The Andersons reported third-quarter net income from continuing operations attributable to the company of $17.4 million on sales of $4.2 billion, up from the year-ago $13.9 million and $3 billion, respectively. Adjusted EBITDA was $83 million, up from $56.3 million.
The Plant Nutrient segment saw a seasonal pretax loss of $11.6 million on sales of $163.9 million versus the year-ago loss of $5.8 million and $142.1 million, respectively. Third-quarter segment EBITDA was a negative $3.1 million compared to a year-ago positive $1.8 million.
The company said margins remain strong in the core wholesale nutrients, farm centers, and specialty liquid products. However, in granular and contract manufactured products, sales volume and margin declined on lower demand, production challenges, and inventory write-downs.
The company expects good fall weather and strong farm income will support fall application rates and 2023 purchase decisions in the core ag businesses. However, the company expects lawn products to remain challenged.
Nine-month Plant Nutrient income was $37.4 million on sales of $844.2 million, up from the year-ago $26.7 million and $632.7 million. EBITDA was $62.5 million, up from $49.4 million.
Company-wide nine-month net income from continuing operations attributable to the company was $104 million on sales of $12.6 billion, up from the year-ago $66.9 million and $8.8 billion, respectively. Adjusted EBITDA was $308.2 million, up from $222.5 million.