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WKN: 920678 | ISIN: US0341641035 | Ticker-Symbol: AKG
Stuttgart
13.12.24
21:35 Uhr
42,380 Euro
0,000
0,00 %
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PR Newswire
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The Andersons, Inc. Reports Strong Third Quarter Results

Finanznachrichten News

MAUMEE, Ohio, Nov. 4, 2024 /PRNewswire/ -- The Andersons, Inc. (Nasdaq: ANDE) announces financial results for the third quarter ended September 30, 2024.

Third Quarter Highlights:

  • Company reported net income attributable to The Andersons of $27 million, or $0.80 per diluted share and adjusted net income of $25 million, or $0.72 per diluted share
  • Adjusted EBITDA was $97 million, producing a record for the third quarter
  • Renewables reported best-ever third quarter pretax income of $53 million and pretax income attributable to The Andersons of $28 million on strong operating performance and ethanol margins
  • Trade generated increased year-over-year pretax income of $26 million and adjusted pretax income of $23 million

"Overall, we are pleased with our third quarter results given the lower commodity prices and reduced volatility in the ag markets. Renewables had a very strong quarter with increased ethanol production and improved yields in a period of good but softening crush margins. Trade results were significantly better than last year and include improved performance in our assets. Increased volume and margins in our specialty liquids and manufactured product lines resulted in improved results in Nutrient & Industrial," said President and CEO Bill Krueger. "Harvest is almost complete due to the near-perfect harvest weather, with both higher-than-normal quality and above trend-line yields. We have been able to buy grain at good basis values which should allow for carry opportunities into 2025. We continue to see the benefits of our portfolio mix with well-placed assets, a growing specialty ingredients business, efficient ethanol plant performance and merchandising opportunities across our businesses."

"We continue to pursue growth opportunities. Most recently, we announced the closing of an $85 million investment for a 65% ownership interest in Skyland Grain, LLC, which operates a large grain and agronomy footprint spread across Southwest Kansas, Eastern Colorado, and the Texas and Oklahoma panhandles. These assets extend our geographic footprint and support our existing merchandising presence in the region," continued Krueger. "In addition, we announced a significant investment in our leased facility at the port of Houston to improve our current grain export program and add capacity for storing and exporting soybean meal. We continue to make progress on our longer-term Renewables projects, which are focused on lowering the carbon intensity of our high-performing ethanol plants. In addition to these projects, we continue our investment philosophy to improve efficiency and add capacity at our existing plants, as well as acquisition opportunities, which are in line with our strategy and generate appropriate returns."

$ in millions, except per share amounts





Q3 2024

Q3 2023

Variance

YTD 2024

YTD 2023

Variance

Pretax Income

$ 62.2

$ 38.4

$ 23.8

$ 133.5

$ 77.8

$ 55.7

Pretax Income Attributable to the Company 1

38.1

17.6

20.5

85.8

73.7

12.1

Adjusted Pretax Income

Attributable to the Company 1

34.6

10.1

24.5

86.1

90.7

(4.6)

Trade 1

22.7

5.4

17.3

41.0

36.3

4.7

Renewables 1

28.5

26.3

2.2

63.8

65.0

(1.2)

Nutrient & Industrial

(6.1)

(8.5)

2.4

15.4

23.7

(8.3)

Other 1

(10.5)

(13.1)

2.6

(34.1)

(34.3)

0.2

Net Income Attributable to the Company

27.4

9.7

17.7

68.9

50.0

18.9

Adjusted Net Income Attributable to the Company 1

24.7

4.6

20.1

69.8

63.7

6.1

Diluted Earnings Per Share ("EPS")

0.80

0.28

0.52

2.01

1.46

0.55

Adjusted EPS 1

0.72

0.13

0.59

2.04

1.86

0.18

EBITDA 1

101.0

77.8

23.2

246.6

210.4

36.2

Adjusted EBITDA from Continuing Operations 1

$ 97.4

$ 70.3

$ 27.1

$ 246.9

$ 270.0

$ (23.1)

1 Non-GAAP financial measures; see appendix for explanations and reconciliations.

Cash, Liquidity, and Long-Term Debt Management

"Our businesses continue to generate consistent cash flows throughout the shift in ag markets, and our debt remains at a modest level," said Executive Vice President and CFO Brian Valentine. "With the strong cash flows and lower commodity prices, we continue to show a higher-than-normal cash position at this point in the year. 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. We continue to evaluate new growth investments and acquisitions in a variety of strategic projects. We anticipate increased spending on growth projects in the fourth quarter and into 2025, in addition to the Skyland investment."

The company used cash from operating activities of $2 million and generated cash from operating activities of $489 million in the third quarter of 2024 and 2023, respectively. Cash from operations before working capital changes in the same periods was $86 million and $50 million, respectively. Cash spent on capital projects in the quarter totaled $38 million, a $4 million increase from 2023.

Third Quarter Segment Overview

Trade Results Resilient in Less Volatile Ag Markets

The Trade segment recorded pretax income of $26 million and adjusted pretax income of $23 million for the quarter compared to pretax income of $8 million and adjusted pretax income of $5 million in the third quarter of 2023.

Results from our grain asset footprint were better than the prior year, due to strong elevation margins and space income, primarily related to corn and wheat. Trade's growing specialty ingredients business continued to benefit from recent growth investments. The merchandising business remained profitable with well-supplied commodity markets and limited volatility. As expected, farmer engagement ramped up during the quarter to bring significant old crop bushels to market and forward sell new crop in anticipation of an early and robust harvest. For comparison, prior year results include a $19 million pretax loss on a foreign currency issue.

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. Assets are well-positioned for an early and large harvest, which should allow us to buy bushels at low basis levels. Domestic specialty ingredient demand is also expected to stay solid and should continue to support recent capital growth investments.

Trade's third quarter adjusted EBITDA was $38 million, compared to $21 million in 2023.

Renewables had Record Quarter on Efficient Operations and Favorable Ethanol Margins

The Renewables segment reported pretax income of $53 million and pretax income attributable to the company of $28 million in the third quarter. For the same period in 2023, the segment reported a pretax income of $47 million and pretax income attributable to the company of $26 million.

Margins on ethanol production improved year-over-year on significantly lower corn basis in the eastern plants, despite a reduction in ethanol board crush margins in the quarter. Production facilities continued to operate efficiently with increased volume and higher ethanol yields. Plant co-product values were lower, with feed ingredients following the overall price reduction of corn; however, feed ingredient demand improved year-over-year. Renewable diesel feedstock volumes continue to grow albeit with compressed margins on industry fundamentals. All four plants completed their semi-annual maintenance shutdowns in the third quarter. A favorable ethanol margin environment should continue, supported by exports, higher blending rates and continued lower corn basis levels in the east.

Renewables had third quarter EBITDA of $65 million in 2024, compared to $60 million in 2023.

Nutrient & Industrial Improved in Seasonally Quiet Quarter

The Nutrient & Industrial segment reported a pretax loss of $6 million, compared to a loss of $8 million in 2023. Overall volumes improved during a seasonally slow third quarter, but margins in base nutrients have reset to more normalized levels and did not repeat the outsized margin opportunities seen in recent years. The engineered granules business saw significant improvement in the quarter on higher sales volume and margins, with continued focus on operational improvements in this business. Looking forward, the fourth quarter should benefit from high yields and an early harvest, allowing for fall applications.

Nutrient & Industrial's third quarter EBITDA was $5 million compared to breakeven EBITDA in the third quarter of 2023.

Income Taxes; Corporate

The company recorded income tax expense at an effective rate of 17% for the quarter. This rate was impacted by the tax treatment of noncontrolling interests and federal tax credits. We anticipate a full-year adjusted effective rate of approximately 14% - 18%.

Conference Call

The company will host a webcast on Tuesday, November 5, 2024, at 11 a.m. Eastern Time, to discuss its performance and provide its outlook for the remainder of 2024 and preliminary views for 2025. To access the call, please dial 888-317-6003 or 412-317-6061 (elite entry number is 2387329). 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/Bz3omkN6Ver 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 to Forbes list of America's Most Successful Small Companies, Newsweek's list of America's Most Responsible Companies, and one of The Americas' Fastest Growing Companies by the Financial Times, is a diversified company rooted in agriculture that conducts business in the commodity merchandising, renewables, and nutrient & industrial 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
September 30,


Nine months ended
September 30,

(in thousands, except per share data)

2024


2023


2024


2023

Sales and merchandising revenues

$ 2,620,988


$ 3,635,691


$ 8,134,410


$ 11,537,112

Cost of sales and merchandising revenues

2,443,863


3,477,990


7,653,594


11,009,463

Gross profit

177,125


157,701


480,816


527,649

Operating, administrative and general expenses

120,494


126,306


356,466


359,548

Asset impairment

-


-


-


87,156

Interest expense, net

8,361


8,188


21,494


38,766

Other income, net

13,922


15,178


30,651


35,623

Income before income taxes

62,192


38,385


133,507


77,802

Income tax provision

10,731


7,862


16,911


23,710

Net income

51,461


30,523


116,596


54,092

Net income attributable to noncontrolling interests

24,096


20,815


47,674


4,088

Net income attributable to The Andersons, Inc.

$ 27,365


$ 9,708


$ 68,922


$ 50,004









Earnings per share attributable to

The Andersons, Inc. common shareholders:








Basic earnings:

$ 0.80


$ 0.29


$ 2.03


$ 1.48

Diluted earnings:

$ 0.80


$ 0.28


$ 2.01


$ 1.46

The Andersons, Inc.

Condensed Consolidated Balance Sheets

(unaudited)


(in thousands)

September 30, 2024


December 31, 2023


September 30, 2023

Assets






Current assets:






Cash and cash equivalents

$ 454,065


$ 643,854


$ 418,055

Accounts receivable, net

756,618


762,549


816,686

Inventories

884,339


1,166,700


985,292

Commodity derivative assets - current

122,326


178,083


239,595

Other current assets

113,726


55,777


67,471

Total current assets

2,331,074


2,806,963


2,527,099

Property, plant and equipment, net

709,951


693,365


680,188

Other assets, net

347,274


354,679


380,815

Total assets

$ 3,388,299


$ 3,855,007


$ 3,588,102







Liabilities and equity






Current liabilities:






Short-term debt

$ 14,716


$ 43,106


$ 14,138

Trade and other payables

774,347


1,055,473


822,153

Customer prepayments and deferred revenue

67,899


187,054


211,867

Commodity derivative liabilities - current

85,640


90,849


142,511

Current maturities of long-term debt

27,727


27,561


27,535

Accrued expenses and other current liabilities

207,543


232,288


189,430

Total current liabilities

1,177,872


1,636,331


1,407,634

Long-term debt, less current maturities

542,564


562,960


569,730

Other long-term liabilities

144,855


139,329


161,652

Total liabilities

1,865,291


2,338,620


2,139,016

Total equity

1,523,008


1,516,387


1,449,086

Total liabilities and equity

$ 3,388,299


$ 3,855,007


$ 3,588,102

The Andersons, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)



Nine months ended September 30,

(in thousands)

2024


2023

Operating Activities




Net income

$ 116,596


$ 54,092

Adjustments to reconcile net income to cash provided by operating activities:




Depreciation and amortization

91,626


93,800

Asset impairment

-


87,156

Other

15,146


1,347

Changes in operating assets and liabilities:




Accounts receivable

3,498


406,263

Inventories

278,947


748,118

Commodity derivatives

49,327


99,479

Other current and non-current assets

(59,376)


2,048

Payables and other current and non-current liabilities

(433,069)


(796,216)

Net cash provided by operating activities

62,695


696,087

Investing Activities




Purchases of property, plant and equipment and capitalized software

(93,230)


(108,718)

Acquisition of businesses, net of cash acquired

(9,561)


(24,385)

Insurance proceeds

9,219


-

Proceeds from sale of a business

-


10,318

Other

2,980


5,522

Net cash used in investing activities

(90,592)


(117,263)

Financing Activities




Net payments under short-term lines of credit

(27,054)


(261,152)

Payments of long-term debt

(20,649)


(42,734)

Distributions to noncontrolling interest owner

(87,325)


(44,304)

Dividends paid

(19,466)


(18,771)

Value of shares withheld for taxes

(8,101)


(6,627)

Proceeds from issuance of long-term debt

-


100,000

Other

-


(2,258)

Net cash used in financing activities

(162,595)


(275,846)

Effect of exchange rates on cash and cash equivalents

703


(192)

(Decrease) increase in cash and cash equivalents

(189,789)


302,786

Cash and cash equivalents at beginning of period

643,854


115,269

Cash and cash equivalents at end of period

$ 454,065


$ 418,055

The Andersons, Inc.

Adjusted Net Income Attributable to The Andersons, Inc.

A non-GAAP financial measure

(unaudited)



Three months ended
September 30,


Nine months ended
September 30,

(in thousands, except per share data)

2024


2023


2024


2023

Net income

$ 51,461


$ 30,523


$ 116,596


$ 54,092

Net income attributable to noncontrolling interests

24,096


20,815


47,674


4,088

Net income attributable to The Andersons, Inc.

27,365


9,708


68,922


50,004

Adjustments:








Gain on sale of assets

-


(5,643)


-


(5,643)

Gain on cost method investment

-


(4,798)


-


(4,798)

Transaction related compensation

1,668


1,999


8,568


4,606

Gain on deconsolidation of joint venture

-


-


(3,117)


(6,544)

Insurance recoveries

(5,204)


-


(5,204)


(16,080)

Asset impairment

-


963


-


45,413

Income tax impact of adjustments1

884


2,367


632


(3,255)

Total adjusting items, net of tax

(2,652)


(5,112)


879


13,699

Adjusted net income attributable to The Andersons, Inc.

$ 24,713


$ 4,596


$ 69,801


$ 63,703









Diluted earnings per share attributable to The Andersons, Inc. common shareholders

$ 0.80


$ 0.28


$ 2.01


$ 1.46









Impact on diluted earnings (loss) per share

$ (0.08)


$ (0.15)


$ 0.03


$ 0.40

Adjusted diluted earnings per share

$ 0.72


$ 0.13


$ 2.04


$ 1.86










1 The income tax impact of adjustments is taken at the statutory tax rate of 25% with the exception of certain transaction related compensation in both 2024 and 2023, respectively.


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)

Trade


Renewables


Nutrient &
Industrial


Other


Total

Three months ended September 30, 2024










Sales and merchandising revenues

$ 1,747,715


$ 745,206


$ 128,067


$ -


$ 2,620,988

Gross profit

98,776


60,375


17,974


-


177,125

Operating, administrative and general expenses

75,825


8,839


24,591


11,239


120,494

Other income, net

8,720


1,760


3,323


119


13,922

Income (loss) before income taxes

26,266


52,583


(6,132)


(10,525)


62,192

Income attributable to noncontrolling interests

-


24,096


-


-


24,096

Income (loss) before income taxes attributable to The Andersons, Inc.1

$ 26,266


$ 28,487


$ (6,132)


$ (10,525)


$ 38,096

Adjustments to income (loss) before income taxes2

(3,536)


-


-


-


(3,536)

Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1

$ 22,730


$ 28,487


$ (6,132)


$ (10,525)


$ 34,560











Three months ended September 30, 2023










Sales and merchandising revenues

$ 2,639,059


$ 868,099


$ 128,533


$ -


$ 3,635,691

Gross profit

85,997


53,045


18,659


-


157,701

Operating, administrative and general expenses

79,247


8,332


26,233


12,494


126,306

Other income, net

7,838


3,346


606


3,388


15,178

Income (loss) before income taxes

8,073


47,096


(8,452)


(8,332)


38,385

Income attributable to noncontrolling interests

-


20,815


-


-


20,815

Income (loss) before income taxes attributable to The Andersons, Inc.1

$ 8,073


$ 26,281


$ (8,452)


$ (8,332)


$ 17,570

Adjustments to income (loss) before income taxes2

(2,681)


-


-


(4,798)


(7,479)

Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1

$ 5,392


$ 26,281


$ (8,452)


$ (13,130)


$ 10,091


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.

The Andersons, Inc.

Segment Data

(unaudited)


(in thousands)

Trade


Renewables


Nutrient &
Industrial


Other


Total

Nine months ended September 30, 2024










Sales and merchandising revenues

$ 5,399,315


$ 2,088,372


$ 646,723


$ -


$ 8,134,410

Gross profit

256,706


133,672


90,438


-


480,816

Operating, administrative and general expenses

220,886


24,592


75,427


35,561


356,466

Other income (loss), net

18,287


7,686


4,880


(202)


30,651

Income (loss) before income taxes

37,615


114,574


15,437


(34,119)


133,507

Income attributable to noncontrolling interests

-


47,674


-


-


47,674

Income (loss) before income taxes attributable to The Andersons, Inc.1

$ 37,615


$ 66,900


$ 15,437


$ (34,119)


$ 85,833

Adjustments to income (loss) before income taxes2

3,364


(3,117)


-


-


247

Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1

$ 40,979


$ 63,783


$ 15,437


$ (34,119)


$ 86,080











Nine months ended September 30, 2023










Sales and merchandising revenues

$ 8,213,649


$ 2,585,396


$ 738,067


$ -


$ 11,537,112

Gross profit

283,886


137,140


106,623


-


527,649

Operating, administrative and general expenses

220,373


24,804


79,251


35,120


359,548

Other income, net

18,149


11,655


1,952


3,867


35,623

Income (loss) before income taxes

52,427


31,187


23,675


(29,487)


77,802

Income attributable to noncontrolling interests

-


4,088


-


-


4,088

Income (loss) before income taxes attributable to The Andersons, Inc.1

$ 52,427


$ 27,099


$ 23,675


$ (29,487)


$ 73,714

Adjustments to income (loss) before income taxes2

(16,154)


37,906


-


(4,798)


16,954

Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1

$ 36,273


$ 65,005


$ 23,675


$ (34,285)


$ 90,668


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 a $42.7 million difference in the Renewables segment which represents the asset impairment expense attributable to the non-controlling interest that is reflected in Income attributable to the noncontrolling interest within the reconciliation above.

The Andersons, Inc.

Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)

A non-GAAP financial measure

(unaudited)


(in thousands)

Trade


Renewables


Nutrient &
Industrial


Other


Total

Three months ended September 30, 2024










Net income (loss)

$ 26,266


$ 52,583


$ (6,132)


$ (21,256)


$ 51,461

Interest expense (income)

5,405


713


2,838


(595)


8,361

Tax provision

-


-


-


10,731


10,731

Depreciation and amortization

9,377


11,942


8,145


944


30,408

EBITDA

41,048


65,238


4,851


(10,176)


100,961

Adjusting items impacting EBITDA:










Transaction related compensation

1,668


-


-


-


1,668

Insurance recoveries

(5,204)


-


-


-


(5,204)

Total adjusting items

(3,536)


-


-


-


(3,536)

Adjusted EBITDA

$ 37,512


$ 65,238


$ 4,851


$ (10,176)


$ 97,425











Three months ended September 30, 2023










Net income (loss)

$ 8,073


$ 47,096


$ (8,452)


$ (16,194)


$ 30,523

Interest expense (income)

6,515


963


1,484


(774)


8,188

Tax provision

-


-


-


7,862


7,862

Depreciation and amortization

9,331


12,328


7,464


2,092


31,215

EBITDA

23,919


60,387


496


(7,014)


77,788

Adjusting items impacting EBITDA:










Transaction related compensation

1,999


-


-


-


1,999

Gain on cost method investment

-


-


-


(4,798)


(4,798)

Gain on sale of assets

(5,643)


-


-


-


(5,643)

Gain on deconsolidation of joint venture

963


-


-


-


963

Total adjusting items

(2,681)


-


-


(4,798)


(7,479)

Adjusted EBITDA

$ 21,238


$ 60,387


$ 496


$ (11,812)


$ 70,309


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 &
Industrial


Other


Total

Nine months ended September 30, 2024










Net income (loss)

$ 37,615


$ 114,574


$ 15,437


$ (51,030)


$ 116,596

Interest expense (income)

16,492


2,192


4,454


(1,644)


21,494

Tax provision

-


-


-


16,911


16,911

Depreciation and amortization

27,946


35,626


23,903


4,151


91,626

EBITDA

82,053


152,392


43,794


(31,612)


246,627

Adjusting items impacting EBITDA:










Transaction related compensation

8,568


-


-


-


8,568

Insurance recoveries

(5,204)


-


-


-


(5,204)

Gain on deconsolidation of joint venture

-


(3,117)


-


-


(3,117)

Total adjusting items

3,364


(3,117)


-


-


247

Adjusted EBITDA

$ 85,417


$ 149,275


$ 43,794


$ (31,612)


$ 246,874











Nine months ended September 30, 2023










Net income (loss)

$ 52,427


$ 31,187


$ 23,675


$ (53,197)


$ 54,092

Interest expense (income)

29,235


5,648


5,649


(1,766)


38,766

Tax provision

-


-


-


23,710


23,710

Depreciation and amortization

26,659


39,224


21,518


6,399


93,800

EBITDA

108,321


76,059


50,842


(24,854)


210,368

Adjusting items impacting EBITDA:










Transaction related compensation

4,606


-


-


-


4,606

Insurance recoveries

(16,080)


-


-


-


(16,080)

Gain on sale of assets

(5,643)


-


-


-


(5,643)

Gain on deconsolidation of joint venture

-


(6,544)


-


-


(6,544)

Gain on cost method investment

-


-


-


(4,798)


(4,798)

Asset impairment

963


87,156


-


-


88,119

Total adjusting items

(16,154)


80,612


-


(4,798)


59,660

Adjusted EBITDA

$ 92,167


$ 156,671


$ 50,842


$ (29,652)


$ 270,028


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 ended
September 30, 2024

(in thousands)

December
31, 2023


March 31,
2024


June 30,
2024


September
30, 2024


Net income

$ 78,437


$ 12,665


$ 52,470


$ 51,461


$ 195,033

Interest expense

8,101


6,522


6,611


8,361


29,595

Tax provision

13,324


1,303


4,876


10,731


30,234

Depreciation and amortization

31,306


30,949


30,269


30,408


122,932

EBITDA

131,168


51,439


94,226


100,961


377,794

Adjusting items impacting EBITDA:










Transaction related compensation

3,212


2,852


4,049


1,668


11,781

Insurance recoveries

-


-


-


(5,204)


(5,204)

Gain on deconsolidation of joint venture

-


(3,117)


-


-


(3,117)

Goodwill impairment

686


-


-


-


686

Total adjusting items

3,898


(265)


4,049


(3,536)


4,146

Adjusted EBITDA

$ 135,066


$ 51,174


$ 98,275


$ 97,425


$ 381,940












Three Months Ended,


Twelve months ended
September 30, 2023


December
31, 2022


March 31,
2023


June 30,
2023


September
30, 2023


Net income (loss)

$ 21,170


$ (59,117)


$ 82,686


$ 30,523


$ 75,262

Interest expense

14,087


16,625


13,953


8,188


52,853

Tax provision (benefit)

9,933


(5,884)


21,732


7,862


33,643

Depreciation and amortization

33,476


32,220


30,365


31,215


127,276

EBITDA

78,666


(16,156)


148,736


77,788


289,034

Adjusting items impacting EBITDA:










Insured inventory expenses (recoveries)

15,993


(17,390)


1,310


-


(87)

Transaction related compensation

-


1,668


939


1,999


4,606

Gain on sale of assets

-


-


-


(5,643)


(5,643)

Gain on cost method investment

-


-


-


(4,798)


(4,798)

Asset impairment

9,000


87,156


-


963


97,119

Gain on deconsolidation of joint venture

-


-


(6,544)


-


(6,544)

Total adjusting items

24,993


71,434


(4,295)


(7,479)


84,653

Adjusted EBITDA

$ 103,659


$ 55,278


$ 144,441


$ 70,309


$ 373,687

The Andersons, Inc.

Cash from Operations Before Working Capital Changes

A non-GAAP financial measure

(unaudited)



Three months ended
September 30,


Nine months ended
September 30,

(in thousands)

2024


2023


2024


2023

Cash (used in) provided by operating activities

$ (2,112)


$ 488,683


$ 62,695


$ 696,087

Changes in operating assets and liabilities








Accounts receivable

(11,786)


198,396


3,498


406,263

Inventories

(198,776)


13,263


278,947


748,118

Commodity derivatives

13,317


(3,274)


49,327


99,479

Other current and non-current assets

(8,789)


3,295


(59,376)


2,048

Payables and other current and non-current liabilities

117,728


214,870


(433,069)


(796,216)

Total changes in operating assets and liabilities

(88,306)


426,550


(160,673)


459,692

Adjusting items impacting cash from operations before working capital changes:








Less: Insured inventory recoveries

-


-


-


(16,080)

Less: Unrealized foreign currency losses on receivables

-


(12,088)


-


(12,088)

Cash from operations before working capital changes

$ 86,194


$ 50,045


$ 223,368


$ 208,227


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. 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.

SOURCE The Andersons, Inc.

© 2024 PR Newswire
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