The Andersons Inc. reported all-time record quarterly results for the second quarter, with net income attributable to the company of $80.5 million ($2.34 per diluted share) on revenues of $4.45 billion, up from the year-ago $41.4 million ($1.23 per share) and $3.24 billion, respectively. Adjusted EBITDA was $169.3 million, up from $103 million.
“I’m thrilled with the outstanding performance in this second quarter,” said Pat Bowe, President and CEO. “The Renewables team nearly doubled last year’s already strong performance, showing good yields and higher crush margins in our ethanol plants. Within Plant Nutrient, good inventory position management and high fertilizer prices led to higher margins and strong profitability.
“In Trade, we entered the quarter with good basis ownership positions and as expected, we benefited from basis improvement during the quarter,” he continued. “In addition, we had very strong feed ingredients merchandising results in several of our locations. Global ag markets remain volatile, creating opportunities; our teams continue to execute well and remain focused on customer needs and operational excellence.”
The Plant Nutrient Group had second-quarter pretax income of $38.3 million on revenues of $470.3 million, up from $24 million and $321.4 million, respectively. Adjusted EBITDA was $46.8 million, up from $31.6 million. The company said it expected well-positioned inventory and an overall favorable spring planting season led to strong margins that more than offset a volume decrease for agricultural fertilizers, particularly with wholesale nutrients, farm centers, and specialty liquids low-salt starters.
Six-month group income was $49.1 million on revenues of $680.3 million, up from the year-ago $32.5 million and $490.7 million, respectively. Adjusted EBITDA was $65.6 million, up from $47.6 million.
Company-wide, six-month net income was $86.6 million ($2.52 per share) on revenues of $8.43 billion, compared to the year-ago $53 million ($1.58 per share) and $5.83 billion, respectively. Adjusted EBITDA was $225.2 million, up from $166.2 million.