November 4, 20240000821026false00008210262024-11-042024-11-04

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________________
FORM 8-K
______________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):November 4, 2024
__________________________________________
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The Andersons, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)
Ohio000-2055734-1562374
(State of incorporation or organization)(Commission File Number)(I.R.S. Employer Identification No.)
1947 Briarfield Boulevard
Maumee, Ohio 43537
(Address of principal executive offices) (Zip Code)

(419) 893-5050
(Registrant’s telephone number, including area code)
__________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[☐] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[☐] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[☐] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[☐] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
__________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class: Trading Symbol Name of each exchange on which registered:
Common stock, $0.00 par value, $0.01 stated value ANDE The NASDAQ Stock Market LLC
__________________________________________
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
[☐] Emerging growth company
[☐] If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



Item 2.02 Results of Operations and Financial Condition.

The Company issued a press release announcing its third quarter 2024 earnings which is included as exhibit 99.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits
(d) Exhibits:
Exhibit No.Description
99.1
104Inline XBRL for the cover page of this Current Report on Form 8-K



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
The Andersons, Inc.
November 4, 2024By:/s/ Brian A. Valentine
Brian A. Valentine
Executive Vice President
and Chief Financial Officer


Exhibit 99.1
logoa04a26.gif NEWS RELEASE

The Andersons, Inc. Reports Strong Third Quarter Results

MAUMEE, OHIO, November 4, 2024 - 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 2024Q3 2023Variance
YTD 2024
YTD 2023
Variance
Pretax Income$62.2 $38.4 $23.8 $133.5 $77.8 $55.7 
Pretax Income Attributable to the Company1
38.1 17.6 20.5 85.8 73.7 12.1 
Adjusted Pretax Income
Attributable to the Company1
34.6 10.1 24.5 86.1 90.7 (4.6)
     Trade1
22.7 5.4 17.3 41.0 36.3 4.7 
     Renewables1
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)
     Other1
(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 Company1
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 EPS1
0.72 0.13 0.59 2.04 1.86 0.18 
EBITDA1
101.0 77.8 23.2 246.6 210.4 36.2 
Adjusted EBITDA from Continuing Operations1
$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.

Investor Relations Contact    
Mike Hoelter    
Vice President, Corporate Controller and Investor Relations
Phone: 419-897-6715
E-mail: investorrelations@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)2024202320242023
Sales and merchandising revenues$2,620,988 $3,635,691 $8,134,410 $11,537,112 
Cost of sales and merchandising revenues2,443,863 3,477,990 7,653,594 11,009,463 
Gross profit177,125 157,701 480,816 527,649 
Operating, administrative and general expenses120,494 126,306 356,466 359,548 
Asset impairment— — — 87,156 
Interest expense, net8,361 8,188 21,494 38,766 
Other income, net13,922 15,178 30,651 35,623 
Income before income taxes62,192 38,385 133,507 77,802 
Income tax provision10,731 7,862 16,911 23,710 
Net income51,461 30,523 116,596 54,092 
Net income attributable to noncontrolling interests24,096 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, 2024December 31, 2023September 30, 2023
Assets
Current assets:
  Cash and cash equivalents$454,065 $643,854 $418,055 
  Accounts receivable, net756,618 762,549 816,686 
  Inventories884,339 1,166,700 985,292 
  Commodity derivative assets – current122,326 178,083 239,595 
  Other current assets113,726 55,777 67,471 
Total current assets2,331,074 2,806,963 2,527,099 
Property, plant and equipment, net709,951 693,365 680,188 
Other assets, net347,274 354,679 380,815 
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 payables774,347 1,055,473 822,153 
  Customer prepayments and deferred revenue67,899 187,054 211,867 
  Commodity derivative liabilities – current85,640 90,849 142,511 
  Current maturities of long-term debt27,727 27,561 27,535 
  Accrued expenses and other current liabilities207,543 232,288 189,430 
Total current liabilities1,177,872 1,636,331 1,407,634 
Long-term debt, less current maturities542,564 562,960 569,730 
Other long-term liabilities144,855 139,329 161,652 
Total liabilities1,865,291 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)20242023
Operating Activities
Net income$116,596 $54,092 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization91,626 93,800 
Asset impairment— 87,156 
Other15,146 1,347 
Changes in operating assets and liabilities:
Accounts receivable3,498 406,263 
Inventories278,947 748,118 
Commodity derivatives49,327 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 activities62,695 696,087 
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 proceeds9,219 — 
Proceeds from sale of a business— 10,318 
Other2,980 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 equivalents703 (192)
(Decrease) increase in cash and cash equivalents(189,789)302,786 
Cash and cash equivalents at beginning of period643,854 115,269 
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)2024202320242023
Net income$51,461 $30,523 $116,596 $54,092 
Net income attributable to noncontrolling interests24,096 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 compensation1,668 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)TradeRenewablesNutrient & IndustrialOtherTotal
Three months ended September 30, 2024
Sales and merchandising revenues$1,747,715 $745,206 $128,067 $— $2,620,988 
Gross profit98,776 60,375 17,974 — 177,125 
Operating, administrative and general expenses
75,825 8,839 24,591 11,239 120,494 
Other income, net8,720 1,760 3,323 119 13,922 
Income (loss) before income taxes26,266 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 profit85,997 53,045 18,659 — 157,701 
Operating, administrative and general expenses79,247 8,332 26,233 12,494 126,306 
Other income, net7,838 3,346 606 3,388 15,178 
Income (loss) before income taxes8,073 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)TradeRenewablesNutrient & IndustrialOtherTotal
Nine months ended September 30, 2024
Sales and merchandising revenues$5,399,315 $2,088,372 $646,723 $— $8,134,410 
Gross profit256,706 133,672 90,438 — 480,816 
Operating, administrative and general expenses220,886 24,592 75,427 35,561 356,466 
Other income (loss), net18,287 7,686 4,880 (202)30,651 
Income (loss) before income taxes37,615 114,574 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 profit283,886 137,140 106,623 — 527,649 
Operating, administrative and general expenses220,373 24,804 79,251 35,120 359,548 
Other income, net18,149 11,655 1,952 3,867 35,623 
Income (loss) before income taxes52,427 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)TradeRenewablesNutrient & 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 amortization9,377 11,942 8,145 944 30,408 
EBITDA41,048 65,238 4,851 (10,176)100,961 
Adjusting items impacting EBITDA:
Transaction related compensation1,668 — — — 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 amortization9,331 12,328 7,464 2,092 31,215 
EBITDA23,919 60,387 496 (7,014)77,788 
Adjusting items impacting EBITDA:
Transaction related compensation1,999 — — — 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 venture963 — — — 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)TradeRenewablesNutrient & IndustrialOtherTotal
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 amortization27,946 35,626 23,903 4,151 91,626 
EBITDA82,053 152,392 43,794 (31,612)246,627 
Adjusting items impacting EBITDA:
Transaction related compensation8,568 — — — 8,568 
Insurance recoveries(5,204)— — — (5,204)
Gain on deconsolidation of joint venture— (3,117)— — (3,117)
Total adjusting items3,364 (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 amortization26,659 39,224 21,518 6,399 93,800 
EBITDA108,321 76,059 50,842 (24,854)210,368 
Adjusting items impacting EBITDA:
Transaction related compensation4,606 — — — 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 impairment963 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, 2023March 31, 2024June 30, 2024September 30, 2024
Net income$78,437 $12,665 $52,470 $51,461 $195,033 
Interest expense8,101 6,522 6,611 8,361 29,595 
Tax provision13,324 1,303 4,876 10,731 30,234 
Depreciation and amortization31,306 30,949 30,269 30,408 122,932 
EBITDA131,168 51,439 94,226 100,961 377,794 
Adjusting items impacting EBITDA:
Transaction related compensation3,212 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 impairment686 — — — 686 
Total adjusting items3,898 (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, 2022March 31, 2023June 30,2023September 30, 2023
Net income (loss)$21,170 $(59,117)$82,686 $30,523 $75,262 
Interest expense14,087 16,625 13,953 8,188 52,853 
Tax provision (benefit)9,933 (5,884)21,732 7,862 33,643 
Depreciation and amortization33,476 32,220 30,365 31,215 127,276 
EBITDA78,666 (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 impairment9,000 87,156 — 963 97,119 
Gain on deconsolidation of joint venture— — (6,544)— (6,544)
Total adjusting items24,993 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)2024202320242023
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 derivatives13,317 (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 liabilities117,728 214,870 (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.

v3.24.3
Cover page
Nov. 04, 2024
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Nov. 04, 2024
Entity Registrant Name Andersons, Inc.
Entity Incorporation, State or Country Code OH
Entity File Number 000-20557
Entity Tax Identification Number 34-1562374
Entity Address, Address Line One 1947 Briarfield Boulevard
Entity Address, City or Town Maumee
Entity Address, State or Province OH
Entity Address, Postal Zip Code 43537
City Area Code 419
Local Phone Number 893-5050
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, $0.00 par value, $0.01 stated value
Trading Symbol ANDE
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0000821026
Amendment Flag false
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