Maumee / OH. (tagg) The Andersons Inc. announces its financial results for the first quarter ended March 31 (Q1-2023). Summary respective highlights:
- Company reported a net loss attributable to The Andersons of USD 15 million, or USD 0.44 per diluted share and adjusted net income of USD 7 million, or USD 0.20 per diluted share.
- Adjusted Ebitda was USD 55 million for the quarter.
- Trade reported pretax income of USD 39 million and adjusted pretax income of USD 24 million, a record first quarter.
- Renewables produced a pretax loss of USD 83 million due to a previously announced non-cash impairment and adjusted pretax income attributable to The Andersons of USD 6 million.
- Nutrient + Industrial (formerly Plant Nutrient) reported a pretax loss of USD 10 million on a slow start to the planting season.
«Once again, our Trade business led the way for the quarter. The team continues to execute well and we are seeing positive results from our base business, as well as, recent growth investments. The Renewables team was faced with lower ethanol crush margins to start the quarter but showed improvement over 2022 on an adjusted basis. The Nutrient + Industrial business was faced with declining fertilizer prices and deferred customer purchasing in the quarter. In April, customers have engaged and prices have firmed a bit as fieldwork began in our service geography. While some of the typical first quarter business will shift into Q2, we do not expect that all the business will be recovered,» said President and CEO Pat Bowe.
«We are making good progress on several growth opportunities. We remain focused on executing within our stated strategy in our core grain and fertilizer verticals including further focus on renewables and new opportunities in renewable diesel feedstocks,» continued Bowe. «We remain confident in the long-term outlook for the company and achieving our previously stated goal.»