Andersons, Inc. (ANDE) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

SEC Filings

ANDE Quarterly Reports

Andersons, Inc.

CIK: 821026 Ticker: ANDE
Exhibit 99.1
ande75.jpg NEWS RELEASE

The Andersons, Inc. Reports First Quarter Results; Plant Nutrient Sets Record
MAUMEE, OHIO, May 3, 2022
- The Andersons, Inc. (Nasdaq: ANDE) announces financial results for the first quarter ended March 31, 2022.

First Quarter Highlights:

Company reported net income attributable to The Andersons from continuing operations of $6.1 million, or $0.18 per diluted share
EBITDA from continuing operations was $55.8 million for the quarter
Plant Nutrient reported record first quarter pretax income of $10.7 million
Renewables had a strong quarter with pretax income of $5.5 million despite an $8.3 million mark to market loss, most of which is expected to reverse in Q2
Trade reported pretax income of $3.7 million amid global disruption and against higher 2021 results; amassing strong grain ownership positions at low basis values
Amended and extended credit agreement, expanding capacity and extending maturity date to 2027

"The grain markets were impacted by the extreme run-up in futures prices resulting from the war in Ukraine. This drove grain basis values sharply lower. I'm proud of the merchandising teams as they worked through this unprecedented price volatility which allowed us to take larger ownership positions at good basis values," said President and CEO Pat Bowe. "Plant Nutrient continued its strong run by setting its second consecutive quarterly earnings record. This strong performance resulted from well-positioned inventory and particularly strong specialty liquid results. In Renewables, production volume increased for both ethanol and corn oil. Renewable feedstocks and co-product merchandising were well above expectations."

"We continue to believe that we are well-positioned in all businesses for the remainder of 2022. We are closely monitoring the weather-related planting delays in both corn and soybeans. While progress is being made, we are behind the five-year national average for this date and expect planting activities to ramp up quickly as soon as fields allow it. We have an opportunity to earn good elevation margins on our grain position. Ethanol margins have strengthened as we entered the spring maintenance season along with seasonal increases in driving demand and expectations for an increased U.S. export program. Our renewable feedstock business continues to grow and we are exploring further opportunities to improve corn oil production and quality from our plants," added Bowe. "Fertilizer prices and farm income both remain very high, and while producers are feeling the impact of high input costs, commodity prices still support fertilizer application. We continue to receive good support from our suppliers in this time of tight stocks. Supply remains a factor in our industry and market prices reflect reduced global stocks for most fertilizers and grains. Our teams are executing well and remain focused on customer needs and operational excellence."

The following information was filed by Andersons, Inc. (ANDE) on Tuesday, May 3, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Andersons, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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Inside Andersons, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income (Loss)
Condensed Consolidated Statements Of Equity
Condensed Consolidated Statements Of Equity (Parenthetical)
Condensed Consolidated Statements Of Operations
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Details)
Accumulated Other Comprehensive Income (Loss) (Tables)
Basis Of Presentation And Consolidation
Commitments And Contingencies
Commitments And Contingencies (Details)
Debt (Tables)
Debt - Narrative (Details)
Debt - Schedule Of Short-Term And Long-Term Debt (Details)
Derivatives (Fair Value Of The Company's Other Derivatives) (Details)
Derivatives (Gross Current And Noncurrent Assets And Liabilities) (Details)
Derivatives (Net Asset Or Liability Positions In Balance Sheet) (Details)
Derivatives (Outstanding Interest Rate Derivatives) (Details)
Derivatives (Pre-Tax Gains And Losses) (Details)
Derivatives (Tables)
Derivatives (Textual) (Details)
Derivatives (Volume Of Contracts Outstanding) (Details)
Discontinued Operation (Tables)
Discontinued Operations
Discontinued Operations (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Measurements
Fair Value Measurements (Assets And Liabilities Measured On Recurring Basis) (Details)
Fair Value Measurements (Quantitative Information Level 3 Measurements ) (Details)
Fair Value Measurements (Reconciliation Of Beginning And Ending Balances Of Level 3 Measurements) (Details)
Fair Value Measurements (Tables)
Income Taxes
Income Taxes (Details)
Inventories (Details)
Inventories (Tables)
Property, Plant And Equipment
Property, Plant And Equipment (Details)
Property, Plant And Equipment (Tables)
Property, Plant And Equipment (Textual) (Details)
Related Parties
Related Parties (Details)
Related Parties (Tables)
Revenue (Breakdown Of Revenues By Accounting Standards) (Details)
Revenue (Disaggregation Of Revenues) (Details)
Revenue (Tables)
Revenue (Textual) (Details)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Segment Information (Textual) (Details)
Ticker: ANDE
CIK: 821026
Form Type: 10-Q Quarterly Report
Accession Number: 0000821026-22-000145
Submitted to the SEC: Thu May 05 2022 2:09:23 PM EST
Accepted by the SEC: Thu May 05 2022
Period: Thursday, March 31, 2022
Industry: Wholesale Farm Product Raw Materials

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