MAUMEE, OHIO, US — The Andersons posted record results for its Renewables segment in the third quarter, but a currency loss in its international business and a seasonally slow Nutrient & Industrial segment kept net income down compared to a year ago.

The company reported net income attributable to The Andersons of $10 million, equal to 28¢ per share on the common stock, for the quarter ended Sept. 30. That compared with income of $17.4 million, or 50¢ per share, in the same quarter a year ago.

“We remain confident about the balance of the year and expect to achieve our previously communicated full year adjusted EBITDA outlook of $350 million to $375 million,” said Pat Bowe, president and chief executive officer. “We continue to make good progress against our growth strategy. Our third quarter acquisition of ACJ International, a pet food ingredient supplier, contributed positively to these results. We are pleased with this complementary addition to our core grain and fertilizer verticals.”

Bowe said the company is pursuing growth opportunities in the Renewables business, which reported record pretax income of $47 million and pretax income attributable to the company of $26 million. For the same period in 2022, the segment had pretax income of $16 million and pretax income attributable to the company of $8 million.

Bowe said opportunities in the segment include expansion of its renewable diesel feedstock merchandising business and investments to lower the carbon intensity of its ethanol plants.

Ethanol crush margins were “outstanding” in the quarter, and the current margin outlook remains strong, the company said.

Production facilities operated efficiently in the quarter with improved ethanol yield and lower operating costs than the comparable quarter in 2022. Results from the merchandising businesses, including renewable diesel feedstocks, exceeded third quarter 2022 results by nearly $5 million.

The Trade segment recorded pretax income of $8 million and adjusted pretax income of $5 million for the quarter, which compared with pretax income of $41 million in the third quarter of 2022.

Aggregate results for most of its product lines were comparable to the strong third quarter of 2022. Underlying merchandising fundamentals were solid; however, earnings were negatively impacted by a $19 million pretax loss (43¢ per share) in Egypt.

“While we sell in US dollars, given the unusual currency liquidity issues being experienced by our customers in Egypt, we accepted a lower exchange rate for previously delivered product,” the company said.

The Trade business remains focused on domestic grain flows and is less impacted by slowdowns in US exports. With the large and ongoing US harvest, The Andersons said its assets are well-positioned to accumulate, condition and store large quantities of grain.

The Nutrient & Industrial segment posted a pretax loss of $8 million, which compared with a 2022 third-quarter pretax loss of $12 million. During this seasonally slow period, volumes were down 6% with an overall increase in margins.