The Andersons, Inc. Reports Third Quarter Results

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Nov 05,2018
The Andersons, Inc. Reports Third Quarter Results

MAUMEE, Ohio, Nov. 5, 2018 /PRNewswire/ -- The Andersons, Inc. (NASDAQ: ANDE) announces financial results for the third quarter ended September 30, 2018.

The Andersons, Inc. logo. (PRNewsFoto/The Andersons, Inc.)

The Company reports a net loss of $2.1 million, or ($0.07) per diluted share, compared to net income of $2.5 million and $0.09 per share in third quarter 2017.

  • Grain Group records a pretax loss of $8.6 million significantly impacted by mark-to-market basis adjustments to grain inventories that are expected to rebound in the near term.
  • Ethanol Group earns $9.1 million of pretax income on strong capacity utilization and timely forward hedging in a worsening margin environment.
  • Plant Nutrient Group reports a pretax loss of $8.0 million as low margins persist in its specialty nutrients product lines.
  • Rail Group earns $5.7 million of pretax income in a gradually improving market.
  • Results include a benefit of $0.14 per share from its venture capital arm, primarily related to the sale of an investment, and expenses of $0.09 per share associated with the pending Lansing Trade Group acquisition.

The Company reported a third quarter 2018 net loss attributable to The Andersons of $2.1 million, or ($0.07) per diluted share, on revenues of $686 million. Those results compared to 2017 third quarter net income of $2.5 million, or $0.09 per diluted share, on revenues of $837 million. The Company's earnings before interest, taxes, depreciation and amortization (EBITDA) was $24.0 million for the quarter, compared to $32.0 million of EBITDA recorded in the third quarter of 2017. 

"The overriding driver of our third quarter results was the mark-to-market impact on our grain inventories that we believe will substantially rebound before year-end," said President and CEO Pat Bowe. "The Ethanol Group continued to perform well despite tough market conditions, and Plant Nutrient and Rail results were not much different than those of last year's third quarter."

"The current market represents an opportunity to purchase grain at historically low basis levels," Bowe said. "Against that backdrop, the group recorded better results from risk management services, its food business, and its affiliates, and especially Lansing Trade Group. As we announced earlier, we plan to complete the acquisition of Lansing in early 2019."

Bowe continued, "Ethanol margins were challenged year over year for the quarter despite continued strong U.S. exports, but the group benefitted from having hedged about half its production before the quarter began. Current margins remain weak, and the forward curve into the first quarter of 2019 is below last year's level as well."

"The Plant Nutrient Group's margins continued to be compressed, and year-over-year volumes were somewhat lower as some September shipments were delayed. The Rail Group's cars on lease and utilization continued their improvement from the second quarter, and the group also recorded better income from its repair business year over year," added Bowe.

For purposes of better understanding ongoing results, the expanded pretax income and EBITDA disclosures in the table below adjust for significant amounts that are not reflective of ongoing operations.

$ in millions     

Third Quarter

Year to Date


2018

2017

Vs

2018

2017

Vs

Reported Pretax Income (Loss)

$(3.6)

$5.0

$(8.6)

$23.2

$(19.6)

$42.8

Goodwill Impairment1

-

-

-

-

42.0

(42.0)

Adjusted Pretax Income

$(3.6)

$5.0

$(8.6)

$23.2

$22.4

$0.8

EBITDA

$24.0

$32.0

$(8.0)

$111.4

$62.3

$49.1

Adjusted EBITDA

$24.0

$32.0

$(8.0)

$111.4

$104.3

$7.1

1 recorded in the second quarter by the Plant Nutrient Group

For the first nine months of the year, the Company recorded net income attributable to The Andersons of $17.7 million, or $0.62 per diluted share, compared to a net loss 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, during the same period last year. Total EBITDA for the first nine months of 2018 was $111.4 million; total EBITDA and adjusted EBITDA for the first nine months of 2017 were $62.3 million and $104.3 million, respectively.

The decrease in revenues year over year was primarily the result of the Company's adoption of new revenue recognition rules at the beginning of 2018 that have changed the accounting treatment of a significant amount of the Grain Group's sales transactions. This change has no impact on the amount of gross profit recognized on these transactions.

Third Quarter Segment Overview

Grain Group Earnings Decline on Lower Basis Levels

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

2018

2017

Vs

2018

2017

Vs

  Base Grain

$(10.9)

$3.4

$(14.3)

$(8.1)

$4.0

$(12.1)

  Grain Affiliates

2.3

(0.8)

3.1

9.3

0.5

8.8

Total Grain Group

$(8.6)

$2.6

$(11.2)

$1.2

$4.5

$(3.3)

EBITDA

$(2.4)

$9.2

$(11.6)

$22.5

$25.5

$(3.0)












The Grain Group generated a pretax loss of $8.6 million in the quarter, down $11.2 million from its third quarter 2017 results. It also recorded EBITDA of ($2.4) million in the third quarter of 2018.

Base grain pretax income fell by $14.3 million in the third quarter compared to 2017 results due to the impact of the significant decrease in corn and soybean basis levels. This result was caused primarily by near-record corn and soybean yields and reduced exports resulting from trade tensions with China. The situation was compounded by significant movement of grain from on-farm storage that occurred later than usual as farmers carried corn further into the summer than recent years. These low basis levels have provided the group an opportunity to fill our storage capacity at very attractive basis levels.

In addition to the impact of decreasing corn and bean basis levels, the group earned comparatively less income on its wheat positions. The market appreciated considerably more in the third quarter last year than it did this year.

Risk management and trading income and the results of the food ingredients business were much improved. Both Lansing and Thompsons logged substantially better results. In particular, Lansing's results improved markedly in all parts of its business; the group's share of Lansing earnings was $2.4 million, a year-over-year increase of more than $2 million.

We are very excited about the opportunity to combine the Grain Group and Lansing, which will allow us to compete more successfully, provide greater value to customers and shareholders, expand opportunities for employees and increase profitability. Pre-close integration work on the acquisition is well underway. As we announced earlier, we expect to close the transaction by the end of January.   

The group is confident that the third quarter result is a timing difference that will reverse substantially in the fourth quarter. We believe that full-year results for the base grain business will be similar to the 2017 adjusted results.

Ethanol Group Manages in Challenging Margin Environment

The Ethanol Group generated pretax income of $9.1 million attributable to The Andersons in the third quarter, almost 50 percent higher than the $6.1 million pretax income attributable to The Andersons for the same period in 2017. This result is due in large part to higher sales volumes of ethanol and related coproducts resulting from the group's productivity efforts and timely forward hedging, as well as an improvement in distiller dried grain (DDG) values.  

The table below separates the results of the Ethanol Group's unconsolidated entities at its Albion, Mich.; Clymers, Ind.; and Greenville, Ohio, plants, from the earnings of the Denison, Iowa, plant; the Colwich, Kansas, plant currently under construction; and the group's management services income.

$ in millions     


                       Third Quarter

Year to Date


2018

2017

Vs

2018

2017

Vs

Equity in Earnings of Affiliates

$4.8

$4.4

$0.4

$10.7

$7.3

$3.4

Consolidated Operations and Service Fees

4.5

1.8

2.7

6.1

5.3

0.8

Pretax Income

9.3

6.2

3.1

16.8

12.6

4.2

Attributable to Noncontrolling Interests

0.2

0.1

0.1

(0.2)

0.1

(0.3)

Ethanol Group Pretax Income 
     Attributable to
The Andersons

$9.1

$6.1

$3.0

$17.0

$12.5

$4.5











Strong industry production drove margins lower and ethanol stocks above multi-year highs during the quarter. Chinese tariffs muted what was still a strong export market. The group's corn and natural gas costs per gallon were each lower year over year. The group's E-85 sales volume growth continued to be very strong.  

DDG values continued to be strong during the quarter relative to the comparable 2017 period because of vomitoxin problems in the earlier period.

Progress on construction of the group's ELEMENT facility has been slowed by about 60 days due to near-record rainfall at the site. The project remains on budget, and while production is expected to commence in mid-year 2019, the realization of the benefits of the plant's premium products may be delayed until early 2020.

The impact of several macroeconomic factors, including small refinery waivers, the new trade accord with Canada and Mexico, Chinese tariffs and the pace of adoption of E-15 blending on forward margins, remains uncertain. 

Plant Nutrient Group Results Reflect Continued Lower Margins

For purposes of better understanding ongoing results, the Company has expanded the Plant Nutrient Group's pretax income and EBITDA disclosures in the table below to adjust for the second quarter 2017 goodwill impairment associated with the wholesale fertilizer business.

$ in millions     


    Third Quarter

Year to Date


2018

2017

Vs

2018

2017

Vs

Reported Pretax Income (Loss)

$(8.0)

$(7.9)

$(0.1)

$8.2

$(27.1)

$35.3

Goodwill Impairment

-

-

-

-

42.0

(42.0)

Adjusted Pretax Income (Loss)

$(8.0)

$(7.9)

$(0.1)

$8.2

$14.9

$(6.7)

EBITDA

$0.1

$0.2

$(0.1)

$32.9

$(1.9)

$34.8

Adjusted EBITDA

$0.1

$0.2

($0.1)

$32.9

$40.1

$(7.2)










The Plant Nutrient Group recorded a pretax loss of $8.0 million in the third quarter compared to a pretax loss of $7.9 million in the third quarter of 2017. While prices improved year over year, primary nutrient volumes were down due to delayed raw material receipts in September. A significant improvement in primary margin per ton was not enough to offset continued declines in specialty margin per ton.

The group's lawn and contract manufacturing business also suffered a setback, as margin per ton was down considerably year over year due to a change in product mix.  

Rail Group Market Conditions Continue to Improve Gradually

The Rail Group earned third quarter pretax income of $5.7 million compared to $6.1 million in the same period of the prior year, and EBITDA of $15.7 million and $13.9 million for the same two periods, respectively.

$ in millions

Third Quarter

Year to Date

Pretax Income

2018

2017

Vs

2018

2017

Vs

  Lease Income

$2.5

$3.5

$(1.0)

$6.7

$7.1

$(0.4)

  Car Sales

1.9

2.6

(0.7)

1.2

7.6

(6.4)

  Services and Other

1.3

-

1.3

2.7

3.4

(0.7)

Total Rail Group

$5.7

$6.1

$(0.4)

$10.6

$18.1

$(7.5)

EBITDA

$15.7

$13.9

$1.8

$40.0

$40.6

$(0.6)

   Utilization Rate

92.0%

85.8%

6.2%

89.8%

84.6%

5.2%


Base leasing operations earned $2.5 million, up $0.4 million sequentially but down $1.0 million on 6 percent higher utilization year over year. Utilization averaged 92.0 percent during the quarter compared to 89.5 percent sequentially and 85.8 percent during the same period last year. The average number of cars on lease rose about 4 percent year over year. Average lease rates were down 4 percent as renewal rates were lower than some market-peak rates they replaced. In addition, interest expense was higher and income from end-of-lease settlements was lower than in the period a year ago.

The group realized $1.9 million of pretax income on railcar sales in the quarter, up from the $3.0 million sequential loss that was driven by an idle car scrap program, and down from $2.6 million in the third quarter of 2017.

Rail's service and other pretax income was $1.3 million in the quarter compared to negligible income during the same period of 2017. The improvement arose from increased sales and the absence of unusual expenses like those accrued by the group in the comparable prior period.

Other Net Company-Level Expenses Flat; Income from Venture Investments Offsets Lansing Transaction Expenses

Third quarter 2018 unallocated net Company-level expenses of $2.1 million were essentially flat compared to third quarter 2017 results.

Current quarter results included some unusual transactions. The Company recorded pretax income of $5.1 million, or $0.14 per share, during the quarter from Maumee Ventures, its venture capital arm, including $3.9 million from the sale of one investment and $1.2 million from the increase in the value of another. The Company also incurred $3.5 million, or $0.09 per share, in expenses associated with the agreement to acquire the remaining equity of Lansing Trade Group.

Conference Call

The Company will host a webcast on Tuesday, November 6, 2018, at 11 a.m. Eastern Standard Time to discuss its performance and provide its outlook for the remainder of 2018 and some early thoughts about 2019. To access the call, please dial 866-439-8514 or 678-509-7568 (participant passcode is 4898339). 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/qmh47psd. 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. The Company believes adjusted pretax income, EBITDA and adjusted EBITDA provide additional information to investors and others about its operations, allowing an evaluation of underlying operating performance and better period-to-period comparability. Adjusted pretax income, EBITDA and adjusted EBITDA do not and should not be considered as alternatives to net income or income before income taxes as determined by generally accepted accounting principles. Reconciliations of the non-GAAP to GAAP measures may be found within the financial tables provided in the release.

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. Through its Statement of Principles, The Andersons strives to provide extraordinary service to its customers, help its employees improve, support its communities and increase the value of the company. 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)

2018


2017


2018


2017

Sales and merchandising revenues 

$                 685,579


$                    836,595


$              2,232,720


$                 2,682,273

Cost of sales and merchandising revenues

631,715


766,924


2,024,677


2,448,310

Gross profit

53,864


69,671


208,043


233,963

Operating, administrative and general expenses

65,986


68,153


190,096


219,242

Asset impairment

-


-


6,272


-

Goodwill impairment

-


-


-


42,000

Interest expense

5,176


5,384


20,000


17,472

Other income:








Equity in earnings (loss) of affiliates

7,225


3,586


20,601


8,093

Other income, net

6,434


5,285


10,949


17,028

Income (loss) before income taxes

(3,639)


5,005


23,225


(19,630)

Income tax provision (benefit)

(1,764)


2,389


5,668


7,505

Net income (loss)

(1,875)


2,616


17,557


(27,135)

Net income attributable to the noncontrolling interests

223


83


(175)


73

Net income (loss) attributable to The Andersons, Inc.

$                    (2,098)


$                        2,533


$                    17,732


$                    (27,208)









Per common share:








Basic earnings (loss) attributable to The Andersons, Inc.
common shareholders

$                       (0.07)


$                          0.09


$                        0.63


$                        (0.96)

Diluted earnings (loss) attributable to The Andersons, Inc.
common shareholders

$                       (0.07)


$                          0.09


$                        0.62


$                        (0.96)

Dividends declared

$                      0.165


$                        0.160


$                      0.495


$                        0.480

 

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)

2018


2017


2018


2017

Net income (loss) attributable to The Andersons, Inc.

$                   (2,098)


$                       2,533


$                   17,732


$                   (27,208)

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.

$                   (2,098)


$                       2,533


$                   17,732


$                     14,792









Diluted earnings attributable to The Andersons, Inc. common
shareholders

$                      (0.07)


$                         0.09


$                       0.62


$                       (0.96)









Impact on diluted earnings per share

-


-


-


1.48

Adjusted diluted earnings (loss) per share

$                      (0.07)


$                         0.09


$                       0.62


$                         0.52

 

The Andersons, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)



















(in thousands)

September 30, 2018


December 31, 2017


September 30, 2017

Assets






Current assets:






  Cash and cash equivalents

$                    16,820


$                     34,919


$                      24,478

  Restricted cash

-


-


-

  Accounts receivable, net

206,380


183,238


196,192

  Inventories

490,331


648,703


475,602

  Commodity derivative assets – current

76,861


30,702


45,202

  Other current assets

58,374


63,790


53,958

  Assets held for sale

29,527


37,859


8,383

Total current assets

878,293


999,211


803,815

Other assets:






  Commodity derivative assets – noncurrent

766


310


245

  Other assets, net

132,928


131,474


148,328

  Equity method investments

240,350


223,239


215,031


374,044


355,023


363,604

Rail Group assets leased to others, net

464,776


423,443


377,393

Property, plant and equipment, net

434,505


384,677


419,348

Total assets

$              2,151,618


$                2,162,354


$                 1,964,160







Liabilities and equity






Current liabilities:






  Short-term debt

$                 132,000


$                     22,000


$                      19,000

  Trade and other payables

344,406


503,571


381,359

  Customer prepayments and deferred revenue

38,242


59,710


29,520

  Commodity derivative liabilities – current

91,403


29,651


38,578

  Accrued expenses and other current liabilities

68,925


69,579


67,064

  Current maturities of long-term debt

15,677


54,205


53,972

Total current liabilities

690,653


738,716


589,493







Other long-term liabilities

30,615


33,129


34,407

Commodity derivative liabilities – noncurrent

2,548


825


902

Employee benefit plan obligations

25,356


26,716


36,356

Long-term debt, less current maturities

437,280


418,339


371,315

Deferred income taxes

122,523


121,730


181,876

Total liabilities

1,308,975


1,339,455


1,214,349

Total equity

842,643


822,899


749,811

Total liabilities and equity

$              2,151,618


$                2,162,354


$                 1,964,160

 

The Andersons, Inc.












Segment Data












(Unaudited)
























(in thousands)

Grain


Ethanol


Plant Nutrient


Rail


Other


Total

Three months ended September 30, 2018












Revenues from external customers

$                 343,430


$          194,849


$          104,188


$            43,112



$               685,579

Gross profit

16,612


6,960


15,542


14,750



53,864

Equity in earnings of affiliates

2,412


4,813





7,225

Other income, net

625


20


626


220


4,943


6,434

Income (loss) before income taxes

(8,619)


9,281


(7,976)


5,732


(2,057)


(3,639)













Income (loss) attributable to the noncontrolling interests


223





223

Income (loss) before income taxes attributable to The
Andersons, Inc. (a)

$                    (8,619)


$               9,058


$             (7,976)


$              5,732


$             (2,057)


$                  (3,862)













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


5,663


5,285

Income (loss) before income taxes

2,641


6,181


(7,920)


6,127


(2,024)


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


$              (2,024)


$                     4,922














Grain


Ethanol


Plant Nutrient


Rail


Other


Total

Nine months ended September 30, 2018












Revenues from external customers

$                 986,202


$          568,625


$          542,911


$          134,982



$           2,232,720

Gross profit

77,369


14,868


74,946


40,860



208,043

Equity in earnings of affiliates

9,909


10,692





20,601

Other income, net

2,198


158


1,900


911


5,782


10,949

Income (loss) before income taxes

1,228


16,847


8,239


10,645


(13,734)


23,225













Income (loss) attributable to the noncontrolling interests


(175)





(175)

Income (loss) before income taxes attributable to The
Andersons, Inc. (a)

$                     1,228


$            17,022


$               8,239


$            10,645


$          (13,734)


$                 23,400













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


7,106


17,028

Income (loss) before income taxes

4,497


12,547


(27,074)


18,065


(27,665)


(19,630)













Income (loss) attributable to the noncontrolling interest

-


73


-


-


-


73

Income (loss) before income taxes attributable to The
Andersons, Inc. (a)

$                       4,497


$              12,474


$             (27,074)


$              18,065


$            (27,665)


$                 (19,703)













(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).

 

The Andersons, Inc.












Reconciliation to EBITDA and Adjusted EBITDA












(unaudited)




































(in thousands)

  Grain 


 Ethanol


 Plant Nutrient


 Rail


Other


 Total

Three months ended September 30, 2018












Income (loss) before income taxes

$             (8,619)


$              9,281


$             (7,976)


$              5,732


$             (2,057)


$             (3,639)

Income (loss) attributable to the noncontrolling interests


223





223

Income (loss) before income taxes attributable to The Andersons, Inc.

(8,619)


9,058


(7,976)


5,732


(2,057)


(3,862)

Interest expense

2,126


(784)


1,314


2,602


(82)


5,176

Depreciation and amortization

4,118


1,533


6,761


7,385


2,931


22,728

Earnings before interest, taxes, depreciation and amortization (EBITDA)

$             (2,375)


$              9,807


$                    99


$            15,719


$                  792


$            24,042













Three months September 30, 2017












Income (loss) before income taxes

$                2,641


$                6,181


$              (7,920)


$                6,127


$              (2,024)


$                5,005

Income (loss) attributable to the noncontrolling interests

-


83


-


-


-


83

Income (loss) before income taxes attributable to The Andersons, Inc.

2,641


6,098


(7,920)


6,127


(2,024)


4,922

Interest expense

1,898


(27)


1,561


1,742


210


5,384

Depreciation and amortization

4,659


1,479


6,526


6,069


2,935


21,668

Earnings before interest, taxes, depreciation and amortization (EBITDA)

$                9,198


$                7,550


$                   167


$              13,938


$                1,121


$              31,974













Nine months ended September 30, 2018












Income (loss) before income taxes

$              1,228


$            16,847


$              8,239


$            10,645


$          (13,734)


$            23,225

Income (loss) attributable to the noncontrolling interests

-


(175)


-


-


-


(175)

Income (loss) before income taxes attributable to The Andersons, Inc.

1,228


17,022


8,239


10,645


(13,734)


23,400

Interest expense

9,015


(1,096)


4,397


7,688


(4)


20,000

Depreciation and amortization

12,261


4,559


20,257


21,673


9,210


67,960

Earnings before interest, taxes, depreciation and amortization (EBITDA)

$            22,504


$            20,485


$            32,893


$            40,006


$             (4,528)


$          111,360













Nine months ended September 30, 2017












Income (loss) before income taxes

$                4,497


$              12,547


$            (27,074)


$              18,065


$            (27,665)


$            (19,630)

Income (loss) attributable to the noncontrolling interests

-


73


-


-


-


73

Income (loss) before income taxes attributable to The Andersons, Inc.

4,497


12,474


(27,074)


18,065


(27,665)


(19,703)

Interest expense

6,921


(52)


5,016


5,487


100


17,472

Depreciation and amortization

14,061


4,464


20,149


17,057


8,815


64,546

Earnings before interest, taxes, depreciation and amortization (EBITDA)

$              25,479


$              16,886


$              (1,909)


$              40,609


$            (18,750)


$              62,315

Adjusting items impacting EBITDA:












   Goodwill impairment

-


-


42,000


-


-


42,000

Total adjusting items

-


-


42,000


-


-


42,000

Adjusted EBITDA

$              25,479


$              16,886


$              40,091


$              40,609


$            (18,750)


$            104,315

 

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SOURCE The Andersons, Inc.

Investor Relations Contact, John Kraus, Director, Investor Relations, Phone: 419-891-6544, E-mail: investorrelations@andersonsinc.com