The Andersons, Inc. (NASDAQ:ANDE) Q1 2023 Results Conference Call May 3, 2023 11:00 AM ET
Company Participants
Mike Hoelter - Vice President, Corporate Controller and Investor Relations
Pat Bowe - President and Chief Executive Officer
Brian Valentine - Executive Vice President and Chief Financial Officer
Conference Call Participants
Ben Bienvenu - Stephens
Ben Klieve - Lake Street Capital Markets
Eric Larson - Seaport Research Partners
Operator
Good morning, and welcome to the Andersons 2023 First Quarter Earnings Conference Call. [Operator Instructions]. I would now like to turn the conference over to Mike Hoelter, Vice President, Corporate Controller and Investor Relations. Please go ahead, sir.
Mike Hoelter
Good morning, everyone, and thank you for joining us for -- the Andersons First Quarter Earnings Call. We have provided a slide presentation that will enhance today's discussion. If you are viewing this presentation via our webcast, the slides and commentary will be in sync. This webcast is being recorded, and the recording and the supporting slides will be made available on the Investors page of our website at andersonsinc.com shortly. Please direct your attention to the disclosure statement on Slide 2 as well as the disclaimers in the press release related to forward-looking statements. Certain information discussed today constitutes forward-looking statements that reflect the company's current views with respect to future events, financial performance and industry conditions.
These forward-looking statements are subject to various risks and uncertainties. Actual results could differ materially as a result of many factors, which are described in the company's reports on file with the SEC. We encourage you to review these factors. This presentation and today's prepared remarks contain non-GAAP financial measures. Reconciliations of non-GAAP measures to the most directly comparable GAAP financial measures are included within the appendix of this presentation. On the call with me today are Pat Bowe, President and Chief Executive Officer; and Brian Valentine, Executive Vice President and Chief Financial Officer. After our prepared remarks, we will be happy to take your questions. I will now turn the call over to Pat.
Pat Bowe
Thank you, Mike, and good morning, everyone. Thank you for joining our call this morning to review our first quarter results and for your continued interest in -- the Andersons. As we noted in yesterday's release, our adjusted results are comparable to last year, but the mix was different. Trade posted a significant improvement over last year, and our renewables business also exceeded 2022 on an adjusted basis. Our Nutrient and Industrial segment results declined significantly from last year's record first quarter. Our overall performance remains strong with trailing 12 months adjusted EBITDA totaling over $411 million. Freight Group results continued its string of outstanding quarters with a very strong result spread across a number of profit centers. Performance of our assets was strong due to higher margins. Our merchandising teams also had a great quarter across many products and geographies.