The Andersons(ANDE) - 2024 Q4 - Annual Results

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].