The Andersons, Inc. (ANDE - Free Report) reported adjusted earnings per share (EPS) of 98 cents in fourth-quarter 2022, marking a year-over-year fall of 14%. However, the bottom line surpassed the Zacks Consensus Estimate of 40 cents.
Including one-time items, the company reported EPS of 44 cents in the quarter compared with the prior-year quarter’s 95 cents.
Operational Update
Revenues in the fourth quarter went up 23.6% year over year to $4,677 million. The top line surpassed the Zacks Consensus Estimate of $4,564 million.
Cost of sales increased 25.6% to $4,507 million from $3,589 million posted in the prior-year quarter. Gross profit fell 12.4% year over year to $170 million. The gross margin reduced to 3.6% in the quarter compared with the year-ago quarter’s 5.1%.
Operating, administrative and general expenses were up 14.3% year over year to $136 million. The adjusted operating profit was $50 million in the fourth quarter compared with $53 million in the prior-year period. Adjusted EBITDA was $104 million in the December-end quarter compared with $130 million in the prior-year period.
Segmental Performance
The Trade segment’s revenues rose 30.3% year over year to $3,625 million. The segment reported an adjusted operating profit of $52 million, suggesting a year-over-year surge of 92.6%.
The Renewables segment’s revenues were $798 million compared with the year-earlier quarter’s $767 million. The segment reported an adjusted operating profit of $12 million compared with the prior-year quarter’s operating profit of $27 million.
The Plant Nutrient segment reported revenues of $255 million, up 9% from the prior-year quarter’s level. It reported an operating profit of $2 million compared with the year-earlier quarter’s $16 million.
Financial Performance
Andersons reported cash and cash equivalents of $115 million at the end of 2022, down from $216 million reported at the end of the prior year. The company’s long-term debt was $493 million in 2022 compared with $600 million in 2021.
2022 Performance
Andersons reported an adjusted EPS of $4.05 in 2022 compared with $2.89 per share in the prior year. Earnings beat the Zacks Consensus Estimate of $3.49. Including one-time items, the bottom line was $3.46 compared with $2.94 in 2021.
Sales were up 37.4% year over year to $17.3 billion. The top line surpassed the Zacks Consensus Estimate of $17.2 billion.
Price Performance
Andersons’ shares have lost 5.2% in the past year compared with the industry’s fall of 9.5%.
Zacks Rank & Other Stocks to Consider
Andersons currently has a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the basic materials space are CalMaine Foods, Inc. (CALM - Free Report) , Reliance Steel & Aluminum Co. (RS - Free Report) and Teck Resources Limited (TECK - Free Report) . CALM and RS currently flaunt a Zacks Rank #1 (Strong Buy), and TECK carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for CalMaine Foods’ fiscal 2023 earnings per share is pegged at $16.75, suggesting 515.8% growth from the year-ago reported figure. Earnings estimates have moved 106.8% north in the past 60 days. CALM has a trailing four-quarter earnings surprise of 15.3%, on average. Its shares have gained 27.9% in the past year.
The Zacks Consensus Estimate for Reliance Steel’s earnings per share is pegged at $28.65 for 2022, indicating a year-over-year growth rate of 29.5%. Earnings estimates have been revised 0.2% upward in the past 60 days. RS has a trailing four-quarter average surprise of 13.6%, on average. The company has gained 42.7% in a year.
The Zacks Consensus Estimate for Teck Resources Limited’s 2022 earnings per share is pegged at $7.06, suggesting 56.1% growth from the year-ago reported figure. Earnings estimates have moved 3.4% north in the past 60 days. TECK has a trailing four-quarter earnings surprise of 3.7%, on average. Its shares have gained 16.3% in the past year.
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The Andersons, Inc. (ANDE - Free Report) reported adjusted earnings per share (EPS) of 98 cents in fourth-quarter 2022, marking a year-over-year fall of 14%. However, the bottom line surpassed the Zacks Consensus Estimate of 40 cents.
Including one-time items, the company reported EPS of 44 cents in the quarter compared with the prior-year quarter’s 95 cents.
Operational Update
Revenues in the fourth quarter went up 23.6% year over year to $4,677 million. The top line surpassed the Zacks Consensus Estimate of $4,564 million.
Cost of sales increased 25.6% to $4,507 million from $3,589 million posted in the prior-year quarter. Gross profit fell 12.4% year over year to $170 million. The gross margin reduced to 3.6% in the quarter compared with the year-ago quarter’s 5.1%.
Operating, administrative and general expenses were up 14.3% year over year to $136 million. The adjusted operating profit was $50 million in the fourth quarter compared with $53 million in the prior-year period. Adjusted EBITDA was $104 million in the December-end quarter compared with $130 million in the prior-year period.
Segmental Performance
The Trade segment’s revenues rose 30.3% year over year to $3,625 million. The segment reported an adjusted operating profit of $52 million, suggesting a year-over-year surge of 92.6%.
The Renewables segment’s revenues were $798 million compared with the year-earlier quarter’s $767 million. The segment reported an adjusted operating profit of $12 million compared with the prior-year quarter’s operating profit of $27 million.
The Plant Nutrient segment reported revenues of $255 million, up 9% from the prior-year quarter’s level. It reported an operating profit of $2 million compared with the year-earlier quarter’s $16 million.
Financial Performance
Andersons reported cash and cash equivalents of $115 million at the end of 2022, down from $216 million reported at the end of the prior year. The company’s long-term debt was $493 million in 2022 compared with $600 million in 2021.
2022 Performance
Andersons reported an adjusted EPS of $4.05 in 2022 compared with $2.89 per share in the prior year. Earnings beat the Zacks Consensus Estimate of $3.49. Including one-time items, the bottom line was $3.46 compared with $2.94 in 2021.
Sales were up 37.4% year over year to $17.3 billion. The top line surpassed the Zacks Consensus Estimate of $17.2 billion.
Price Performance
Andersons’ shares have lost 5.2% in the past year compared with the industry’s fall of 9.5%.
Zacks Rank & Other Stocks to Consider
Andersons currently has a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the basic materials space are CalMaine Foods, Inc. (CALM - Free Report) , Reliance Steel & Aluminum Co. (RS - Free Report) and Teck Resources Limited (TECK - Free Report) . CALM and RS currently flaunt a Zacks Rank #1 (Strong Buy), and TECK carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for CalMaine Foods’ fiscal 2023 earnings per share is pegged at $16.75, suggesting 515.8% growth from the year-ago reported figure. Earnings estimates have moved 106.8% north in the past 60 days. CALM has a trailing four-quarter earnings surprise of 15.3%, on average. Its shares have gained 27.9% in the past year.
The Zacks Consensus Estimate for Reliance Steel’s earnings per share is pegged at $28.65 for 2022, indicating a year-over-year growth rate of 29.5%. Earnings estimates have been revised 0.2% upward in the past 60 days. RS has a trailing four-quarter average surprise of 13.6%, on average. The company has gained 42.7% in a year.
The Zacks Consensus Estimate for Teck Resources Limited’s 2022 earnings per share is pegged at $7.06, suggesting 56.1% growth from the year-ago reported figure. Earnings estimates have moved 3.4% north in the past 60 days. TECK has a trailing four-quarter earnings surprise of 3.7%, on average. Its shares have gained 16.3% in the past year.
Free Report Reveals How You Could Profit from the Growing Electric Vehicle Industry
Globally, electric car sales continue their remarkable growth even after breaking records in 2021. High gas prices have fueled his demand, but so has evolving EV comfort, features and technology. So, the fervor for EVs will be around long after gas prices normalize. Not only are manufacturers seeing record-high profits, but producers of EV-related technology are raking in the dough as well. Do you know how to cash in? If not, we have the perfect report for you – and it’s FREE! Today, don't miss your chance to download Zacks' top 5 stocks for the electric vehicle revolution at no cost and with no obligation.
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