The Andersons, Inc. (NASDAQ: ANDE) reported fourth-quarter adjusted earnings that significantly surpassed analyst expectations, though revenue came in below forecasts.

The company posted adjusted earnings of $2.04 per share, well above the consensus estimate of $1.56. Revenue totaled $2.54 billion, compared with the expected $3.28 billion.

Adjusted net income reached a record $70 million for the quarter, driven by strong contributions from both the Renewables and Agribusiness segments. Renewables generated pretax income of $54 million on record ethanol production, while Agribusiness contributed $46 million in pretax income amid a record corn harvest season.

Adjusted EBITDA rose to $136.5 million from $116.5 million in the prior-year quarter. Revenue declined year over year from $3.12 billion to $2.54 billion, though the company maintained solid profitability through operational efficiencies.

The Renewables segment benefited from ethanol board crush margins that improved by $0.15 per gallon year over year, as well as $15 million in 45Z tax credits. Agribusiness performance was supported by favorable basis appreciation in corn and sorghum across its western footprint, including operations at Skyland Grain.

For full-year 2025, The Andersons reported adjusted earnings of $3.23 per share on adjusted EBITDA of $337.3 million, compared to $3.40 per share and $363.4 million in 2024.