The Andersons, Inc. Reports Second Quarter Results and Acquires Full Ownership Interest in The Andersons Marathon Holdings LLC
The Andersons, Inc. (Nasdaq: ANDE) has reported Q2 2025 financial results and announced a major strategic acquisition. The company achieved net income of $8 million ($0.23 per diluted share) and adjusted EBITDA of $65 million. In a significant move, Andersons acquired the remaining 49.9% ownership stake in The Andersons Marathon Holdings LLC (TAMH) for $425 million from Marathon Petroleum Corp.
The acquisition doubles Andersons' ethanol industry ownership, adding full control of four ethanol plants with 500 million gallons annual production capacity. The transaction was funded through cash and existing credit facilities, with the company maintaining its debt-to-EBITDA ratio below 2.5x. The Renewables segment reported pretax income of $17 million, while Agribusiness recorded pretax income of $19 million despite challenging market conditions.
The company's cash flow remains strong, with $299 million provided by operating activities in Q2 2025. Capital projects spending increased by $20 million year-over-year to $49 million.
The Andersons, Inc. (Nasdaq: ANDE) ha comunicato i risultati finanziari del secondo trimestre 2025 e annunciato un'importante acquisizione strategica. L'azienda ha registrato un utile netto di 8 milioni di dollari (0,23 dollari per azione diluita) e un EBITDA rettificato di 65 milioni di dollari. In un passo significativo, Andersons ha acquisito la restante quota del 49,9% di propriet脿 in The Andersons Marathon Holdings LLC (TAMH) per 425 milioni di dollari da Marathon Petroleum Corp.
L'acquisizione raddoppia la partecipazione di Andersons nel settore dell'etanolo, aggiungendo il controllo totale di quattro impianti di etanolo con una capacit脿 produttiva annuale di 500 milioni di galloni. La transazione 猫 stata finanziata tramite liquidit脿 e linee di credito esistenti, mantenendo il rapporto debito/EBITDA sotto 2,5x. Il segmento Renewables ha riportato un utile ante imposte di 17 milioni di dollari, mentre l'Agribusiness ha registrato un utile ante imposte di 19 milioni di dollari nonostante condizioni di mercato difficili.
Il flusso di cassa dell'azienda rimane solido, con 299 milioni di dollari generati dalle attivit脿 operative nel secondo trimestre 2025. La spesa per progetti di capitale 猫 aumentata di 20 milioni di dollari su base annua, raggiungendo 49 milioni di dollari.
The Andersons, Inc. (Nasdaq: ANDE) ha informado los resultados financieros del segundo trimestre de 2025 y anunci贸 una importante adquisici贸n estrat茅gica. La compa帽铆a logr贸 un ingreso neto de 8 millones de d贸lares (0,23 d贸lares por acci贸n diluida) y un EBITDA ajustado de 65 millones de d贸lares. En un movimiento significativo, Andersons adquiri贸 el restante 49,9% de participaci贸n en The Andersons Marathon Holdings LLC (TAMH) por 425 millones de d贸lares de Marathon Petroleum Corp.
La adquisici贸n duplica la participaci贸n de Andersons en la industria del etanol, agregando el control total de cuatro plantas de etanol con una capacidad anual de producci贸n de 500 millones de galones. La transacci贸n se financi贸 mediante efectivo y l铆neas de cr茅dito existentes, manteniendo la relaci贸n deuda/EBITDA por debajo de 2,5x. El segmento de Renovables report贸 un ingreso antes de impuestos de 17 millones de d贸lares, mientras que Agronegocios registr贸 un ingreso antes de impuestos de 19 millones de d贸lares a pesar de condiciones de mercado desafiantes.
El flujo de caja de la empresa sigue siendo s贸lido, con 299 millones de d贸lares generados por actividades operativas en el segundo trimestre de 2025. El gasto en proyectos de capital aument贸 20 millones de d贸lares a帽o tras a帽o, alcanzando 49 millones de d贸lares.
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The Andersons, Inc. (Nasdaq : ANDE) a publi茅 ses r茅sultats financiers du deuxi猫me trimestre 2025 et annonc茅 une importante acquisition strat茅gique. La soci茅t茅 a r茅alis茅 un revenu net de 8 millions de dollars (0,23 dollar par action dilu茅e) et un EBITDA ajust茅 de 65 millions de dollars. Dans une d茅marche majeure, Andersons a acquis les 49,9 % restants de The Andersons Marathon Holdings LLC (TAMH) pour 425 millions de dollars aupr猫s de Marathon Petroleum Corp.
Cette acquisition double la participation d'Andersons dans l'industrie de l'茅thanol, ajoutant le contr么le complet de quatre usines d'茅thanol avec une capacit茅 de production annuelle de 500 millions de gallons. La transaction a 茅t茅 financ茅e par des liquidit茅s et des facilit茅s de cr茅dit existantes, la soci茅t茅 maintenant son ratio dette/EBITDA en dessous de 2,5x. Le segment des 脡nergies Renouvelables a enregistr茅 un revenu avant imp么t de 17 millions de dollars, tandis que l'Agribusiness a affich茅 un revenu avant imp么t de 19 millions de dollars malgr茅 des conditions de march茅 difficiles.
La tr茅sorerie de l'entreprise reste solide, avec 299 millions de dollars g茅n茅r茅s par les activit茅s op茅rationnelles au deuxi猫me trimestre 2025. Les d茅penses en projets d'investissement ont augment茅 de 20 millions de dollars en glissement annuel pour atteindre 49 millions de dollars.
The Andersons, Inc. (Nasdaq: ANDE) hat die Finanzergebnisse f眉r das zweite Quartal 2025 ver枚ffentlicht und eine bedeutende strategische 脺bernahme bekannt gegeben. Das Unternehmen erzielte einen Nettoertrag von 8 Millionen US-Dollar (0,23 US-Dollar pro verw盲sserter Aktie) und ein bereinigtes EBITDA von 65 Millionen US-Dollar. In einem bedeutenden Schritt erwarb Andersons die verbleibenden 49,9% der Anteile an The Andersons Marathon Holdings LLC (TAMH) f眉r 425 Millionen US-Dollar von Marathon Petroleum Corp.
Durch die 脺bernahme verdoppelt Andersons seinen Besitzanteil in der Ethanolindustrie und erlangt die vollst盲ndige Kontrolle 眉ber vier Ethanolwerke mit einer j盲hrlichen Produktionskapazit盲t von 500 Millionen Gallonen. Die Transaktion wurde durch Bargeld und bestehende Kreditfazilit盲ten finanziert, wobei das Unternehmen seine Verschuldungsquote gegen眉ber EBITDA unter 2,5x hielt. Der Bereich Erneuerbare Energien meldete einen Vorsteuergewinn von 17 Millionen US-Dollar, w盲hrend das Agrargesch盲ft trotz schwieriger Marktbedingungen einen Vorsteuergewinn von 19 Millionen US-Dollar erzielte.
Der Cashflow des Unternehmens bleibt stark, mit 299 Millionen US-Dollar aus operativen T盲tigkeiten im zweiten Quartal 2025. Die Ausgaben f眉r Investitionsprojekte stiegen im Jahresvergleich um 20 Millionen US-Dollar auf 49 Millionen US-Dollar.
- Strategic acquisition of remaining 49.9% TAMH stake doubles ethanol industry ownership
- Strong cash flows with $299 million from operating activities
- Maintained healthy balance sheet with debt-to-EBITDA ratio below 2.5x
- Improved nutrient sales volumes due to increased corn acre plantings
- Higher year-over-year ethanol yields and production efficiency
- Net income declined to $8 million from $36 million year-over-year
- Adjusted EBITDA decreased to $65.2 million from $98.3 million in Q2 2024
- Lower ethanol margins due to higher corn basis and natural gas costs
- Surplus grain and weak customer demand in western markets affecting prices
- Decline in plant co-product values due to oversupply of soybean meal
Insights
Andersons acquires full TAMH ownership, doubling ethanol exposure while Q2 shows mixed results amid challenging agricultural markets.
The Andersons has made a strategic acquisition of Marathon's 49.9% stake in TAMH for
Q2 financial results were mixed, with
The agricultural markets remain challenging with surplus grain and weak customer demand in western markets, leading to low grain prices and limited forward contracting. However, an anticipated large harvest with limited on-farm storage capacity is expected to create favorable merchandising opportunities in late 2025 and into 2026. The nutrient business showed improvement with increased sales volumes driven by higher nitrogen demand for corn acreage.
In Renewables, despite efficient plant operations with higher yields and production, margins were compressed by lower board crush, higher eastern corn basis, and increased natural gas costs. Management expects an uptick in ethanol board crush through the summer driving season, supported by strong demand including exports and anticipated reduction in corn costs post-harvest.
The company maintains a solid financial position with strong cash generation. Cash from operations before working capital changes was
Full TAMH acquisition represents major strategic shift, giving Andersons complete control of ethanol assets amid evolving renewable fuels landscape.
The acquisition of Marathon's 49.9% stake in TAMH marks a decisive strategic pivot for Andersons, transitioning from a joint venture model to full ownership of their ethanol production assets. This vertical integration move gives the company complete operational control and financial exposure to 500 million gallons of annual ethanol production capacity across four plants in Michigan, Indiana, Ohio, and Iowa.
The timing of this acquisition appears calculated to position Andersons advantageously amid evolving regulatory tailwinds. Management specifically highlighted "increased support for renewable fuels" and mentioned potential benefits from the EPA's proposed renewable volume obligations (RVOs). Additionally, the company noted they've filed for a Class VI well permit at their Clymers facility for potential carbon sequestration, suggesting they're positioning for carbon capture opportunities that could create additional value streams.
This transaction provides Andersons with unrestricted access to 100% of TAMH's cash flows, enhancing capital allocation flexibility across their entire enterprise. The
The acquisition complements other strategic initiatives, including the ongoing Houston port project designed to improve grain operations efficiency and add export capacity for U.S. soybean meal. This infrastructure development, targeted for completion by mid-2026, appears strategically aligned with potential changes in renewable fuel mandates that could increase demand for feedstocks.
While current market conditions present challenges with compressed ethanol margins, management's decision to significantly increase their stake in the ethanol business signals confidence in the medium to long-term fundamentals of renewable fuels. The execution risk appears limited as Andersons was already operating these plants with their own employees through the previous joint venture structure.
Second Quarter Highlights:
- Reported net income and adjusted net income attributable to The Andersons of
$8 million $0.23 $0.24 - Adjusted EBITDA was
$65 million - Renewables reported pretax income of
$17 million $10 million - Agribusiness recorded a pretax income of
$19 million $17 million
Strategic Acquisition of Full Ownership Interest of TAMH:
- Acquired the remaining
49.9% ownership interest in TAMH from a subsidiary of Marathon Petroleum Corp. (Marathon) for$425 million $40 million $385 million - The transaction closed on July 31, 2025, funded with cash on hand and debt from existing credit facilities
"Over the past couple of years, we have shared our intent to utilize a disciplined capital deployment approach to grow earnings through additional investment in ethanol. After evaluating several opportunities, we have acquired Marathon's ownership in TAMH, in line with our stated strategy. This transaction doubles our financial ownership in the ethanol industry, a key growth pillar within our Renewables strategy. Importantly, we currently operate the four plants with Andersons employees, thus limiting our execution risk. The acquisition is attractive from a financial perspective and we expect immediate accretion in earnings per share. These production facilities are poised to further benefit from increased support for renewable fuels," said President and CEO Bill Krueger.
"Construction continues on our
Strategic Acquisition of the Full听Ownership Interest of TAMH
TAMH operates four ethanol plants with total annual production capacity of 500 million gallons located in
"We are proud of what we built at TAMH through our partnership with Marathon and are excited to bring the business fully under The Andersons' leadership given its strong alignment with our long-term strategy. As the sole owner and operator of these assets, we will be able to streamline decision making and unlock greater efficiency," said Krueger. "We deeply appreciate our partnership with Marathon and look forward to continuing our long-standing commercial relationship. As one of the largest consumers of ethanol in
The Andersons, Inc. was advised on the transaction by Goldman Sachs & Co. LLC.
Cash, Liquidity, and Long-Term Debt Management
"Our businesses continue to generate strong cash flows, allowing us to fund a significant portion of our growth projects internally. As such, our debt remains at a modest level and we funded this purchase with cash on hand and existing credit facilities," said Executive Vice President and CFO Brian Valentine. "As a result of this transaction, we will have unrestricted access to
Cash provided by operating activities was
Second Quarter Segment Overview
$ in millions, except per share amounts听听听听听 | ||||||
Q2 2025 | Q2 2024 | Variance | YTD 2025 | YTD 2024 | Variance | |
Pretax Income | $听听听听听听听听 24.8 | $听听听听听听听听 57.3 | $听听听听听听 (32.5) | $听听听听听听听听 28.0 | $听听听听听听听听 71.3 | $听听听听听听 (43.3) |
Pretax Income Attributable to the Company1 | 15.9 | 40.9 | (25.0) | 14.1 | 47.7 | (33.6) |
Adjusted Pretax Income (Loss) Attributable to the Company1 | 15.0 | 44.9 | (29.9) | 18.2 | 51.5 | (33.3) |
听听听听 Agribusiness1 | 16.8 | 32.6 | (15.8) | 16.7 | 38.0 | (21.3) |
听听听听 Renewables1 | 9.6 | 23.0 | (13.4) | 25.0 | 37.1 | (12.1) |
听听听听 Other | (11.5) | (10.7) | (0.8) | (23.5) | (23.6) | 0.1 |
Net Income Attributable to the Company | 7.9 | 36.0 | (28.1) | 8.1 | 41.6 | (33.5) |
Adjusted Net Income Attributable to the Company1 | 8.4 | 39.5 | (31.1) | 12.4 | 45.1 | (32.7) |
Diluted Earnings Per Share ("EPS") | 0.23 | 1.05 | (0.82) | 0.24 | 1.21 | (0.97) |
Adjusted EPS1 | 0.24 | 1.15 | (0.91) | 0.36 | 1.31 | (0.95) |
EBITDA1 | 69.4 | 94.2 | (24.8) | 120.1 | 145.7 | (25.6) |
Adjusted EBITDA1 | $听听听听听听听听 65.2 | $听听听听听听听听 98.3 | $听听听听听听 (33.1) | $听听听听听听 122.4 | $听听听听听听 149.4 | $听听听听听听 (27.0) |
1 Non-GAAP financial measures; see appendix for explanations and reconciliations. | ||||||
Nutrient Volumes and Margins Increase; Grain Markets Remain Over-Supplied
Agribusiness recorded a pretax income of
Nutrient results improved year-over-year with increased sales volumes on customer demand for nitrogen due to the increase in planted corn acres. A surplus of grain and weak customer demand continue to exist in western markets. This has resulted in low grain prices and limited forward contracting. Both physical assets and merchandising have been impacted by these stagnant markets.
An anticipated large harvest and on-farm storage limitations are expected to make large quantities of grain available at favorable values in the last half of 2025. This should provide sales and merchandising opportunities in the latter part of 2025 and into 2026. The balanced asset and merchandising portfolio enables opportunities in various market conditions, including this period of higher supply.
Agribusiness's second听quarter adjusted EBITDA was
Renewables with Solid Quarter on Efficient Operations
The Renewables segment reported pretax income of
The ethanol plants continue to run efficiently, resulting in higher year-over-year yields and production. Lower board crush, higher eastern corn basis, and increased natural gas costs led to lower overall margins. Plant co-product values also declined, with corn-based feed ingredients continuing to compete against an oversupply of soybean meal.
Although later than expected, an uptick in the ethanol board crush occurred in July and is expected to remain through the summer driving season. This expectation is bolstered by strong demand, including exports, and an expected reduction in corn costs post-harvest.
In future quarters, results will include all the ethanol plants' earnings, including the share previously attributable to the noncontrolling interest. As the company previously consolidated the entity and managed the plants, there should be limited costs to achieve these accretive results. The regulatory environment may support new opportunities, including at our Clymers,
Renewables had second quarter EBITDA of
Income Taxes
The company recorded an income tax provision for the quarter of
Conference Call
The company will host a webcast on Tuesday, August 5, 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 9563079). It is recommended that you call 10 minutes before the conference call begins.
To access the webcast, click on the link: 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 .
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 North American agriculture company 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 .
The Andersons, Inc. Condensed Consolidated Statements of Operations (unaudited) | |||||||
Three months ended June 30, | Six months ended June 30, | ||||||
(in thousands, except per share data) | 2025 | 2024 | 2025 | 2024 | |||
Sales and merchandising revenues | |||||||
Cost of sales and merchandising revenues | 2,977,453 | 2,619,834 | 5,483,679 | 5,209,731 | |||
Gross profit | 158,416 | 175,371 | 311,288 | 303,691 | |||
Operating, administrative and general expenses | 134,589 | 116,614 | 280,343 | 235,972 | |||
Interest expense, net | 11,495 | 6,611 | 24,591 | 13,133 | |||
Other income, net | 12,503 | 5,200 | 21,694 | 16,728 | |||
Income before income taxes | 24,835 | 57,346 | 28,048 | 71,314 | |||
Income tax provision | 8,028 | 4,876 | 5,910 | 6,179 | |||
Net income | 16,807 | 52,470 | 22,138 | 65,135 | |||
Net income attributable to noncontrolling interests | 8,950 | 16,494 | 13,997 | 23,578 | |||
Net income attributable to The Andersons, Inc. | $听听听听听听听听 7,857 | $听听听听听听 35,976 | $听听听听听听听听 8,141 | $听听听听听听 41,557 | |||
Earnings per share attributable to The Andersons, Inc. common shareholders: | |||||||
Basic earnings: | $听听听听听听听听听听 0.23 | $听听听听听听听听听听 1.06 | $听听听听听听听听听听 0.24 | $听听听听听听听听听听 1.22 | |||
Diluted earnings: | $听听听听听听听听听听 0.23 | $听听听听听听听听听听 1.05 | $听听听听听听听听听听 0.24 | $听听听听听听听听听听 1.21 | |||
听
The Andersons, Inc. Condensed Consolidated Balance Sheets (unaudited) 听 | |||||
(in thousands) | June 30, 2025 | December 31, 2024 | June 30, 2024 | ||
Assets | |||||
Current assets: | |||||
听 Cash and cash equivalents | $听听听听听听听听听听听听听听听 350,970 | $听听听听听听听听听听听听听听听 561,771 | $听听听听听听听听听听听听听听听 530,386 | ||
听 Accounts receivable, net | 783,892 | 764,550 | 743,550 | ||
听 Inventories | 771,868 | 1,286,811 | 686,540 | ||
听 Commodity derivative assets 鈥� current | 147,937 | 148,801 | 180,189 | ||
听 Other current assets | 120,780 | 88,344 | 108,634 | ||
Total current assets | 2,175,447 | 2,850,277 | 2,249,299 | ||
Property, plant and equipment, net | 883,985 | 868,151 | 694,136 | ||
Other assets, net | 387,059 | 402,886 | 356,378 | ||
Total assets | $听听听听听听听听听听听听 3,446,491 | $听听听听听听听听听听听听 4,121,314 | $听听听听听听听听听听听听 3,299,813 | ||
Liabilities and equity | |||||
Current liabilities: | |||||
听 Short-term debt | $听听听听听听听听听听听听听听听 104,467 | $听听听听听听听听听听听听听听听 166,614 | $听听听听听听听听听听听听听听听听听听听 4,021 | ||
听 Trade and other payables | 572,232 | 1,047,436 | 607,083 | ||
听 Customer prepayments and deferred revenue | 73,545 | 194,025 | 124,424 | ||
听 Commodity derivative liabilities 鈥� current | 79,253 | 59,766 | 128,847 | ||
听 Current maturities of long-term debt | 64,210 | 36,139 | 27,671 | ||
听 Accrued expenses and other current liabilities | 186,902 | 227,192 | 192,683 | ||
Total current liabilities | 1,080,609 | 1,731,172 | 1,084,729 | ||
Long-term debt, less current maturities | 578,464 | 608,151 | 549,378 | ||
Other long-term liabilities | 176,908 | 182,155 | 145,444 | ||
Total liabilities | 1,835,981 | 2,521,478 | 1,779,551 | ||
Total equity | 1,610,510 | 1,599,836 | 1,520,262 | ||
Total liabilities and equity | $听听听听听听听听听听听听 3,446,491 | $听听听听听听听听听听听听 4,121,314 | $听听听听听听听听听听听听 3,299,813 | ||
听
The Andersons, Inc. Condensed Consolidated Statements of Cash Flows (unaudited) | |||
Six months ended June 30, | |||
听(in thousands) | 2025 | 2024 | |
Operating Activities | |||
Net income | $听听听听听听听听听听听听听听 22,138 | $听听听听听听听听听听听听听听 65,135 | |
Adjustments to reconcile net income to cash (used in) provided by operating activities: | |||
Depreciation and amortization | 67,411 | 61,218 | |
Other | 10,311 | 10,821 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | (23,396) | 15,284 | |
Inventories | 521,356 | 477,723 | |
Commodity derivatives | 19,857 | 36,010 | |
Other current and non-current assets | (31,730) | (50,587) | |
Payables and other current and non-current liabilities | (636,646) | (550,797) | |
Net cash (used in) provided by operating activities | (50,699) | 64,807 | |
Investing Activities | |||
Purchases of property, plant and equipment and capitalized software | (95,376) | (55,389) | |
Insurance proceeds | 13,989 | 鈥� | |
Other | 5,680 | (2,749) | |
Net cash used in investing activities | (75,707) | (58,138) | |
Financing Activities | |||
Net payments under short-term lines of credit | (64,875) | (37,705) | |
Proceeds from issuance of long-term debt | 14,700 | 鈥� | |
Payments of long-term debt | (16,645) | (13,752) | |
Dividends paid | (13,367) | (12,993) | |
Value of shares withheld for taxes | (3,931) | (8,071) | |
Distributions to noncontrolling interest owner | (1,547) | (47,405) | |
Other | (1,343) | 鈥� | |
Net cash used in financing activities | (87,008) | (119,926) | |
Effect of exchange rates on cash and cash equivalents | 2,613 | (211) | |
Decrease in cash and cash equivalents | (210,801) | (113,468) | |
Cash and cash equivalents at beginning of period | 561,771 | 643,854 | |
Cash and cash equivalents at end of period | $听听听听听听听听听听听听 350,970 | $听听听听听听听听听听听听 530,386 | |
听
The Andersons, Inc. Adjusted Net Income Attributable to The Andersons, Inc. A non-GAAP financial measure (unaudited) | |||||||
Three months ended June 30, | Six months ended June 30, | ||||||
(in thousands, except per share data) | 2025 | 2024 | 2025 | 2024 | |||
Net income | $听听听听听听 16,807 | $听听听听听听 52,470 | $听听听听听听 22,138 | $听听听听听听 65,135 | |||
Net income attributable to noncontrolling interests | 8,950 | 16,494 | 13,997 | 23,578 | |||
Net income attributable to The Andersons, Inc. | 7,857 | 35,976 | 8,141 | 41,557 | |||
Adjustments: | |||||||
Loss on investments | 7,178 | 鈥� | 7,178 | 鈥� | |||
Transaction related compensation | 1,768 | 4,049 | 3,871 | 6,900 | |||
Severance expense | 1,197 | 鈥� | 1,197 | 鈥� | |||
Insured inventory and property recoveries, net | (7,845) | 鈥� | (4,919) | 鈥� | |||
Gain on sale of businesses, net | (3,190) | 鈥� | (3,190) | 鈥� | |||
Gain on deconsolidation of joint venture | 鈥� | 鈥� | 鈥� | (3,117) | |||
Income tax impact of adjustments1 | 1,400 | (531) | 143 | (252) | |||
Total adjusting items, net of tax | 508 | 3,518 | 4,280 | 3,531 | |||
Adjusted net income attributable to The Andersons, Inc. | $听听听听听听听听 8,365 | $听听听听听听 39,494 | $听听听听听听 12,421 | $听听听听听听 45,088 | |||
Diluted earnings per share attributable to The Andersons, Inc. common shareholders | $听听听听听听听听听听 0.23 | $听听听听听听听听听听 1.05 | $听听听听听听听听听听 0.24 | $听听听听听听听听听听 1.21 | |||
Impact on diluted earnings per share | $听听听听听听听听听听 0.01 | $听听听听听听听听听听 0.10 | $听听听听听听听听听听 0.12 | $听听听听听听听听听听 0.10 | |||
Adjusted diluted earnings per share | $听听听听听听听听听听 0.24 | $听听听听听听听听听听 1.15 | $听听听听听听听听听听 0.36 | $听听听听听听听听听听 1.31 | |||
1 The income tax impact of adjustments is taken at the blended federal, state, and local tax rate of |
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. |
听
The Andersons, Inc. Segment Data (unaudited) 听 | |||||||
(in thousands) | Agribusiness | Renewables | Other | Total | |||
Three months ended June 30, 2025 | |||||||
Sales and merchandising revenues | $听听听听 2,414,827 | $听听听听听听 721,042 | $听听听听听听听听听听听听听听听 鈥� | $听听听 3,135,869 | |||
Cost of sales and merchandising revenues | 2,282,765 | 694,688 | 鈥� | 2,977,453 | |||
Gross profit | 132,062 | 26,354 | 鈥� | 158,416 | |||
Operating, administrative and general expenses | 114,012 | 8,951 | 11,626 | 134,589 | |||
Interest expense (income), net | 11,331 | 725 | (561) | 11,495 | |||
Other income (loss), net | 12,180 | 746 | (423) | 12,503 | |||
Income (loss) before income taxes | 18,899 | 17,424 | (11,488) | 24,835 | |||
Income attributable to noncontrolling interests | 1,171 | 7,779 | 鈥� | 8,950 | |||
Income (loss) before income taxes attributable to The Andersons, Inc.1 | $听听听听听听听听听 17,728 | $听听听听听听听听听听 9,645 | $听听听听听听 (11,488) | $听听听听听听听听 15,885 | |||
Adjustments to income (loss) before income taxes2 | (892) | 鈥� | 鈥� | (892) | |||
Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1 | $听听听听听听听听听 16,836 | $听听听听听听听听听听 9,645 | $听听听听听听 (11,488) | $听听听听听听听听 14,993 | |||
Three months ended June 30, 2024 | |||||||
Sales and merchandising revenues | $听听听听 2,109,351 | $听听听听听听 685,854 | $听听听听听听听听听听听听听听听 鈥� | $听听听 2,795,205 | |||
Cost of sales and merchandising revenues | 1,981,308 | 638,526 | 鈥� | 2,619,834 | |||
Gross profit | 128,043 | 47,328 | 鈥� | 175,371 | |||
Operating, administrative and general expenses | 97,906 | 8,046 | 10,662 | 116,614 | |||
Interest expense (income), net | 6,098 | 996 | (483) | 6,611 | |||
Other income (loss), net | 4,542 | 1,176 | (518) | 5,200 | |||
Income (loss) before income taxes | 28,581 | 39,462 | (10,697) | 57,346 | |||
Income attributable to noncontrolling interests | 鈥� | 16,494 | 鈥� | 16,494 | |||
Income (loss) before income taxes attributable to The Andersons, Inc.1 | $听听听听听听听听听 28,581 | $听听听听听听听听 22,968 | $听听听听听听 (10,697) | $听听听听听听听听 40,852 | |||
Adjustments to income (loss) before income taxes2 | 4,049 | 鈥� | 鈥� | 4,049 | |||
Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1 | $听听听听听听听听听 32,630 | $听听听听听听听听 22,968 | $听听听听听听 (10,697) | $听听听听听听听听 44,901 | |||
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 |
听
The Andersons, Inc. Segment Data (unaudited) 听 | |||||||
(in thousands) | Agribusiness | Renewables | Other | Total | |||
Six months ended June 30, 2025 | |||||||
Sales and merchandising revenues | $听听听听 4,408,114 | $听听听 1,386,853 | $听听听听听听听听听听听听听听听 鈥� | $听听听 5,794,967 | |||
Cost of sales and merchandising revenues | 4,157,454 | 1,326,225 | 鈥� | 5,483,679 | |||
Gross profit | 250,660 | 60,628 | 鈥� | 311,288 | |||
Operating, administrative and general expenses | 238,501 | 18,734 | 23,108 | 280,343 | |||
Interest expense (income), net | 24,157 | 1,423 | (989) | 24,591 | |||
Other income (loss), net | 21,221 | 1,834 | (1,361) | 21,694 | |||
Income (loss) before income taxes | 9,223 | 42,305 | (23,480) | 28,048 | |||
Income (loss) attributable to noncontrolling interests | (3,351) | 17,348 | 鈥� | 13,997 | |||
Income (loss) before income taxes attributable to The Andersons, Inc.1 | $听听听听听听听听听 12,574 | $听听听听听听听听 24,957 | $听听听听听听 (23,480) | $听听听听听听听听 14,051 | |||
Adjustments to income (loss) before income taxes2 | 4,137 | 鈥� | 鈥� | 4,137 | |||
Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1 | $听听听听听听听听听 16,711 | $听听听听听听听听 24,957 | $听听听听听听 (23,480) | $听听听听听听听听 18,188 | |||
Six months ended June 30, 2024 | |||||||
Sales and merchandising revenues | $听听听听 4,170,790 | $听听听 1,342,632 | $听听听听听听听听听听听听听听听 鈥� | $听听听 5,513,422 | |||
Cost of sales and merchandising revenues | 3,943,228 | 1,266,503 | 鈥� | 5,209,731 | |||
Gross profit | 227,562 | 76,129 | 鈥� | 303,691 | |||
Operating, administrative and general expenses | 194,827 | 16,823 | 24,322 | 235,972 | |||
Interest expense (income), net | 12,729 | 1,453 | (1,049) | 13,133 | |||
Other income (loss), net | 11,113 | 5,936 | (321) | 16,728 | |||
Income (loss) before income taxes | 31,119 | 63,789 | (23,594) | 71,314 | |||
Income attributable to noncontrolling interests | 鈥� | 23,578 | 鈥� | 23,578 | |||
Income (loss) before income taxes attributable to The Andersons, Inc.1 | $听听听听听听听听听 31,119 | $听听听听听听听听 40,211 | $听听听听听听 (23,594) | $听听听听听听听听 47,736 | |||
Adjustments to income (loss) before income taxes2 | 6,900 | (3,117) | 鈥� | 3,783 | |||
Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1 | $听听听听听听听听听 38,019 | $听听听听听听听听 37,094 | $听听听听听听 (23,594) | $听听听听听听听听 51,519 | |||
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 |
听
The Andersons, Inc. Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) A non-GAAP financial measure (unaudited) 听 | |||||||
(in thousands) | Agribusiness | Renewables | 听Other | 听Total | |||
Three months ended June 30, 2025 | |||||||
Net income (loss) | $听听听听听听听听听 18,899 | $听听听听听听听听 17,424 | $听听听听听听 (19,516) | $听听听听听听听听 16,807 | |||
Interest expense (income) | 11,331 | 725 | (561) | 11,495 | |||
Tax provision | 鈥� | 鈥� | 8,028 | 8,028 | |||
Depreciation and amortization | 20,399 | 12,018 | 654 | 33,071 | |||
EBITDA | 50,629 | 30,167 | (11,395) | 69,401 | |||
Adjusting items impacting EBITDA: | |||||||
Transaction related compensation | 1,768 | 鈥� | 鈥� | 1,768 | |||
Loss on investments | 7,178 | 鈥� | 鈥� | 7,178 | |||
Insured inventory and property recoveries, net | (11,162) | 鈥� | 鈥� | (11,162) | |||
Gain on sale of businesses, net | (3,190) | 鈥� | 鈥� | (3,190) | |||
Severance expense | 1,197 | 鈥� | 鈥� | 1,197 | |||
Total adjusting items | (4,209) | 鈥� | 鈥� | (4,209) | |||
Adjusted EBITDA | $听听听听听听听听听 46,420 | $听听听听听听听听 30,167 | $听听听听听听 (11,395) | $听听听听听听听听 65,192 | |||
Three months ended June 30, 2024 | |||||||
Net income (loss) | $听听听听听听听听听 28,581 | $听听听听听听听听 39,462 | $听听听听听听 (15,573) | $听听听听听听听听 52,470 | |||
Interest expense (income) | 6,098 | 996 | (483) | 6,611 | |||
Tax provision | 鈥� | 鈥� | 4,876 | 4,876 | |||
Depreciation and amortization | 17,279 | 11,719 | 1,271 | 30,269 | |||
EBITDA | 51,958 | 52,177 | (9,909) | 94,226 | |||
Adjusting items impacting EBITDA: | |||||||
Transaction related compensation | 4,049 | 鈥� | 鈥� | 4,049 | |||
Total adjusting items | 4,049 | 鈥� | 鈥� | 4,049 | |||
Adjusted EBITDA | $听听听听听听听听听 56,007 | $听听听听听听听听 52,177 | $听听听听听听听听 (9,909) | $听听听听听听听听 98,275 | |||
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. |
听
The Andersons, Inc. Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) A non-GAAP financial measure (unaudited) 听 | |||||||
(in thousands) | Agribusiness | Renewables | Other | Total | |||
Six months ended June 30, 2025 | |||||||
Net income (loss) | $听听听听听听听听听听听 9,223 | $听听听听听听听听 42,305 | $听听听听听听 (29,390) | $听听听听听听听听 22,138 | |||
Interest expense (income) | 24,157 | 1,423 | (989) | 24,591 | |||
Tax provision | 鈥� | 鈥� | 5,910 | 5,910 | |||
Depreciation and amortization | 42,084 | 23,909 | 1,418 | 67,411 | |||
EBITDA | 75,464 | 67,637 | (23,051) | 120,050 | |||
Adjusting items impacting EBITDA: | |||||||
Transaction related compensation | 3,871 | 鈥� | 鈥� | 3,871 | |||
Insured inventory and property recoveries, net | (6,661) | 鈥� | 鈥� | (6,661) | |||
Gain on sale of businesses, net | (3,190) | 鈥� | 鈥� | (3,190) | |||
Loss on investments | 7,178 | 鈥� | 鈥� | 7,178 | |||
Severance expense | 1,197 | 鈥� | 鈥� | 1,197 | |||
Total adjusting items | 2,395 | 鈥� | 鈥� | 2,395 | |||
Adjusted EBITDA | $听听听听听听听听听 77,859 | $听听听听听听听听 67,637 | $听听听听听听 (23,051) | $听听听听听听 122,445 | |||
Six months ended June 30, 2024 | |||||||
Net income (loss) | $听听听听听听听听听 31,119 | $听听听听听听听听 63,789 | $听听听听听听 (29,773) | $听听听听听听听听 65,135 | |||
Interest expense (income) | 12,729 | 1,453 | (1,049) | 13,133 | |||
Tax provision | 鈥� | 鈥� | 6,179 | 6,179 | |||
Depreciation and amortization | 34,327 | 23,684 | 3,207 | 61,218 | |||
EBITDA | 78,175 | 88,926 | (21,436) | 145,665 | |||
Adjusting items impacting EBITDA: | |||||||
Transaction related compensation | 6,900 | 鈥� | 鈥� | 6,900 | |||
Gain on deconsolidation of joint venture | 鈥� | (3,117) | 鈥� | (3,117) | |||
Total adjusting items | 6,900 | (3,117) | 鈥� | 3,783 | |||
Adjusted EBITDA | $听听听听听听听听听 85,075 | $听听听听听听听听 85,809 | $听听听听听听 (21,436) | $听听听听听听 149,448 | |||
听
听
The Andersons, Inc. Trailing Twelve Months of EBITDA and Adjusted EBITDA A non-GAAP financial measure (unaudited) | |||||||||
Three Months Ended, | 听Twelve months | ||||||||
(in thousands) | September 30, | December 31, | March 31, | June 30, | |||||
Net income | $听听听听听听听听 51,461 | $听听听听听听听听 54,104 | $听听听听听听听听听听 5,331 | $听听听听听听听听 16,807 | $听听听听听听听听听听听听听听听 127,703 | ||||
Interest expense | 8,361 | 10,266 | 13,096 | 11,495 | 43,218 | ||||
Tax provision (benefit) | 10,731 | 13,146 | (2,118) | 8,028 | 29,787 | ||||
Depreciation and amortization | 30,408 | 36,178 | 34,340 | 33,071 | 133,997 | ||||
EBITDA | 100,961 | 113,694 | 50,649 | 69,401 | 334,705 | ||||
Adjusting items impacting EBITDA: | |||||||||
Transaction related compensation | 1,668 | 2,536 | 2,103 | 1,768 | 8,075 | ||||
Insured inventory and property damage (recoveries), net | (5,204) | (4,446) | 4,502 | (11,162) | (16,310) | ||||
Loss on investments | 鈥� | 1,535 | 鈥� | 7,178 | 8,713 | ||||
Severance expense | 鈥� | 鈥� | 鈥� | 1,197 | 1,197 | ||||
Gain on sale of businesses, net | 鈥� | 鈥� | 鈥� | (3,190) | (3,190) | ||||
Acquisition costs | 鈥� | 3,193 | 鈥� | 鈥� | 3,193 | ||||
Total adjusting items | (3,536) | 2,818 | 6,605 | (4,209) | 1,678 | ||||
Adjusted EBITDA | $听听听听听听听听 97,425 | $听听听听听听 116,512 | $听听听听听听听听 57,254 | $听听听听听听听听 65,192 | $听听听听听听听听听听听听听听听 336,383 | ||||
Three Months Ended, | Twelve months | ||||||||
September 30, | December 31, | March 31, | June 30, | ||||||
Net income | $听听听听听听听听 30,523 | $听听听听听听听听 78,437 | $听听听听听听听听 12,665 | $听听听听听听听听 52,470 | $听听听听听听听听听听听听听听听 174,095 | ||||
Interest expense | 8,188 | 8,101 | 6,522 | 6,611 | 29,422 | ||||
Tax provision | 7,862 | 13,324 | 1,303 | 4,876 | 27,365 | ||||
Depreciation and amortization | 31,215 | 31,306 | 30,949 | 30,269 | 123,739 | ||||
EBITDA | 77,788 | 131,168 | 51,439 | 94,226 | 354,621 | ||||
Adjusting items impacting EBITDA: | |||||||||
Transaction related compensation | 1,999 | 3,212 | 2,852 | 4,049 | 12,112 | ||||
Gain on deconsolidation of joint venture | 鈥� | 鈥� | (3,117) | 鈥� | (3,117) | ||||
Goodwill impairment | 鈥� | 686 | 鈥� | 鈥� | 686 | ||||
Gain on sale of assets | (5,643) | 鈥� | 鈥� | 鈥� | (5,643) | ||||
Gain on cost method investment | (4,798) | 鈥� | 鈥� | 鈥� | (4,798) | ||||
Impairment on equity method investments | 963 | 鈥� | 鈥� | 鈥� | 963 | ||||
Total adjusting items | (7,479) | 3,898 | (265) | 4,049 | 203 | ||||
Adjusted EBITDA | $听听听听听听听听 70,309 | $听听听听听听 135,066 | $听听听听听听听听 51,174 | $听听听听听听听听 98,275 | $听听听听听听听听听听听听听听听 354,824 | ||||
听
The Andersons, Inc. Cash from Operations Before Working Capital Changes A non-GAAP financial measure (unaudited) | |||||||
Three months ended | Six months ended | ||||||
(in thousands) | 2025 | 2024 | 2025 | 2024 | |||
Cash provided by (used in) operating activities | $听 299,321 | $听 304,434 | $听 (50,699) | $听听听 64,807 | |||
Changes in operating assets and liabilities | |||||||
Accounts receivable | 29,872 | (42,441) | (23,396) | 15,284 | |||
Inventories | 482,825 | 308,640 | 521,356 | 477,723 | |||
Commodity derivatives | 18,781 | 64,508 | 19,857 | 36,010 | |||
Other current and non-current assets | (23,172) | (52,510) | (31,730) | (50,587) | |||
Payables and other current and non-current liabilities | (251,871) | (62,528) | (636,646) | (550,797) | |||
Total changes in operating assets and liabilities | 256,435 | 215,669 | (150,559) | (72,367) | |||
Cash from operations before working capital changes | $听听听 42,886 | $听听听 88,765 | $听听听 99,860 | $听 137,174 | |||
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. |
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SOURCE The Andersons, Inc.
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