Author: sHq_LoGiNz
NEW YORK, May 5, 2026 /PRNewswire/ — On Saturday May 16, Rare Shades 7 will add a unique exhibition of Porsche colors to the diverse array of topics on offer during this year’s NYCxDESIGN Festival. The one-day show presented by 000 Magazine marks the first time that the general public will be allowed inside Wildflower Studios, a new 760,000sqft creative campus in Queens conceived by Robert De Niro, Raphael De Niro, and Adam Gordon to return filmmaking to New York City.
Now in its seventh edition, 000’s innovative Rare Shades event series explores Porsche through time, design, and the psychology of color—putting both newcomers to the marque and seasoned enthusiasts on equal footing as they consider its sports cars from a new perspective. “Rare Shades isn’t a car show as you know them,” said 000 Editor-in-Chief Pete Stout. “It’s a study of Porsche’s form language through the lens of one studio’s remarkable impact in the world of color and trim. 000 launched Rare Shades in 2018 to highlight that history within a modern automotive landscape dominated by black, white, silver, and gray cars—not to mention our desire to see a wide array of unusual Porsche colors in one place.”
Rare Shades 5 was hosted at Summit Skywalker Ranch in Marin County, while Rare Shades 6 took place at the Aga Khan Museum in Toronto. This year’s venue in New York City will be an integral part of the Rare Shades 7 experience.
“Wildflower Studios was designed to enable storytelling at the highest level,” said Adam Gordon, cofounder of Wildflower Studios. “Rare Shades 7 brings that vision into a new context—where design, light, and movement come together in a way that feels both unexpected and entirely natural for this space.”
With more than 100 cars on display, Rare Shades 7 will allow attendees to sample an important element of 000’s core ethos: exploring not just what happened at Porsche, but why.
Press photos of Wildflower Studios and previous Rare Shades events are available upon request.
Rare Shades 7
May 16, 2026, from 1pm to 6pm
Wildflower Studios, 35-15 19th Avenue, Queens, New York 11105
Tickets available at 000magazine.com/pages/rare-shades-nyc
About 000 Magazine: Founded in 2016, the magazine known as “Triple Zero” is an independent quarterly publication that explores Porsche through detailed storytelling, carefully considered layouts, exceptional photography, and rarely seen documents. Today, with customers in all 50 states and 65 countries around the globe, 000 also engages the Porsche community through its digital media platforms, winning motorsport programs, extraordinary events, strategic partnerships, and vehicle edits. Learn more at 000magazine.com
Contact: Mike Maravilla, mike.maravilla@000magazine.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/rare-shades-7-presented-by-000-media-adds-study-of-porsche-sports-cars-in-unusual-colors-at-an-extraordinary-venue-during-nycxdesign-festival-302763377.html
SOURCE 000 Magazine
NEW YORK, May 5, 2026 /PRNewswire/ — On Saturday May 16, Rare Shades 7 will add a unique exhibition of Porsche colors to the diverse array of topics on offer during this year’s NYCxDESIGN Festival. The one-day show presented by 000 Magazine marks the first time that the general public will be allowed inside Wildflower Studios, a new 760,000sqft creative campus in Queens conceived by Robert De Niro, Raphael De Niro, and Adam Gordon to return filmmaking to New York City.
Now in its seventh edition, 000’s innovative Rare Shades event series explores Porsche through time, design, and the psychology of color—putting both newcomers to the marque and seasoned enthusiasts on equal footing as they consider its sports cars from a new perspective. “Rare Shades isn’t a car show as you know them,” said 000 Editor-in-Chief Pete Stout. “It’s a study of Porsche’s form language through the lens of one studio’s remarkable impact in the world of color and trim. 000 launched Rare Shades in 2018 to highlight that history within a modern automotive landscape dominated by black, white, silver, and gray cars—not to mention our desire to see a wide array of unusual Porsche colors in one place.”
Rare Shades 5 was hosted at Summit Skywalker Ranch in Marin County, while Rare Shades 6 took place at the Aga Khan Museum in Toronto. This year’s venue in New York City will be an integral part of the Rare Shades 7 experience.
“Wildflower Studios was designed to enable storytelling at the highest level,” said Adam Gordon, cofounder of Wildflower Studios. “Rare Shades 7 brings that vision into a new context—where design, light, and movement come together in a way that feels both unexpected and entirely natural for this space.”
With more than 100 cars on display, Rare Shades 7 will allow attendees to sample an important element of 000’s core ethos: exploring not just what happened at Porsche, but why.
Press photos of Wildflower Studios and previous Rare Shades events are available upon request.
Rare Shades 7
May 16, 2026, from 1pm to 6pm
Wildflower Studios, 35-15 19th Avenue, Queens, New York 11105
Tickets available at 000magazine.com/pages/rare-shades-nyc
About 000 Magazine: Founded in 2016, the magazine known as “Triple Zero” is an independent quarterly publication that explores Porsche through detailed storytelling, carefully considered layouts, exceptional photography, and rarely seen documents. Today, with customers in all 50 states and 65 countries around the globe, 000 also engages the Porsche community through its digital media platforms, winning motorsport programs, extraordinary events, strategic partnerships, and vehicle edits. Learn more at 000magazine.com
Contact: Mike Maravilla, mike.maravilla@000magazine.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/rare-shades-7-presented-by-000-media-adds-study-of-porsche-sports-cars-in-unusual-colors-at-an-extraordinary-venue-during-nycxdesign-festival-302763377.html
SOURCE 000 Magazine
NEW YORK, May 5, 2026 /PRNewswire/ — On Saturday May 16, Rare Shades 7 will add a unique exhibition of Porsche colors to the diverse array of topics on offer during this year’s NYCxDESIGN Festival. The one-day show presented by 000 Magazine marks the first time that the general public will be allowed inside Wildflower Studios, a new 760,000sqft creative campus in Queens conceived by Robert De Niro, Raphael De Niro, and Adam Gordon to return filmmaking to New York City.
Now in its seventh edition, 000’s innovative Rare Shades event series explores Porsche through time, design, and the psychology of color—putting both newcomers to the marque and seasoned enthusiasts on equal footing as they consider its sports cars from a new perspective. “Rare Shades isn’t a car show as you know them,” said 000 Editor-in-Chief Pete Stout. “It’s a study of Porsche’s form language through the lens of one studio’s remarkable impact in the world of color and trim. 000 launched Rare Shades in 2018 to highlight that history within a modern automotive landscape dominated by black, white, silver, and gray cars—not to mention our desire to see a wide array of unusual Porsche colors in one place.”
Rare Shades 5 was hosted at Summit Skywalker Ranch in Marin County, while Rare Shades 6 took place at the Aga Khan Museum in Toronto. This year’s venue in New York City will be an integral part of the Rare Shades 7 experience.
“Wildflower Studios was designed to enable storytelling at the highest level,” said Adam Gordon, cofounder of Wildflower Studios. “Rare Shades 7 brings that vision into a new context—where design, light, and movement come together in a way that feels both unexpected and entirely natural for this space.”
With more than 100 cars on display, Rare Shades 7 will allow attendees to sample an important element of 000’s core ethos: exploring not just what happened at Porsche, but why.
Press photos of Wildflower Studios and previous Rare Shades events are available upon request.
Rare Shades 7
May 16, 2026, from 1pm to 6pm
Wildflower Studios, 35-15 19th Avenue, Queens, New York 11105
Tickets available at 000magazine.com/pages/rare-shades-nyc
About 000 Magazine: Founded in 2016, the magazine known as “Triple Zero” is an independent quarterly publication that explores Porsche through detailed storytelling, carefully considered layouts, exceptional photography, and rarely seen documents. Today, with customers in all 50 states and 65 countries around the globe, 000 also engages the Porsche community through its digital media platforms, winning motorsport programs, extraordinary events, strategic partnerships, and vehicle edits. Learn more at 000magazine.com
Contact: Mike Maravilla, mike.maravilla@000magazine.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/rare-shades-7-presented-by-000-media-adds-study-of-porsche-sports-cars-in-unusual-colors-at-an-extraordinary-venue-during-nycxdesign-festival-302763377.html
SOURCE 000 Magazine
Sponsorship is funding grants to New York-based dental schools and professional associations
WELLESLEY, Mass., May 5, 2026 /PRNewswire/ — DentaQuest, part of Sun Life U.S., has donated $100,000 to the Healthfirst Foundation, making a significant impact for low-income children and older adults across New York by expanding access to dental care. As an early supporter of the Healthfirst Foundation, DentaQuest’s contribution reflects a shared commitment to advancing oral healthcare for vulnerable populations.
DentaQuest’s contribution reflects a shared commitment to advancing oral healthcare for vulnerable populations.
The Healthfirst Foundation has strategically distributed DentaQuest’s contribution as grants to leading dental educational institutions and professional associations:
- Six Regional Dental Associations – Suffolk, Nassau, Queens, New York County, Bronx, and the Ninth District Dental Associations will strengthen community oral health initiatives, including back-to-school events, pediatric education programs, and Give Kids a Smile® programming.
- New York University College of Dentistry – Support for comprehensive dental community outreach to underserved and high-need populations through direct patient care and the Smiling Faces, Going Places Dental Van.
- Stony Brook University School of Dental Medicine – Funding to enhance the mobile dental care unit’s outreach to both children and adults in underserved and high-need communities.
“We’re proud to be among the first corporate partners supporting the Healthfirst Foundation,” said David Healy, president, Sun Life U.S. “As the largest provider of Medicaid and CHIP dental benefits in the U.S., we recognize that preventive care saves lives and reduces future health complications. This partnership allows us to reinforce the importance of lifelong oral healthcare access with direct community impact.”
Aligned with DentaQuest’s commitment to improving the oral health of all, this new philanthropic collaboration will increase access to preventive screenings, oral exams, cleanings, and patient education, establishing pathways for sustainable, ongoing dental care in communities that need it most.
“This contribution from DentaQuest will directly expand access to preventive and community-based dental care across downstate New York,” said Errol Pierre, Healthfirst Foundation Board Member and Healthfirst Chief Growth Officer. “By supporting dental schools and local associations, we are helping bring care closer to where people live, learn, and work.”
The Healthfirst Foundation supports health and social service programs for people in New York City and surrounding areas. Healthfirst, downstate New York’s largest not-for-profit health insurer, established the Healthfirst Foundation to support its mission of making healthcare easier and more accessible. DentaQuest has been the dental benefits administrator for Healthfirst plans in New York, including its Medicaid and Medicare Advantage programs, for more than 20 years.
About DentaQuest
Sun Life U.S. Dental, which includes DentaQuest, is dedicated to improving the oral health of all through purpose-driven, outcomes-based solutions. We make dental benefits better for everyone through Preventistry® – an inclusive approach centered on preventive, quality care, expanded access and solutions built on valued relationships across the health care ecosystem. We manage dental and vision benefits for approximately 32 million Americans. For more than 30 years, we have delivered cost-effective benefit plans and services for employer groups, individuals, health plans, and government-sponsored dental programs. We are the largest Medicaid and CHIP dental benefits administrator in the U.S., by membership. We also support direct patient care through an expanding network of more than 70 dental practices in underserved communities across the United States. Learn more about Sun Life U.S. Dental at sunlife.com/dental and dentaquest.com.
Media contacts
Farrah Phillipo
Sun Life U.S./DentaQuest
farrah.phillipo@greatdentalplans.com
781-654-6764
Barbara Montresor
Healthfirst Foundation
bmontresor@healthfirst.org
646-709-4853
View original content to download multimedia:https://www.prnewswire.com/news-releases/dentaquest-part-of-sun-life-us-donates-100-000-to-healthfirst-foundation-to-support-access-to-dental-care-for-underserved-communities-302763325.html
SOURCE DentaQuest
Agreement modernizes training to build specialized skills required for large-scale reactors and SMRs
RESTON, Va., May 5, 2026 /PRNewswire/ — Bechtel and North America’s Building Trades Unions (NABTU) today announced a Memorandum of Understanding (MOU) to advance and modernize apprenticeship programs supporting the construction of a new generation of U.S. nuclear power plants.
The agreement reflects a strategic alignment between one of the world’s most experienced builders of nuclear infrastructure and North America’s largest federation of skilled construction unions. Together, the organizations will strengthen apprenticeship pathways and expand specialized training to develop the craft expertise and quality standards required to deliver nuclear projects.
Through this partnership, Bechtel and NABTU will work together to ensure apprenticeship programs continue to evolve to meet the scale of resources needed as well as the technical requirements of modern nuclear construction.
Under the agreement, Bechtel and NABTU will:
- Identify the specialized craft capabilities required for nuclear construction and align apprenticeship training accordingly
- Collaborate with union training centers to modernize curricula supporting nuclear construction methods and technologies
- Coordinate recruitment through union networks to expand pathways into high-skill careers building large reactors and SMRs
Brendan Bechtel, Chair and CEO of Bechtel, said: “Delivering nuclear power plants requires exceptional craft expertise and a deep commitment to safety and quality. Bechtel’s long-standing partnership with NABTU has helped build some of the most complex energy infrastructure in the United States, including Vogtle Units 3 and 4, the first new nuclear reactors built in the country in more than three decades. Today, we’re continuing that work on next-generation technologies like the Natrium Demonstration Project, which represents a new era of nuclear innovation. This agreement strengthens our collaboration with NABTU and ensures apprenticeship programs continue to develop the number of craft professionals needed to supply this growing market as well as passes on the specialized knowledge and skills required to safely deliver these projects.”
Sean McGarvey, President of NABTU, said: “Building the next generation of nuclear projects requires the highest levels of skill, precision, and safety, and that starts with NABTU’s world-class apprenticeship training and strong contractor partners like Bechtel. This agreement ensures a continuous pipeline of highly skilled, job-ready craft professionals to build nuclear power’s next fleet of reactors. For project owners, that means no labor shortage risk when projects are built under building trades agreements with access to NABTU’s union construction workforce. Workforce availability is not a constraint, and projects can be delivered safely, efficiently, and with certainty.”
For more than a century, Bechtel and the building trades have partnered to deliver some of the world’s most complex infrastructure projects. Most recently, Bechtel and NABTU-affiliated craft professionals worked together to deliver the expansion of Vogtle, and today, are advancing construction on the Natrium Demonstration project in Kemmerer, Wyoming — America’s first utility-scale advanced nuclear project.
As the United States advances a new generation of nuclear projects, apprenticeships will remain central to developing the skilled craft workforce capable of delivering them.
To learn more about this partnership, visit Bechtel.com.
Contact: Ashley Accardo, aaccardo@bechtel.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/bechtel-and-nabtu-partner-to-advance-nuclear-construction-apprenticeships-302763273.html
SOURCE Bechtel
How can innovative nature finance structures improve traditional working forest models, strengthening long-term resilience while delivering conservation, climate, and community benefits?
The unique blended finance structure behind the Cumberland Forest Project—one of The Nature Conservancy’s largest conservation projects in the eastern United States—demonstrates what is possible with impact-driven timberland investments. Established in 2018, the Cumberland Forest Project manages 253,000 acres of working forest across Kentucky, Tennessee and Virginia to deliver conservation and community benefits alongside financial returns.
The result is a scalable model for investing in nature, one that aims to aligns conservation and community outcomes with asset performance.
Learn how innovative finance can unlock better outcomes for nature and communities, and why the Cumberland Forest Project is a leading example of nature-based investing in action.
To go deeper into the why and how behind this work, explore the Cumberland Forest Project’s 2025 Impact Report and hear project director Greg Meade share insights on the Forest Invest podcast.
MAUMEE, Ohio, May 5, 2026 /PRNewswire/ — The Andersons, Inc. (Nasdaq: ANDE) announces financial results for the first quarter ended March 31, 2026.
Financial Highlights:
- Reported record first quarter net income attributable to The Andersons of $33 million or $0.97 per diluted share and adjusted net income attributable of $38 million, or $1.12 per diluted share
- Adjusted EBITDA of $91 million
- Renewables first quarter pretax income was $40 million on record production, strong merchandising, and biofuels policy benefits
- Agribusiness recorded pretax income of $7 million and adjusted pretax income attributable to The Andersons of $18 million on resilient merchandising and improving conditions
“Our record first quarter includes outstanding results in Renewables and year-over-year improvement in Agribusiness. Ethanol margins were solid during the quarter on increased demand and higher gasoline prices. Our renewable feedstock business had a strong quarter as values and volumes improved following the finalization of the Required Volume Obligations (RVO). Our plants set another quarterly record for production, and we were able to qualify for a higher tier of 45Z tax credits. Fundamentals for this business remain positive,” said President and CEO Bill Krueger. “In Agribusiness, with the return of some market volatility, our merchandising businesses had a solid quarter. Results from our premium ingredients business more than doubled the prior year, as we are focused on serving our key CPG customers. Our fertilizer business also improved, as we strategically positioned product in anticipation of spring planting.”
“We continue to evaluate capital deployment to drive growth and expansion of our existing assets, make our operations more efficient, while analyzing potential acquisitions. We are on track to complete several capital investments during 2026, including the addition of soybean meal export capacity at Port Houston, the replacement and modernization of grain storage at our Toledo port assets, and several corn and wheat cleaning projects within our current asset footprint. Our Clymers, Indiana ethanol debottlenecking project, announced in December of last year, is in the early stages and progressing as planned. We expect the project to increase the plant’s annual production capacity to approximately 170 million gallons upon completion. We are evaluating additional ethanol, premium ingredients, and other projects to drive further profitable growth as we remain focused on achieving the $7.00 run-rate EPS target exiting 2028, as announced in December at our Investor Day,” continued Krueger.
|
$ in millions, except per share amounts |
|||
|
YTD 2026 |
YTD 2025 |
Variance |
|
|
Pretax Income |
$ 33.9 |
$ 3.2 |
$ 30.7 |
|
Pretax Income (loss) Attributable to the Company1 |
37.7 |
(1.8) |
39.5 |
|
Adjusted Pretax Income Attributable to the Company1 |
44.4 |
3.2 |
41.2 |
|
Agribusiness1 |
17.9 |
(0.1) |
18.0 |
|
Renewables |
39.6 |
15.3 |
24.3 |
|
Other1 |
(13.1) |
(12.0) |
(1.1) |
|
Net Income Attributable to the Company |
33.2 |
0.3 |
32.9 |
|
Adjusted Net Income Attributable to the Company1 |
38.2 |
4.1 |
34.1 |
|
Diluted Earnings Per Share (“EPS”) |
0.97 |
0.01 |
0.96 |
|
Adjusted EPS1 |
1.12 |
0.12 |
1.00 |
|
EBITDA1 |
84.8 |
50.6 |
34.2 |
|
Adjusted EBITDA1 |
$ 91.5 |
$ 57.3 |
$ 34.2 |
|
1 Non-GAAP financial measures; see appendix for explanations and reconciliations. |
|||
Cash, Liquidity, and Long-Term Debt Management
“Our businesses generated improved cash flows on strong earnings this quarter. We expect to continue to fund many of our growth projects internally and our debt remains at a modest level,” said Executive Vice President and CFO Brian Valentine. “We remain below our long-term debt to EBITDA target of less than 2.5 times and continue to be pleased with the strength of our balance sheet.”
Cash used in operating activities was $394 million and $350 million in the first quarter of 2026 and 2025, respectively. Cash from operations before working capital changes in the same periods was $68 million and $57 million, respectively. Cash spent on capital projects in the quarter totaled $52 million, as we continue to invest in our facilities and fund growth.
First Quarter Segment Overview
Agribusiness Posts Improved First Quarter on Earnings Resilience
Agribusiness recorded pretax income of $7 million and adjusted pretax income attributable to the company of $18 million for the quarter, compared to a pretax loss of $10 million and break even adjusted pretax income in the first quarter of 2025.
Our diversified portfolio showed the resilience of our earnings as we saw more volatility return to the market this quarter. As prices rallied during the quarter, more old crop bushels came to market, which provided opportunities for our merchandising businesses. Our grain asset footprint saw less basis appreciation than expected as the price rally put pressure on basis values. Fertilizer results improved on higher margins.
Market conditions remain dynamic. There is the potential of continued volatility that will provide opportunities through 2026. We will remain nimble as conditions change. If the volatility continues, more opportunities should shift to our merchandising businesses. We expect our asset footprint, especially in the west, to capture some of the delayed basis appreciation over the next few quarters. Anticipated corn plantings are above the five-year average with expanded margin opportunities in this higher priced environment. Our fertilizer business is well positioned heading into Q2 and the application season for planting.
Agribusiness had adjusted first quarter EBITDA of $49 million, compared to $31 million in 2025.
Renewables Reports Record Quarter on Efficient Operations and Strong Demand
The Renewables segment reported pretax income of $40 million in the first quarter. For the same period in 2025, the segment reported pretax income of $25 million and pretax income attributable to the company of $15 million.
The segment had a strong first quarter performance on efficient plant operations and record production. Ethanol demand drove board crush higher year over year but was offset by firmer corn basis and higher natural gas expense. First quarter results include $26 million of 45Z producer tax credits. As expected, each of our plants qualified for the next tier of credits following rule changes effective in 2026. Our merchandising businesses had improved performance, largely driven by volatility surrounding the RVO announcement, resulting in higher distillers corn oil and RIN values.
Ethanol fundamentals continue to be supportive as we anticipate elevated demand, including increasing global blend rates, high gasoline prices, and planned industry maintenance. Renewable feedstocks should also continue to benefit from the robust RVO.
Renewables had first quarter EBITDA of $54 million in 2026, compared to $37 million in 2025.
Income Taxes
The company recorded income tax expense of $4.6 million for the quarter, resulting in an effective tax rate of 14% for the period. The rate was impacted by non-taxable 45Z income. We anticipate a full-year adjusted effective rate of approximately 14% – 18%.
Conference Call
The company will host a webcast on Wednesday, May 6, 2026, at 8:30 a.m. ET, to discuss its performance and provide its outlook for the remainder of 2026. To access the call, please dial 888-317-6003 or 412-317-6061 (elite entry number is 7394049). It is recommended that you call 10 minutes before the conference call begins.
To access the webcast, click on the link: https://app.webinar.net/r9QEJNbJ2Mk 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 Securities and Exchange Commission. Although the company believes that the assumptions upon which the financial information and its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct.
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 The Andersons, Inc. common shareholders and cash provided by (used in) operating activities as determined by generally accepted accounting principles. Reconciliations of the GAAP to non-GAAP measures may be found within this press release and the financial tables provided herein.
Company Description
The Andersons, Inc., is a North American agriculture and renewable fuels company. Guided by its Statement of Principles, The Andersons is committed to providing extraordinary service to its customers, helping its employees improve, supporting its communities, and increasing the value of the company. For more information, please visit www.andersonsinc.com.
|
The Andersons, Inc. Condensed Consolidated Statements of Operations (unaudited)
|
|||
|
Three months ended |
|||
|
(in thousands, except per share data) |
2026 |
2025 |
|
|
Sales and merchandising revenues |
$ 2,627,266 |
$ 2,659,098 |
|
|
Cost of sales and merchandising revenues |
2,466,682 |
2,506,226 |
|
|
Gross profit |
160,584 |
152,872 |
|
|
Operating, administrative and general expenses |
144,664 |
145,754 |
|
|
Interest expense, net |
16,838 |
13,096 |
|
|
Other income, net |
34,810 |
9,191 |
|
|
Income before income taxes |
33,892 |
3,213 |
|
|
Income tax provision (benefit) |
4,560 |
(2,118) |
|
|
Net income |
29,332 |
5,331 |
|
|
Net (loss) income attributable to noncontrolling interests |
(3,856) |
5,047 |
|
|
Net income attributable to The Andersons, Inc. |
$ 33,188 |
$ 284 |
|
|
Earnings per share attributable to The Andersons, Inc. common shareholders: |
|||
|
Basic earnings: |
$ 0.98 |
$ 0.01 |
|
|
Diluted earnings: |
$ 0.97 |
$ 0.01 |
|
|
The Andersons, Inc. Condensed Consolidated Balance Sheets (unaudited)
|
|||||
|
(in thousands) |
March 31, 2026 |
December 31, 2025 |
March 31, 2025 |
||
|
Assets |
|||||
|
Current assets: |
|||||
|
Cash and cash equivalents |
$ 72,398 |
$ 98,283 |
$ 219,219 |
||
|
Accounts receivable, net |
772,010 |
652,472 |
812,482 |
||
|
Inventories |
1,398,686 |
1,365,121 |
1,249,047 |
||
|
Commodity derivative assets – current |
161,858 |
135,466 |
155,028 |
||
|
Other current assets |
152,153 |
125,067 |
92,968 |
||
|
Total current assets |
2,557,105 |
2,376,409 |
2,528,744 |
||
|
Property, plant and equipment, net |
961,401 |
939,500 |
860,246 |
||
|
Other assets, net |
401,670 |
396,923 |
408,692 |
||
|
Total assets |
$ 3,920,176 |
$ 3,712,832 |
$ 3,797,682 |
||
|
Liabilities and equity |
|||||
|
Current liabilities: |
|||||
|
Short-term debt |
$ 716,519 |
$ 249,420 |
$ 222,691 |
||
|
Trade and other payables |
633,027 |
918,691 |
661,202 |
||
|
Customer prepayments and deferred revenue |
222,811 |
195,331 |
223,702 |
||
|
Commodity derivative liabilities – current |
67,682 |
51,153 |
69,648 |
||
|
Current maturities of long-term debt |
23,466 |
63,375 |
62,675 |
||
|
Accrued expenses and other current liabilities |
207,125 |
208,427 |
194,390 |
||
|
Total current liabilities |
1,870,630 |
1,686,397 |
1,434,308 |
||
|
Long-term debt, less current maturities |
569,063 |
560,016 |
588,087 |
||
|
Other long-term liabilities |
170,638 |
176,184 |
180,853 |
||
|
Total liabilities |
2,610,331 |
2,422,597 |
2,203,248 |
||
|
Total equity |
1,309,845 |
1,290,235 |
1,594,434 |
||
|
Total liabilities and equity |
$ 3,920,176 |
$ 3,712,832 |
$ 3,797,682 |
||
|
The Andersons, Inc. Condensed Consolidated Statements of Cash Flows (unaudited)
|
|||
|
Three months ended March 31, |
|||
|
(in thousands) |
2026 |
2025 |
|
|
Operating Activities |
|||
|
Net income |
$ 29,332 |
$ 5,331 |
|
|
Adjustments to reconcile net income to cash used in operating activities: |
|||
|
Depreciation and amortization |
34,112 |
34,340 |
|
|
Other |
4,701 |
17,303 |
|
|
Changes in operating assets and liabilities: |
|||
|
Accounts receivable |
(120,542) |
(53,268) |
|
|
Inventories |
(34,986) |
38,531 |
|
|
Commodity derivatives |
(13,235) |
1,076 |
|
|
Other current and non-current assets |
(22,535) |
(8,558) |
|
|
Payables and other current and non-current liabilities |
(270,522) |
(384,775) |
|
|
Net cash used in operating activities |
(393,675) |
(350,020) |
|
|
Investing Activities |
|||
|
Purchases of property, plant and equipment and capitalized software |
(51,712) |
(46,548) |
|
|
Other |
2,248 |
2,717 |
|
|
Net cash used in investing activities |
(49,464) |
(43,831) |
|
|
Financing Activities |
|||
|
Net proceeds under short-term lines of credit |
467,584 |
56,044 |
|
|
Proceeds from issuance of long-term debt |
86,250 |
14,700 |
|
|
Payments of long-term debt |
(116,774) |
(8,416) |
|
|
Dividends paid |
(6,846) |
(6,693) |
|
|
Value of shares withheld for taxes |
(6,996) |
(3,837) |
|
|
Payments of debt issuance costs |
(5,435) |
— |
|
|
Other |
— |
(1,353) |
|
|
Net cash provided by financing activities |
417,783 |
50,445 |
|
|
Effect of exchange rates on cash and cash equivalents |
(529) |
854 |
|
|
Decrease in cash and cash equivalents |
(25,885) |
(342,552) |
|
|
Cash and cash equivalents at beginning of period |
98,283 |
561,771 |
|
|
Cash and cash equivalents at end of period |
$ 72,398 |
$ 219,219 |
|
|
The Andersons, Inc. Adjusted Net Income Attributable to The Andersons, Inc. A non-GAAP financial measure (unaudited)
|
|||
|
Three months ended |
|||
|
(in thousands, except per share data) |
2026 |
2025 |
|
|
Net income |
$ 29,332 |
$ 5,331 |
|
|
Net (loss) income attributable to noncontrolling interests |
(3,856) |
5,047 |
|
|
Net income attributable to The Andersons, Inc. |
33,188 |
284 |
|
|
Adjustments: |
|||
|
Legal settlement and related expenses |
5,948 |
— |
|
|
Transaction related compensation |
1,792 |
2,103 |
|
|
Insured inventory and property (recoveries) damages, net |
(1,108) |
2,926 |
|
|
Income tax impact of adjustments1 |
(1,658) |
(1,257) |
|
|
Total adjusting items, net of tax |
4,974 |
3,772 |
|
|
Adjusted net income attributable to The Andersons, Inc. |
$ 38,162 |
$ 4,056 |
|
|
Diluted earnings per share attributable to The Andersons, Inc. common shareholders |
$ 0.97 |
$ 0.01 |
|
|
Impact on diluted earnings per share |
$ 0.15 |
$ 0.11 |
|
|
Adjusted diluted earnings per share |
$ 1.12 |
$ 0.12 |
|
|
1 The income tax impact of adjustments is taken at the blended federal, state, and local tax rate of 25%. |
|
Adjusted net income (loss) attributable to The Andersons, Inc. reflects reported net income (loss) available to The Andersons, Inc. common shareholders after the removal of specified items described above. Adjusted diluted earnings (loss) per share reflects the fully diluted EPS of The Andersons, Inc. after removal of the effect on EPS as reported of specified items described above. Management believes that Adjusted net income (loss) attributable to The Andersons, Inc. and Adjusted diluted earnings (loss) per share are useful measures of The Andersons, Inc. performance as they provide investors additional information about the operations of the company allowing better evaluation of underlying business performance and better comparability to previous periods. These non-GAAP financial measures are not intended to replace or be alternatives to Net income attributable to The Andersons, Inc. and Diluted earnings per share attributable to The Andersons, Inc. common shareholders as reported, the most directly comparable GAAP financial measures, or any other measures of operating results under GAAP. Earnings amounts described above have been divided by the company’s average number of diluted shares outstanding for each respective period in order to arrive at an adjusted diluted earnings (loss) per share amount for each specified item. |
|
The Andersons, Inc. Segment Data (unaudited) |
|||||||
|
(in thousands) |
Agribusiness |
Renewables |
Other |
Total |
|||
|
Three months ended March 31, 2026 |
|||||||
|
Sales and merchandising revenues |
$ 1,919,967 |
$ 707,299 |
$ — |
$ 2,627,266 |
|||
|
Cost of sales and merchandising revenues |
1,786,061 |
680,621 |
— |
2,466,682 |
|||
|
Gross profit |
133,906 |
26,678 |
— |
160,584 |
|||
|
Operating, administrative and general expenses |
121,420 |
10,300 |
12,944 |
144,664 |
|||
|
Interest expense, net |
13,688 |
3,059 |
91 |
16,838 |
|||
|
Other income (loss), net |
8,607 |
26,272 |
(69) |
34,810 |
|||
|
Income (loss) before income taxes |
7,405 |
39,591 |
(13,104) |
33,892 |
|||
|
Loss attributable to noncontrolling interests |
(3,856) |
— |
— |
(3,856) |
|||
|
Income (loss) before income taxes attributable to The Andersons, Inc.1 |
$ 11,261 |
$ 39,591 |
$ (13,104) |
$ 37,748 |
|||
|
Adjustments to income before income taxes2 |
6,632 |
— |
— |
6,632 |
|||
|
Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1 |
$ 17,893 |
$ 39,591 |
$ (13,104) |
$ 44,380 |
|||
|
Three months ended March 31, 2025 |
|||||||
|
Sales and merchandising revenues |
$ 1,993,287 |
$ 665,811 |
$ — |
$ 2,659,098 |
|||
|
Cost of sales and merchandising revenues |
1,874,689 |
631,537 |
— |
2,506,226 |
|||
|
Gross profit |
118,598 |
34,274 |
— |
152,872 |
|||
|
Operating, administrative and general expenses |
124,489 |
9,783 |
11,482 |
145,754 |
|||
|
Interest expense (income), net |
12,826 |
698 |
(428) |
13,096 |
|||
|
Other income (loss), net |
9,041 |
1,088 |
(938) |
9,191 |
|||
|
(Loss) income before income taxes |
(9,676) |
24,881 |
(11,992) |
3,213 |
|||
|
(Loss) income attributable to noncontrolling interests |
(4,522) |
9,569 |
— |
5,047 |
|||
|
(Loss) income before income taxes attributable to The Andersons, Inc.1 |
$ (5,154) |
$ 15,312 |
$ (11,992) |
$ (1,834) |
|||
|
Adjustments to income before income taxes2 |
5,029 |
— |
— |
5,029 |
|||
|
Adjusted (loss) income before income taxes attributable to The Andersons, Inc.1 |
$ (125) |
$ 15,312 |
$ (11,992) |
$ 3,195 |
|||
|
1 Income (loss) before income taxes attributable to The Andersons, Inc. for each operating segment is defined as net sales and merchandising revenues plus identifiable other income less all identifiable operating expenses, including interest expense for carrying working capital and long-term assets and is reported net of the noncontrolling interest share of income. 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 items where a portion of the expense is attributable to the noncontrolling interest and is represented in Income attributable to the noncontrolling interest within the reconciliation above. These adjustments include a $1.6 million difference in insured inventory and property damages, net in the Agribusiness segment for the three months ended March 31, 2025. |
|||||||
|
The Andersons, Inc. Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) A non-GAAP financial measure (unaudited)
|
|||||||
|
(in thousands) |
Agribusiness |
Renewables |
Other |
Total |
|||
|
Three months ended March 31, 2026 |
|||||||
|
Net income (loss) |
$ 7,405 |
$ 39,591 |
$ (17,664) |
$ 29,332 |
|||
|
Interest expense |
13,688 |
3,059 |
91 |
16,838 |
|||
|
Tax provision |
— |
— |
4,560 |
4,560 |
|||
|
Depreciation and amortization |
21,490 |
11,767 |
855 |
34,112 |
|||
|
EBITDA |
42,583 |
54,417 |
(12,158) |
84,842 |
|||
|
Adjusting items impacting EBITDA: |
|||||||
|
Legal settlement and related expenses |
5,948 |
— |
— |
5,948 |
|||
|
Transaction related compensation |
1,792 |
— |
— |
1,792 |
|||
|
Insured inventory and property recoveries, net |
(1,108) |
— |
— |
(1,108) |
|||
|
Total adjusting items |
6,632 |
— |
— |
6,632 |
|||
|
Adjusted EBITDA |
$ 49,215 |
$ 54,417 |
$ (12,158) |
$ 91,474 |
|||
|
Three months ended March 31, 2025 |
|||||||
|
Net (loss) income |
$ (9,676) |
$ 24,881 |
$ (9,874) |
$ 5,331 |
|||
|
Interest expense (income) |
12,826 |
698 |
(428) |
13,096 |
|||
|
Tax benefit |
— |
— |
(2,118) |
(2,118) |
|||
|
Depreciation and amortization |
21,685 |
11,891 |
764 |
34,340 |
|||
|
EBITDA |
24,835 |
37,470 |
(11,656) |
50,649 |
|||
|
Adjusting items impacting EBITDA: |
|||||||
|
Transaction related compensation |
2,103 |
— |
— |
2,103 |
|||
|
Insured inventory and property damages, net |
4,502 |
— |
— |
4,502 |
|||
|
Total adjusting items |
6,605 |
— |
— |
6,605 |
|||
|
Adjusted EBITDA |
$ 31,440 |
$ 37,470 |
$ (11,656) |
$ 57,254 |
|||
|
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. |
|
The Andersons, Inc. Trailing Twelve Months of EBITDA and Adjusted EBITDA A non-GAAP financial measure (unaudited)
|
|||||||||
|
Three Months Ended, |
Twelve months |
||||||||
|
(in thousands) |
June 30, |
September 30, |
December 31, |
March 31, |
|||||
|
Net income |
$ 16,807 |
$ 26,071 |
$ 71,092 |
$ 29,332 |
$ 143,302 |
||||
|
Interest expense |
11,495 |
10,478 |
12,090 |
16,838 |
50,901 |
||||
|
Tax provision (benefit) |
8,028 |
(228) |
16,486 |
4,560 |
28,846 |
||||
|
Depreciation and amortization |
33,071 |
32,647 |
33,265 |
34,112 |
133,095 |
||||
|
EBITDA |
69,401 |
68,968 |
132,933 |
84,842 |
356,144 |
||||
|
Adjusting items impacting EBITDA: |
|||||||||
|
Legal settlement and related expenses |
— |
— |
— |
5,948 |
5,948 |
||||
|
Transaction related compensation |
1,768 |
1,712 |
1,879 |
1,792 |
7,151 |
||||
|
Insured inventory and property recoveries, net |
(11,162) |
(11,887) |
(72) |
(1,108) |
(24,229) |
||||
|
Loss on investments |
7,178 |
— |
— |
— |
7,178 |
||||
|
Severance expense |
1,197 |
— |
1,480 |
— |
2,677 |
||||
|
(Gain) loss on sale of businesses, net |
(3,190) |
(1,567) |
310 |
— |
(4,447) |
||||
|
Acquisition costs |
— |
5,927 |
— |
— |
5,927 |
||||
|
Asset impairment |
— |
13,698 |
— |
— |
13,698 |
||||
|
Pension settlement |
— |
1,448 |
— |
— |
1,448 |
||||
|
Total adjusting items |
(4,209) |
9,331 |
3,597 |
6,632 |
15,351 |
||||
|
Adjusted EBITDA |
$ 65,192 |
$ 78,299 |
$ 136,530 |
$ 91,474 |
$ 371,495 |
||||
|
Three Months Ended, |
Twelve months |
||||||||
|
June 30, |
September 30, |
December 31, |
March 31, |
||||||
|
Net income |
$ 52,470 |
$ 51,461 |
$ 54,104 |
$ 5,331 |
$ 163,366 |
||||
|
Interest expense |
6,611 |
8,361 |
10,266 |
13,096 |
38,334 |
||||
|
Tax provision (benefit) |
4,876 |
10,731 |
13,146 |
(2,118) |
26,635 |
||||
|
Depreciation and amortization |
30,269 |
30,408 |
36,178 |
34,340 |
131,195 |
||||
|
EBITDA |
94,226 |
100,961 |
113,694 |
50,649 |
359,530 |
||||
|
Adjusting items impacting EBITDA: |
|||||||||
|
Transaction related compensation |
4,049 |
1,668 |
2,536 |
2,103 |
10,356 |
||||
|
Acquisition costs |
— |
— |
3,193 |
— |
3,193 |
||||
|
Insured inventory and property (recoveries) damages, net |
— |
(5,204) |
(4,446) |
4,502 |
(5,148) |
||||
|
Loss on investments |
— |
— |
1,535 |
— |
1,535 |
||||
|
Total adjusting items |
4,049 |
(3,536) |
2,818 |
6,605 |
9,936 |
||||
|
Adjusted EBITDA |
$ 98,275 |
$ 97,425 |
$ 116,512 |
$ 57,254 |
$ 369,466 |
||||
|
The Andersons, Inc. Cash from Operations Before Working Capital Changes A non-GAAP financial measure (unaudited)
|
|||
|
Three months ended |
|||
|
(in thousands) |
2026 |
2025 |
|
|
Cash used in operating activities |
$ (393,675) |
$ (350,020) |
|
|
Changes in operating assets and liabilities |
|||
|
Accounts receivable |
(120,542) |
(53,268) |
|
|
Inventories |
(34,986) |
38,531 |
|
|
Commodity derivatives |
(13,235) |
1,076 |
|
|
Other current and non-current assets |
(22,535) |
(8,558) |
|
|
Payables and other current and non-current liabilities |
(270,522) |
(384,775) |
|
|
Total changes in operating assets and liabilities |
(461,820) |
(406,994) |
|
|
Cash from operations before working capital changes |
$ 68,145 |
$ 56,974 |
|
|
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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SOURCE The Andersons, Inc.
