|
 |
|
|
|||
|
 |
|
Feb. 19, 2025 Source: The Andersons news release MAUMEE, Ohio -- The Andersons, Inc. (Nasdaq: ANDE) announces financial results for the fourth quarter ended December 31, 2024. Financial Highlights: *Full year net income attributable to The Andersons of $114 million, or $3.32 per diluted share, and $117 million, or $3.40 per diluted share, on an adjusted basis *Fourth quarter net income attributable to The Andersons of $45 million, or $1.31 per diluted share, and $47 million, or $1.36 per diluted share, on an adjusted basis *Adjusted EBITDA of $363 million for the year, and $117 million for the fourth quarter *Trade reported record fourth quarter pretax income of $54 million on solid operations *Renewables reported pretax income of $25 million and pretax income attributable to the company of $16 million on efficient plant performance and solid merchandising *Strong balance sheet; healthy cash flows result in a cash balance of $562 million "Trade had an excellent fourth quarter, with an early harvest, where we were able to accumulate higher-than-normal quality grain at good basis values," said President and CEO Bill Krueger. "We also saw some improved merchandising opportunities and good results in our premium ingredients business. We are integrating Skyland Grain, LLC locations into our trade flows and this report includes two months of results from that recent investment. "Renewables also had a very solid quarter but could not duplicate 2023 despite record ethanol production due to lower ethanol prices and co-product values. "In Nutrient & Industrial, we had year-over-year improvement led by our manufactured product lines that helped offset soft ag supply chain results due to limited farmer engagement," "In these changing ag markets, I'm proud of our team." "Looking forward, we see continued regulatory and geopolitical uncertainties coupled with potentially challenging agricultural economics. We also see signs of opportunity. We currently expect a significant increase in planted corn acres and continuing strong ethanol exports. "Our mix of North American agribusiness and ethanol production assets along with our strength in merchandising, positions us well to withstand downward pressures from these market shifts," added Krueger. "In addition to the recent Skyland Grain investment, we are making progress on several longer-term capital investments that will enhance future results. "We also continue to actively pursue growth in the Renewables space, both by lowering the carbon intensity of our ethanol plants as well as evaluating expansion and acquisition opportunities. "In December, we announced some changes to improve the alignment of our commercial teams to serve our customers even better, gain operational efficiencies, and continue to drive growth. We are excited about the new Agribusiness and Renewables teams and are working hard to achieve our growth strategy." Nutrient & Industrial Shows Improvement on Prior Year Nutrient & Industrial recorded pretax income and pretax income attributable to the company of $3 million in the fourth quarter, an improvement from the prior year. The increased results are primarily due to improvements in manufactured products and one-time prior year expenses that did not repeat. Core agriculture product lines were down year-over-year on softer industry fundamentals. With high yields during harvest pulling more nutrients from the soil and an expected increase in corn acres planted, there may be an opportunity for increased volume in 2025. Nutrient & Industrial's current quarter EBITDA was $13 million, compared to adjusted EBITDA of $11 million in 2023. For the full year, Nutrient & Industrial recorded EBITDA of $57 million in 2024, compared to adjusted EBITDA of $62 million in 2023. To read the entire report click here. Tweet |
|
|
|
|
|
|
|
|
|||||||||||||
