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Feb. 22, 2024 Source: The Andersons news release MAUMEE, Ohio -- The Andersons, Inc. (Nasdaq: ANDE) announces financial results for the fourth quarter ended December 31, 2023. Fourth Quarter Highlights: *Company reported net income from continuing operations attributable to The Andersons of $51 million, or $1.49 per diluted share, and $55 million, or $1.59 per diluted share, on an adjusted basis *EBITDA was $131 million for the quarter, and adjusted EBITDA was $135 million *Trade reported pretax income of $44 million and adjusted pretax income of $47 million *Renewables reported record pretax income of $60 million and pretax income attributable to the company of $33 million on efficient plant performance and good merchandising results Strong balance sheet; healthy cash flows result in a cash balance of $644 million at December 31, 2023 "Renewables had an excellent fourth quarter with record ethanol production and strong corn to ethanol yields at our four ethanol plants," said President and CEO Pat Bowe. "We continued to have great operating performance and also benefited from strong board crush margins. "In Trade, our eastern grain assets had good results from improving basis after a later harvest coupled with income from drying wet corn. In Nutrient & Industrial, we had a mixed quarter with year-over-year improvement from our ag supply chain product lines. "With these results, we are reporting a 30% year-over-year improvement in adjusted EBITDA for the quarter, leading to a full year adjusted EBITDA of $405 million, just behind last year's record of $412 million, and well above our previously disclosed range of $350-$375 million." "Looking forward, we acknowledge a shift in fundamentals of the commodity markets with increased global stocks. Our mix of North American storage and ethanol production assets and combined with strength in merchandising positions us well to benefit from these market shifts," added Bowe. "We have seen good results from our recent investments in ingredients supplied for pet and human consumption. We are actively pursuing opportunities for growth in the Renewables space, including carbon reduction plans and increased renewable diesel feedstock merchandising. Across our businesses, we have a robust pipeline of opportunities that include both investment in our facilities and M&A with a strong balance sheet to support this growth." To read the entire report click here. Tweet |
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