The Andersons, Inc. Reports First Quarter Results
First Quarter Highlights:
-
Company reported net income attributable to The Andersons of
$6 million , or$0.16 per diluted share; comparable on an adjusted basis -
EBITDA was
$51 million for the quarter -
Renewables reported pretax income of
$23 million and adjusted pretax income attributable to The Andersons of$13 million on strong operating performance -
Trade generated adjusted pretax income of
$9 million - Nutrient & Industrial shows good improvement over Q1 2023
"Overall, our first quarter results were fairly comparable to last year's first quarter. Renewables doubled our 2023 results on great operating performance in our ethanol plants. We had good improvement in Nutrient & Industrial's agricultural product lines. Trade had a tough comparison against last year's record first quarter but posted an above average Q1 result in generally quiet ag markets," said President and CEO
"We are actively pursuing opportunities for growth across our businesses. In Renewables, these opportunities include several longer-term capital projects to lower the carbon intensity of our ethanol plants, which are expected to result in positive financial results under the Inflation Reduction Act. We continue to grow the volume merchandised by our renewable diesel feedstock team. Although refinery delays have compressed the current margins, we expect this to improve as the industry build-out continues. Within Trade, we have partnered with several large consumer products companies to source lower-carbon commodities from growers and expect to continue to develop these capabilities," continued Bowe. "In Nutrient & Industrial, we recently closed on the acquisition of Reed and Perrine, a bolt-on acquisition that will result in geographic expansion of our Turf business. We continue to manage a very robust pipeline with significant growth opportunities in each of our businesses. With our well-positioned balance sheet, we have good capacity for growth."
$ in millions, except per share amounts |
|
|
|
|
Q1 2024 |
Q1 2023 |
Variance |
Pretax Income (Loss) |
$ 14.0 |
$ (65.0) |
$ 79.0 |
Pretax Income (Loss) Attributable to the Company1 |
6.9 |
(20.6) |
27.5 |
Adjusted Pretax Income (Loss) Attributable to the Company1 |
6.6 |
8.1 |
(1.5) |
Trade1 |
8.8 |
23.6 |
(14.8) |
Renewables1 |
12.6 |
6.3 |
6.3 |
Nutrient & Industrial |
(1.9) |
(10.4) |
8.5 |
Other |
(12.9) |
(11.4) |
(1.5) |
Net Income (Loss) Attributable to the Company |
5.6 |
(14.8) |
20.4 |
Adjusted Net Income Attributable to the Company1 |
5.6 |
6.8 |
(1.2) |
Diluted Earnings (Loss) Per Share ("EPS") |
0.16 |
(0.44) |
0.60 |
Adjusted EPS1 |
0.16 |
0.20 |
(0.04) |
EBITDA1 |
51.4 |
(16.2) |
67.6 |
Adjusted EBITDA1 |
$ 51.2 |
$ 55.3 |
$ (4.1) |
1 Non-GAAP financial measures; see appendix for explanations and reconciliations. |
Cash, Liquidity, and Long-Term Debt Management
"Our businesses continue to generate strong cash flows," said Executive Vice President and CFO
The company used cash from operating activities of
First Quarter Segment Overview
Trade Results Lower with Difficult Prior Year Comparison
The Trade segment recorded pretax income of
Trade's grain asset locations were relatively consistent year-over-year as domestic producers are still hesitant to forward sell due to lower commodity prices combined with limited basis appreciation to start the year. The merchandising business remained profitable but could not match a very strong Q1 2023. An oversupply of commodities have shifted the global supply and demand balance, moving the market from an inverse to a carry and causing prices to weaken. While carry markets benefit our assets, reduced volatility and lower prices reduce opportunities for the merchandising business. In addition, given recent geopolitical unrest, we have intentionally and prudently pulled back on activity in certain regions.
Premium food and feed product lines produced stronger results in the first quarter, and recent acquisitions and growth capital investments continue to be accretive to this line of business.
With shifting fundamentals, our mix of assets and merchandising businesses provide a solid foundation for us to benefit from large crops and carry markets, with potential improved wheat income opportunities returning to the market. Our assets are well-positioned for the grains to flow in due course. Domestic premium ingredient demand is also expected to stay solid and should continue to support recent capital growth investments.
Trade's first quarter adjusted EBITDA was
The Renewables segment reported pretax income of
Ethanol crush margins improved year-over-year, further supported by favorable hedging positions entered during the fourth quarter. Production facilities continue to operate efficiently in the quarter with record production and lower natural gas prices. Renewable diesel feedstocks volumes continue to grow albeit with compressed margins on industry fundamentals. Feed ingredient demand was also improved; however, values declined on lower corn prices. All four plants have now completed their semi-annual maintenance shutdowns and are back to running at full capacity. The ethanol margin environment should remain favorable, especially at the eastern plants as corn basis in the east remains well below levels in the west.
Renewables had first quarter adjusted EBITDA of
Nutrient & Industrial Ag Businesses Recover on Improved Volumes and Margin
The Nutrient & Industrial segment reported a pretax loss of
Nutrient & Industrial's first quarter EBITDA was
Income Taxes; Corporate
The company recorded income tax expense at an effective rate of 9% for the quarter due to the tax treatment of non-controlling interests. We anticipate a full-year adjusted effective rate of approximately 18% - 22%.
Conference Call
The company will host a webcast on
To access the webcast, click on the link: https://app.webinar.net/jL4XbozdKGx and submit the requested information as directed. A replay of the call can also be accessed under the heading "Investors" on the company's website at www.andersonsinc.com.
Forward-Looking Statements
This release contains forward-looking statements. These statements involve risks and uncertainties that could cause actual results to differ materially. Without limitation, these risks include economic, weather and regulatory conditions, competition, geopolitical risk, and the risk factors set forth from time to time in the company's filings with the
Non-GAAP Measures
This release contains non-GAAP financial measures. The company believes that pretax income (loss) attributable to the company; adjusted pretax income (loss) attributable to the company; adjusted pretax income (loss); adjusted net income attributable to the company; adjusted diluted earnings per share; earnings before interest, taxes, depreciation, and amortization (or EBITDA); adjusted EBITDA; 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 pretax income (loss) or income (loss) before income taxes, net income (loss), diluted earnings (loss) per share attributable to
Company Description
Condensed Consolidated Statements of Operations (unaudited) |
|||
|
|||
|
Three months ended |
||
(in thousands, except per share data) |
2024 |
|
2023 |
Sales and merchandising revenues |
|
|
|
Cost of sales and merchandising revenues |
2,589,897 |
|
3,733,227 |
Gross profit |
128,320 |
|
148,011 |
Operating, administrative and general expenses |
119,358 |
|
117,235 |
Asset impairment |
— |
|
87,156 |
Interest expense, net |
6,522 |
|
16,625 |
Other income, net |
11,528 |
|
8,004 |
Income (loss) before income taxes |
13,968 |
|
(65,001) |
Income tax provision (benefit) |
1,303 |
|
(5,884) |
Net income (loss) |
12,665 |
|
(59,117) |
Net income (loss) attributable to noncontrolling interests |
7,084 |
|
(44,367) |
Net income (loss) attributable to |
$ 5,581 |
|
$ (14,750) |
|
|
|
|
Earnings (loss) per share attributable to |
|
|
|
Basic earnings (loss): |
$ 0.16 |
|
$ (0.44) |
Diluted earnings (loss): |
$ 0.16 |
|
$ (0.44) |
Condensed Consolidated Balance Sheets (unaudited) |
|||||
|
|||||
(in thousands) |
|
|
|
|
|
Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ 283,902 |
|
$ 643,854 |
|
$ 70,853 |
Accounts receivable, net |
701,706 |
|
762,549 |
|
1,125,071 |
Inventories |
994,543 |
|
1,166,700 |
|
1,551,101 |
Commodity derivative assets – current |
178,623 |
|
178,083 |
|
222,036 |
Other current assets |
55,134 |
|
55,777 |
|
81,407 |
Total current assets |
2,213,908 |
|
2,806,963 |
|
3,050,468 |
Other assets: |
|
|
|
|
|
|
127,856 |
|
127,856 |
|
129,342 |
Other intangible assets, net |
80,527 |
|
85,579 |
|
95,134 |
Right of use assets, net |
52,541 |
|
54,234 |
|
59,209 |
Other assets, net |
97,128 |
|
87,010 |
|
89,174 |
Total other assets |
358,052 |
|
354,679 |
|
372,859 |
Property, plant and equipment, net |
689,113 |
|
693,365 |
|
678,717 |
Total assets |
$ 3,261,073 |
|
$ 3,855,007 |
|
$ 4,102,044 |
|
|
|
|
|
|
Liabilities and equity |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Short-term debt |
$ 10,148 |
|
$ 43,106 |
|
$ 638,210 |
Trade and other payables |
625,836 |
|
1,055,473 |
|
768,872 |
Customer prepayments and deferred revenue |
174,651 |
|
187,054 |
|
309,546 |
Commodity derivative liabilities – current |
67,079 |
|
90,849 |
|
107,983 |
Current maturities of long-term debt |
27,617 |
|
27,561 |
|
85,567 |
Accrued expenses and other current liabilities |
177,953 |
|
232,288 |
|
202,133 |
Total current liabilities |
1,083,284 |
|
1,636,331 |
|
2,112,311 |
Long-term lease liabilities |
31,223 |
|
31,659 |
|
35,727 |
Long-term debt, less current maturities |
556,174 |
|
562,960 |
|
486,892 |
Deferred income taxes |
59,149 |
|
58,581 |
|
54,391 |
Other long-term liabilities |
55,593 |
|
49,089 |
|
66,311 |
Total liabilities |
1,785,423 |
|
2,338,620 |
|
2,755,632 |
Total equity |
1,475,650 |
|
1,516,387 |
|
1,346,412 |
Total liabilities and equity |
$ 3,261,073 |
|
$ 3,855,007 |
|
$ 4,102,044 |
Consolidated Statements of Cash Flows (unaudited) |
|||
|
|||
|
Three months ended |
||
(in thousands) |
2024 |
|
2023 |
Operating Activities |
|
|
|
Net income (loss) |
$ 12,665 |
|
$ (59,117) |
Adjustments to reconcile net income (loss) to cash used in operating activities: |
|
|
|
Depreciation and amortization |
30,949 |
|
32,220 |
Asset impairment |
— |
|
87,156 |
Other |
4,795 |
|
(2,230) |
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
57,725 |
|
125,113 |
Inventories |
169,083 |
|
178,010 |
Commodity derivatives |
(28,498) |
|
83,148 |
Other current and non-current assets |
1,923 |
|
(17,543) |
Payables and other current and non-current liabilities |
(488,269) |
|
(760,292) |
Net cash used in operating activities |
(239,627) |
|
(333,535) |
Investing Activities |
|
|
|
Purchases of property, plant and equipment and capitalized software |
(26,775) |
|
(25,470) |
Proceeds from sale of Rail assets |
— |
|
2,871 |
Other |
4,723 |
|
2,792 |
Net cash used in investing activities |
(22,052) |
|
(19,807) |
Financing Activities |
|
|
|
Net (payments) receipts under short-term lines of credit |
(31,913) |
|
363,619 |
Payments of long-term debt |
(6,870) |
|
(30,251) |
Distributions to noncontrolling interest owner |
(44,910) |
|
(9,980) |
Dividends paid |
(6,516) |
|
(6,279) |
Value of shares withheld for taxes |
(8,071) |
|
(6,616) |
Other |
— |
|
(1,676) |
Net cash (used in) provided by financing activities |
(98,280) |
|
308,817 |
Effect of exchange rates on cash and cash equivalents |
7 |
|
109 |
Decrease in cash and cash equivalents |
(359,952) |
|
(44,416) |
Cash and cash equivalents at beginning of period |
643,854 |
|
115,269 |
Cash and cash equivalents at end of period |
$ 283,902 |
|
$ 70,853 |
The Andersons, Inc.
Adjusted Net Income Attributable to A non-GAAP financial measure (unaudited) |
|||
|
|||
|
Three months ended |
||
(in thousands, except per share data) |
2024 |
|
2023 |
Net income (loss) |
$ 12,665 |
|
$ (59,117) |
Net income (loss) attributable to noncontrolling interests |
7,084 |
|
(44,367) |
Net income (loss) attributable to |
5,581 |
|
(14,750) |
Adjustments: |
|
|
|
Transaction related compensation |
2,852 |
|
1,668 |
Gain on deconsolidation of joint venture |
(3,117) |
|
— |
Insured inventory recoveries |
— |
|
(17,390) |
Asset impairment |
— |
|
44,450 |
Income tax impact of adjustments1 |
279 |
|
(7,182) |
Total adjusting items, net of tax |
14 |
|
21,546 |
Adjusted net income attributable to |
$ 5,595 |
|
$ 6,796 |
|
|
|
|
Diluted earnings (loss) per share attributable to |
$ 0.16 |
|
$ (0.44) |
|
|
|
|
Impact on diluted earnings (loss) per share |
$ — |
|
$ 0.64 |
Adjusted diluted earnings per share |
$ 0.16 |
|
$ 0.20 |
|
|
|
|
1 The income tax impact of adjustments is taken at the statutory tax rate of 25% with the exception of certain transaction related compensation in both 2024 and 2023, respectively.
Adjusted net income (loss) attributable to The Andersons, Inc. reflects reported net income (loss) available to |
Segment Data (unaudited) |
|||||||||
|
|
|
|
|
|
|
|
|
|
(in thousands) |
Trade |
|
Renewables |
|
Nutrient & |
|
Other |
|
Total |
Three months ended |
|
|
|
|
|
|
|
|
|
Sales and merchandising revenues |
$ 1,893,859 |
|
$ 657,039 |
|
$ 167,319 |
|
$ — |
|
$ 2,718,217 |
Gross profit |
78,282 |
|
26,570 |
|
23,468 |
|
— |
|
128,320 |
Operating, administrative and general expenses |
72,258 |
|
7,997 |
|
25,443 |
|
13,660 |
|
119,358 |
Other income, net |
5,533 |
|
4,750 |
|
1,048 |
|
197 |
|
11,528 |
Income (loss) before income taxes |
5,924 |
|
22,791 |
|
(1,850) |
|
(12,897) |
|
13,968 |
Income attributable to noncontrolling interests |
— |
|
7,084 |
|
— |
|
— |
|
7,084 |
Income (loss) before income taxes attributable to |
$ 5,924 |
|
$ 15,707 |
|
$ (1,850) |
|
$ (12,897) |
|
$ 6,884 |
Adjustments to income (loss) before income taxes2 |
2,852 |
|
(3,117) |
|
— |
|
— |
|
(265) |
Adjusted income (loss) before income taxes attributable to |
$ 8,776 |
|
$ 12,590 |
|
$ (1,850) |
|
$ (12,897) |
|
$ 6,619 |
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
|
|
|
|
|
|
Sales and merchandising revenues |
$ 2,877,780 |
|
$ 839,516 |
|
$ 163,942 |
|
$ — |
|
$ 3,881,238 |
Gross profit |
117,178 |
|
15,803 |
|
15,030 |
|
— |
|
148,011 |
Operating, administrative and general expenses |
71,980 |
|
8,904 |
|
24,132 |
|
12,219 |
|
117,235 |
Other income, net |
5,983 |
|
841 |
|
846 |
|
334 |
|
8,004 |
Income (loss) before income taxes |
39,364 |
|
(82,513) |
|
(10,438) |
|
(11,414) |
|
(65,001) |
Loss attributable to noncontrolling interests |
— |
|
(44,367) |
|
— |
|
— |
|
(44,367) |
Income (loss) before income taxes attributable to |
$ 39,364 |
|
$ (38,146) |
|
$ (10,438) |
|
$ (11,414) |
|
$ (20,634) |
Adjustments to income (loss) before income taxes2 |
(15,722) |
|
44,450 |
|
— |
|
— |
|
28,728 |
Adjusted income (loss) before income taxes attributable to |
$ 23,642 |
|
$ 6,304 |
|
$ (10,438) |
|
$ (11,414) |
|
$ 8,094 |
|
|||||||||
1
Income (loss) before income taxes attributable to
2
Additional information on the individual adjustments that are included in the adjustments to income (loss) before income taxes can be found in the Reconciliation to EBITDA and Adjusted EBITDA table. All adjustments are consistent with the EBITDA reconciliation with the exception of a |
Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) A non-GAAP financial measure (unaudited) |
|||||||||
|
|||||||||
(in thousands) |
Trade |
|
Renewables |
|
Nutrient & |
|
Other |
|
Total |
Three months ended |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ 5,924 |
|
$ 22,791 |
|
$ (1,850) |
|
$ (14,200) |
|
$ 12,665 |
Interest expense (income) |
5,633 |
|
532 |
|
923 |
|
(566) |
|
6,522 |
Tax provision |
— |
|
— |
|
— |
|
1,303 |
|
1,303 |
Depreciation and amortization |
9,255 |
|
11,965 |
|
7,793 |
|
1,936 |
|
30,949 |
EBITDA |
20,812 |
|
35,288 |
|
6,866 |
|
(11,527) |
|
51,439 |
Adjusting items impacting EBITDA: |
|
|
|
|
|
|
|
|
|
Transaction related compensation |
2,852 |
|
— |
|
— |
|
— |
|
2,852 |
Gain on deconsolidation of joint venture |
— |
|
(3,117) |
|
— |
|
— |
|
(3,117) |
Total adjusting items |
2,852 |
|
(3,117) |
|
— |
|
— |
|
(265) |
Adjusted EBITDA |
$ 23,664 |
|
$ 32,171 |
|
$ 6,866 |
|
$ (11,527) |
|
$ 51,174 |
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ 39,364 |
|
$ (82,513) |
|
$ (10,438) |
|
$ (5,530) |
|
$ (59,117) |
Interest expense (income) |
11,817 |
|
3,097 |
|
2,182 |
|
(471) |
|
16,625 |
Tax benefit |
— |
|
— |
|
— |
|
(5,884) |
|
(5,884) |
Depreciation and amortization |
8,645 |
|
14,472 |
|
6,957 |
|
2,146 |
|
32,220 |
EBITDA |
59,826 |
|
(64,944) |
|
(1,299) |
|
(9,739) |
|
(16,156) |
Adjusting items impacting EBITDA: |
|
|
|
|
|
|
|
|
|
Transaction related compensation |
1,668 |
|
— |
|
— |
|
— |
|
1,668 |
Insured inventory recoveries |
(17,390) |
|
— |
|
— |
|
— |
|
(17,390) |
Asset impairment |
— |
|
87,156 |
|
— |
|
— |
|
87,156 |
Total adjusting items |
(15,722) |
|
87,156 |
|
— |
|
— |
|
71,434 |
Adjusted EBITDA |
$ 44,104 |
|
$ 22,212 |
|
$ (1,299) |
|
$ (9,739) |
|
$ 55,278 |
Adjusted EBITDA is defined as earnings before interest, taxes and depreciation and amortization, adjusted for specified items. The company calculates adjusted EBITDA by removing the impact of specified items and adding back the amounts of interest expense, tax expense and depreciation and amortization to net income (loss). Management believes that adjusted EBITDA is a useful measure of the company's performance as it provides investors additional information about the company's operations allowing better evaluation of underlying business performance and improved comparability to prior periods. Adjusted EBITDA is a non-GAAP financial measure and is not intended to replace or be an alternative to net income (loss), the most directly comparable GAAP financial measure. |
Trailing Twelve Months of EBITDA and Adjusted EBITDA A non-GAAP financial measure (unaudited) |
|||||||||
|
|||||||||
|
Three Months Ended, |
|
Twelve months ended |
||||||
(in thousands) |
|
|
|
|
|
|
|
|
|
Net income |
$ 82,686 |
|
$ 30,523 |
|
$ 78,437 |
|
$ 12,665 |
|
$ 204,311 |
Interest expense |
13,953 |
|
8,188 |
|
8,101 |
|
6,522 |
|
36,764 |
Tax provision |
21,732 |
|
7,862 |
|
13,324 |
|
1,303 |
|
44,221 |
Depreciation and amortization |
30,365 |
|
31,215 |
|
31,306 |
|
30,949 |
|
123,835 |
EBITDA |
148,736 |
|
77,788 |
|
131,168 |
|
51,439 |
|
409,131 |
Adjusting items impacting EBITDA: |
|
|
|
|
|
|
|
|
|
Transaction related compensation |
939 |
|
1,999 |
|
3,212 |
|
2,852 |
|
9,002 |
Gain on sale of assets |
— |
|
(5,643) |
|
— |
|
— |
|
(5,643) |
Gain on cost method investment |
— |
|
(4,798) |
|
— |
|
— |
|
(4,798) |
Impairment on equity method investments |
— |
|
963 |
|
— |
|
— |
|
963 |
Insured inventory expenses |
1,310 |
|
— |
|
— |
|
— |
|
1,310 |
Gain on deconsolidation of joint venture |
(6,544) |
|
— |
|
— |
|
(3,117) |
|
(9,661) |
|
— |
|
— |
|
686 |
|
— |
|
686 |
Total adjusting items |
(4,295) |
|
(7,479) |
|
3,898 |
|
(265) |
|
(8,141) |
Adjusted EBITDA |
$ 144,441 |
|
$ 70,309 |
|
$ 135,066 |
|
$ 51,174 |
|
$ 400,990 |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended, |
|
Twelve months ended |
||||||
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ 102,400 |
|
$ 24,880 |
|
$ 21,170 |
|
$ (59,117) |
|
$ 89,333 |
Interest expense |
16,921 |
|
14,982 |
|
14,087 |
|
16,625 |
|
62,615 |
Tax provision (benefit) |
15,753 |
|
9,839 |
|
9,933 |
|
(5,884) |
|
29,641 |
Depreciation and amortization |
33,567 |
|
33,322 |
|
33,476 |
|
32,220 |
|
132,585 |
EBITDA |
168,641 |
|
83,023 |
|
78,666 |
|
(16,156) |
|
314,174 |
Adjusting items impacting EBITDA: |
|
|
|
|
|
|
|
|
|
Insured inventory expenses (recoveries) |
— |
|
— |
|
15,993 |
|
(17,390) |
|
(1,397) |
Transaction related compensation |
— |
|
— |
|
— |
|
1,668 |
|
1,668 |
Asset impairment including equity method investments |
4,455 |
|
— |
|
9,000 |
|
87,156 |
|
100,611 |
Gain on sale of frac sand assets |
(3,762) |
|
— |
|
— |
|
— |
|
(3,762) |
Total adjusting items |
693 |
|
— |
|
24,993 |
|
71,434 |
|
97,120 |
Adjusted EBITDA |
$ 169,334 |
|
$ 83,023 |
|
$ 103,659 |
|
$ 55,278 |
|
$ 411,294 |
|
|
|
|
|
|
|
|
|
|
Cash from Operations Before Working Capital Changes A non-GAAP financial measure (unaudited) |
|||
|
|||
|
Three months ended |
||
(in thousands) |
2024 |
|
2023 |
Cash used in operating activities |
$ (239,627) |
|
$ (333,535) |
Changes in operating assets and liabilities |
|
|
|
Accounts receivable |
57,725 |
|
125,113 |
Inventories |
169,083 |
|
178,010 |
Commodity derivatives |
(28,498) |
|
83,148 |
Other current and non-current assets |
1,923 |
|
(17,543) |
Payables and other current and non-current liabilities |
(488,269) |
|
(760,292) |
Total changes in operating assets and liabilities |
(288,036) |
|
(391,564) |
Adjusting items impacting cash from operations before working capital changes: |
|
|
|
Less: Insured inventory recoveries |
— |
|
(17,390) |
Cash from operations before working capital changes |
$ 48,409 |
|
$ 40,639 |
|
Cash from operations before working capital changes is defined as cash provided by (used in) operating activities before the impact of changes in working capital within the statement of cash flows. The Company calculates cash from operations by eliminating the effect of changes in accounts receivable, inventories, commodity derivatives, other assets, and payables and accrued expenses from the cash provided by (used in) operating activities. Management believes that cash from operations before working capital changes is a useful measure of the company's performance as it provides investors additional information about the company's operations allowing better evaluation of underlying business performance and improved comparability to prior periods. Cash from operations before working capital changes is a non-GAAP financial measure and is not intended to replace or be an alternative to cash provided by (used in) operating activities, the most directly comparable GAAP financial measure. |
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