at its nutrition unit. ADM stock plunged Monday.
ADM expects to to its delay fourth-quarter earnings release and the annual 10-K filing. The company was set to release Q4 results on Tuesday.
ADM withdrew guidance for the nutrition unit and now expects 2023 earnings per share above $6.90 vs. a prior forecast above $7.
Israel Roig was named interim CFO.
ADM stock plunged 24% to 51.69 in Monday trading, the lowest since February 2021. Shares have been sliding since late 2022.
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