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ADM Reports Third Quarter Earnings of $0.40 per Share, $0.89 per Share on an Adjusted Basis

• Net earnings of $225 million; adjusted net earnings of $499 million


• Outstanding results, great execution in all three businesses

• Continued focus on Readiness to drive growth, innovation, sustainability

CHICAGO--(BUSINESS WIRE)--ADM (NYSE: ADM) today reported financial results for the quarter ended September 30, 2020.

“We delivered an outstanding quarter, and I am proud of our team’s continued great performance,” said Chairman and CEO Juan Luciano.

“Across the enterprise, ADM colleagues are doing what it takes to help our customers and our company succeed and grow. Our strategic initiatives, combined with exceptional execution, are driving strong results across all of our businesses. Readiness is enhancing our performance, accelerating our work in areas ranging from operations to sales. Our strong cash generation is allowing us to retire higher-cost debt while retaining balance sheet flexibility. And Nutrition continues its impressive upward trajectory, delivering a fifth consecutive quarter of 20-plus percent year-over-year operating profit growth.

“From our Strive 35 sustainability goals, to our partnership with Spiber to produce plant-based polymers, to the announcement of a significant expansion in probiotics with our new state-of-the art facility in Valencia, we’re advancing our work to enrich the quality of life around the globe. We’re excited about our future as we look ahead to another strong quarter, with positive momentum continuing through 2021.”

Third Quarter 2020 Highlights

(Amounts in millions except per share amounts)

2020

 

2019

Earnings per share (as reported)

$

0.40

 

 

$

0.72

 

Adjusted earnings per share1

$

0.89

 

 

$

0.77

 

 

 

 

 

Segment operating profit

$

904

 

 

$

758

 

Adjusted segment operating profit1

$

849

 

 

$

764

 

Ag Services and Oilseeds

436

 

 

417

 

Carbohydrate Solutions

246

 

 

182

 

Nutrition

147

 

 

118

 

Other Business

20

 

 

47

 

  • EPS as reported of $0.40 includes a $0.53 per share charge related to early debt retirement, a $0.03 per share charge related to the mark-to-market adjustment of the exchangeable bond issued in August 2020, a $0.10 per share credit related to the gain on sale of Wilmar shares and certain assets, and other charges totaling $0.03 per share. Adjusted EPS, which excludes these items, was $0.89.1

1 Non-GAAP financial measures; see pages 5, 10, 11 and 13 for explanations and reconciliations, including after-tax amounts.

Results of Operations

Ag Services & Oilseeds results were higher than the third quarter of 2019. Both Ag Services and Crushing saw expanding margins during the quarter, resulting in approximately $155 million in total negative timing effects, which are expected to reverse in the coming quarters.

  • Ag Services executed extremely well to capitalize on strong North American industry export margins and volumes. Results were lower in South America, as the pace of Brazilian farmer selling slowed as expected following the aggressive selling in the first half of the year. Global Trade’s continued focus on serving customers contributed significantly to results, as did a $54 million settlement related to 2019 U.S. high water insurance claims. Negative timing impacts of almost $80 million led to lower overall results versus the prior year.
  • In Crushing, strong execution in an environment of tighter soybean supplies and solid global demand for meal and oil supported improved execution margins in North and South America, partially offset by lower year-over-year margins in EMEAI. Negative timing impacts of approximately $75 million versus a gain of approximately $50 million recognized in the prior-year quarter led to lower year-over-year results.
  • Refined Products and Other delivered significantly higher year-over-year results, driven by improved biodiesel margins around the globe. Packaged oils in South America also contributed.
  • Equity earnings from Wilmar were substantially higher versus the prior-year period.

Carbohydrate Solutions results were significantly higher year over year.

  • Starches and Sweeteners subsegment results were substantially higher versus the third quarter of 2019. In North America, balanced ethanol industry supply and demand drove improved wet mill ethanol margins versus the prior year. Demand for starches in North America was substantially stronger than earlier in the year, and higher than the prior-year quarter. Reduced food service demand affected sweetener and flour volumes, though retail demand for flour remained solid. Strong risk management and improved net corn costs contributed positively to results. EMEAI delivered improved results on higher demand and reduced manufacturing and raw material costs.
  • In Vantage Corn Processors, distribution gains on wet mill ethanol, in addition to significantly improved year-over-year industry ethanol margins, helped to offset fixed costs from the two temporarily idled dry mills, driving higher year-over-year results. Increased volumes and margins of USP-grade industrial alcohol for hand sanitizer also supported improved performance.

Nutrition delivered its fifth consecutive quarter of 20-plus percent year-over-year profit growth.

  • Human Nutrition results were substantially higher versus the prior-year quarter, with improved results across the business portfolio. Flavors delivered another exceptional quarter, driven by increased revenue globally and improved mix and margins. Plant-based proteins helped drive a solid performance in Specialty Ingredients. Sales growth in probiotics, along with income from the Spiber fermentation agreement, contributed to strong results in Health & Wellness.
  • Animal Nutrition was higher year over year. Continued delivery of Neovia synergies, strength in livestock feed and year-over-year improvement in amino acids were partially offset by softer aquaculture feed demand as well as negative foreign currency impacts.

Other Business results were lower, driven by lower ADM Investor Services earnings and captive insurance underwriting losses, including a $17 million settlement impact for the high water claim with Ag Services & Oilseeds.

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 $904 million for the quarter includes charges related to asset impairment, restructuring, and settlement activities of $2 million and gains on the sale of Wilmar shares and certain assets of $57 million ($0.10 per share).

During the quarter, the company leveraged its strong cash position to re-balance its mix of long- and short-term debt, which will also reduce future interest payments, by economically retiring $1.2 billion of higher-coupon debt, resulting in a debt extinguishment charge of $396 million ($0.53 per share).

In Corporate results, unallocated corporate costs for the quarter were higher year over year due primarily to variable performance-related compensation expense accruals, which were low in the prior year. Other charges increased due to railroad maintenance expenses, partially offset by improved foreign hedging results on intercompany funding and investment gains in ADM Ventures. Corporate results also include the early debt retirement charge referenced above, a mark-to-market loss on the exchangeable bonds issued in August 2020 of $15 million ($0.03 per share), and an impairment charge of $6 million ($0.01 per share).

The effective tax rate for the quarter was a benefit of 13 percent compared to an expense of 19 percent in the prior year. The current quarter rate reflects the effects of the early debt retirement as well as the sale of Wilmar shares and increased year-over-year Wilmar earnings on the annual effective tax rate. The impact of U.S. tax credits, primarily the biodiesel and railroad tax credits, also contributed significantly to the decreased Q3 rate from the prior year; the railroad tax credits have an offsetting expense in cost of products sold. Absent the effect of EPS adjusting items, the effective tax rate for the current quarter was approximately 11 percent.

Note: Additional Facts and Explanations

Additional facts and explanations about results and industry environment can be found at the end of the ADM Q3 Earnings Presentation at www.adm.com/webcast.

Conference Call Information

ADM will host a webcast on October 30, 2020, at 8:00 a.m. Central Time to discuss financial results and provide a company update, including an overview of our Nutrition business. 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

At ADM, we unlock the power of nature to provide access to nutrition worldwide. With industry-advancing innovations, a complete portfolio of ingredients and solutions to meet any taste, and a commitment to sustainability, we give customers an edge in solving the nutritional challenges of today and tomorrow. We’re a global leader in human and animal nutrition and the world’s premier agricultural origination and processing company. Our breadth, depth, insights, facilities and logistical expertise give us unparalleled capabilities to meet needs for food, beverages, health and wellness, and more. From the seed of the idea to the outcome of the solution, we enrich the quality of life the world over. Learn more at www.adm.com.

Financial Tables Follow

Source: Corporate Release

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

and Corporate Results

(unaudited)

 

Quarter ended

 

 

Nine months ended

 

 

September 30

 

 

September 30

 

(In millions)

2020

2019

Change

 

2020

2019

Change

 

 

 

 

 

 

 

 

Segment Operating Profit

$

904

 

$

758

 

$

146

 

 

$

2,316

 

$

2,014

 

$

302

 

Specified items:

 

 

 

 

 

 

 

(Gains) losses on sales of assets and businesses

(57

)

 

(57

)

 

(80

)

(12

)

(68

)

Impairment, restructuring, and settlement charges

2

 

6

 

(4

)

 

60

 

52

 

8

 

Adjusted Segment Operating Profit

$

849

 

$

764

 

$

85

 

 

$

2,296

 

$

2,054

 

$

242

 

 

 

 

 

 

 

 

 

Ag Services and Oilseeds

$

436

 

$

417

 

$

19

 

 

$

1,271

 

$

1,196

 

$

75

 

Ag Services

147

 

161

 

(14

)

 

482

 

326

 

156

 

Crushing

66

 

138

 

(72

)

 

249

 

493

 

(244

)

Refined Products and Other

127

 

80

 

47

 

 

286

 

223

 

63

 

Wilmar

96

 

38

 

58

 

 

254

 

154

 

100

 

 

 

 

 

 

 

 

 

Carbohydrate Solutions

$

246

 

$

182

 

$

64

 

 

$

509

 

$

470

 

$

39

 

Starches and Sweeteners

257

 

197

 

60

 

 

533

 

547

 

(14

)

Vantage Corn Processors

(11

)

(15

)

4

 

 

(24

)

(77

)

53

 

 

 

 

 

 

 

 

 

Nutrition

$

147

 

$

118

 

$

29

 

 

$

447

 

$

316

 

$

131

 

Human Nutrition

128

 

102

 

26

 

 

372

 

293

 

79

 

Animal Nutrition

19

 

16

 

3

 

 

75

 

23

 

52

 

 

 

 

 

 

 

 

 

Other Business

$

20

 

$

47

 

$

(27

)

 

$

69

 

$

72

 

$

(3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Operating Profit

$

904

 

$

758

 

$

146

 

 

$

2,316

 

$

2,014

 

$

302

 

 

 

 

 

 

 

 

 

Corporate Results

$

(704

)

$

(255

)

$

(449

)

 

$

(1,189

)

$

(922

)

$

(267

)

 

 

 

 

 

 

 

 

Interest expense - net

(83

)

(85

)

2

 

 

(246

)

(276

)

30

 

Unallocated corporate costs

(196

)

(139

)

(57

)

 

(579

)

(454

)

(125

)

Other charges

(8

)

 

(8

)

 

(25

)

(18

)

(7

)

Specified items:

 

 

 

 

 

 

 

LIFO credit (charge)

 

16

 

(16

)

 

91

 

(10

)

101

 

Early debt retirement charges

(396

)

 

(396

)

 

(410

)

 

(410

)

Expenses related to acquisitions

 

 

 

 

 

(14

)

14

 

Loss on debt conversion option

(15

)

 

(15

)

 

(15

)

 

(15

)

Impairment and restructuring charges

(6

)

(47

)

41

 

 

(5

)

(150

)

145

 

Earnings Before Income Taxes

$

200

 

$

503

 

$

(303

)

 

$

1,127

 

$

1,092

 

$

35

 

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

 

Nine months ended

 

September 30

 

September 30

 

2020

 

2019

 

2020

 

2019

 

(in millions, except per share amounts)

 

 

 

 

 

 

 

 

Revenues

$

15,126

 

 

$

16,726

 

 

$

46,377

 

 

$

48,327

 

Cost of products sold (1)

14,084

 

 

15,648

 

 

43,276

 

 

45,349

 

Gross profit

1,042

 

 

1,078

 

 

3,101

 

 

2,978

 

Selling, general, and administrative expenses (2)

636

 

 

578

 

 

1,938

 

 

1,839

 

Asset impairment, exit, and restructuring costs (3)

4

 

 

53

 

 

61

 

 

200

 

Equity in (earnings) losses of unconsolidated affiliates

(160

)

 

(88

)

 

(403

)

 

(279

)

Interest income

(16

)

 

(47

)

 

(71

)

 

(142

)

Interest expense (4)

100

 

 

97

 

 

270

 

 

307

 

Other (income) expense - net (5)

278

 

 

(18

)

 

179

 

 

(39

)

Earnings before income taxes

200

 

 

503

 

 

1,127

 

 

1,092

 

Income tax (benefit) expense (6)

(26

)

 

95

 

 

38

 

 

212

 

Net earnings including noncontrolling interests

226

 

 

408

 

 

1,089

 

 

880

 

 

 

 

 

 

 

 

 

Less: Net earnings (losses) attributable to noncontrolling interests

1

 

 

1

 

 

4

 

 

5

 

Net earnings attributable to ADM

$

225

 

 

$

407

 

 

$

1,085

 

 

$

875

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

$

0.40

 

 

$

0.72

 

 

$

1.93

 

 

$

1.55

 

 

 

 

 

 

 

 

 

Average diluted shares outstanding

562

 

 

563

 

 

563

 

 

565

 

 

 

 

 

 

 

 

 

(1) Includes a charge (credit) related to changes in the Company’s LIFO reserves of $(91) million in the current YTD and $(16) million and $10 million in the prior quarter and YTD, respectively.

(2) Includes a settlement charge of $4 million in the current quarter and YTD and acquisition-related expenses of $14 million in the prior YTD.

(3) Includes charges related to impairment of certain assets and restructuring of $4 million and $61 million in the current quarter and YTD, respectively, and charges related to impairment of certain assets, restructuring, and pension settlement of $53 million and $200 million in the prior quarter and YTD, respectively.

(4) Includes charges related to the mark-to-market adjustment of the conversion option of the exchangeable bond issued in August 2020 of $15 million in the current quarter and YTD.

(5) Includes current quarter and YTD gains related to the sale of Wilmar shares and certain other assets totaling $57 million and $80 million, respectively, and early debt retirement charges of $396 million and $410 million, respectively, and prior YTD gains related to the sale of certain assets and a step-up gain on an equity investment of $12 million and a settlement charge of $2 million.

(6) Includes the tax benefit impact of the above specified items and tax discrete items totaling $88 million and $69 million, in the current quarter and YTD, respectively, and the tax benefit impact of the above specified items and certain discrete items totaling $13 million and $57 million in the prior quarter and YTD, respectively.

Summary of Financial Condition

(unaudited)

 

 

 

September 30,
2020

 

September 30,
2019

 

 

(in millions)

Net Investment In

 

 

 

 

Cash and cash equivalents (a)

 

$

948

 

 

$

932

 

Short-term marketable securities (a)

 

 

 

26

 

Operating working capital (b)

 

8,122

 

 

7,457

 

Property, plant, and equipment

 

9,816

 

 

10,101

 

Investments in and advances to affiliates

 

4,771

 

 

5,399

 

Long-term marketable securities

 

9

 

 

10

 

Goodwill and other intangibles

 

5,275

 

 

5,401

 

Other non-current assets

 

2,158

 

 

1,715

 

 

 

$

31,099

 

 

$

31,041

 

Financed By

 

 

 

 

Short-term debt (a)

 

$

209

 

 

$

1,242

 

Long-term debt, including current maturities (a)

 

7,924

 

 

7,646

 

Deferred liabilities

 

3,540

 

 

3,205

 

Temporary equity

 

85

 

 

53

 

Shareholders’ equity

 

19,341

 

 

18,895

 

 

 

$

31,099

 

 

$

31,041

 

(a)

Net debt is calculated as short-term debt plus long-term debt (including current maturities) less cash and cash equivalents and short-term marketable securities.

(b)

Current assets (excluding cash and cash equivalents and short-term marketable securities) less current liabilities (excluding short-term debt and current maturities of long-term debt).

Summary of Cash Flows

(unaudited)

 

 

 

Nine months
ended

 

 

September 30

 

 

2020

 

2019

 

 

(in millions)

Operating Activities

 

 

 

 

Net earnings

 

$

1,089

 

 

$

880

 

Depreciation and amortization

 

727

 

 

742

 

Asset impairment charges

 

50

 

 

50

 

(Gains) losses on sales of assets

 

(132

)

 

(37

)

Loss on debt extinguishment

 

410

 

 

 

Other - net

 

151

 

 

65

 

Change in deferred consideration in securitized receivables(a)

 

(4,603

)

 

(5,714

)

Other changes in operating assets and liabilities

 

792

 

 

375

 

Total Operating Activities

 

(1,516

)

 

(3,639

)

 

 

 

 

 

Investing Activities

 

 

 

 

Purchases of property, plant and equipment

 

(558

)

 

(566

)

Net assets of businesses acquired

 

(3

)

 

(1,946

)

Proceeds from sale of business/assets

 

708

 

 

43

 

Investments in retained interest in securitized receivables(a)

 

(2,121

)

 

(3,813

)

Proceeds from retained interest in securitized receivables(a)

 

6,724

 

 

9,527

 

Marketable securities - net

 

(1

)

 

41

 

Investments in and advances to affiliates

 

(5

)

 

(12

)

Other investing activities

 

(16

)

 

(23

)

Total Investing Activities

 

4,728

 

 

3,251

 

 

 

 

 

 

Financing Activities

 

 

 

 

Long-term debt borrowings

 

1,790

 

 

3

 

Long-term debt payments

 

(2,032

)

 

(615

)

Net borrowings (payments) under lines of credit

 

(993

)

 

960

 

Share repurchases

 

(117

)

 

(150

)

Cash dividends

 

(607

)

 

(592

)

Other

 

16

 

 

(36

)

Total Financing Activities

 

(1,943

)

 

(430

)

 

 

 

 

 

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

 

1,269

 

 

(818

)

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

 

2,990

 

 

3,843

 

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

 

$

4,259

 

 

$

3,025

 

(a)

Cash flows related to the Company’s retained interest in securitized receivables as required by ASU 2016-15 which took effect January 1, 2018.

Segment Operating Analysis

(unaudited)

 

 

Quarter ended

 

Nine months ended

 

September 30

 

September 30

 

2020

 

2019

 

2020

 

2019

 

(in ‘000s metric tons)

Processed volumes (by commodity)

 

 

 

 

 

 

 

Oilseeds

8,970

 

 

9,062

 

 

27,236

 

 

27,002

 

Corn

4,084

 

 

5,619

 

 

13,717

 

 

16,297

 

Total processed volumes

13,054

 

 

14,681

 

 

40,953

 

 

43,299

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended

 

Nine months ended

 

September 30

 

September 30

 

2020

 

2019

 

2020

 

2019

 

(in millions)

Revenues

 

 

 

 

 

 

 

Ag Services and Oilseeds

$

11,527

 

 

$

12,616

 

 

$

35,347

 

 

$

36,382

 

Carbohydrate Solutions

2,064

 

 

2,565

 

 

6,394

 

 

7,409

 

Nutrition

1,451

 

 

1,457

 

 

4,359

 

 

4,263

 

Other Business

84

 

 

88

 

 

277

 

 

273

 

Total revenues

$

15,126

 

 

$

16,726

 

 

$

46,377

 

 

$

48,327

 

Adjusted Earnings Per Share

A non-GAAP financial measure

(unaudited)

 

 

Quarter ended September 30

 

Nine months ended September 30

 

2020

2019

 

2020

2019

 

In millions

Per share

In millions

Per share

 

In millions

Per share

In millions

Per share

Net earnings and fully diluted EPS

$

225

 

$

0.40

 

$

407

 

$

0.72

 

 

$

1,085

 

$

1.93

 

$

875

 

$

1.55

 

Adjustments:

 

 

 

 

 

 

 

 

 

LIFO charge (credit) (a)

 

 

(12

)

(0.02

)

 

(69

)

(0.12

)

8

 

0.01

 

Losses (gains) on sales of assets and businesses (b)

(54

)

(0.10

)

 

 

 

(72

)

(0.13

)

(9

)

(0.02

)

Impairment, restructuring, and settlement charges (c)

5

 

0.01

 

41

 

0.08

 

 

49

 

0.09

 

156

 

0.28

 

Expenses related to acquisitions (d)

 

 

 

 

 

 

 

9

 

0.02

 

Early debt retirement charges (e)

300

 

0.53

 

 

 

 

311

 

0.55

 

 

 

Loss on debt conversion option (f)

15

 

0.03

 

 

 

 

15

 

0.03

 

 

 

Tax adjustment (g)

8

 

0.02

 

(5

)

(0.01

)

 

16

 

0.03

 

(7

)

(0.01

)

Sub-total adjustments

274

 

0.49

 

24

 

0.05

 

 

250

 

0.45

 

157

 

0.28

 

Adjusted net earnings and adjusted EPS

$

499

 

$

0.89

 

$

431

 

$

0.77

 

 

$

1,335

 

$

2.38

 

$

1,032

 

$

1.83

 

 

 

 

 

 

 

 

 

 

 

(a)

 

Current YTD changes in the Company’s LIFO reserves of $(91) million pretax ($69 million after tax), tax effected using the Company’s U.S. income tax rate. Prior quarter and YTD changes in the Company’s LIFO reserves of $(16) million and $10 million pretax, respectively ($12 million and $8 million after tax, respectively), tax effected using the Company’s U.S. income tax rate.

(b)

 

Current quarter and YTD gain of $57 million pretax ($54 million after tax) and $80 million pretax ($72 million after tax), respectively, primarily related to the sale of Wilmar shares and certain other assets, tax effected using the applicable tax rates. Prior YTD gains of $12 million pretax ($9 million after tax) related to the sale of certain assets and a step-up gain on an equity investment, tax effected using the Company’s U.S. income tax rate.

(c)

Current quarter and YTD charges of $8 million pretax ($5 million after tax) and $65 million pretax ($49 million after tax), respectively, related to the impairment of certain assets, restructuring, and a settlement, tax effected using the applicable rates. Prior quarter and YTD charges of $53 million and $202 million pretax, respectively ($41 million and $156 million after tax, respectively), related to the impairment of certain assets, restructuring, and pension settlement, tax effected using the applicable tax rates.

(d)

Prior YTD acquisition expenses of $14 million pretax ($9 million after tax) consisted of expenses primarily related to the Neovia acquisition.

(e)

Current quarter and YTD early debt retirement charges of $396 million pretax ($300 million after tax) and $410 million pretax ($311 million after tax), respectively, tax effected using the Company’s U.S. income tax rate, related to the early repurchase of certain of the Company’s debentures.

(f)

Current quarter and YTD loss on debt conversion option of $15 million pretax ($15 million after tax) related to the mark-to-market adjustment of the conversion option of the exchangeable bonds issued in August 2020.

(g)

Tax adjustment totaling $8 million and $16 million due to certain discrete items in the current quarter and YTD, respectively, and $(5) million and $(7) million due to U.S. tax reform and certain discrete items in the prior quarter and YTD, 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.


Contacts

Media Relations
Jackie Anderson
312-634-8484

Investor Relations
Victoria de la Huerga
312-634-8457


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Corporate Offices

Technology Systems Corporation
8502 SW Kansas Ave
Stuart, FL 34997

Phone: +1 772.221.7720

 

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