The Andersons ( (ANDE) ) has released its Q3 earnings. Here is a breakdown of the information The Andersons presented to its investors.
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The Andersons, Inc. is a diversified company rooted in agriculture, operating in the commodity merchandising, renewables, and nutrient & industrial sectors. Recently named to Forbes’ list of America’s Most Successful Small Companies, it is committed to extraordinary customer service, employee improvement, and community support.
The Andersons, Inc. reported strong results for the third quarter of 2024, with net income attributable to the company at $27 million, or $0.80 per diluted share, and adjusted net income at $25 million, or $0.72 per diluted share. The company achieved a record adjusted EBITDA of $97 million for the quarter, marking significant improvements across its segments, particularly in renewables and trade.
Key highlights of the earnings report include the renewables segment recording its best-ever third quarter pretax income of $53 million, propelled by increased ethanol production and favorable margins. The trade segment also improved significantly with a year-over-year increase in pretax income to $26 million, driven by better performance in grain asset management and specialty ingredients. Nutrient & Industrial saw a recovery with reduced losses compared to the previous year.
The company continues to focus on strategic growth, evidenced by its recent $85 million investment for a 65% stake in Skyland Grain, LLC, which extends its presence across key agricultural regions. Additionally, a significant investment has been made in the port of Houston to enhance its grain export capabilities. The Andersons plans further investments aimed at enhancing efficiency and capacity, particularly in its renewables sector.
Looking ahead, The Andersons remains optimistic about its future growth opportunities. The management is focused on leveraging its diversified portfolio to capitalize on market dynamics, with continued investment in strategic projects and acquisitions that align with its growth strategy and financial goals.
