The Andersons, Maumee, Ohio, reported that its Plant Nutrient business completed the best year since 2014 on strong demand, with the company saying full-year results nearly doubled those of 2019.
Fertilizer full-year pretax income was $16 million on revenues of $663 million, up from 2019’s $9.2 million and $646.7 million. Adjusted EBITDA was $47.2 million, up from $42.3 million.
However, fourth-quarter fertilizer pretax income was $3.2 million on revenues of $155.5 million, versus the year-ago $4.6 million and $138.2 million, respectively. Adjusted EBITDA was $10.8 million, down from $11.5 million.
The company said fertilizer tons sold during the quarter were up across all major product lines, but especially in Ag Supply Chain. Margin per ton declined moderately, most notably in Engineered Granules.
“I am very excited about the recent strong, demand-driven rally in grain and fertilizer markets and what it means for U.S. agriculture and The Andersons,” said President and CEO Pat Bowe. “We have already participated in multi-year highs in grain elevation margins, and have benefited from strong export demand. Fertilizer demand was strong throughout the fourth quarter. With more planted corn acres in the forecast, it looks like strong fertilizer demand will continue.”
Company-wide, fourth-quarter net income attributable to The Andersons more than doubled to $16 million ($0.48 per share) on sales of $2.54 billion from the year-ago $6.6 million ($0.19 per share) and $1.89 billion, respectively. Adjusted EBITDA was $85 million, up from $84.5 million.
Full-year net income was $7.7 million ($0.23 per diluted share) on sales of $8.21 billion, down from the year-ago $18.3 million ($0.55 per share) and $8.17 billion, respectively. Adjusted EBITDA was $225.7 million, down from $253.6 million.