Archer Daniels Midland Company (ADM) Q1 2020 Earnings Call Transcript

Archer Daniels Midland Company (ADM) Q1 2020 Earnings Call Transcript

Archer Daniels Midland Company ( NYSE:ADM ) Q1 2020 Earnings Call Apr 30, 2020 , 11:00 a.m. ET. Our Chief Financial Officer, Ray Young, will review financial highlights and corporate results as well as the drivers of our performance.. And in March, we further enhanced our cash position and reduced our exposure to short-term credit market risks by issuing $1.5 billion in term debt.. Our performance is a testament to our team's ability to fulfill our critical role in the global food supply chain and deliver results to our shareholders despite incredibly challenging circumstances.. I'd like to talk a little bit about our view of the markets and our future.. We made the difficult decision last week to idle two of our dry mills amid continued low gasoline demand.. Equally as importantly, our global footprint gives us continued confidence in our ability to support global trade flows of food and agricultural products.. The effective tax rate for the first quarter of 2020 was approximately a positive 4% compared to an expense of 26% in the prior year.. The maintenance expense is reflected in the cost of goods sold line of our GAAP statements and in the other charges line in