The Andersons, Inc. Reports First Quarter Results
PR Newswire
MAUMEE, Ohio, May 6, 2025
MAUMEE, Ohio, May 6, 2025 /PRNewswire/ -- The Andersons, Inc. (Nasdaq: ANDE) announces financial results for the first quarter ended March 31, 2025.
First Quarter Highlights:
-- Company reported net income attributable to The Andersons of $0.3 million,
or $0.01 per diluted share and adjusted net income of $4 million, or
$0.12 per diluted share
-- Adjusted EBITDA was $57 million
-- Renewables reported pretax income of $25 million and pretax income
attributable to The Andersons of $15 million on strong operating
performance and solid merchandising
-- Agribusiness recorded a pretax loss of $10 million and breakeven adjusted
pretax income attributable to The Andersons on stagnant market conditions
"We had mixed results in a turbulent first quarter. The Renewables segment performed well and our ethanol plants had strong operating efficiency and financial results. Coupled with the performance of our ethanol and renewable diesel feedstock merchandising, the segment produced one of its best first quarters. In Agribusiness, we faced challenging markets as global trade uncertainties disrupted typical grain flows and caused many of our commercial customers to focus on just-in-time purchasing. Our agronomy team is off to a good start with product well-positioned for the upcoming planting season," said President and CEO Bill Krueger. "As planting progresses, we see ample second quarter opportunities for our agronomy teams with the expected increase in corn acres this year. Strong system-wide corn and wheat production should provide a good environment for storage and handling in our assets later in the year. We also expect continued demand for our ethanol products, both domestic and export, as we enter the spring maintenance and driving season. We remain pleased with our overall asset and merchandising footprint. With the combination of the former Trade and Nutrient businesses, we are reviewing the portfolio to find synergies and process improvements."
"We continue to pursue growth opportunities. Our longer lead time capital projects in Agribusiness are progressing well and are expected to be completed by mid-2026," continued Krueger. "Our Renewables projects are focused on improving efficiency, co-product yields and lowering the carbon intensity of our high-performing ethanol plants."
$ in millions, except per share
amounts
-------------- ------------- --------------
Q1 2025 Q1 2024 Variance
------------------------------- -------------- ------------- --------------
Pretax Income $ 3.2 $ 14.0 $ (10.8)
------------------------------- -------------- ------------- --------------
Pretax Income (Loss)
Attributable to the
Company(1) (1.8) 6.9 (8.7)
------------------------------- -------------- ------------- --------------
Adjusted Pretax Income (Loss)
Attributable to the
Company(1) 3.2 6.6 (3.4)
------------------------------- -------------- ------------- --------------
Agribusiness(1) (0.1) 5.4 (5.5)
------------------------------- -------------- ------------- --------------
Renewables(1) 15.3 14.1 1.2
------------------------------- -------------- ------------- --------------
Other (12.0) (12.9) 0.9
------------------------------- -------------- ------------- --------------
Net Income Attributable to the
Company 0.3 5.6 (5.3)
------------------------------- -------------- ------------- --------------
Adjusted Net Income
Attributable to the
Company(1) 4.1 5.6 (1.5)
------------------------------- -------------- ------------- --------------
Diluted Earnings Per Share
("EPS") 0.01 0.16 (0.15)
------------------------------- -------------- ------------- --------------
Adjusted EPS(1) 0.12 0.16 (0.04)
------------------------------- -------------- ------------- --------------
EBITDA(1) 50.6 51.4 (0.8)
------------------------------- -------------- ------------- --------------
Adjusted EBITDA(1) $ 57.3 $ 51.2 $ 6.1
------------------------------- -------------- ------------- --------------
(1) Non-GAAP financial measures; see appendix for explanations and
reconciliations.
Cash, Liquidity, and Long-Term Debt Management
"Our businesses continue to generate strong cash flows, although working capital needs in the first quarter typically require significant funding leading to a use of cash from operations. However, our debt remains at a modest level," said Executive Vice President and CFO Brian Valentine. "We remain well below our long-term debt to EBITDA target of less than 2.5 times and are pleased with the strength of our balance sheet. For 2025, we anticipate increased spending on growth projects for previously announced long-term opportunities."
The company used cash from operating activities of $350 million and $240 million in the first quarter of 2025 and 2024, respectively. Cash from operations before working capital changes in the same periods was $57 million and $48 million, respectively. Cash spent on capital projects in the quarter totaled $47 million, a $20 million increase from 2024.
First Quarter Segment Overview
Agribusiness Challenged in Changing Markets
Agribusiness recorded a pretax loss of $10 million and breakeven adjusted pretax income attributable to the company for the quarter compared to pretax income of $3 million and adjusted pretax income of $5 million in the first quarter of 2024.
Results from our ag supply chain businesses were lower with limited trade flows due to market uncertainty. Assets were significantly impacted as basis levels were challenged in our western locations, including those recently acquired as part of the Skyland Grain, LLC investment. The nutrient business showed year-over-year improvement with good fertilizer volume and positioning in advance of an expected increase in corn acres.
The portfolio mix of assets, ingredients, and merchandising businesses provides a solid foundation to navigate challenging market conditions. Sizeable corn planting intentions are favorable, allowing for higher nutrient volumes as well as providing opportunities for storage and handling at harvest. In addition, lower corn stocks entering the year should allow for merchandising opportunities and good early harvest margins in the last half of 2025.
Agribusiness's first quarter adjusted EBITDA was $31 million, compared to $29 million in 2024.
Renewables has Strong Quarter on Efficient Operations and Favorable Ethanol Margins
The Renewables segment reported pretax income of $25 million and pretax income attributable to the company of $15 million in the first quarter. For the same period in 2024, the segment reported pretax income of $24 million and adjusted pretax income attributable to the company of $14 million.
Results from the ethanol production facilities improved year-over-year on efficient operations and higher yields, also benefiting from better year-over-year board crush margins. Plant co-product values were lower, with corn-based feed ingredients competing against an oversupply of alternative protein sources. Ethanol demand is expected to strengthen into the summer with some concerns about cost of inputs. Values of feed ingredient co-products are expected to remain challenged.
Renewables had first quarter EBITDA of $37 million in 2025, compared to adjusted EBITDA of $34 million in 2024.
Income Taxes
The company recorded an income tax benefit for the quarter of $2.1 million, resulting in an effective rate of (66)% for the period. This rate was impacted by a discrete adjustment for a decrease in unrecognized tax benefits related to prior period tax positions. We anticipate a full-year adjusted effective rate of approximately 18% - 22%.
Conference Call
The company will host a webcast on Wednesday, May 7, 2025, at 8:30 a.m. ET, to discuss its performance and provide its outlook for the remainder of 2025. To access the call, please dial 888-317-6003 or 412-317-6061 (elite entry number is 2480571). 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/XQ59rnDKz3D 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., is a diversified company rooted in agriculture that conducts business in the agribusiness and renewables sectors. Guided by its Statement of Principles, The Andersons is committed to providing extraordinary service to its customers, helping its employees improve, supporting its communities, and increasing the value of the company. For more information, please visit www.andersonsinc.com.
The Andersons, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
Three months ended
March 31,
------------------------------------
(in thousands, except per share data) 2025 2024
----------------- -----------------
Sales and merchandising revenues $ 2,659,098 $ 2,718,217
Cost of sales and merchandising
revenues 2,506,226 2,589,897
----------------- -----------------
Gross profit 152,872 128,320
Operating, administrative and general
expenses 145,754 119,358
Interest expense, net 13,096 6,522
Other income, net 9,191 11,528
----------------- -----------------
Income before income taxes 3,213 13,968
Income tax (benefit) provision (2,118) 1,303
----------------- -----------------
Net income 5,331 12,665
Net income attributable to
noncontrolling interests 5,047 7,084
----------------- -----------------
Net income attributable to The
Andersons, Inc. $ 284 $ 5,581
================= =================
Earnings per share attributable to The
Andersons, Inc. common shareholders:
Basic earnings: $ 0.01 $ 0.16
Diluted earnings: $ 0.01 $ 0.16
The Andersons, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands) March 31, 2025 December 31, 2024 March 31, 2024
---------------------------- --------------------------- ----------------------------
Assets
Current assets:
Cash and cash
equivalents $ 219,219 $ 561,771 $ 283,902
Accounts
receivable,
net 812,482 764,550 701,706
Inventories 1,249,047 1,286,811 994,543
Commodity
derivative
assets --
current 155,028 148,801 178,623
Other current
assets 92,968 88,344 55,134
---------------------------- --------------------------- ----------------------------
Total current
assets 2,528,744 2,850,277 2,213,908
Property, plant
and equipment,
net 860,246 868,151 689,113
Other assets,
net 408,692 402,886 358,052
Total assets $ 3,797,682 $ 4,121,314 $ 3,261,073
============================ =========================== ============================
Liabilities and
equity
Current
liabilities:
Short-term
debt $ 222,691 $ 166,614 $ 10,148
Trade and
other
payables 661,202 1,047,436 625,836
Customer
prepayments
and deferred
revenue 223,702 194,025 174,651
Commodity
derivative
liabilities
-- current 69,648 59,766 67,079
Current
maturities of
long-term
debt 62,675 36,139 27,617
Accrued
expenses and
other current
liabilities 194,390 227,192 177,953
---------------------------- --------------------------- ----------------------------
Total current
liabilities 1,434,308 1,731,172 1,083,284
Long-term debt,
less current
maturities 588,087 608,151 556,174
Other long-term
liabilities 180,853 182,155 145,965
---------------------------- --------------------------- ----------------------------
Total
liabilities 2,203,248 2,521,478 1,785,423
---------------------------- --------------------------- ----------------------------
Total equity 1,594,434 1,599,836 1,475,650
---------------------------- --------------------------- ----------------------------
Total
liabilities
and equity $ 3,797,682 $ 4,121,314 $ 3,261,073
============================ =========================== ============================
The Andersons, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
Three months ended March 31,
----------------------------------------------
(in thousands) 2025 2024
----------------------- ---------------------
Operating Activities
Net income $ 5,331 $ 12,665
Adjustments to reconcile net
income to cash used in
operating activities:
Depreciation and
amortization 34,340 30,949
Other 17,303 4,795
Changes in operating assets
and liabilities:
Accounts receivable (53,268) 57,725
Inventories 38,531 169,083
Commodity derivatives 1,076 (28,498)
Other current and
non-current assets (8,558) 1,923
Payables and other
current and non-current
liabilities (384,775) (488,269)
----------------------- ---------------------
Net cash used in operating
activities (350,020) (239,627)
----------------------- ---------------------
Investing Activities
Purchases of property, plant
and equipment and
capitalized software (46,548) (26,775)
Other 2,717 4,723
----------------------- ---------------------
Net cash used in investing
activities (43,831) (22,052)
----------------------- ---------------------
Financing Activities
Net proceeds (payments)
under short-term lines of
credit 56,044 (31,913)
Proceeds from issuance of
long-term debt 14,700 --
Payments of long-term debt (8,416) (6,870)
Dividends paid (6,693) (6,516)
Value of shares withheld for
taxes (3,837) (8,071)
Distributions to
noncontrolling interest
owner -- (44,910)
Other (1,353) --
----------------------- ---------------------
Net cash provided by (used
in) financing activities 50,445 (98,280)
----------------------- ---------------------
Effect of exchange rates on
cash and cash equivalents 854 7
----------------------- ---------------------
Decrease in cash and cash
equivalents (342,552) (359,952)
Cash and cash equivalents at
beginning of period 561,771 643,854
----------------------- ---------------------
Cash and cash equivalents at
end of period $ 219,219 $ 283,902
======================= =====================
The Andersons, Inc.
Adjusted Net Income Attributable to The Andersons, Inc.
A non-GAAP financial measure
(unaudited)
Three months ended
March 31,
------------------------------------
(in thousands, except per share data) 2025 2024
---------------- ------------------
Net income $ 5,331 $ 12,665
Net income attributable to
noncontrolling interests 5,047 7,084
---------------- ------------------
Net income attributable to The
Andersons, Inc. 284 5,581
Adjustments:
Transaction related compensation 2,103 2,852
Insured inventory and property
damage 2,926 --
Gain on deconsolidation of joint
venture -- (3,117)
Income tax impact of adjustments(1) (1,257) 279
---------------- ------------------
Total adjusting items, net of tax 3,772 14
---------------- ------------------
Adjusted net income attributable to
The Andersons, Inc. $ 4,056 $ 5,595
================ ==================
Diluted earnings per share
attributable to The Andersons, Inc.
common shareholders $ 0.01 $ 0.16
================ ==================
Impact on diluted earnings per share $ 0.11 $ --
---------------- ------------------
Adjusted diluted earnings per share $ 0.12 $ 0.16
================ ==================
(1) The income tax impact of adjustments is taken at the blended federal,
state, and local tax rate of 25% with the exception of certain transaction
related compensation in 2024.
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 per share 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) Agribusiness Renewables Other Total
--------------------- -------------- ---------------- ---------------
Three months
ended March 31,
2025
Sales and
merchandising
revenues $ 1,993,287 $ 665,811 $ -- $ 2,659,098
Gross profit 118,598 34,274 -- 152,872
Operating,
administrative
and general
expenses 124,489 9,783 11,482 145,754
Other income
(loss), net 9,041 1,088 (938) 9,191
Income (loss)
before income
taxes (9,676) 24,881 (11,992) 3,213
Income (loss)
attributable
to
noncontrolling
interests (4,522) 9,569 -- 5,047
Income (loss)
before income
taxes
attributable
to The
Andersons,
Inc.(1) $ (5,154) $ 15,312 $ (11,992) $ (1,834)
Adjustments to
income (loss)
before income
taxes(2) 5,029 -- -- 5,029
Adjusted income
(loss) before
income taxes
attributable
to The
Andersons,
Inc.(1) $ (125) $ 15,312 $ (11,992) $ 3,195
Three months
ended March 31,
2024
Sales and
merchandising
revenues $ 2,061,439 $ 656,778 $ -- $ 2,718,217
Gross profit 99,519 28,801 -- 128,320
Operating,
administrative
and general
expenses 96,921 8,777 13,660 119,358
Other income,
net 6,571 4,760 197 11,528
Income (loss)
before income
taxes 2,538 24,327 (12,897) 13,968
Income
attributable
to
noncontrolling
interests -- 7,084 -- 7,084
Income (loss)
before income
taxes
attributable
to The
Andersons,
Inc.(1) $ 2,538 $ 17,243 $ (12,897) $ 6,884
Adjustments to
income (loss)
before income
taxes(2) 2,852 (3,117) -- (265)
Adjusted income
(loss) before
income taxes
attributable
to The
Andersons,
Inc.(1) $ 5,390 $ 14,126 $ (12,897) $ 6,619
(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 $1.6 million difference in insured
inventory and property damages in the Agribusiness segment for the three
months ended March 31, 2025.
The Andersons, Inc.
Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)
A non-GAAP financial measure
(unaudited)
(in thousands) Agribusiness Renewables Other Total
----------------- -------------- --------------- ---------------
Three months ended
March 31, 2025
Net income (loss) $ (9,676) $ 24,881 $ (9,874) $ 5,331
Interest expense
(income) 12,826 698 (428) 13,096
Tax provision
(benefit) -- -- (2,118) (2,118)
Depreciation and
amortization 21,685 11,891 764 34,340
----------------- -------------- --------------- ---------------
EBITDA 24,835 37,470 (11,656) 50,649
----------------- -------------- --------------- ---------------
Adjusting items
impacting EBITDA:
Transaction
related
compensation 2,103 -- -- 2,103
Insured
inventory and
property
damage 4,502 -- -- 4,502
Total adjusting
items 6,605 -- -- 6,605
----------------- -------------- --------------- ---------------
Adjusted EBITDA $ 31,440 $ 37,470 $ (11,656) $ 57,254
================= ============== =============== ===============
Three months ended March 31, 2024 Net income (loss) $ 2,538 $ 24,327 $ (14,200) $ 12,665 Interest expense (income) 6,631 457 $(566.SI)$ 6,522 Tax provision -- -- 1,303 1,303 Depreciation and amortization 17,048 11,965 1,936 30,949 ----------------- -------------- --------------- --------------- EBITDA 26,217 36,749 (11,527) 51,439 ----------------- -------------- --------------- --------------- Adjusting items impacting EBITDA: Transaction related compensation 2,852 -- -- 2,852 Gain on deconsolidation of joint venture -- (3,117) -- (3,117) Total adjusting items 2,852 (3,117) -- (265) ----------------- -------------- --------------- --------------- Adjusted EBITDA $ 29,069 $ 33,632 $ (11,527) $ 51,174 ================= ============== =============== =============== 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. Trailing Twelve Months of EBITDA and Adjusted EBITDA A non-GAAP financial measure (unaudited) Three Months Ended, --------------------------- Twelve months June 30, September 30, December 31, March 31, ended March 31, (in thousands) 2024 2024 2024 2025 2025 -------------- -------------- -------------- --------------- --------------------------- Net income $ 52,470 $ 51,461 $ 54,104 $ 5,331 $ 163,366 Interest expense 6,611 8,361 10,266 13,096 38,334 Tax provision (benefit) 4,876 10,731 13,146 (2,118) 26,635 Depreciation and amortization 30,269 30,408 36,178 34,340 131,195 -------------- -------------- -------------- --------------- --------------------------- EBITDA 94,226 100,961 113,694 50,649 359,530 -------------- -------------- -------------- --------------- --------------------------- Adjusting items impacting EBITDA: Transaction related compensation 4,049 1,668 2,536 2,103 10,356 Insured inventory and property damage (recoveries) -- (5,204) (4,446) 4,502 (5,148) Acquisition costs -- -- 3,193 -- 3,193 Loss on cost method investment -- -- 1,535 -- 1,535 -------------- -------------- -------------- --------------- --------------------------- Total adjusting items 4,049 (3,536) 2,818 6,605 9,936 -------------- -------------- -------------- --------------- --------------------------- Adjusted EBITDA $ 98,275 $ 97,425 $ 116,512 $ 57,254 $ 369,466 ============== ============== ============== =============== =========================== Three Months Ended, --------------------------- Twelve months June 30, September 30, December 31, March 31, ended March 31, 2023 2023 2023 2024 2024 -------------- -------------- -------------- --------------- --------------------------- Net income $ 82,686 $ 30,523 $ 78,437 $ 12,665 $ 204,311 Interest expense 13,953 8,188 8,101 6,522 36,764 Tax provision 21,732 7,862 13,324 1,303 44,221 Depreciation and amortization 30,365 31,215 31,306 30,949 123,835 -------------- -------------- -------------- --------------- --------------------------- EBITDA 148,736 77,788 131,168 51,439 409,131 -------------- -------------- -------------- --------------- --------------------------- Adjusting items impacting EBITDA: Transaction related compensation 939 1,999 3,212 2,852 9,002 Gain on deconsolidation of joint venture (6,544) -- -- (3,117) (9,661) Goodwill impairment -- -- 686 -- 686 Gain on sale of assets -- (5,643) -- -- (5,643) Gain on cost method investment -- (4,798) -- -- (4,798) Impairment on equity method investments -- 963 -- -- 963 Insured inventory expenses 1,310 -- -- -- 1,310 -------------- -------------- -------------- --------------- --------------------------- Total adjusting items (4,295) (7,479) 3,898 (265) (8,141) -------------- -------------- -------------- --------------- --------------------------- Adjusted EBITDA $ 144,441 $ 70,309 $ 135,066 $ 51,174 $ 400,990 ============== ============== ============== =============== =========================== The Andersons, Inc. Cash from Operations Before Working Capital Changes A non-GAAP financial measure (unaudited) Three months ended March 31, -------------------------- (in thousands) 2025 2024 ------------ ------------ Cash used in operating activities $ (350,020) $ (239,627) Changes in operating assets and liabilities Accounts receivable (53,268) 57,725 Inventories 38,531 169,083 Commodity derivatives 1,076 (28,498) Other current and non-current assets (8,558) 1,923 Payables and other current and non-current liabilities (384,775) (488,269) ------------ ------------ Total changes in operating assets and liabilities (406,994) (288,036) Cash from operations before working capital changes $ 56,974 $ 48,409 ============ ============ 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 assets, and payables and accrued expenses from the cash provided by (used in) operating activities.
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