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Aug. 7, 2024 Source: The Andersons news release MAUMEE, Ohio -- The Andersons, Inc. (Nasdaq: ANDE) announces financial results for the second quarter ended June 30, 2024. Second Quarter Highlights: *Company reported net income attributable to The Andersons of $36 million, or $1.05 per diluted share and adjusted net income of $39 million, or $1.15 per diluted share *Adjusted EBITDA was $98 million for the quarter *Renewables reported pretax income of $39 million and adjusted pretax income attributable to The Andersons of $23 million on strong operating performance and ethanol margins *Trade generated increased pretax income of $5 million and adjusted pretax income of $9 million *Nutrient & Industrial delivers pretax income of $23 million "Overall, our second quarter results were consistent with our expectations given the shift in ag markets over the past several months," said Chairman and CEO Pat Bowe. "Renewables had a very solid quarter with increased ethanol production and higher margins but didn't match last year's results on declining co-product values. "Trade results were slightly improved from last year despite lower prices and volatility with the majority of fertilizer applications occurring in the second quarter, Nutrient & Industrial had solid results although well behind last year's outsized performance given weather-related delays and lower margins." "Farmer selling remains relatively quiet with adequate supply in this low-price commodity environment. We are seeing the benefits of our portfolio mix with grain assets and our growing premium ingredients business helping to offset a reduction in merchandising opportunities." "We actively pursue opportunities for growth. In early June, we announced plans to acquire an ownership interest in Skyland Grain LLC, which holds a large grain and agronomy footprint spread across Kansas, Eastern Colorado, and the Texas and Oklahoma panhandles. We are devoting significant resources to this opportunity and expect to provide an update later in the third quarter," continued Bowe. "Our longer-term Renewables projects are moving forward, and we are focused on lowering the carbon intensity of our ethanol plants. We continue to manage a robust pipeline with meaningful growth opportunities in each of our businesses." To read the entire report click here. Tweet |
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