Andersons Renewables Posts Third-Quarter Record Pretax Income of $63 Million

The Tip Desk · November 4, 2026 · 3 min read

The Andersons posted record third-quarter net income of $46 million, or $1.36 a share, as Renewables pretax income reached a record $63 million.

The Andersons, Inc. (ANDE), a North American agriculture and renewable fuels company, reported record third-quarter net income attributable to the company of $46 million, or $1.36 a share, as Renewables pretax income reached a record $63 million.

Adjusted net income attributable was $47 million, or $1.38 a share. Adjusted EBITDA was $101 million.

President and CEO Bill Krueger said the quarter reflected significant year-over-year improvement in both Renewables and Agribusiness. Renewables pretax income was a record $63 million, versus a record $65 million in the second quarter.

The company said Renewables delivered strong results from efficient plant operations, higher co-product values, and lower corn basis at eastern plants. Ethanol and corn-oil yields improved year-over-year. Third-quarter results included $27 million of 45Z producer tax credits. Merchandising results were lower than a year earlier because foreign feedstocks pressured domestic values and bio-based diesel plants ran at reduced rates. Renewables adjusted EBITDA was $78 million. All four production plants completed scheduled fall maintenance shutdowns, including an extended shutdown at Clymers, Indiana, in preparation for debottlenecking.

Krueger said an ethanol de-bottlenecking project at Clymers remains on track to bring an additional 30 million gallons online in mid-2027. The company said it is pursuing additional opportunities to reduce carbon intensity at all plants to maximize the value of low-carbon ethanol.

Agribusiness pretax income was $5 million and adjusted pretax income attributable to the company was $9 million, versus pretax and adjusted pretax income of $20 million in the second quarter. The segment showed improvement in a dynamic environment, with merchandising businesses showing the largest year-over-year improvement on higher commodity prices and increased volatility. Grain asset performance was down versus 2025 because of a later eastern harvest and a decline in wheat space income. Fertilizer results were comparable year-over-year in a seasonally low quarter. Agribusiness adjusted EBITDA was $40 million.

Krueger said the company expects market dislocations and a solid eastern grain belt harvest to provide opportunities in the fourth quarter and into 2027. The Port of Houston soybean meal export project is now operational, and the company said it is actively booking shipments for the remainder of 2026 and into 2027.

Cash used in operating activities was $124 million, versus cash provided of $488 million in the second quarter. Cash from operations before working capital changes was $83 million. Cash spent on capital projects was $60 million.

The company recorded income tax expense of $7 million, for an effective tax rate of 13%, which it said was impacted by non-taxable 45Z tax credits. It anticipates a full-year adjusted effective rate of approximately 14% to 18%.

Chief Financial Officer Brian Valentine said long-term debt to EBITDA remains well below the company’s target of less than 2.5 times. The company also announced an agreement to sell the majority of the 2026 45Z tax credits it is generating, with most of the cash expected later this year.