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 Aug. 2, 2023 Source: The Andersons news release MAUMEE, Ohio -- The Andersons, Inc. (Nasdaq: ANDE) announces financial results for the second quarter ended June 30, 2023. Second Quarter Highlights: *Company reported net income attributable to The Andersons of $55 million, or $1.61 per diluted share and adjusted net income of $52 million, or $1.52 per diluted share *Adjusted EBITDA was $144 million for the quarter Renewables reported pretax income of $67 million and adjusted pretax income attributable to The Andersons of $32 million on strong crush margins *Nutrient & Industrial reported pretax income of $43 million on increased volume on delayed planting season *Trade reported pretax income of $5 million and adjusted pretax income of $7 million "Ethanol margins in the Renewables business and increased volume in our Nutrient & Industrial business led the way for the quarter," said President and CEO Pat Bowe. "This was a significant improvement for Nutrient & Industrial after a softer first quarter. "While we expected that some of the typical first quarter nutrient sales volume would shift into the second quarter, we are pleased with the extent of the recovery. "In our Trade segment, we had some very strong merchandising results but, as expected, did not repeat the outsized second quarter 2022 performance due to good execution following the Russian invasion of Ukraine." "With the strong first quarter in Trade which likely pulled some sales forward, our year-to-date results remain ahead of last year in this business. Geopolitical concerns continue to bring price volatility which is typically beneficial to us." "We remain focused on executing within our stated strategy in our core grain and fertilizer verticals. We recently closed on the acquisition of ACJ International, a pet food ingredient supplier that fits well within our strategy for growth in the premium pet food ingredient industry," continued Bowe. "We continue to explore opportunities for growth in the merchandising of renewable diesel feedstocks, while maintaining our strong position in renewable fuels production along with potential carbon-reduction opportunities." To read the entire report click here. Tweet |
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