Just printed it out and I am happy to see that ADM has really done a turn-around. Increased cash by $1.7B, decreased debt by $2.6B, and (here is the best news) they have a great cash flow, that is not dependent upon borrowings.
Add to that the great news about the increase in earnings and revenues and we have a company that is set to move much higher.
Look for up-grades by the analysts, because these results caught them by suprise.
Good job seeing through the media's miss on this issue Berkie - ADM has indeed been using LIFO (2003 sounds about right to me)so this is not the change they were referring to. This quarter's results are obviously affected by the LIFO accounting method in a positive way - to the tune of $500 million. During the conference call Martin Glotzer asked about this and Pat Woertz explained that it was not a change in the LIFO accounting method - but how or where it was reported on the books. Unfortunately she did not go into more detail, and I don't have an understanding of what she meant - anyone with an answer on this one?