Company reported net income attributable to The Andersons of $16.0 million, or $0.48 per diluted share, and adjusted net income of $19.4 million, or $0.59 per diluted share.[break]
Trade reported pretax income of $28.3 million and adjusted pretax income of $29.3 million on improved merchandising results.
Trade recorded pretax income of $28.3 million and adjusted pretax income of $29.3 million for the quarter, a significant improvement compared to a pretax loss of $19.9 million and adjusted pretax income of $17.6 million in the fourth quarter of 2019.
The primary difference between reported and adjusted income in 2019 was attributable to approximately $40 million in asset and investment impairment charges.
Income from commodity merchandising rose by more than one-third year over year, besting an already strong performance in the fourth quarter of 2019.
The performance of the segment's asset-based businesses declined, as income from both storing and handling grain decreased.
Trade's fourth quarter adjusted EBITDA was $45.8 million, up approximately 23 percent over fourth quarter 2019 adjusted EBITDA of $37.2 million.
Its full year adjusted EBITDA decreased from $123.4 million in 2019 to $95.5 million in 2020, primarily as a result of fewer wheat opportunities and the remaining impact of the poor 2019 harvest in the Eastern Corn Belt.
"I am very excited about the recent strong, demand-driven rally in grain and fertilizer markets and what it means for U.S. agriculture and The Andersons," said President and CEO Pat Bowe.
"We have already participated in multi-year highs in grain elevation margins, and have benefited from strong export demand. Fertilizer demand was strong throughout the fourth quarter. With more planted corn acres in the forecast, it looks like strong fertilizer demand will continue."
"We improved our fourth quarter results modestly year over year, and our outlook for 2021 has improved," continued Bowe.
"Our Trade income was up substantially on strong merchandising results from our diverse commodity portfolio, and Plant Nutrient's full-year results nearly doubled. Our Ethanol business benefited from the launch of our new high-protein feed products. Finally, Rail remained profitable despite weak railcar demand. ■