Company Overview - The Andersons (ANDE) is a diversified agribusiness company involved in grain storage, trading, risk management, and is the fifth-largest producer of ethanol in the United States [1] Investment Focus - The analysis emphasizes a focus on underfollowed American and European businesses with market capitalizations up to $15 billion, prioritizing innovation and scalability [1] Industry Insights - The core focus of the analysis is on renewable energy and cutting-edge industrial innovation, highlighting industries where disruption is expected to drive the next wave of growth [1]

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Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number: 000-20557 THE ANDERSONS, INC. (Exact name of the registrant as specified in its charter) (State of incorporation or organizatio ...

February 19, 2025 SAFE HARBOR AND NON-GAAP FINANCIAL MEASURES FOURTH QUARTER EARNINGS CALL Certain information discussed today constitutes forward-looking statements. Actual results could differ materially from those presented in the forward-looking statements as a result of many factors including general economic, weather, and regulatory conditions, competition, geopolitical risk, and additional factors that are described in the company's publicly-filed documents, including its '34 Act filings and the pros ...

Financial Data and Key Metrics Changes - The company reported adjusted pretax income of $147 million and adjusted EBITDA of $363 million for 2024, despite facing oversupplied agricultural markets with low prices and limited volatility [9][17] - Net income attributable to the company was $45 million or $1.31 per diluted share, compared to adjusted net income of $55 million or $1.59 per diluted share in Q4 2023 [16] - Full year gross profit decreased by 7% to $694 million from $745 million in 2023, primarily due to lower ethanol margins [17] Business Line Data and Key Metrics Changes - The trade segment reported record fourth quarter adjusted pretax income of $54 million, up from $47 million in Q4 2023, driven by strong harvest execution and stable elevation margins [22] - Renewables generated fourth quarter pretax income of $16 million, down from $33 million in 2023, with EBITDA of $40 million compared to $73 million in the previous year [25][26] - Nutrient and industrial business reported a slight increase in adjusted pretax income to $3 million, while full year EBITDA decreased to $57 million from $62 million in 2023 [27] Market Data and Key Metrics Changes - The company noted that the agricultural businesses were lower due to soft industry fundamentals and limited grower engagement [13] - The effective tax rate for the quarter was 20%, with a full year rate of 15%, influenced by federal tax credits related to cellulosic ethanol production [18] Company Strategy and Development Direction - The company is focusing on integrating operations with Skyland Grain to optimize outcomes and enhance its presence in the North American agricultural supply chain [14][31] - A new segment reporting structure will be implemented in 2025 to streamline operational efficiency and enhance collaboration across trade and nutrient businesses [29] - The company anticipates an increase in US corn planted acres, which is expected to benefit its nutrient and agronomy business [33] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for the agribusiness outlook despite challenges from lower grain prices and reduced farmer engagement [32] - The company plans to continue investing in projects aimed at reducing carbon intensity in ethanol production and expanding renewable diesel feedstock merchandising [37][39] - Management acknowledged uncertainty around the regulatory environment but remains committed to responsible decision-making to optimize shareholder value [39] Other Important Information - The company generated cash flow from operations of $100 million in Q4 2024, down from $122 million in Q4 2023, with a year-end cash position of $562 million [19][20] - Capital spending for the year was $149 million, with a long-term debt to EBITDA ratio of 1.8 times, below the target of less than 2.5 times [21] Q&A Session Summary Question: Can you elaborate on the investment opportunities around lowering carbon intensity? - Management indicated that the return profile of these investments is evolving and will be included in the capital expenditure environment as clarity increases [42][44] Question: What are the expected synergies from the consolidation of the NNI and Trade Group? - Management noted that while there are opportunities for consolidation, the primary goal is to create a unified solution for producers, enhancing operational efficiency [45][47] Question: How did the company manage to deliver solid results despite margin compression in ethanol? - Management attributed the strong performance to effective execution of their business model, focusing on controllable costs and maximizing core operations [49][51] Question: What are the potential impacts of trade tariffs on the business? - Management stated that the company is not significantly affected by major tariff swings due to its domestic focus, although some aspects may be impacted [56][58] Question: Can you provide an update on the integration of Skyland? - Management confirmed that the integration is progressing well, with expectations for a $30 to $40 million EBITDA contribution in 2025 [59][62] Question: How does the nutrient input requirement differ between corn and soybeans? - Management explained that corn requires substantially more nutrient input, leading to higher margins compared to other crops [68] Question: What is the outlook for the merchandising environment for corn in 2025? - Management noted that recent price appreciation has led to increased optimism among farmers, although some may have sold their crops prematurely [81][84]

Financial Performance - Full year net income attributable to The Andersons was $114 million, or $3.32 per diluted share, with an adjusted basis of $117 million, or $3.40 per diluted share[5]. - Fourth quarter net income attributable to The Andersons was $45 million, or $1.31 per diluted share, and $47 million, or $1.36 per diluted share, on an adjusted basis[5]. - Adjusted EBITDA for the full year was $363 million, with $117 million for the fourth quarter[5]. - Net income for the three months ended December 31, 2024, was $54,104 thousand, a decrease of 30.9% compared to $78,437 thousand in the same period of 2023[28]. - Adjusted net income attributable to The Andersons, Inc. for the twelve months ended December 31, 2024, was $116,664 thousand, slightly down from $118,267 thousand in 2023, reflecting a decrease of 1.4%[30]. - The net income for the three months ended December 31, 2024, was $54,104, compared to $78,437 in the same period of 2023, a decrease of 30.9%[33]. - The net income for the twelve months ended December 31, 2024, was $170,700,000, compared to $132,529,000 in 2023, reflecting an increase of approximately 28.8%[34]. Revenue and Sales - For the three months ended December 31, 2024, total sales and merchandising revenues reached $3,123,138, a slight decrease from $3,213,000 in the same period of 2023, representing a 2.8% decline[31]. - For the twelve months ended December 31, 2024, total sales and merchandising revenues were $11,257,548, down from $14,750,112 in 2023, a decrease of 23.8%[32]. Expenses and Liabilities - Operating, administrative, and general expenses for the three months ended December 31, 2024, totaled $147,154, up from $132,712 in the same period of 2023, an increase of 10.9%[31]. - Total current liabilities increased to $1,731,172 thousand as of December 31, 2024, compared to $1,636,331 thousand in 2023, marking an increase of 5.8%[27]. - Total liabilities increased to $2,521,478 thousand as of December 31, 2024, from $2,338,620 thousand in 2023, reflecting an increase of 7.8%[27]. Cash Flow and Position - The company generated $269 million in cash from operating activities for Q4 2024, compared to $251 million in Q4 2023[7]. - Cash position at year-end was over $560 million, with a long-term debt to adjusted EBITDA ratio of 1.8 times[7]. - Cash and cash equivalents decreased to $561,771 thousand at the end of December 2024, down from $643,854 thousand at the end of December 2023, a decline of 12.7%[28]. - Net cash provided by operating activities for the twelve months ended December 31, 2024, was $331,506 thousand, down from $946,750 thousand in 2023, a decrease of 65.0%[28]. - Cash provided by operating activities for the twelve months ended December 31, 2024, was $946,750,000, a decrease from $1,000,000,000 in 2023[35]. - The cash provided by operating activities for Q4 2024 was $268,811,000, an increase from $250,663,000 in Q4 2023, representing a growth of approximately 7.4%[35]. Inventory and Assets - The company reported a significant increase in inventories, which rose to $1,286,811 thousand in December 2024, compared to $1,166,700 thousand in December 2023, an increase of 10.3%[27]. - Total assets increased to $4,121,314 thousand as of December 31, 2024, up from $3,855,007 thousand in 2023, representing a growth of 6.9%[27]. Segment Performance - Trade segment reported record fourth quarter pretax income of $54 million, up from $44 million in the prior year[9]. - Renewables segment reported pretax income of $25 million in Q4 2024, down from $60 million in Q4 2023[13]. - Nutrient & Industrial recorded pretax income of $3 million in Q4 2024, an improvement from the prior year[17]. - The company reported a net loss in the "Other" segment of $78,216,000 for the twelve months ended December 31, 2024, compared to a loss of $79,929,000 in 2023, showing a slight improvement[34]. Future Outlook - The company anticipates a significant increase in planted corn acres and strong ethanol exports in 2025[4]. - The company is actively pursuing growth in the Renewables space, including evaluating expansion and acquisition opportunities[4].

MAUMEE, Ohio, Feb. 18, 2025 /PRNewswire/ -- The Andersons, Inc. (Nasdaq: ANDE) announces financial results for the fourth quarter ended December 31, 2024.Financial Highlights: Full year net income attributable to The Andersons of $114 million, or $3.32 per diluted share, and $117 million, or $3.40 per diluted share, on an adjusted basis Fourth quarter net income attributable to The Andersons of $45 million, or $1.31 per diluted share, and $47 million, or $1.36 per diluted share, on an adjusted basis Adjust ...

Group 1 - The Andersons, Inc. announced a second quarter 2025 cash dividend of 19.5 cents ($0.195) per share, payable on April 22, 2025, to shareholders of record as of April 01, 2025 [1] - This marks The Andersons' 114th consecutive quarterly cash dividend since its listing on Nasdaq in February 1996 [1] Group 2 - The Andersons, Inc. was recognized in 2024 as one of The Americas' Fastest Growing Companies by the Financial Times and as one of America's Climate Leaders by USA Today [2] - The company operates in the agribusiness and renewable sectors, emphasizing its commitment to customer service, employee development, community support, and increasing company value [2]

MAUMEE, Ohio, Jan. 28, 2025 /PRNewswire/ -- The Andersons, Inc. (Nasdaq: ANDE) will release its financial results for the fourth quarter and full year 2024 after 4 p.m. Eastern on Tuesday, February 18, 2024. The company will host a webcast on Wednesday, February 19, 2024, at 8:30 a.m. Eastern to discuss the results and provide a company update.To listen over the phone, please dial 888-317-6003 (U.S. toll-free) or 412-317-6061 (international toll) and use elite entry number: 3381023. To watch the webcast, go ...

Group 1 - The Andersons, Inc. announced a first quarter 2025 cash dividend of 19.5 cents ($0.195) per share, reflecting a three percent increase from the previous quarter's dividend of 19 cents ($0.19) per share [1] - This marks the 113th consecutive quarterly cash dividend since the company was listed on Nasdaq in February 1996 [2] Group 2 - The Andersons, Inc. has been recognized in 2024 by Forbes as one of America's Most Successful Small Companies, by Newsweek as one of America's Most Responsible Companies, and by the Financial Times as one of The Americas' Fastest Growing Companies [4] - The company operates in diversified sectors including commodity merchandising, renewables, and nutrient & industrial sectors, emphasizing its commitment to customer service, employee development, community support, and increasing company value [4]