PR Newswire
MAUMEE, Ohio, Aug. 1, 2023
MAUMEE, Ohio, Aug. 1, 2023 /PRNewswire/ -- The Andersons, Inc. (Nasdaq: ANDE) announces financial results for the second quarter ended June 30, 2023.
"Ethanol margins in the Renewables business and increased volume in our Nutrient & Industrial business led the way for the quarter. This was a significant improvement for Nutrient & Industrial after a softer first quarter. While we expected that some of the typical first quarter nutrient sales volume would shift into the second quarter, we are pleased with the extent of the recovery. In our Trade segment, we had some very strong merchandising results but, as expected, did not repeat the outsized second quarter 2022 performance due to good execution following the Russian invasion of Ukraine," said President and CEO Pat Bowe. "With the strong first quarter in Trade which likely pulled some sales forward, our year-to-date results remain ahead of last year in this business. Geopolitical concerns continue to bring price volatility which is typically beneficial to us."
"We remain focused on executing within our stated strategy in our core grain and fertilizer verticals. We recently closed on the acquisition of ACJ International, a pet food ingredient supplier that fits well within our strategy for growth in the premium pet food ingredient industry," continued Bowe. "We continue to explore opportunities for growth in the merchandising of renewable diesel feedstocks, while maintaining our strong position in renewable fuels production along with potential carbon-reduction opportunities."
$ in millions, except per share amounts | | | | |||
| Q2 2023 | Q2 2022 | Variance | YTD 2023 | YTD 2022 | Variance |
Pretax Income from Continuing Operations | $ 104.4 | $ 118.2 | $ (13.8) | $ 39.4 | $ 128.8 | $ (89.4) |
Pretax Income from Continuing Operations | 76.8 | 96.3 | (19.5) | 56.1 | 106.5 | (50.4) |
Adjusted Pretax Income (Loss) from | 72.5 | 97.0 | (24.5) | 80.6 | 107.2 | (26.6) |
Trade1 | 7.2 | 24.4 | (17.2) | 30.9 | 28.0 | 2.9 |
Renewables1 | 32.4 | 45.9 | (13.5) | 38.7 | 51.4 | (12.7) |
Nutrient & Industrial | 42.6 | 38.3 | 4.3 | 32.1 | 49.1 | (17.0) |
Other | (9.7) | (11.6) | 1.9 | (21.2) | (21.4) | 0.2 |
Net Income from Continuing Operations | 55.0 | 80.5 | (25.5) | 40.3 | 86.6 | (46.3) |
Adjusted Net Income from Continuing | 51.8 | 82.2 | (30.4) | 58.6 | 88.2 | (29.6) |
Diluted Earnings Per Share from Continuing | 1.61 | 2.34 | (0.73) | 1.18 | 2.52 | (1.34) |
Adjusted Diluted Earnings Per Share from | 1.52 | 2.39 | (0.87) | 1.72 | 2.57 | (0.85) |
EBITDA from Continuing Operations1 | 148.7 | 168.6 | (19.9) | 132.6 | 224.5 | (91.9) |
Adjusted EBITDA from Continuing | $ 144.4 Werbung Mehr Nachrichten zur Andersons Aktie kostenlos abonnieren
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