The Andersons, Inc. announces financial results for the first quarter ended March 31, 2021.
First quarter highlights:
- Company reported net income attributable to The Andersons of $15.1 million, or $0.45 per diluted share, and adjusted net income of $15.5 million, or $0.46 per diluted share.
- Adjusted EBITDA was $80.2 million for the quarter, up $69.0 million year over year.
- Trade reported pretax income of $13.9 million and adjusted pretax income of $14.3 million on strong merchandising results.
- Ethanol reported pretax income attributable to The Andersons of $2.9 million as ethanol prices and co-product margins improved.
- Plant Nutrient reported pretax income of $8.5 million on solid volume and margins.
- Rail reported pretax income of $4.9 million on railcar sales and credit recoveries.
"We are very pleased with the start to 2021 in this demand-driven agriculture rally," says said President and CEO Pat Bowe. "These results are our best first quarter performance since 2014 and reflect good execution coupled with the results of our multi-year cost reduction project.
"Commodity price volatility and market dislocations have created merchandising opportunities in many of the commodity supply chains that we touch in our Trade business and we expect that this will continue in the near term," he continues.
"Ethanol margins have improved significantly with ethanol prices reaching levels not seen in over six years, combined with strong margins on our newer high-protein feed and other co-products," adds Bowe. "Plant Nutrient had its best first quarter since 2008 with increased volume and strong margins that we expect will continue into the peak planting season. Finally, while rail has been slower to recover, it has also seen improved results."
