Business
The Andersons, Inc. Reports Continued Strong Quarterly Results
MAUMEE, Ohio, Nov. 1, 2022 /PRNewswire/ -- The Andersons, Inc. (Nasdaq: ANDE) announces financial results for the third quarter ended September 30, 2022.
About this update from The Andersons, Inc.
[{"type":"text","content":"MAUMEE, Ohio, Nov. 1, 2022 /PRNewswire/ -- The Andersons, Inc. (Nasdaq: ANDE) announces financial results for the third quarter ended September 30, 2022.\n\n \n \n \n \n \n \n\n \nThird Quarter Highlights:\nCompany reported net income from continuing operations attributable to The Andersons of $17.4 million, or $0.50 per diluted shareEBITDA from continuing operations was $83.0 million for the quarter Trade reported pretax income of $40.7 million on continuing strong executionRenewables produced pretax income of $15.9 million and pretax income attributable to The Andersons of $8.4 million, a significant improvement year over year\"Great results in our Trade business led the way for this strong quarter. The team executed well and we had positive results from our base business as well as the new growth investments. The Renewables team also performed well in the quarter, despite declining ethanol crush margins and planned maintenance shutdowns. Within Plant Nutrient, ag businesses continued to see high margins, however, we took some write-downs in our lawn products inventory,\" said President and CEO Pat Bowe. \"We also made progress against our growth strategy. We announced the acquisition of Bridge Agri - a pulses and pet food ingredients company headquartered in Lethbridge, Alberta. We also recently announced the acquisition of Mote Farm Service, a farm center located within our core geography. Bolt-on opportunities like these, that are well-aligned with our core grain and fertilizer verticals, remain very attractive growth opportunities for us.\"\n\"We celebrated the 75th anniversary of the company in August,\" continued Bowe. \"In recognition of this important milestone, teams of employees have been volunteering for 75 acts of service in 2022 across our broad geographic footprint, honoring our commitment to service in the communities in which we operate.\"\n$ in millions, except per share amounts \nQ3 2022\nQ3 2021\nVariance\nYTD 2022\nYTD 2021\nVariance\nPretax Income from Continuing Operations\n$ 34.7\n$ 16.3\n$ 18.4\n$ 163.5\n$ 84.1\n$ 79.4\nPretax Income from Continuing Operations Attributable to the Company1\n27.2\n17.9\n9.3\n133.7\n85.0\n48.7\nAdjusted Pretax Income (Loss) from Continuing Operations Attributable to the Company1\n27.2\n6.3\n20.9\n134.3\n74.1\n60.2\n Trade1\n40.7\n27.6\n13.1\n68.7\n56.0\n12.7\n Renewables1\...