Andersons (ANDE) Q2 FY2024 earnings: revenue $2.8 billion, down 30.5% on the year

Andersons, Inc. (ANDE) reported revenue of $2.8 billion for Q2 FY2024, the quarter ended 30 June 2024, down 30.5% on the same quarter a year earlier. Net income was $36 million, down 34.6% on the year, and diluted earnings per share $1.05. The figures are the company's own, from the 10-Q it filed with the SEC on 7 August 2024.

Revenue$2.8 billiondown 30.5%

Net income$36 milliondown 34.6%

Diluted EPS$1.05

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	2,795	2,718	n/a	n/a
Cost of revenue	2,620	2,590	n/a	n/a
Gross profit	175	128	n/a	n/a
Gross margin	6.3%	4.7%	n/a
Pre-tax income	57.3	14.0	n/a	n/a
Income tax	4.9	1.3	n/a	n/a
Effective tax rate	8.5%	9.3%	n/a
Net income	36.0	5.6	n/a	n/a
Net margin	1.3%	0.2%	n/a
Diluted EPS	$1.05	$0.16	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	304	-240	n/a	n/a
Capital expenditure	28.6	26.8	n/a	n/a
Free cash flow	276	-266	n/a	n/a
Free cash flow margin	9.9%	-9.8%	n/a
Cash from investing	-36.1	-22.1	n/a	n/a
Cash from financing	-21.6	-98.3	n/a	n/a
Depreciation and amortisation	30.3	30.9	n/a	n/a
Dividends paid	6.5	6.5	n/a	n/a
Dividend per share	$0.19	$0.19	n/a	n/a
Diluted shares, weighted	34m	34m	n/a	n/a
Shares outstanding at period end	34m	34m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Shareholders' equity	1,311	1,280	n/a	n/a
Non-controlling interest	210	196	n/a	n/a
Short-term borrowings	4.0	10.1	n/a	n/a
Debt	549	556	n/a	n/a
Operating lease liabilities	n/a	31.2	n/a	n/a
Other liabilities	1,226	1,188	n/a	n/a
Total liabilities and equity	3,300	3,261	n/a	n/a
Fixed assets	694	689	n/a	n/a
Goodwill	n/a	128	n/a	n/a
Cash and equivalents	530	284	n/a	n/a
Inventory	687	995	n/a	n/a
Other assets	1,389	1,166	n/a	n/a
Total assets	3,300	3,261	n/a	n/a

Questions

What was Andersons' revenue in Q2 FY2024?

Andersons (ANDE) reported revenue of $2.8 billion for Q2 FY2024, the quarter ended 30 June 2024, down 30.5% on the same quarter a year earlier.

How much did Andersons earn in Q2 FY2024?

Net income for Q2 FY2024 was $36 million, down 34.6% on the year, and diluted earnings per share $1.05.

When did Andersons report Q2 FY2024 results?

Andersons filed its 10-Q for the quarter ended 30 June 2024 with the SEC on 7 August 2024.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	3,636	3,213	2,718	2,795	2,621	3,123	2,659	3,136	2,678	2,536	2,627	3,098
Cost of revenue	3,478	2,995	2,590	2,620	2,444	2,910	2,506	2,977	2,507	2,305	2,467	2,874
Gross profit	158	218	128	175	177	213	153	158	171	231	161	224
Gross margin	4%	7%	5%	6%	7%	7%	6%	5%	6%	9%	6%	7%
Pre-tax income	38.4	91.8	14.0	57.3	62.2	67.3	3.2	24.8	25.8	87.6	33.9	67.3
Tax rate	20%	15%	9%	9%	17%	20%	-66%	32%	-1%	19%	13%	20%
Net income	9.7	51.2	5.6	36.0	27.4	45.1	0.3	7.9	20.1	67.4	33.2	56.6
Net margin	0%	2%	0%	1%	1%	1%	0%	0%	1%	3%	1%	2%
Diluted EPS	$0.28	$1.49	$0.16	$1.05	$0.80	$1.31	$0.01	$0.23	$0.59	$1.97	$0.97	$1.65
Operating cash flow	489	251	-240	304	-2.1	269	-350	299	234	-6.2	-394	488
Capital expenditure	33.7	41.7	26.8	28.6	37.8	56.0	46.5	48.8	66.8	70.9	51.7	75.6
Free cash flow	455	209	-266	276	-40.0	213	-397	250	167	-77.1	-445	412
Buybacks	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a	14.2	n/a	n/a	n/a
Dividends paid	6.2	6.6	6.5	6.5	6.5	6.8	6.7	6.7	6.5	7.0	6.8	6.8
Shares outstanding	34m	34m	34m	34m	34m	34m	34m	34m	34m	34m	34m	34m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2024, filed 7 August 2024, accession 0000821026-24-000185: the filing on EDGAR. All of Andersons, Inc.'s filings: EDGAR company page.

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