The Andersons, Inc. Reports Fourth Quarter and Full Year Results
The Andersons (ANDE) reported its Q4 and full-year 2024 financial results. The company achieved full-year net income of $114 million ($3.32 per diluted share) and adjusted net income of $117 million ($3.40 per diluted share). Q4 net income was $45 million ($1.31 per diluted share).
The Trade segment posted record Q4 pretax income of $54 million, while Renewables reported pretax income of $25 million. The company maintained a strong balance sheet with $562 million in cash. Trade benefited from an early harvest and higher-quality grain accumulation, while Renewables saw solid performance despite lower ethanol prices compared to 2023.
The company generated $269 million in cash from operating activities in Q4 2024 and $332 million for the full year. The long-term debt to adjusted EBITDA ratio stands at 1.8 times, below the target of 2.5 times.
Gli Anderson (ANDE) hanno riportato i risultati finanziari del Q4 e dell'intero anno 2024. L'azienda ha raggiunto un reddito netto annuo di 114 milioni di dollari (3,32 dollari per azione diluita) e un reddito netto rettificato di 117 milioni di dollari (3,40 dollari per azione diluita). Il reddito netto del Q4 è stato di 45 milioni di dollari (1,31 dollari per azione diluita).
Il segmento Commercio ha registrato un reddito ante imposte record di 54 milioni di dollari nel Q4, mentre le Energie Rinnovabili hanno riportato un reddito ante imposte di 25 milioni di dollari. L'azienda ha mantenuto un solido bilancio con 562 milioni di dollari in contante. Il Commercio ha beneficiato di un raccolto anticipato e di un accumulo di cereali di alta qualità, mentre le Energie Rinnovabili hanno mostrato buone performance nonostante i prezzi dell'etanolo più bassi rispetto al 2023.
L'azienda ha generato 269 milioni di dollari in contante dalle attività operative nel Q4 2024 e 332 milioni di dollari per l'intero anno. Il rapporto tra debito a lungo termine ed EBITDA rettificato è di 1,8 volte, al di sotto dell'obiettivo di 2,5 volte.
Los Anderson (ANDE) informaron sus resultados financieros del cuarto trimestre y del año completo 2024. La empresa logró un ingreso neto anual de 114 millones de dólares (3,32 dólares por acción diluida) y un ingreso neto ajustado de 117 millones de dólares (3,40 dólares por acción diluida). El ingreso neto del cuarto trimestre fue de 45 millones de dólares (1,31 dólares por acción diluida).
El segmento de Comercio registró un ingreso antes de impuestos récord de 54 millones de dólares en el cuarto trimestre, mientras que Energías Renovables reportó un ingreso antes de impuestos de 25 millones de dólares. La empresa mantuvo un balance sólido con 562 millones de dólares en efectivo. El Comercio se benefició de una cosecha anticipada y de la acumulación de granos de alta calidad, mientras que Energías Renovables mostró un buen desempeño a pesar de los precios más bajos del etanol en comparación con 2023.
La empresa generó 269 millones de dólares en efectivo de actividades operativas en el cuarto trimestre de 2024 y 332 millones de dólares para el año completo. La relación entre la deuda a largo plazo y el EBITDA ajustado es de 1,8 veces, por debajo del objetivo de 2,5 veces.
앤더슨 (ANDE)은 2024년 4분기 및 연간 재무 결과를 발표했습니다. 회사는 연간 순이익 1억 1,400만 달러(희석 주당 3.32달러)와 조정된 순이익 1억 1,700만 달러(희석 주당 3.40달러)를 기록했습니다. 4분기 순이익은 4,500만 달러(희석 주당 1.31달러)였습니다.
무역 부문은 4분기 세전 수익 5,400만 달러의 기록을 세웠고, 재생 가능 에너지는 세전 수익 2,500만 달러를 보고했습니다. 회사는 5억 6,200만 달러의 현금을 보유한 강력한 재무 상태를 유지했습니다. 무역 부문은 조기 수확과 고품질 곡물 축적 덕분에 혜택을 보았고, 재생 가능 에너지는 2023년에 비해 낮은 에탄올 가격에도 불구하고 안정적인 성과를 보였습니다.
회사는 2024년 4분기 운영 활동에서 2억 6,900만 달러의 현금을 생성했으며, 연간 총 3억 3,200만 달러를 기록했습니다. 장기 부채와 조정 EBITDA 비율은 1.8배로 2.5배 목표를 하회하고 있습니다.
Les Anderson (ANDE) ont annoncé leurs résultats financiers du quatrième trimestre et de l'année complète 2024. L'entreprise a réalisé un revenu net annuel de 114 millions de dollars (3,32 dollars par action diluée) et un revenu net ajusté de 117 millions de dollars (3,40 dollars par action diluée). Le revenu net du quatrième trimestre s'élevait à 45 millions de dollars (1,31 dollar par action diluée).
Le segment Commerce a affiché un revenu avant impôts record de 54 millions de dollars au quatrième trimestre, tandis que les Énergies Renouvelables ont rapporté un revenu avant impôts de 25 millions de dollars. L'entreprise a maintenu un bilan solide avec 562 millions de dollars en espèces. Le Commerce a bénéficié d'une récolte précoce et d'une accumulation de céréales de haute qualité, tandis que les Énergies Renouvelables ont affiché de bonnes performances malgré des prix de l'éthanol plus bas par rapport à 2023.
L'entreprise a généré 269 millions de dollars en espèces provenant des activités opérationnelles au quatrième trimestre 2024 et 332 millions de dollars pour l'année entière. Le ratio de la dette à long terme par rapport à l'EBITDA ajusté est de 1,8 fois, en dessous de l'objectif de 2,5 fois.
Die Andersons (ANDE) haben ihre Finanzzahlen für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht. Das Unternehmen erzielte einen Jahresnettogewinn von 114 Millionen Dollar (3,32 Dollar pro verwässerter Aktie) und einen bereinigten Nettogewinn von 117 Millionen Dollar (3,40 Dollar pro verwässerter Aktie). Der Nettogewinn im vierten Quartal betrug 45 Millionen Dollar (1,31 Dollar pro verwässerter Aktie).
Der Handelssektor verzeichnete ein Rekordergebnis vor Steuern von 54 Millionen Dollar im vierten Quartal, während der Bereich Erneuerbare Energien ein Ergebnis vor Steuern von 25 Millionen Dollar meldete. Das Unternehmen wies eine starke Bilanz mit 562 Millionen Dollar in bar auf. Der Handel profitierte von einer frühen Ernte und einer Ansammlung von hochwertigem Getreide, während der Bereich Erneuerbare Energien trotz niedrigerer Ethanolpreise im Vergleich zu 2023 eine solide Leistung zeigte.
Das Unternehmen generierte im vierten Quartal 2024 269 Millionen Dollar an liquiden Mitteln aus operativen Aktivitäten und 332 Millionen Dollar für das gesamte Jahr. Das Verhältnis von langfristigen Schulden zu bereinigtem EBITDA liegt bei 1,8, was unter dem Ziel von 2,5 liegt.
- Record Q4 pretax income of $54 million in Trade segment
- Strong cash position of $562 million
- Full-year net income increased to $114 million from $101.2 million YoY
- Healthy debt ratio at 1.8x EBITDA, below 2.5x target
- Generated $269 million in Q4 operating cash flow
- Q4 adjusted EPS declined to $1.36 from $1.59 YoY
- Renewables segment pretax income dropped to $16 million from $32.7 million YoY
- Full-year adjusted EBITDA decreased to $363.4 million from $405.1 million YoY
- Lower ethanol prices and co-product values impacted Renewables performance
Insights
The Q4 2024 results reveal a company successfully navigating challenging agricultural markets while maintaining robust operational efficiency. The Trade segment's record performance of
The balance sheet metrics are particularly impressive, with
Operating cash flow generation remains solid at
The Renewables segment's performance, while down year-over-year, demonstrates operational excellence with record production volumes offsetting some of the impact from lower ethanol prices. The
Looking ahead, several catalysts could drive performance in 2025:
- Expected increase in planted corn acres, potentially boosting both Trade and Nutrient segments
- Strong ethanol export demand and planned industry maintenance suggesting improved plant economics
- Strategic initiatives to lower carbon intensity in ethanol operations, positioning for premium pricing
- Integration benefits from the Skyland Grain acquisition enhancing trade flows
Financial Highlights:
- Full year net income attributable to The Andersons of
$114 million $3.32 $117 million $3.40 - Fourth quarter net income attributable to The Andersons of
$45 million $1.31 $47 million $1.36 - Adjusted EBITDA of
$363 million $117 million - Trade reported record fourth quarter pretax income of
$54 million - Renewables reported pretax income of
$25 million $16 million - 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. 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," said President and CEO Bill Krueger. "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."
$ in millions, except per share amounts | ||||||
Q4 2024 | Q4 2023 | Variance | YTD 2024 | YTD 2023 | Variance | |
Pretax Income | $ 67.3 | $ 91.8 | $ (24.5) | $ 200.8 | $ 169.6 | $ 31.2 |
Pretax Income Attributable to the Company1 | 58.2 | 64.5 | (6.3) | 144.1 | 138.2 | 5.9 |
Adjusted Pretax Income (Loss) Attributable to the Company1 | 60.6 | 68.4 | (7.8) | 146.7 | 159.1 | (12.4) |
Trade1 | 53.6 | 47.0 | 6.6 | 94.6 | 83.3 | 11.3 |
Renewables1 | 16.0 | 32.7 | (16.7) | 79.8 | 97.7 | (17.9) |
Nutrient & Industrial1 | 3.5 | 2.1 | 1.4 | 18.9 | 25.7 | (6.8) |
Other1 | (12.5) | (13.4) | 0.9 | (46.6) | (47.7) | 1.1 |
Net Income Attributable to the Company | 45.1 | 51.2 | (6.1) | 114.0 | 101.2 | 12.8 |
Adjusted Net Income Attributable to the Company1 | 46.9 | 54.6 | (7.7) | 116.7 | 118.3 | (1.6) |
Diluted Earnings Per Share (EPS) | 1.31 | 1.49 | (0.18) | 3.32 | 2.94 | 0.38 |
Adjusted EPS1 | 1.36 | 1.59 | (0.23) | 3.40 | 3.44 | (0.04) |
EBITDA1 | 113.7 | 131.2 | (17.5) | 360.3 | 341.5 | 18.8 |
Adjusted EBITDA1 | $ 116.5 | $ 135.1 | $ (18.6) | $ 363.4 | $ 405.1 | $ (41.7) |
1 Non-GAAP financial measures; see appendix for explanations and reconciliations. |
Cash, Liquidity, and Long-Term Debt Management
"Our businesses continued to generate solid operating cash flows into the fourth quarter. Our cash flows and lower commodity prices resulted in a cash position of more than
The company generated
For the full years of 2024 and 2023, the company generated
Fourth Quarter Segment Overview
Trade Posts Record Fourth Quarter Driven by Solid Operations
Trade recorded pretax income and adjusted pretax income attributable to the company of
Solid elevation margins and space income in core grain assets on an early and robust harvest drove results. The merchandising businesses realized improvements over the prior year, despite limited volatility in the grain markets. The premium ingredients business had another consistent and profitable quarter.
The portfolio mix of assets, ingredients, and merchandising businesses provides a solid foundation to benefit from large crops and carry markets, as well as tight, demand-driven markets. With a lower-than-expected corn carryout at the end of the year, an inverse has returned to the corn markets, which could result in an increase in corn acres planted and increased volatility in 2025. Domestic premium ingredient demand is also expected to stay solid and should continue to support recent capital growth investments.
Trade's fourth quarter adjusted EBITDA was
Renewables Reports Solid Quarter on Efficient Operations
The Renewables segment reported pretax income of
Fourth quarter results were down from a prior year record, as ethanol board crush margins were down
While spot ethanol crush margins are generally seasonally soft in the first quarter, a portion of first quarter volumes have been hedged at favorable levels. While there remains regulatory uncertainty, elevated export demand, upcoming planned maintenance in the industry, and the spring driving rebound should all support improved plant economics. Co-product values may also see improvement as there has been a recent rebound in corn values.
Renewables recorded EBITDA of
Nutrient & Industrial Shows Improvement on Prior Year
Nutrient & Industrial recorded pretax income and pretax income attributable to the company of
Nutrient & Industrial's current quarter EBITDA was
Income Taxes
The company recorded income tax expense at an effective rate of
Conference Call
The company will host a webcast on Wednesday, February 19, 2025, at 8:30 a.m. ET, to discuss its performance and provide its outlook for 2025. To access the call, please dial 888-317-6003 or 412-317-6061 (international toll) and use elite entry number: 3381023. It is recommended that you call 10 minutes before the conference call begins.
To access the webcast, click on the link: https://app.webinar.net/k56MoWjneK8 and submit the requested information as directed. A replay of the call can also be accessed under the heading "Investors" on the company's website at www.andersonsinc.com.
Forward-Looking Statements
This release contains forward-looking statements. These statements involve risks and uncertainties that could cause actual results to differ materially. Without limitation, these risks include economic, weather and regulatory conditions, competition, geopolitical risk, and the risk factors set forth from time to time in the company's filings with the Securities and Exchange Commission. Although the company believes that the assumptions upon which the financial information and its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct.
Non-GAAP Measures
This release contains non-GAAP financial measures. The company believes that pretax income (loss) attributable to the company; adjusted pretax income (loss) attributable to the company; adjusted pretax income (loss); adjusted net income attributable to the company; adjusted diluted earnings per share; earnings before interest, taxes, depreciation, and amortization (or EBITDA); adjusted EBITDA; and cash from operations before working capital changes provide additional information to investors and others about its operations, allowing an evaluation of underlying operating performance and liquidity and better period-to-period comparability. The above measures are not and should not be considered as alternatives to pretax income (loss) or income (loss) before income taxes, net income (loss), diluted earnings (loss) per share attributable to The Andersons, Inc. common shareholders and cash provided by (used in) operating activities as determined by generally accepted accounting principles. Reconciliations of the GAAP to non-GAAP measures may be found within this press release and the financial tables provided herein.
Company Description
The Andersons, Inc., named in 2024 as one of The
The Andersons, Inc. Condensed Consolidated Statements of Operations (unaudited) | |||||||
Three months ended | Twelve months ended | ||||||
(in thousands, except per share data) | 2024 | 2023 | 2024 | 2023 | |||
Sales and merchandising revenues | $ 3,123,138 | $ 3,213,000 | $ 11,257,548 | $ 14,750,112 | |||
Cost of sales and merchandising revenues | 2,910,028 | 2,995,286 | 10,563,622 | 14,004,749 | |||
Gross profit | 213,110 | 217,714 | 693,926 | 745,363 | |||
Operating, administrative and general expenses | 147,154 | 132,712 | 503,620 | 492,260 | |||
Asset impairment | — | — | — | 87,156 | |||
Interest expense, net | 10,266 | 8,101 | 31,760 | 46,867 | |||
Other income, net | 11,560 | 14,860 | 42,211 | 50,483 | |||
Income before income taxes | 67,250 | 91,761 | 200,757 | 169,563 | |||
Income tax provision | 13,146 | 13,324 | 30,057 | 37,034 | |||
Net income | 54,104 | 78,437 | 170,700 | 132,529 | |||
Net income attributable to noncontrolling interests | 9,014 | 27,251 | 56,688 | 31,339 | |||
Net income attributable to The Andersons, Inc. | $ 45,090 | $ 51,186 | $ 114,012 | $ 101,190 | |||
Earnings per share attributable to The Andersons, Inc. common shareholders: | |||||||
Basic earnings: | $ 1.32 | $ 1.52 | $ 3.35 | $ 3.00 | |||
Diluted earnings: | $ 1.31 | $ 1.49 | $ 3.32 | $ 2.94 | |||
The Andersons, Inc. Condensed Consolidated Balance Sheets (unaudited)
| |||
(in thousands) | December 31, 2024 | December 31, 2023 | |
Assets | |||
Current assets: | |||
Cash and cash equivalents | $ 561,771 | $ 643,854 | |
Accounts receivable, net | 764,550 | 762,549 | |
Inventories | 1,286,811 | 1,166,700 | |
Commodity derivative assets – current | 148,801 | 178,083 | |
Other current assets | 88,344 | 55,777 | |
Total current assets | 2,850,277 | 2,806,963 | |
Other assets: | |||
Goodwill | 127,856 | 127,856 | |
Other intangible assets, net | 69,345 | 85,579 | |
Right of use assets, net | 104,630 | 54,234 | |
Other assets, net | 101,055 | 87,010 | |
Total other assets | 402,886 | 354,679 | |
Property, plant and equipment, net | 868,151 | 693,365 | |
Total assets | $ 4,121,314 | $ 3,855,007 | |
Liabilities and equity | |||
Current liabilities: | |||
Short-term debt | $ 166,614 | $ 43,106 | |
Trade and other payables | 1,047,436 | 1,055,473 | |
Customer prepayments and deferred revenue | 194,025 | 187,054 | |
Commodity derivative liabilities – current | 59,766 | 90,849 | |
Current maturities of long-term debt | 36,139 | 27,561 | |
Accrued expenses and other current liabilities | 227,192 | 232,288 | |
Total current liabilities | 1,731,172 | 1,636,331 | |
Long-term lease liabilities | 65,312 | 31,659 | |
Long-term debt, less current maturities | 608,151 | 562,960 | |
Deferred income taxes | 55,005 | 58,581 | |
Other long-term liabilities | 61,838 | 49,089 | |
Total liabilities | 2,521,478 | 2,338,620 | |
Total equity | 1,599,836 | 1,516,387 | |
Total liabilities and equity | $ 4,121,314 | $ 3,855,007 | |
The Andersons, Inc. Consolidated Statements of Cash Flows (unaudited) | |||||||
Three months ended | Twelve months ended | ||||||
(in thousands) | 2024 | 2023 | 2024 | 2023 | |||
Operating Activities | |||||||
Net income | $ 54,104 | $ 78,437 | $ 170,700 | $ 132,529 | |||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||
Depreciation and amortization | 36,178 | 31,306 | 127,804 | 125,106 | |||
Bad debt expense, net | 6,138 | 5,438 | 17,637 | 11,519 | |||
Stock-based compensation expense | 3,611 | 3,493 | 13,629 | 12,857 | |||
Asset impairment | — | — | — | 87,156 | |||
Deferred federal income tax | (1,997) | 6,696 | (2,911) | (1,596) | |||
Other | 1,862 | (10,535) | (3,595) | (16,341) | |||
Changes in operating assets and liabilities, net of assets acquired and liabilities assumed: | |||||||
Accounts and notes receivable | 32,279 | 62,705 | 35,777 | 468,968 | |||
Inventories | (191,041) | (175,883) | 87,906 | 572,235 | |||
Commodity derivatives | (34,322) | 12,027 | 15,005 | 111,506 | |||
Other current and non-current assets | 31,326 | 4,481 | (28,050) | 6,529 | |||
Payables and other current and non-current liabilities | 330,673 | 232,498 | (102,396) | (563,718) | |||
Net cash provided by operating activities | 268,811 | 250,663 | 331,506 | 946,750 | |||
Investing Activities | |||||||
Acquisition of businesses, net of cash acquired | (19,611) | (313) | (29,172) | (24,698) | |||
Purchases of property, plant and equipment and capitalized software | (55,957) | (41,725) | (149,187) | (150,443) | |||
Property insurance proceeds | 2,918 | 4,999 | 12,137 | 7,499 | |||
Proceeds from sale of business | — | — | — | 10,318 | |||
Proceeds from sale of Rail assets | — | — | — | 2,871 | |||
Other | 168 | 423 | 3,148 | 574 | |||
Net cash used in investing activities | (72,482) | (36,616) | (163,074) | (153,879) | |||
Financing Activities | |||||||
Net (payments) receipts under short-term lines of credit | (64,897) | 27,456 | (91,951) | (233,696) | |||
Proceeds from issuance of long-term debt | 67,000 | — | 67,000 | 100,000 | |||
Payments of long-term debt | (62,940) | (6,886) | (83,589) | (49,620) | |||
Distributions to noncontrolling interest owner | (14,970) | (2,114) | (102,295) | (46,418) | |||
Dividends paid | (6,807) | (6,602) | (26,273) | (25,373) | |||
Common stock repurchased | (2,295) | — | (2,295) | (1,747) | |||
Payments of debt issuance costs | (2,851) | — | (2,851) | — | |||
Value of shares withheld for taxes | (4) | (3) | (8,105) | (6,630) | |||
Other | — | 2 | — | (509) | |||
Net cash provided by (used in) financing activities | (87,764) | 11,853 | (250,359) | (263,993) | |||
Effect of exchange rates on cash and cash equivalents | (859) | (101) | (156) | (293) | |||
Increase (decrease) in Cash and cash equivalents | 107,706 | 225,799 | (82,083) | 528,585 | |||
Cash and cash equivalents at the beginning of the period | 454,065 | 418,055 | 643,854 | 115,269 | |||
Cash and cash equivalents at the end of the period | $ 561,771 | $ 643,854 | $ 561,771 | $ 643,854 | |||
The Andersons, Inc. Adjusted Net Income Attributable to The Andersons, Inc. A non-GAAP financial measure (unaudited) | |||||||
Three months ended | Twelve months ended | ||||||
(in thousands, except per share data) | 2024 | 2023 | 2024 | 2023 | |||
Net income | $ 54,104 | $ 78,437 | $ 170,700 | $ 132,529 | |||
Net income attributable to noncontrolling interests | 9,014 | 27,251 | 56,688 | 31,339 | |||
Net income attributable to The Andersons, Inc. | 45,090 | 51,186 | 114,012 | 101,190 | |||
Adjustments: | |||||||
Transaction related compensation | 2,536 | 3,212 | 11,104 | 7,818 | |||
Insurance recoveries | (4,446) | — | (9,650) | (16,080) | |||
Gain on deconsolidation of joint venture | — | — | (3,117) | (6,544) | |||
Acquisition costs | 2,738 | — | 2,738 | — | |||
(Gain) loss on cost method investment | 1,535 | — | 1,535 | (4,798) | |||
Asset impairment | — | — | — | 45,413 | |||
Gain on sale of assets | — | — | — | (5,643) | |||
Goodwill impairment | — | 686 | — | 686 | |||
Income tax impact of adjustments1 | (590) | (520) | 42 | (3,775) | |||
Total adjusting items, net of tax | 1,773 | 3,378 | 2,652 | 17,077 | |||
Adjusted net income attributable to The Andersons, Inc. | $ 46,863 | $ 54,564 | $ 116,664 | $ 118,267 | |||
Diluted earnings per share attributable to The Andersons, Inc. common shareholders | $ 1.31 | $ 1.49 | $ 3.32 | $ 2.94 | |||
Impact on diluted earnings per share | $ 0.05 | $ 0.10 | $ 0.08 | $ 0.50 | |||
Adjusted diluted earnings per share attributable to The Andersons, Inc. common shareholders | $ 1.36 | $ 1.59 | $ 3.40 | $ 3.44 | |||
1 | The income tax impact of adjustments is taken at the blended federal, state, and local tax rate of
Adjusted net income (loss) attributable to The Andersons, Inc. reflects reported net income (loss) available to The Andersons, Inc. common shareholders after the removal of specified items described above. Adjusted diluted earnings (loss) per share reflects the fully diluted EPS of The Andersons, Inc. after removal of the effect on EPS as reported of specified items described above. Management believes that Adjusted net income (loss) attributable to The Andersons, Inc. and Adjusted diluted earnings (loss) per share are useful measures of The Andersons, Inc. performance as they provide investors additional information about the operations of the company allowing better evaluation of underlying business performance and better comparability to previous periods. These non-GAAP financial measures are not intended to replace or be alternatives to Net income attributable to The Andersons, Inc. and Diluted earnings attributable to The Andersons, Inc. common shareholders as reported, the most directly comparable GAAP financial measures, or any other measures of operating results under GAAP. Earnings amounts described above have been divided by the company's average number of diluted shares outstanding for each respective period in order to arrive at an adjusted diluted earnings (loss) per share amount for each specified item. |
The Andersons, Inc. Segment Data (unaudited)
| |||||||||
(in thousands) | Trade | Renewables | Nutrient & | Other | Total | ||||
Three months ended December 31, 2024 | |||||||||
Sales and merchandising revenues | $ 2,222,762 | $ 713,958 | $ 186,418 | $ — | $ 3,123,138 | ||||
Gross profit | 146,976 | 35,479 | 30,655 | — | 213,110 | ||||
Operating, administrative and general expenses | 95,504 | 10,901 | 27,811 | 12,938 | 147,154 | ||||
Other income (loss), net | 10,441 | 992 | 1,564 | (1,437) | 11,560 | ||||
Income (loss) before income taxes | 53,818 | 24,921 | 2,551 | (14,040) | 67,250 | ||||
Income (loss) attributable to noncontrolling interests | 1,018 | 8,941 | (945) | — | 9,014 | ||||
Income (loss) before income taxes attributable to The Andersons, Inc.1 | $ 52,800 | $ 15,980 | $ 3,496 | $ (14,040) | $ 58,236 | ||||
Adjustments to income (loss) before income taxes2 | 828 | — | — | 1,535 | 2,363 | ||||
Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1 | $ 53,628 | $ 15,980 | $ 3,496 | $ (12,505) | $ 60,599 | ||||
Three months ended December 31, 2023 | |||||||||
Sales and merchandising revenues | $ 2,212,434 | $ 795,236 | $ 205,330 | $ — | $ 3,213,000 | ||||
Gross profit | 126,064 | 65,257 | 26,393 | — | 217,714 | ||||
Operating, administrative and general expenses | 88,097 | 7,933 | 24,091 | 12,591 | 132,712 | ||||
Other income (loss), net | 11,839 | 3,401 | 439 | (819) | 14,860 | ||||
Income (loss) before income taxes | 43,807 | 59,988 | 1,374 | (13,408) | 91,761 | ||||
Income attributable to noncontrolling interests | — | 27,251 | — | — | 27,251 | ||||
Income (loss) before income taxes attributable to The Andersons, Inc.1 | $ 43,807 | $ 32,737 | $ 1,374 | $ (13,408) | $ 64,510 | ||||
Adjustments to income (loss) before income taxes2 | 3,212 | — | 686 | — | 3,898 | ||||
Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1 | $ 47,019 | $ 32,737 | $ 2,060 | $ (13,408) | $ 68,408 | ||||
1 | Income (loss) before income taxes attributable to The Andersons, Inc. for each operating segment is defined as net sales and merchandising revenues plus identifiable other income less all identifiable operating expenses, including interest expense for carrying working capital and long-term assets and is reported net of the noncontrolling interest share of income. |
2 | Additional information on the individual adjustments that are included in the adjustments to income (loss) before income taxes can be found in the Reconciliation to EBITDA and Adjusted EBITDA table. All adjustments are consistent with the EBITDA reconciliation with the exception of items where a portion of the expense is attributable to the noncontrolling interest and is represented in Income attributable to the noncontrolling interest within the reconciliation above. These adjustments include a |
The Andersons, Inc. Segment Data (continued) (unaudited)
| |||||||||
(in thousands) | Trade | Renewables | Nutrient & | Other | Total | ||||
Twelve months ended December 31, 2024 | |||||||||
Sales and merchandising revenues | $ 7,622,077 | $ 2,802,330 | $ 833,141 | $ — | $ 11,257,548 | ||||
Gross profit | 403,682 | 169,151 | 121,093 | — | 693,926 | ||||
Operating, administrative and general expenses | 316,390 | 35,493 | 103,238 | 48,499 | 503,620 | ||||
Other income (loss), net | 28,728 | 8,678 | 6,444 | (1,639) | 42,211 | ||||
Income (loss) before income taxes | 91,433 | 139,495 | 17,988 | (48,159) | 200,757 | ||||
Income (loss) attributable to noncontrolling interests | 1,018 | 56,615 | (945) | — | 56,688 | ||||
Income (loss) before income taxes attributable to The Andersons, Inc.1 | $ 90,415 | $ 82,880 | $ 18,933 | $ (48,159) | $ 144,069 | ||||
Adjustments to income (loss) before income taxes2 | 4,192 | (3,117) | — | 1,535 | 2,610 | ||||
Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1 | $ 94,607 | $ 79,763 | $ 18,933 | $ (46,624) | $ 146,679 | ||||
Twelve months ended December 31, 2023 | |||||||||
Sales and merchandising revenues | $ 10,426,083 | $ 3,380,632 | $ 943,397 | $ — | $ 14,750,112 | ||||
Gross profit | 409,950 | 202,397 | 133,016 | — | 745,363 | ||||
Operating, administrative and general expenses | 308,470 | 32,737 | 103,342 | 47,711 | 492,260 | ||||
Other income, net | 29,988 | 15,056 | 2,391 | 3,048 | 50,483 | ||||
Income (loss) before income taxes | 96,234 | 91,175 | 25,049 | (42,895) | 169,563 | ||||
Income attributable to noncontrolling interests | — | 31,339 | — | — | 31,339 | ||||
Income (loss) before income taxes attributable to The Andersons, Inc.1 | $ 96,234 | $ 59,836 | $ 25,049 | $ (42,895) | $ 138,224 | ||||
Adjustments to income (loss) before income taxes2 | (12,942) | 37,906 | 686 | (4,798) | 20,852 | ||||
Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1 | $ 83,292 | $ 97,742 | $ 25,735 | $ (47,693) | $ 159,076 | ||||
1 | Income (loss) before income taxes attributable to The Andersons, Inc. for each operating segment is defined as net sales and merchandising revenues plus identifiable other income less all identifiable operating expenses, including interest expense for carrying working capital and long-term assets and is reported net of the noncontrolling interest share of income. |
2 | Additional information on the individual adjustments that are included in the adjustments to income (loss) before income taxes can be found in the Reconciliation to EBITDA and Adjusted EBITDA table. All adjustments are consistent with the EBITDA reconciliation with the exception of items where a portion of the expense is attributable to the noncontrolling interest and is represented in Income attributable to the noncontrolling interest within the reconciliation above. These adjustments include a |
The Andersons, Inc. Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) A non-GAAP financial measure (unaudited)
| |||||||||
(in thousands) | Trade | Renewables | Nutrient & | Other | Total | ||||
Three months ended December 31, 2024 | |||||||||
Net income (loss) | $ 53,818 | $ 24,921 | $ 2,551 | $ (27,186) | $ 54,104 | ||||
Interest expense (income) | 8,095 | 649 | 1,857 | (335) | 10,266 | ||||
Tax provision | — | — | — | 13,146 | 13,146 | ||||
Depreciation and amortization | 12,559 | 14,079 | 8,585 | 955 | 36,178 | ||||
EBITDA | 74,472 | 39,649 | 12,993 | (13,420) | 113,694 | ||||
Adjusting items impacting EBITDA: | |||||||||
Acquisition costs | 3,193 | — | — | — | 3,193 | ||||
Transaction related compensation | 2,536 | — | — | — | 2,536 | ||||
Insurance recoveries | (4,446) | — | — | — | (4,446) | ||||
Loss on cost method investment | — | — | — | 1,535 | 1,535 | ||||
Total adjusting items | 1,283 | — | — | 1,535 | 2,818 | ||||
Adjusted EBITDA | $ 75,755 | $ 39,649 | $ 12,993 | $ (11,885) | $ 116,512 | ||||
Three months ended December 31, 2023 | |||||||||
Net income (loss) | $ 43,807 | $ 59,988 | $ 1,374 | $ (26,732) | $ 78,437 | ||||
Interest expense (income) | 5,999 | 737 | 1,367 | (2) | 8,101 | ||||
Tax provision | — | — | — | 13,324 | 13,324 | ||||
Depreciation and amortization | 9,450 | 12,184 | 7,750 | 1,922 | 31,306 | ||||
EBITDA | 59,256 | 72,909 | 10,491 | (11,488) | 131,168 | ||||
Adjusting items impacting EBITDA: | |||||||||
Transaction related compensation | 3,212 | — | — | — | 3,212 | ||||
Goodwill impairment | — | — | 686 | — | 686 | ||||
Total adjusting items | 3,212 | — | 686 | — | 3,898 | ||||
Adjusted EBITDA | $ 62,468 | $ 72,909 | $ 11,177 | $ (11,488) | $ 135,066 | ||||
Adjusted EBITDA is defined as earnings before interest, taxes and depreciation and amortization, adjusted for specified items. The company calculates adjusted EBITDA by removing the impact of specified items and adding back the amounts of interest expense, tax expense and depreciation and amortization to net income (loss). Management believes that adjusted EBITDA is a useful measure of the company's performance as it provides investors additional information about the company's operations allowing better evaluation of underlying business performance and improved comparability to prior periods. Adjusted EBITDA is a non-GAAP financial measure and is not intended to replace or be an alternative to net income (loss), the most directly comparable GAAP financial measure. |
The Andersons, Inc. Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) A non-GAAP financial measure (unaudited)
| |||||||||
(in thousands) | Trade | Renewables | Nutrient & | Other | Total | ||||
Twelve months ended December 31, 2024 | |||||||||
Net income (loss) | $ 91,433 | $ 139,495 | $ 17,988 | $ (78,216) | $ 170,700 | ||||
Interest expense (income) | 24,587 | 2,841 | 6,311 | (1,979) | 31,760 | ||||
Tax provision | — | — | — | 30,057 | 30,057 | ||||
Depreciation and amortization | 40,505 | 49,705 | 32,488 | 5,106 | 127,804 | ||||
EBITDA | 156,525 | 192,041 | 56,787 | (45,032) | 360,321 | ||||
Adjusting items impacting EBITDA: | |||||||||
Transaction related compensation | 11,104 | — | — | — | 11,104 | ||||
Insurance recoveries | (9,650) | — | — | — | (9,650) | ||||
Acquisition costs | 3,193 | — | — | — | 3,193 | ||||
Gain on deconsolidation of joint venture | — | (3,117) | — | — | (3,117) | ||||
Loss on cost method investment | — | — | — | 1,535 | 1,535 | ||||
Total adjusting items | 4,647 | (3,117) | — | 1,535 | 3,065 | ||||
Adjusted EBITDA | $ 161,172 | $ 188,924 | $ 56,787 | $ (43,497) | $ 363,386 | ||||
Twelve months ended December 31, 2023 | |||||||||
Net income (loss) | $ 96,234 | $ 91,175 | $ 25,049 | $ (79,929) | $ 132,529 | ||||
Interest expense (income) | 35,234 | 6,385 | 7,016 | (1,768) | 46,867 | ||||
Tax provision | — | — | — | 37,034 | 37,034 | ||||
Depreciation and amortization | 36,109 | 51,408 | 29,268 | 8,321 | 125,106 | ||||
EBITDA | 167,577 | 148,968 | 61,333 | (36,342) | 341,536 | ||||
Adjusting items impacting EBITDA: | |||||||||
Insurance recoveries | (16,080) | — | — | — | (16,080) | ||||
Gain on sale of assets | (5,643) | — | — | — | (5,643) | ||||
Transaction related compensation | 7,818 | — | — | — | 7,818 | ||||
Asset impairment including equity method investments | 963 | 87,156 | — | — | 88,119 | ||||
Gain on deconsolidation of joint venture | — | (6,544) | — | — | (6,544) | ||||
Goodwill impairment | — | — | 686 | — | 686 | ||||
Gain on cost method investment | — | — | — | (4,798) | (4,798) | ||||
Total adjusting items | (12,942) | 80,612 | 686 | (4,798) | 63,558 | ||||
Adjusted EBITDA | $ 154,635 | $ 229,580 | $ 62,019 | $ (41,140) | $ 405,094 | ||||
Adjusted EBITDA is defined as earnings before interest, taxes and depreciation and amortization, adjusted for specified items. The company calculates adjusted EBITDA by removing the impact of specified items and adding back the amounts of interest expense, tax expense and depreciation and amortization to net income (loss). Management believes that adjusted EBITDA is a useful measure of the company's performance as it provides investors additional information about the company's operations allowing better evaluation of underlying business performance and improved comparability to prior periods. Adjusted EBITDA is a non-GAAP financial measure and is not intended to replace or be an alternative to net income (loss), the most directly comparable GAAP financial measure. |
Andersons, Inc. Cash from Operations Before Working Capital Changes A non-GAAP financial measure (unaudited) | |||||||
Three months ended | Twelve months ended | ||||||
(in thousands) | 2024 | 2023 | 2024 | 2023 | |||
Cash provided by operating activities | $ 268,811 | $ 250,663 | $ 331,506 | $ 946,750 | |||
Changes in operating assets and liabilities, net of assets acquired and liabilities assumed: | |||||||
Accounts receivable | 32,279 | 62,705 | 35,777 | 468,968 | |||
Inventories | (191,041) | (175,883) | 87,906 | 572,235 | |||
Commodity derivatives | (34,322) | 12,027 | 15,005 | 111,506 | |||
Other current and non-current assets | 31,326 | 4,481 | (28,050) | 6,529 | |||
Payables and other current and non-current liabilities | 330,673 | 232,498 | (102,396) | (563,718) | |||
Total changes in operating assets and liabilities | 168,915 | 135,828 | 8,242 | 595,520 | |||
Adjusting items impacting cash from operations before working capital changes: | |||||||
Less: Insured inventory recoveries | — | — | — | (16,080) | |||
Less: Unrealized foreign currency losses on receivables | — | 7,270 | — | (4,818) | |||
Cash from operations before working capital changes | $ 99,896 | $ 122,105 | $ 323,264 | $ 330,332 | |||
Cash from operations before working capital changes is defined as cash provided by (used in) operating activities before the impact of changes in working capital within the statement of cash flows. The company calculates cash from operations by eliminating the effect of changes in accounts receivable, inventories, commodity derivatives, other current and non-current assets, and payables and other current and non-current liabilities; and adjusted by specific items from the cash provided by (used in) operating activities. Management believes that cash from operations before working capital changes is a useful measure of the company's performance as it provides investors additional information about the company's operations allowing better evaluation of underlying business performance and improved comparability to prior periods. Cash from operations before working capital changes is a non-GAAP financial measure and is not intended to replace or be an alternative to cash provided by (used in) operating activities, the most directly comparable GAAP financial measure. |
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SOURCE The Andersons, Inc.
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