The Andersons has reported third-quarter earnings of $97 million, setting a record for the third quarter earnings for the company.
Other metrics for the quarter ending Sept. 30 were also strongly positive.
The company’s renewables division reported best-ever third quarter pretax income of $53 million and pretax income attributable to The Andersons of $27 million on strong operating performance and ethanol margins.
Net third-quarter income attributable to The Andersons was reported at $27 million, or $0.80 per diluted share; adjusted net income was $25 million, or $0.72 per diluted share.
“Overall, we are pleased with our third quarter results given the lower commodity prices and reduced volatility in the ag markets,” said the company’s president and CEO Bill Krueger. “Trade results were significantly better than last year and include improved performance in our assets.”
Mr. Krueger was also bullish on the near-term future for the company.
“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.”
The company announced the purchase of a 65 percent ownership interest in Skyland Grain, LLC, which has a large grain and agronomy footprint across Southwest Kansas, Eastern Colorado, and the Texas and Oklahoma panhandles. It also reported making a significant investment in a leased facility at the port of Houston which is expected to improve the company’s current grain exports and add capacity for storing and exporting soybean meal.
First Published November 6, 2024, 1:25 p.m.
