Key Takeaways
- Full-year net income attributable to The Andersons was $114 million ($3.32 per diluted share), with adjusted net income of $117 million ($3.40 per diluted share).
- Q4 net income was $45 million ($1.31 per diluted share), with adjusted net income of $47 million ($1.36 per diluted share).
- Adjusted EBITDA for 2024 reached $363 million, with Q4 adjusted EBITDA at $117 million.
- Trade segment posted record Q4 pretax income of $54 million, driven by an early harvest and improved merchandising opportunities.
- Renewables segment reported Q4 pretax income of $25 million, with pretax income attributable to the company of $16 million, impacted by lower ethanol prices.
- Strong liquidity, with a cash balance of $562 million at year-end.
Financial Performance Overview of The Andersons
The Andersons, Inc. (Nasdaq: ANDE) reported its fourth-quarter and full-year 2024 financial results, demonstrating solid operations across its business segments.
“Trade had an excellent fourth quarter, benefiting from early harvests and strong grain accumulation. Renewables delivered solid performance, although lower ethanol prices impacted results. Our strategic growth initiatives, including the Skyland Grain investment, are positioning us for future expansion.” — Bill Krueger, President & CEO, The Andersons
Q4 & Full-Year 2024 Financial Highlights
| Metric | Q4 2024 | Q4 2023 | Change (%) | FY 2024 | FY 2023 | Change (%) |
|---|---|---|---|---|---|---|
| Net Income Attributable to Company | $45.1M | $51.2M | -11.9% | $114.0M | $101.2M | +12.7% |
| Adjusted Net Income | $46.9M | $54.6M | -14.1% | $116.7M | $118.3M | -1.4% |
| Diluted EPS | $1.31 | $1.49 | -12.1% | $3.32 | $2.94 | +12.9% |
| Adjusted EPS | $1.36 | $1.59 | -14.5% | $3.40 | $3.44 | -1.2% |
| Pretax Income | $67.3M | $91.8M | -26.7% | $200.8M | $169.6M | +18.4% |
| Adjusted EBITDA | $116.5M | $135.1M | -13.8% | $363.4M | $405.1M | -10.3% |
| Cash & Liquidity | $562M | N/A | N/A | N/A | N/A | N/A |
Business Segment Performance of The Andersons
Trade Segment
- Q4 pretax income: $54M (vs. $44M in Q4 2023).
- Full-year pretax income: $94.6M (vs. $83.3M in 2023).
- Strong elevation margins and early harvests drove growth.
- Q4 adjusted EBITDA: $76M (vs. $62M in 2023).
Renewables Segment
- Q4 pretax income: $25M (vs. $60M in Q4 2023).
- Full-year pretax income: $79.8M (vs. $97.7M in 2023).
- Record ethanol production, though lower prices impacted profitability.
- Q4 EBITDA: $40M (vs. $73M in Q4 2023).
Nutrient & Industrial Segment
- Q4 pretax income: $3.5M (vs. $2.1M in Q4 2023).
- Full-year pretax income: $18.9M (vs. $25.7M in 2023).
- Improved performance in manufactured products.
- Q4 EBITDA: $13M (vs. $11M in Q4 2023).
Cash Flow, Liquidity, and Debt Management
- Year-end cash balance of $562M.
- Generated $332M in cash from operating activities for 2024.
- Long-term debt to adjusted EBITDA ratio of 1.8x, well below the 2.5x target.
The Andersons 2025 Outlook & Strategic Priorities
- Agricultural markets remain uncertain, but increased corn acreage is expected.
- Ethanol export demand remains strong, supporting renewables growth.
- Continued expansion in renewables and agribusiness investments.
- Further capital deployment for growth projects and efficiency improvements.
Read the company’s financial results here.
