MAUMEE, Ohio, Nov. 6, 2017 /CNW/ -- The Andersons, Inc.
(NASDAQ: ANDE) announces financial results for the third
quarter ended September 30, 2017.
The Company reports net income of $2.5
million, or $0.09 per diluted
share compared to $1.7 million and
$0.06 per share in third quarter
2016.
- Grain Group records pretax income of $2.6 million on continued strong grain storage
capacity utilization.
- Ethanol Group earns $6.2
million of pretax income despite weaker year-over-year
margins.
- Plant Nutrient Group reports a pretax loss of $7.9 million due to persistent low prices and
margins.
- Rail Group earns $6.1 million
of pretax income in a slowly improving but still soft
market.
The Company reported third quarter 2017 net income attributable
to The Andersons of $2.5 million, or
$0.09 per diluted share, on revenues
of $837 million. Those results
compared to 2016 third quarter net income of $1.7 million, or $0.06 per diluted share, on revenues of
$860 million.
"We performed reasonably well in the third quarter when
considering that we continue to face some difficult market
conditions, and we incurred some unusual expenses and sold two
former retail properties," said President and CEO Pat Bowe. "The Grain Group again recorded better
year-over-year results driven by good margins on corn and soybean
sales and strong space margins for wheat. On a year-to-date basis,
our Grain earnings have improved by more than $33 million."
Bowe continued, "Ethanol margins were lower year-over-year for
the quarter in spite of strong U.S. exports. Current margins are
disappointing. Forward curve margins into the first quarter of 2018
are below last year's levels as well."
"The Plant Nutrient Group's margins continued to be compressed
by an oversupply of nutrients and low farm income, even as
year-over-year volumes were somewhat improved. The Rail Group's
base leasing income and utilization continued their improvement
from the second quarter, and the group also recorded better income
from selling and scrapping cars," added Bowe.
For the first nine months of the year, the Company recorded a
net loss attributable to The Andersons of $27.2 million, or ($0.96) per diluted share, and adjusted net
income attributable to The Andersons of $14.8 million, or $0.52 per diluted share, compared to net income
of $1.4 million, or $0.05 per diluted share, during the same period
last year.
For purposes of better understanding ongoing results, the
Company has expanded its pretax income disclosure in the table
below to adjust for amounts that are not reflective of ongoing
operations. Specifically, an adjustment has been made for the
goodwill impairment charged in the second quarter of 2017
associated with the Plant Nutrient Group.
$ in
millions
|
|
Third
Quarter
|
|
|
Year to
Date
|
|
|
|
2017
|
2016
|
Vs
|
2017
|
2016
|
Vs
|
Reported Pretax
Income (Loss)
|
$5.0
|
$4.4
|
$0.6
|
$(19.6)
|
$4.6
|
$(24.2)
|
Goodwill
Impairment
|
-
|
-
|
-
|
42.0
|
-
|
42.0
|
Adjusted Pretax
Income
|
$5.0
|
$4.4
|
$0.6
|
$22.4
|
$4.6
|
$17.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter Segment Overview
Grain Group Operating Income Increases Compared to Prior Year
and Improves for Fourth Consecutive Quarter
The Grain Group generated pretax income of $2.6 million in the quarter, up $0.7 million over its third quarter 2016
results.
The table below separates the earnings of the group's base grain
business from those of its grain affiliates. Base grain business
earnings originate from grain facilities that the Company operates.
The grain affiliates' earnings originate from investments in the
Company's grain affiliates, which include Lansing Trade Group and
Thompsons Limited.
$ in
millions
|
|
Third
Quarter
|
|
|
Year to
Date
|
|
Pretax
Income
|
2017
|
2016
|
Vs
|
2017
|
2016
|
Vs
|
Base Grain
|
$3.4
|
$1.7
|
$1.7
|
$4.0
|
$(21.5)
|
$25.5
|
Grain
Affiliates
|
(0.8)
|
0.2
|
(1.0)
|
0.5
|
(7.1)
|
7.6
|
Total Grain
Group
|
$2.6
|
$1.9
|
$0.7
|
$4.5
|
$(28.6)
|
$33.1
|
|
|
|
|
|
|
|
|
|
|
|
Base grain pretax income improved by $1.7
million in the third quarter compared to 2016 results. Grain
storage, risk management and trading income were all much improved.
Low prices and very low volatility have farmers remaining reluctant
to sell as we pass the midpoint of U.S. corn harvest.
Ethanol Group Challenged by Decreasing Margins
The Ethanol Group generated pretax income of $6.1 million attributable to The
Andersons in the third quarter, more than a third lower than
the $9.5 million pretax income
attributable to The Andersons for the same period in
2016. This result is primarily due to lower margins.
The table below separates the results of the Ethanol Group's
unconsolidated entities, which include the Albion, Mich.; Clymers, Ind.; and Greenville, Ohio plants, from the earnings of
the consolidated Denison, Iowa
plant and the group's management services income.
$ in
millions
|
|
Third Quarter
|
Year to
Date
|
|
2017
|
2016
|
Vs
|
2017
|
2016
|
Vs
|
Equity in Earnings of
Affiliates
|
$4.4
|
$9.5
|
$(5.1)
|
$7.3
|
$11.6
|
$(4.3)
|
Consolidated
Operations and Service Fees
|
1.8
|
1.6
|
0.2
|
5.3
|
3.1
|
2.2
|
Pretax
Income
|
6.2
|
11.1
|
(4.9)
|
12.6
|
14.7
|
(2.1)
|
Attributable to
Noncontrolling Interests
|
0.1
|
1.6
|
(1.5)
|
0.1
|
1.7
|
(1.6)
|
Ethanol Group
Pretax Income Attributable to The Andersons
|
$6.1
|
$9.5
|
$(3.4)
|
$12.5
|
$13.0
|
$(0.5)
|
|
|
|
|
|
|
|
|
|
|
Robust industry production was the main contributor to the
softer margin environment even as the export market stayed strong.
In addition, corn and natural gas costs were each up more than 4
percent year-over-year. The group's industry-leading E-85 sales
increased by 10 percent.
The group continued to incur discounts on distillers dried
grains (DDGs) during the quarter due to problems with vomitoxin
present in the 2016 corn crop primarily in the vicinity of the
Albion plant. Lower international
demand for DDGs also continued to pressure pricing and margins.
Those two conditions combined to drive values 35 percent lower than
in the comparable 2016 period.
The group also recorded $1.5
million in expense for preliminary engineering and design
work. The work pertained to a potential capital project that did
not meet the group's investment criteria, so the group cancelled
it.
Plant Nutrient Group Results Hurt by Continued Lower
Margins
For purposes of better understanding ongoing results, the
Company has expanded the Plant Nutrient Group's pretax income
disclosure in the table below to adjust for the second quarter
goodwill impairment associated with the wholesale fertilizer
business.
$ in
millions
|
|
Third Quarter
|
Year to
Date
|
|
2017
|
2016
|
Vs
|
2017
|
2016
|
Vs
|
Reported Pretax
Income (Loss)
|
$(7.9)
|
$(7.2)
|
$(0.7)
|
$(27.1)
|
$18.0
|
$(45.1)
|
Goodwill
Impairment
|
-
|
-
|
-
|
42.0
|
-
|
42.0
|
Adjusted Pretax
Income (Loss)
|
$(7.9)
|
$(7.2)
|
$(0.7)
|
$14.9
|
$18.0
|
$(3.1)
|
|
|
|
|
|
|
|
|
|
The Plant Nutrient Group recorded a pretax loss of $7.9 million in the third quarter compared to a
pretax loss of $7.2 million in the
third quarter of 2016. The quarter was again characterized by low
nutrient prices, an oversupply of product and unstable markets.
Base nutrient (NPK) volumes were up about 12 percent
year-over-year, while higher-margin, value-added nutrient tons (low
salt starter fertilizers and micro nutrients) were down 4 percent.
Same-store volumes for products in the group's other businesses
(Farm Centers, Lawn and Cob) were up about 5 percent.
Margins per ton were considerably lower in both base nutrients
and value-added products, finishing down 41 percent and 5 percent
year-over-year, respectively. Margins per ton improved considerably
for the farm centers and the cob business, but were flat in the
lawn fertilizer business year-over-year. Those volume and margin
changes combined to reduce gross profit by about $2.1 million.
The group accrued a $2.2 million
expense to settle a lawsuit that prevented an improvement over
third quarter 2016 results.
Rail Group Market Conditions Continue to Improve
The Rail Group earned third quarter pretax income of
$6.1 million compared to $6.8 million in the same period of the prior
year.
$ in
millions
|
Third
Quarter
|
Year to
Date
|
Pretax
Income
|
2017
|
2016
|
Vs
|
2017
|
2016
|
Vs
|
Lease
Income
|
$3.5
|
$3.4
|
$0.1
|
$7.1
|
$10.4
|
$(3.3)
|
Car
Sales
|
2.6
|
1.6
|
1.0
|
7.6
|
6.4
|
1.2
|
Services
and Other
|
-
|
1.8
|
(1.8)
|
3.4
|
5.9
|
(2.5)
|
Total Rail
Group
|
$6.1
|
$6.8
|
$(0.7)
|
$18.1
|
$22.7
|
$(4.6)
|
Utilization Rate
|
85.8%
|
86.2%
|
(0.4)%
|
84.6%
|
88.8%
|
(4.2)%
|
Base leasing operations earned $3.5
million, up $0.6 million
sequentially and $0.1 million
year-over-year, on 0.4 percent lower utilization. Utilization
averaged 85.8 percent during the quarter compared to 84.4 percent
sequentially and 86.2 percent during the same period last year.
Average lease rates were down almost 4 percent as shorter leases at
lower rates began to have an impact. However, maintenance expense
was more than 20 percent lower than in the period a year ago.
The group realized $2.6 million of
pretax income on railcar sales in the quarter compared to
$1.4 million sequentially and
$1.6 million in the third quarter of
2016.
Rail's service and other pretax income was negligible in the
quarter compared to $1.8 million
during the same period of 2016. Repair sales that were 7 percent
lower year-over-year and workers compensation and other expenses
accrued by the group as a result of a third quarter fatality each
accounted for about half of the decreased results.
North American rail traffic excluding coal carloads was down
about 3 percent year-over-year, and is flat year-to-date compared
to 2016 and remains historically weak. However, Class I railroad
efficiency continued to be lower than year-ago levels.
Company Sells Two Retail Properties; Other Net Company-Level
Expenses Somewhat Lower
The Company recorded pretax income of $4.4 million during the quarter from its closed
retail business. This result was driven by the sale of two of four
retail properties for a combined gain of $5.7 million.
Unallocated net Company-level expenses for the third quarter of
2017 were $6.4 million, slightly
lower than the $6.5 million incurred
in the third quarter of 2016.
Conference Call
The Company will host a webcast on Tuesday, November
7, 2017, at 11 a.m. Eastern Standard
Time to discuss its performance and provide its outlook for
the remainder of 2017 and some early thoughts about 2018. To access
the call, please dial 866-439-8514 or 678-509-7568 (participant
passcode is 9288638). We recommend that you call 10 minutes before
the conference call begins.
To access the webcast, click on the link:
http://edge.media-server.com/m6/p/8eac3s4i. Complete the four
fields as directed and click submit. A replay of the call can also
be accessed under the heading "Investors" on the Company website at
www.andersonsinc.com.
Forward-Looking Statements
This release contains forward-looking statements. These
statements involve risks and uncertainties that could cause actual
results to differ materially. Without limitation, these risks
include economic, weather and regulatory conditions, competition
and the risk factors set forth from time to time in the Company's
filings with the Securities and Exchange Commission. Although the
Company believes that the assumptions upon which the financial
information and its forward-looking statements are based are
reasonable, it can give no assurance that these assumptions will
prove to be correct.
Non-GAAP Measures
This release contains non-GAAP financial measures. "Adjusted
Pretax Income" is our primary measure of period-over-period
comparisons, and we believe it is a meaningful measure for
investors to compare our results from period to period. We have
excluded the impairment charge related to our wholesale fertilizer
group, as we believe it is not representative of our ongoing core
operations when calculating Adjusted Pretax Income and Adjusted Net
Income. Reconciliations of the non-GAAP to GAAP measures may be
found within the financial tables provided in the release and a
reconciliation of net income to adjusted net income is provided in
a table below.
Company Description
Founded in Maumee, Ohio, in
1947, The Andersons is a diversified Company rooted in agriculture
conducting business across North
America in the grain, ethanol, plant nutrient and rail
sectors. For more information, visit The Andersons online at
www.andersonsinc.com.
The Andersons,
Inc.
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Operations
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
(in thousands, except
per share data)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Sales and
merchandising revenues
|
$
836,595
|
|
$
859,612
|
|
$
2,682,273
|
|
$
2,811,735
|
Cost of sales and
merchandising revenues
|
766,924
|
|
782,597
|
|
2,448,310
|
|
2,569,923
|
Gross
profit
|
69,671
|
|
77,015
|
|
233,963
|
|
241,812
|
Operating,
administrative and general expenses
|
68,456
|
|
78,767
|
|
220,331
|
|
234,053
|
Goodwill
impairment
|
-
|
|
-
|
|
42,000
|
|
-
|
Interest
expense
|
5,384
|
|
4,441
|
|
17,472
|
|
18,046
|
Other
income:
|
|
|
|
|
|
|
|
Equity in earnings of
affiliates
|
3,586
|
|
8,422
|
|
8,093
|
|
3,789
|
Other income,
net
|
5,588
|
|
2,216
|
|
18,117
|
|
11,144
|
Income (loss) before
income taxes
|
5,005
|
|
4,445
|
|
(19,630)
|
|
4,646
|
Income tax
provision
|
2,389
|
|
1,104
|
|
7,505
|
|
1,486
|
Net income
(loss)
|
2,616
|
|
3,341
|
|
(27,135)
|
|
3,160
|
Net income
attributable to the noncontrolling interests
|
83
|
|
1,619
|
|
73
|
|
1,711
|
Net income (loss)
attributable to The Andersons, Inc.
|
$
2,533
|
|
$
1,722
|
|
$
(27,208)
|
|
$
1,449
|
|
|
|
|
|
|
|
|
Per common
share:
|
|
|
|
|
|
|
|
Basic earnings
attributable to The Andersons, Inc. common shareholders
|
$
0.09
|
|
$
0.06
|
|
$
(0.96)
|
|
$
0.05
|
Diluted earnings
attributable to The Andersons, Inc. common shareholders
|
$
0.09
|
|
$
0.06
|
|
$
(0.96)
|
|
$
0.05
|
Dividends
declared
|
$
0.160
|
|
$
0.155
|
|
$
0.480
|
|
$
0.465
|
The Andersons,
Inc.
|
|
|
|
|
|
|
|
Reconciliation to
Adjusted Net Income
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
(in thousands, except
per share data)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Net income (loss)
attributable to The Andersons, Inc.
|
$
2,533
|
|
$
1,722
|
|
$
(27,208)
|
|
$
1,449
|
Items impacting other
income, net of tax:
|
|
|
|
|
|
|
|
Goodwill
impairment
|
-
|
|
-
|
|
42,000
|
|
-
|
Total adjusting
items
|
-
|
|
-
|
|
42,000
|
|
-
|
Adjusted net income
(loss) attributable to The Andersons, Inc.
|
$
2,533
|
|
$
1,722
|
|
$
14,792
|
|
$
1,449
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
attributable to The Andersons, Inc. common
shareholders
|
$
0.09
|
|
$
0.06
|
|
$
(0.96)
|
|
$
0.05
|
|
|
|
|
|
|
|
|
Impact on diluted
earnings per share
|
-
|
|
-
|
|
1.48
|
|
-
|
Adjusted diluted
earnings per share
|
$
0.09
|
|
$
0.06
|
|
$
0.52
|
|
$
0.05
|
The Andersons,
Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands)
|
September 30,
2017
|
|
December 31,
2016
|
|
September 30,
2016
|
Assets
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
24,478
|
|
$
62,630
|
|
$
78,158
|
Restricted
cash
|
-
|
|
471
|
|
190
|
Accounts receivable,
net
|
196,192
|
|
194,698
|
|
173,593
|
Inventories
|
475,602
|
|
682,747
|
|
427,754
|
Commodity derivative
assets – current
|
45,202
|
|
45,447
|
|
59,837
|
Other current
assets
|
53,958
|
|
72,133
|
|
43,761
|
Assets held for
sale
|
8,383
|
|
-
|
|
-
|
Total current
assets
|
803,815
|
|
1,058,126
|
|
783,293
|
Other
assets:
|
|
|
|
|
|
Commodity derivative
assets – noncurrent
|
245
|
|
100
|
|
1,346
|
Other assets,
net
|
148,328
|
|
180,445
|
|
180,010
|
Equity method
investments
|
215,031
|
|
216,931
|
|
225,114
|
|
363,604
|
|
397,476
|
|
406,470
|
Rail Group assets
leased to others, net
|
377,393
|
|
327,195
|
|
334,401
|
Property, plant and
equipment, net
|
419,348
|
|
450,052
|
|
460,247
|
Total
assets
|
$
1,964,160
|
|
$
2,232,849
|
|
$
1,984,411
|
|
|
|
|
|
|
Liabilities and
equity
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Short-term
debt
|
$
19,000
|
|
$
29,000
|
|
$
-
|
Trade and other
payables
|
381,359
|
|
581,826
|
|
356,931
|
Customer prepayments
and deferred revenue
|
29,520
|
|
48,590
|
|
15,725
|
Commodity derivative
liabilities – current
|
38,578
|
|
23,167
|
|
59,770
|
Accrued expenses and
other current liabilities
|
67,064
|
|
69,648
|
|
68,465
|
Current maturities of
long-term debt
|
53,972
|
|
47,545
|
|
51,520
|
Total current
liabilities
|
589,493
|
|
799,776
|
|
552,411
|
|
|
|
|
|
|
Other long-term
liabilities
|
34,407
|
|
27,833
|
|
30,525
|
Commodity derivative
liabilities – noncurrent
|
902
|
|
339
|
|
1,954
|
Employee benefit plan
obligations
|
36,356
|
|
35,026
|
|
45,260
|
Long-term debt, less
current maturities
|
371,315
|
|
397,065
|
|
395,559
|
Deferred income
taxes
|
181,876
|
|
182,113
|
|
178,535
|
Total
liabilities
|
1,214,349
|
|
1,442,152
|
|
1,204,244
|
Total
equity
|
749,811
|
|
790,697
|
|
780,167
|
Total liabilities and
equity
|
$
1,964,160
|
|
$
2,232,849
|
|
$
1,984,411
|
The Andersons,
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands)
|
Grain
|
|
Ethanol
|
|
Plant
Nutrient
|
|
Rail
|
|
Retail
|
|
Other
|
|
Total
|
Three months ended
September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from
external customers
|
$
497,613
|
|
$
191,531
|
|
$
103,620
|
|
$
43,093
|
|
$
738
|
|
$
—
|
|
$
836,595
|
Gross
profit
|
32,316
|
|
6,388
|
|
17,349
|
|
13,422
|
|
196
|
|
—
|
|
69,671
|
Equity in earnings of
affiliates
|
(694)
|
|
4,280
|
|
—
|
|
—
|
|
—
|
|
—
|
|
3,586
|
Other income,
net
|
539
|
|
12
|
|
(1,622)
|
|
693
|
|
5,869
|
|
97
|
|
5,588
|
Income (loss) before
income taxes
|
2,641
|
|
6,181
|
|
(7,920)
|
|
6,127
|
|
4,424
|
|
(6,448)
|
|
5,005
|
Income (loss)
attributable to the noncontrolling interests
|
—
|
|
83
|
|
—
|
|
—
|
|
—
|
|
—
|
|
83
|
Income (loss) before
income taxes attributable to The Andersons, Inc. (a)
|
$
2,641
|
|
$
6,098
|
|
$
(7,920)
|
|
$
6,127
|
|
$
4,424
|
|
$
(6,448)
|
|
$
4,922
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from
external customers
|
$
550,189
|
|
$
139,413
|
|
$
101,770
|
|
$
38,201
|
|
$
30,039
|
|
$
—
|
|
$
859,612
|
Gross
profit
|
30,465
|
|
6,301
|
|
19,387
|
|
12,527
|
|
8,335
|
|
—
|
|
77,015
|
Equity in earnings of
affiliates
|
533
|
|
7,889
|
|
—
|
|
—
|
|
—
|
|
—
|
|
8,422
|
Other income,
net
|
361
|
|
6
|
|
711
|
|
451
|
|
83
|
|
604
|
|
2,216
|
Income (loss) before
income taxes
|
1,879
|
|
11,160
|
|
(7,231)
|
|
6,754
|
|
(1,578)
|
|
(6,539)
|
|
4,445
|
Income (loss)
attributable to the noncontrolling interests
|
—
|
|
1,619
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,619
|
Income (loss) before
income taxes attributable to The Andersons, Inc. (a)
|
$
1,879
|
|
$
9,541
|
|
$
(7,231)
|
|
$
6,754
|
|
$
(1,578)
|
|
$
(6,539)
|
|
$
2,826
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grain
|
|
Ethanol
|
|
Plant
Nutrient
|
|
Rail
|
|
Retail
|
|
Other
|
|
Total
|
Nine months ended
September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from
external customers
|
$
1,464,588
|
|
$
533,515
|
|
$
514,943
|
|
$
121,632
|
|
$
47,595
|
|
$
—
|
|
$
2,682,273
|
Gross
profit
|
86,412
|
|
15,248
|
|
83,091
|
|
38,429
|
|
10,783
|
|
—
|
|
233,963
|
Equity in earnings of
affiliates
|
864
|
|
7,229
|
|
—
|
|
—
|
|
—
|
|
—
|
|
8,093
|
Other income,
net
|
3,046
|
|
34
|
|
4,578
|
|
2,264
|
|
7,302
|
|
893
|
|
18,117
|
Income (loss) before
income taxes
|
4,497
|
|
12,547
|
|
(27,074)
|
|
18,065
|
|
(9,140)
|
|
(18,525)
|
|
(19,630)
|
Income (loss)
attributable to the noncontrolling interests
|
-
|
|
73
|
|
—
|
|
—
|
|
—
|
|
—
|
|
73
|
Income (loss) before
income taxes attributable to The Andersons, Inc. (a)
|
$
4,497
|
|
$
12,474
|
|
$
(27,074)
|
|
$
18,065
|
|
$
(9,140)
|
|
$
(18,525)
|
|
$
(19,703)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from
external customers
|
$
1,611,992
|
|
$
396,626
|
|
$
588,797
|
|
$
118,152
|
|
$
96,168
|
|
$
—
|
|
$
2,811,735
|
Gross
profit
|
64,216
|
|
13,207
|
|
95,653
|
|
40,689
|
|
28,047
|
|
—
|
|
241,812
|
Equity in earnings of
affiliates
|
(6,141)
|
|
9,930
|
|
—
|
|
—
|
|
—
|
|
—
|
|
3,789
|
Other income,
net
|
3,671
|
|
39
|
|
2,728
|
|
2,013
|
|
263
|
|
2,430
|
|
11,144
|
Income (loss) before
income taxes
|
(28,566)
|
|
14,762
|
|
18,008
|
|
22,698
|
|
(2,644)
|
|
(19,612)
|
|
4,646
|
Income (loss)
attributable to the noncontrolling interest
|
(3)
|
|
1,714
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,711
|
Income (loss) before
income taxes attributable to The Andersons, Inc. (a)
|
$
(28,563)
|
|
$
13,048
|
|
$
18,008
|
|
$
22,698
|
|
$
(2,644)
|
|
$
(19,612)
|
|
$
2,935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Income (loss)
before income taxes attributable to The Andersons, Inc. for each
Group is defined as net sales and merchandising revenues plus
identifiable other income less all identifiable operating expenses,
including interest expense for carrying working capital and
long-term assets and is reported net of the noncontrolling interest
share of income (loss).
|
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SOURCE The Andersons, Inc.