April 30 (Reuters) - Global grain trader Archer-Daniels-Midland (ADM.N) New Tab, opens new tab beat market estimates for first-quarter 2024 profit on Tuesday, as it seeks to move on from accounting issues that triggered U.S. government probes into the grain merchant.

ADM said lower energy and manufacturing costs led to an increase of 15 cents per share in segment operating profit from a year earlier.

The results were stronger than Wall Street analysts expected, thanks largely to results in ADM's corporate and other segments, Stephens analyst said in a note.

"All in, these results are fairly consistent with where we think investor expectations reside, as the market looks for more visibility on the balance of the year," Stephens analysts wrote.

ADM and its trading and processing rivals Bunge (BG.N) New Tab, opens new tab and Cargill Inc have seen their profits pressured as global crop supplies have swelled and prices slumped from recent historic highs.

The agribusinesses make money by processing, trading and shipping crops around the world. Stiff South American competition has led to weak U.S. crop export demand, pressuring ADM, which has the largest share of its grain assets there.

Oil and gas prices have declined compared to the peaks reached in 2022 following Russia's invasion of Ukraine, however, benefiting ADM.

Adjusted operating profit at ADM's Ag Services and Oilseeds division, which includes soybean crushing and trading businesses, fell to $864 million, compared with $1.21 billion a year earlier.

Carbohydrate Solutions, a division housing ADM's ethanol and sweeteners operations, saw its adjusted operating profit drop to $248 million, compared with $279 million a year earlier.

In March, ADM corrected six years of financial data after an internal investigation found some sales between business units within the company were not recorded properly. ADM said it had overstated annual operating profit in the Nutrition segment by as much as 9.2%.

ADM confirmed in March some employees received grand jury subpoenas from the Department of Justice which is investigating its accounting practices. Government investigations are not evidence of wrongdoing and do not necessarily result in charges.

Chief Financial Officer Vikram Luthar said last week that he plans to resign from his role in September, the highest-level executive to leave the firm since it disclosed accounting issues.

Touted by executives as the future of ADM, the Nutrition division had seen explosive growth until profits began to erode in late 2022.

On Tuesday, the Nutrition unit reported an adjusted operating profit of $84 million, down from $138 million for the prior year period.

The drop, the company said, was due in part to a steadying texturants market that impacted the unit's margins, as well as unplanned downtime at its Decatur East facility, where an explosion occurred in September.

The Chicago-based company reported adjusted earnings of $1.46 per share, for the three months ended March 31, compared with analysts' average estimate of $1.36 per share.

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https://www.reuters.com/markets/commodities/grain-trader-adm-beats-quarterly-profit-estimates-costs-ease-2024-04-30/