Maumee, OH — The Andersons, Inc. on Tuesday, May 4, reported net income of $15.1 million on adjusted earnings of $80.2 million during the first quarter of 2021.
"We are very pleased with the start to 2021 in this demand-driven agriculture rally," said President and CEO Pat Bowe.
"These results are our best first quarter performance since 2014 and reflect good execution coupled with the results of our multi-year cost reduction project.
"Commodity price volatility and market dislocations have created merchandising opportunities in many of the commodity supply chains that we touch in our Trade business and we expect that this will continue in the near term."
"Ethanol margins have improved significantly with ethanol prices reaching levels not seen in over six years, combined with strong margins on our newer high-protein feed and other co-products," added Bowe.
"Plant Nutrient had its best first quarter since 2008 with increased volume and strong margins that we expect will continue into the peak planting season.
"Finally, while Rail has been slower to recover, it has also seen improved results."
First Quarter Highlights:
To read the full report, click here.