CHICAGO — Only hours before it was scheduled to meet with analysts on a conference call to discuss its third-quarter earnings on Nov. 5, ADM canceled the meeting, saying it has discovered more concerns about its accounting practices.

ADM said it is still working to correct issues with its financial reporting of transactions between its business units, which was first announced in January.

Although the company on Nov. 5 released earnings results from the quarter ended Sept. 30, it noted that the published figures were “preliminary and unaudited.” ADM said it will make formal corrections “as soon as reasonably possible” but does not anticipate the changes will have a “material impact” on the quarterly results.

“The integrity of our internal controls and financial reporting is very important,” said Juan Luciano, chairman and chief executive officer of ADM. “We strive for accuracy and transparency in all aspects of our business. While we have made progress, we are committed to continued strengthening of our internal financial controls.”

After ADM announced the cancelation of its investors conference call, the company stock price plummeted 11% on Nov. 5 from $55.75 to $50.21. It ended the day at $52. ADM’s stock price has plunged 25% since the company first announced the accounting issue 10 months ago.

The January announcement caused a delay in ADM’s first earnings report of the year. At that time, Vikram Luthar, chief financial officer, was placed on administrative leave following a Securities and Exchange Commission “voluntary” request for documents. In April, Luthar reached an agreement with ADM to resign from the company. ADM named Monish Patolawala as executive vice president and CFO, effective Aug. 1, succeeding Ismael Roig, who was interim CFO since January.

ADM said it is working with the SEC to restate results for 2023 and the first and second quarters of 2024.

The preliminary and unaudited third-quarter results included net earnings that are expected to be $18 million, with adjusted net earnings forecast at $530 million. Earnings per share are forecast at 4¢, with adjusted earnings per share of $1.09, both down from the same quarter of 2023.

“Our third-quarter operating results were mixed in a challenging quarter for the business,” Luciano said. “While Carbohydrate Solutions achieved strong results, our Ag Services and Oilseeds and Nutrition businesses delivered results below expectations, impacted by softer-than-expected market conditions and the pace of our planned improvement efforts. We are taking the necessary actions to improve performance and drive continued value creation.”

The Ag Services and Oilseeds and Nutrition segment posted operating profit of $480 million, down 43% compared with the prior-year quarter. Within that segment, Crushing operating profit was 25% lower versus the prior-year quarter. ADM noted that while global soybean crush margins were higher, “an increase in canola seed prices due to less supply in Europe drove lower canola crush margins, leading to lower results.”

Operating profit for ADM’s Carbohydrate Solutions segment was $452 million, down 3% compared to the prior-year period. The Starches & Sweeteners subsegment increased 13%, primarily driven by strong starches and sweeteners volumes and margins, supported by high utilization rates across the network, ADM said. In the Vantage Corn Processing (VCP) subsegment, operating loss of $3 million was lower compared to the prior-year period, driven by higher inventories and production, leading to a lower margin environment, the company said.

ADM said its Nutrition segment posted an operating profit of $105 million in the third quarter, down 19% compared with the same period in 2023. Human Nutrition operating profit was $86 million, approximately 27% lower versus the prior-year period.

“Solid performance by recent Flavors M&A was more than offset primarily by lapping non-recurring benefits in Health & Wellness in the prior year, in addition to certain other costs, including costs associated with the closure of a joint venture,” the company said.

ADM said it has lowered its 2024 adjusted EPS guidance to a range of $4 to $5, down from the previous range of $5.25 to $6.25.