ANDE - Why The Andersons Stock Fell on Wednesday
2023-05-03 14:21:13 ET
Agricultural products specialist The Andersons (NASDAQ: ANDE) was trailing the market on Wednesday, down by 9.7% as of 2:20 p.m. ET compared to a fractionally upward move by the S&P 500 . That slump erased more than half of the stock's year-to-date gains, yet shares are still beating the market's 7% return so far in 2023.
The decline came as Wall Street reacted to the company's first-quarter earnings update, which showed mixed results across its main business lines.
In the report delivered after the bell on Tuesday, The Andersons revealed that sales declined 2% in Q1 to $3.88 billion. Adjusted earnings declined similarly.
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Why The Andersons Stock Fell on Wednesday