SECOND QUARTER
EARNINGS CALL
August 2, 2023
SAFE HARBOR AND NON-GAAP FINANCIAL MEASURES
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, the ongoing economic impacts from the war in Ukraine, and additional factors that are described in the company's publicly-filed documents, including its '34 Act filings and the prospectuses prepared in connection with the company's offerings.
Today's call includes financial information which the company's independent auditors have not completely reviewed. Although the company believes that the assumptions upon which the financial information and its forward-looking statements are based are reasonable, it can give no assurances that these assumptions will prove to be accurate.
This presentation and today's prepared remarks contain non-GAAP financial measures. The company believes that pretax income attributable to the company from continuing operations, adjusted pretax income attributable to the company from continuing operations, adjusted net income attributable to the company from continuing operations, adjusted diluted earnings per share from continuing operations; earnings before interest, taxes, depreciation and amortization (or EBITDA); EBITDA from continuing operations; adjusted EBITDA from continuing operations; and cash from operations before working capital changes provide additional information to investors and others about its operations, allowing an evaluation of underlying operating performance and liquidity and better period-to-period comparability. The above measures are not and should not be considered as alternatives to net income from continuing operations; pretax income from continuing operations; income before income taxes from continuing operations; Net income attributable to The Andersons, Inc.; diluted earnings per share attributable to The Andersons, Inc. common shareholders from continuing operations; and cash provided by (used in) operating activities as determined by generally accepted accounting principles. Reconciliations of the GAAP to non-GAAPmeasures may be found within the financial tables in the appendix.
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SPEAKERS
PAT BOWE
President and Chief Executive Officer
BRIAN VALENTINE
Executive Vice President and Chief Financial Officer
MIKE HOELTER
Vice President, Corporate Controller and Investor Relations
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SECOND QUARTER HIGHLIGHTS
TRADE
RENEWABLES
NUTRIENT & INDUSTRIAL
Continued well-positioned domestic merchandising results; Year-to-date results remain ahead of prior year
Strong ethanol crush margins with higher yields and lower costs; Continued growth in low CI renewable diesel feedstocks
Outstanding results on increased volumes with well-positioned inventory to meet customer needs
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KEY FINANCIAL DATA - SECOND QUARTER 2023
$ In millions except per share | Q2 '23 | Q2 '22 | YTD '23 | YTD '22 | ||||
Sales and merchandising revenues | $ | 4,020 | $ | 4,451 | $ | 7,901 | $ | 8,429 |
Gross profit | 222 | 231 | 370 | 350 | ||||
Pretax income from continuing operations | 104 | 118 | 39 | 129 | ||||
Pretax income from continuing operations attributable to ANDE1 | 77 | 96 | 56 | 106 | ||||
72 | 97 | 81 | 107 | |||||
Adjusted pretax income from continuing operations attributable to ANDE1 | ||||||||
Net income from continuing operations attributable to ANDE1 | 55 | 81 | 40 | 87 | ||||
52 | 82 | 59 | 88 | |||||
Adjusted net income from continuing operations attributable to ANDE1 | ||||||||
Diluted earnings per share from continuing operations (EPS) | 1.61 | 2.34 | 1.18 | 2.52 | ||||
1.52 | 2.39 | 1.72 | 2.57 | |||||
Adjusted EPS from continuing operations (Adjusted EPS)1 | ||||||||
EBITDA from continuing operations1 | 149 | 169 | 133 | 224 | ||||
144 | 169 | 200 | 225 | |||||
Adjusted EBITDA from continuing operations1 |
1 Non-GAAP financial measure; see appendix for reconciliations. | 5 |
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The Andersons Inc. published this content on 08 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 August 2023 22:25:08 UTC.