By Sarina Isaacs
Shares of Andersons climbed after the company reported better-than-expected fourth-quarter results, driven by high production in its renewables business.
The stock was recently up 22% to $49.85. Shares are off about 8% over the past 12 months.
The Maumee, Ohio-based agribusiness firm reported a profit of $45.1 million, or $1.31 a share, compared with $51.2 million, or $1.49 a share, in the same quarter a year earlier.
Adjusted earnings came in at $1.36 a share, compared with analyst expectations for 92 cents a share.
Revenue slipped 2.8% to $3.12 billion, clearing analyst estimates of $2.72 billion.
"During the fourth quarter, our renewables business set a production record," Chief Executive Bill Krueger said during the Andersons earnings call. "Despite this, we could not match last year's record results but are still pleased with the strong performance driven by improved yields and lower controllable costs per gallon."
Krueger also said trade had an excellent quarter, "with an early harvest, where we were able to accumulate higher-than-normal quality grain at good basis values."
Write to Sarina Isaacs at sarina.isaacs@wsj.com
(END) Dow Jones Newswires
February 19, 2025 12:52 ET (17:52 GMT)
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