MAUMEE, Ohio, Aug. 3, 2017 /CNW/ -- The Andersons,
Inc. (NASDAQ: ANDE) announces financial results for the second
quarter which ended June 30,
2017.
The Company reports a net loss of $26.7 million, or ($0.94) per diluted share, and adjusted net
income of $15.3 million, or
$0.54 per diluted share, up six
percent over the prior year. Reported results include $3.5 million in pretax costs associated with
exiting the Retail business. Adjusted results exclude a
$42 million goodwill impairment
charge in the Plant Nutrient Group.
- Grain Group records pretax income of $6.9 million, a nearly $20
million year-over-year improvement, on continued solid space
income.
- Ethanol Group earns $4.7
million of pretax income attributable to the Company despite
weaker year-over-year margins.
- Plant Nutrient Group reports a pretax loss of $25.8 million after a $42
million goodwill write down and earns adjusted pretax income
of $16.2 million due to persistent
low prices, decreased volumes and low margins.
- Rail Group earns $5.9 million
of pretax income in a slightly improving market.
- Retail Group records a $6.7
million pretax loss, including the pretax exit costs, as it
closed its remaining four stores.
The Company reported a second quarter 2017 net loss attributable
to The Andersons of $26.7 million, or
$0.94 per diluted share, on revenues
of $1 billion. During the second
quarter of 2017, the Company recorded a non-cash and nondeductible
goodwill impairment charge of $42
million or $1.48 per share
related to the Plant Nutrient segment. Adjusted net income
attributable to the Company for the period of $15.3 million, or $0.54 per diluted share, was a six percent
improvement over the net income of $14.4
million, or $0.51 per diluted
share, on revenues of $1.1 billion
recorded in the same period of 2016.
"For the third successive quarter, our Grain Group recorded
significantly improved year-over-year results. The second quarter
improved by approximately $20
million, primarily because the group continued to earn
better space income," said CEO Pat
Bowe. "These results have transpired even as low grain
prices have discouraged growers from selling old crop corn, and the
market is encouraging the group to hold grain to earn storage
income farther into the season. The Grain Group's affiliates also
improved their performance year-over-year."
Bowe continued, "Ethanol margins were lower year-over-year for
the quarter as supply outpaced demand, and the group is still
dealing with both vomitoxin-related discounts and otherwise low
distilled dry grain with solubles (DDGS) values relative to corn.
The Rail Group's base leasing income and utilization improved
sequentially, perhaps signaling a modest market upturn. We closed
our four retail stores and have now incurred most of the costs of
exiting the business.
"The Plant Nutrient Group's margins and volumes both suffered
from persistently low prices and fieldwork delays during a key
stretch of the primary fertilizer application window. Recent
performance and continued softness in the broader fertilizer market
resulted in a write-down of goodwill associated with the wholesale
fertilizer business."
For purposes of better understanding ongoing results, the
Company has expanded its Company 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
|
Second
Quarter
|
Year to
Date
|
|
2017
|
2016
|
Vs
|
2017
|
2016
|
Vs
|
Reported Pretax
Income (Loss)
|
$(19.1)
|
$23.1
|
$(42.2)
|
$(24.6)
|
$0.2
|
$(24.8)
|
Goodwill
impairment
|
$42.0
|
$ -
|
$42.0
|
$42.0
|
$ -
|
$42.0
|
Adjusted Pretax
Income
|
$22.9
|
$23.1
|
$(0.2)
|
$17.4
|
$0.2
|
$17.2
|
For the first six months of the year, the Company recorded a net
loss of $29.8 million, or
$1.05 per diluted share and adjusted
net income of $12.3 million, or
$0.43 per diluted share, compared to
net loss of $273,000, or $0.01 per diluted share during the same period
last year.
Second Quarter Segment Overview
Grain Group Operating Income Increases Significantly Compared
to Prior Year
The Grain Group generated pretax income of
$6.9 million in the quarter, or
almost $20 million better than the
$13 million pretax loss the group
incurred in the same period last year.
The base grain business drove about 70% of the improvement,
while the group's affiliates accounted for the rest. Base
grain pretax income improved by $13.9
million in the second quarter compared to 2016 results.
Space income improved by more than $15
million. Wider carries in the group's markets kept its end
users largely sidelined from covering their needs in deferred
months.
The table below separates the results of the base grain
business, which comprises grain facilities that the Company
operates, from the earnings from investments in the Company's grain
affiliates, which include Lansing Trade Group and Thompsons
Limited.
$ in
millions
|
Second
Quarter
|
Year to
Date
|
Pretax
Income
|
2017
|
2016
|
Vs
|
2017
|
2016
|
Vs
|
Base Grain
|
$4.1
|
$(9.8)
|
$13.9
|
$0.6
|
$(23.1)
|
$23.7
|
Grain
Affiliates
|
$2.8
|
$(3.2)
|
$6.0
|
$1.3
|
$(7.3)
|
$8.6
|
Total Grain
Group
|
$6.9
|
$(13.0)
|
$19.9
|
$1.9
|
$(30.4)
|
$32.3
|
Ethanol Group Operates Well in Challenging
Environment
The Ethanol Group produced pretax income of
$4.7 million attributable to the
Company in the second quarter, $1.5
million lower than the $6.2
million pretax income attributable to the Company it
earned in the same period in 2016, primarily due to lower margins.
Robust production and stocks were the main contributors to the
softer margin environment even as the export market stayed
strong.
The four ethanol plants combined for second quarter and first
half production records of more than 116 million and 214 million
gallons, about 19 percent and 12 percent over the comparable
periods in 2016, respectively, in part because the new Albion
capacity came on line in March, 2017.
The group continued to incur discounts on DDGS during the
quarter due to problems with vomitoxin in the vicinities of the
group's three eastern facilities, though at a lower rate than in
the first quarter. Lower international demand for DDGS also
continued to pressure pricing and margins.
Plant Nutrient Group Impacted by Lower Volumes and Margins;
Group Records Non-Cash Goodwill Impairment Charge of $42 Million
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
|
Second
Quarter
|
Year to
Date
|
|
2017
|
2016
|
Vs
|
2017
|
2016
|
Vs
|
Reported Pretax
Income
|
$(25.8)
|
$23.5
|
$(49.3)
|
$(19.2)
|
$25.2
|
$(44.4)
|
Goodwill
impairment
|
$42.0
|
$ -
|
$42.0
|
$42.0
|
$ -
|
$42.0
|
Adjusted Pretax
Income
|
$16.2
|
$23.5
|
$(7.3)
|
$22.8
|
$25.2
|
$(2.4)
|
The Plant Nutrient Group recorded adjusted pretax income of
$16.2 million in the second quarter
compared to pretax income of $23.5
million in the second quarter of 2016.
Fieldwork delays persisted well into the quarter in the Eastern
Corn Belt and through most of the primary application window,
further pressuring historically low margins, especially in the
value added product segment. The quarter was characterized by low
prices, oversupply and unstable markets.
Base nutrient (NPK) volumes were down about three percent
year-over year, while higher-margin value added nutrient tons (low
salt starter fertilizers, micro nutrients) were down 12 percent.
Volumes for products in the group's other businesses (Farm Centers,
Lawn and Cob) were flat.
Margins were considerably lower in both base nutrients and value
added products, finishing down 12 percent and almost 18 percent
year-over-year, respectively. Margins improved modestly for the
farm centers and the lawn fertilizer business, and by 13 percent in
the cob business year-over-year. Those volume and margin changes
combined to reduce gross profit by almost $10 million.
As a result of these continuing adverse conditions, especially
through the prime earning season, management assessed goodwill
associated with the wholesale fertilizer business and recorded a
$42 million goodwill charge
associated with that business. As the goodwill charge related to
stock acquisitions, none of the impairment expense is deductible
for tax purposes.
Rail Group End Market Conditions Slightly Improving
The Rail Group earned second quarter pretax income of $5.9 million compared to $6.6 million in the same period of the prior
year.
$ in
millions
|
Second
Quarter
|
Year to
Date
|
Pretax
Income
|
2017
|
2016
|
Vs
|
2017
|
2016
|
Vs
|
Lease
Income
|
$2.9
|
$2.7
|
$0.2
|
$3.5
|
$7.0
|
$(3.5)
|
Utilization Rate
|
84.4%
|
88.6%
|
(4.2%)
|
84.0%
|
90.0%
|
(6.0%)
|
Car
Sales
|
$1.4
|
$2.3
|
$(0.9)
|
$5.0
|
$4.7
|
$0.3
|
Services
and Other
|
$1.6
|
$1.6
|
$
-
|
$3.4
|
$4.2
|
$(0.8)
|
Total Rail
Group
|
$5.9
|
$6.6
|
$(0.7)
|
$11.9
|
$15.9
|
$(4.0)
|
Base leasing operations earned $2.9
million, up $2.3 million
sequentially and $0.2 million
year-over-year, on 4.2 percent lower utilization. Utilization
averaged 84.4 percent during the quarter compared to 83.6 percent
sequentially and 88.6 percent during the same period last year.
Average lease rates were flat and maintenance expense was
lower than in the period a year ago.
The group netted $1.4 million of
pretax income on railcar sales in the quarter compared to
$2.3 million in the second quarter of
2016, when the group closed a nonrecourse financing transaction;
there were none in the current quarter. Improved scrap prices
incented the group to scrap some older, underutilized cars.
Rail's service and other pretax income was $1.6 million in the quarter, equal to that of the
same period of 2016. The group's repair and fabrication facilities
set a second consecutive quarterly record for pretax income.
North American rail traffic continued to improve year-over-year
during the quarter compared to 2016 volumes. In addition, Class I
railroad efficiency continued to be lower than year-ago levels.
However, railroad shipping volumes remain historically weak. The
group expects utilization rates to improve modestly over the next
few quarters, albeit with shorter leases at lower rates.
Company Substantially Completes Its Exit from the Retail
Business
The Company substantially completed the process of
closing the business during the quarter. The four stores were
closed in early June. Remaining tasks primarily include the sale of
the store properties. The group's second quarter pretax loss of
$6.7 million included closing costs
of $3.5 million, most of which were
employee separation expenses.
Other Net Company-Level Expenses Higher
Unallocated
net Company-level expenses for the second quarter of 2017 were
$3.9 million, up $1.7 million from the $2.2
million incurred in the comparable 2016 period. The 2016
amount included a gain of $1.3
million on the termination of the Company's defined benefit
pension plan.
Conference Call
The Company will host a webcast on
Friday, August 4,, 2017 at
11 a.m. Eastern Daylight Time,
to discuss its performance and provide its updated outlook for
2017. To dial-in to the call, please dial 866-439-8514 or
678-509-7568 (participant passcode is 51126798). It is recommended
that you call ten minutes before the conference call begins.
To access the webcast: Click on the link:
http://edge.media-server.com/m/p/gni5tph6. Log on. Click on the
phone icon at the bottom of the "Webcast Window" on the left side
of the screen. Then, you will be provided with the conference call
number and passcode. Click the gear set icon (left of the telephone
icon) and select "Live Phone" to synchronize the presentation with
the audio on your phone. 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
June 30,
|
|
Six months ended
June 30,
|
(in thousands, except
per share data)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Sales and
merchandising revenues
|
$
993,662
|
|
$
1,064,244
|
|
$
1,845,678
|
|
$
1,952,123
|
Cost of sales and
merchandising revenues
|
905,828
|
|
967,202
|
|
1,681,386
|
|
1,787,326
|
Gross
profit
|
87,834
|
|
97,042
|
|
164,292
|
|
164,797
|
Operating,
administrative and general expenses
|
69,928
|
|
75,405
|
|
151,875
|
|
155,286
|
Goodwill
impairment
|
42,000
|
|
-
|
|
42,000
|
|
-
|
Interest
expense
|
5,988
|
|
6,554
|
|
12,088
|
|
13,605
|
Other
income:
|
|
|
|
|
|
|
|
Equity in earnings of
affiliates
|
6,385
|
|
2,344
|
|
4,507
|
|
(4,633)
|
Other income,
net
|
4,632
|
|
5,682
|
|
12,529
|
|
8,928
|
Income (loss) before
income taxes
|
(19,065)
|
|
23,109
|
|
(24,635)
|
|
201
|
Income tax provision
(benefit)
|
7,652
|
|
7,668
|
|
5,117
|
|
382
|
Net income
(loss)
|
(26,717)
|
|
15,441
|
|
(29,752)
|
|
(181)
|
Net loss attributable
to the noncontrolling interests
|
(64)
|
|
1,018
|
|
(10)
|
|
92
|
Net income (loss)
attributable to The Andersons, Inc.
|
$
(26,653)
|
|
$
14,423
|
|
$
(29,742)
|
|
$
(273)
|
|
|
|
|
|
|
|
|
Per common
share:
|
|
|
|
|
|
|
|
Basic earnings
attributable to The Andersons, Inc. common
shareholders
|
$
(0.94)
|
|
$
0.51
|
|
$
(1.05)
|
|
$
(0.01)
|
Diluted
earnings attributable to The Andersons, Inc. common
shareholders
|
$
(0.94)
|
|
$
0.51
|
|
$
(1.05)
|
|
$
(0.01)
|
Dividends
declared
|
$
0.160
|
|
$
0.155
|
|
$
0.320
|
|
$
0.310
|
The Andersons,
Inc.
|
Reconciliation to
Adjusted Net Income
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three months ended
June 30,
|
|
Six months ended
June 30,
|
(in thousands, except
per share data)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Net income (loss)
attributable to The Andersons, Inc.
|
$
(26,653)
|
|
$
14,415
|
|
$
(29,742)
|
|
$
(278)
|
Items impacting other
income, net of tax:
|
|
|
|
|
|
|
|
Goodwill
impairment
|
42,000
|
|
-
|
|
42,000
|
|
-
|
Total adjusting
items
|
42,000
|
|
-
|
|
42,000
|
|
-
|
Adjusted net income
(loss) attributable to The Andersons, Inc.
|
$
15,347
|
|
$
14,415
|
|
$
12,258
|
|
$
(278)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings attributable to The Andersons, Inc. common
shareholders
|
$
(0.94)
|
|
$
0.51
|
|
$
(1.05)
|
|
$
(0.01)
|
|
|
|
|
|
|
|
|
Impact on diluted
earnings per share
|
1.48
|
|
-
|
|
1.48
|
|
-
|
Adjusted diluted
earnings per share
|
$
0.54
|
|
$
0.51
|
|
$
0.43
|
|
$
(0.01)
|
The Andersons,
Inc.
|
Condensed
Consolidated Balance Sheets
|
(Unaudited)
|
|
(in
thousands)
|
June 30,
2017
|
|
December 31,
2016
|
|
June 30,
2016
|
Assets
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
18,934
|
|
$
62,630
|
|
$
31,383
|
Restricted
cash
|
1,033
|
|
471
|
|
987
|
Accounts
receivable, net
|
186,331
|
|
194,698
|
|
212,588
|
Inventories
|
463,205
|
|
682,747
|
|
486,236
|
Commodity
derivative assets – current
|
11,619
|
|
45,447
|
|
115,924
|
Other current
assets
|
59,873
|
|
72,133
|
|
48,754
|
Assets held for
sale
|
10,028
|
|
-
|
|
-
|
Total current
assets
|
751,023
|
|
1,058,126
|
|
895,872
|
Other
assets:
|
|
|
|
|
|
Commodity
derivative assets – noncurrent
|
1,191
|
|
100
|
|
1,934
|
Other assets,
net
|
145,283
|
|
180,445
|
|
183,728
|
Equity method
investments
|
215,794
|
|
216,931
|
|
238,478
|
|
362,268
|
|
397,476
|
|
424,140
|
Rail Group assets
leased to others, net
|
375,092
|
|
327,195
|
|
340,136
|
Property, plant and
equipment, net
|
423,042
|
|
450,052
|
|
447,267
|
Total
assets
|
$
1,911,425
|
|
$
2,232,849
|
|
$
2,107,415
|
|
|
|
|
|
|
Liabilities and
equity
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Short-term
debt
|
$
124,000
|
|
$
29,000
|
|
$
179,404
|
Trade and other
payables
|
267,194
|
|
581,826
|
|
302,413
|
Customer
prepayments and deferred revenue
|
15,113
|
|
48,590
|
|
18,252
|
Commodity
derivative liabilities – current
|
18,104
|
|
23,167
|
|
43,183
|
Accrued
expenses and other current liabilities
|
69,256
|
|
69,648
|
|
71,169
|
Current
maturities of long-term debt
|
62,482
|
|
47,545
|
|
53,720
|
Total current
liabilities
|
556,149
|
|
799,776
|
|
668,141
|
|
|
|
|
|
|
Other long-term
liabilities
|
34,441
|
|
27,833
|
|
30,430
|
Commodity derivative
liabilities – noncurrent
|
334
|
|
339
|
|
2,182
|
Employee benefit plan
obligations
|
36,837
|
|
35,026
|
|
44,902
|
Long-term debt, less
current maturities
|
354,066
|
|
397,065
|
|
398,746
|
Deferred income
taxes
|
181,806
|
|
182,113
|
|
179,911
|
Total
liabilities
|
1,163,633
|
|
1,442,152
|
|
1,324,312
|
Total
equity
|
747,792
|
|
790,697
|
|
783,103
|
Total liabilities and
equity
|
$
1,911,425
|
|
$
2,232,849
|
|
$
2,107,415
|
The Andersons,
Inc.
|
Segment
Data
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands)
|
Grain
|
|
Ethanol
|
|
Plant
Nutrient
|
|
Rail
|
|
Retail
|
|
Other
|
|
Total
|
Three months ended
June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from
external customers
|
$
488,447
|
|
$
187,831
|
|
$
264,736
|
|
$
38,149
|
|
$
14,499
|
|
$
—
|
|
$
993,662
|
Gross
profit
|
30,447
|
|
3,320
|
|
39,934
|
|
12,699
|
|
1,434
|
|
—
|
|
87,834
|
Equity in earnings of
affiliates
|
2,903
|
|
3,482
|
|
—
|
|
—
|
|
—
|
|
—
|
|
6,385
|
Other income,
net
|
1,861
|
|
15
|
|
636
|
|
492
|
|
1,303
|
|
325
|
|
4,632
|
Income (loss) before
income taxes
|
6,929
|
|
4,596
|
|
(25,825)
|
|
5,860
|
|
(6,718)
|
|
(3,907)
|
|
(19,065)
|
Loss attributable to
the noncontrolling interests
|
—
|
|
(64)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(64)
|
Income (loss) before
income taxes attributable to The
Andersons, Inc. (a)
|
$
6,929
|
|
$
4,660
|
|
$
(25,825)
|
|
$
5,860
|
|
$
(6,718)
|
|
$
(3,907)
|
|
$
(19,001)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from
external customers (b)
|
$
522,989
|
|
$
142,520
|
|
$
320,036
|
|
$
40,342
|
|
$
38,357
|
|
$
—
|
|
$
1,064,244
|
Gross
profit
|
17,551
|
|
4,570
|
|
49,577
|
|
13,602
|
|
11,742
|
|
—
|
|
97,042
|
Equity in earnings of
affiliates
|
(2,907)
|
|
5,251
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,344
|
Other income,
net
|
2,642
|
|
3
|
|
1,222
|
|
185
|
|
91
|
|
1,539
|
|
5,682
|
Income (loss) before
income taxes
|
(13,037)
|
|
7,205
|
|
23,535
|
|
6,569
|
|
1,010
|
|
(2,173)
|
|
23,109
|
Loss attributable to
the noncontrolling interest
|
—
|
|
1,018
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,018
|
Income (loss) before
income taxes attributable to The Andersons, Inc. (a)
|
$
(13,037)
|
|
$
6,187
|
|
$
23,535
|
|
$
6,569
|
|
$
1,010
|
|
$
(2,173)
|
|
$
22,091
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grain
|
|
Ethanol
|
|
Plant
Nutrient
|
|
Rail
|
|
Retail
|
|
Other
|
|
Total
|
Six months ended
June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from
external customers
|
$
966,975
|
|
$
341,984
|
|
$
411,323
|
|
$
78,539
|
|
$
46,857
|
|
$
—
|
|
$
1,845,678
|
Gross
profit
|
54,096
|
|
8,860
|
|
65,742
|
|
25,007
|
|
10,587
|
|
—
|
|
164,292
|
Equity in earnings of
affiliates
|
1,558
|
|
2,949
|
|
—
|
|
—
|
|
—
|
|
—
|
|
4,507
|
Other income,
net
|
2,507
|
|
22
|
|
6,200
|
|
1,571
|
|
1,433
|
|
796
|
|
12,529
|
Income (loss) before
income taxes
|
1,856
|
|
6,366
|
|
(19,154)
|
|
11,938
|
|
(13,564)
|
|
(12,077)
|
|
(24,635)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
attributable to the noncontrolling interests
|
-
|
|
(10)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(10)
|
Income (loss) before
income taxes attributable to
The Andersons, Inc. (a)
|
$
1,856
|
|
$
6,376
|
|
$
(19,154)
|
|
$
11,938
|
|
$
(13,564)
|
|
$
(12,077)
|
|
$
(24,625)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended
June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from
external customers
|
$
1,061,803
|
|
$
257,213
|
|
$
487,027
|
|
$
79,951
|
|
$
66,129
|
|
$
—
|
|
$
1,952,123
|
Gross
profit
|
33,751
|
|
6,906
|
|
76,266
|
|
28,162
|
|
19,712
|
|
—
|
|
164,797
|
Equity in earnings of
affiliates
|
(6,674)
|
|
2,041
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(4,633)
|
Other income,
net
|
3,310
|
|
33
|
|
2,017
|
|
1,562
|
|
180
|
|
1,826
|
|
8,928
|
Income (loss) before
income taxes
|
(30,445)
|
|
3,602
|
|
25,239
|
|
15,944
|
|
(1,066)
|
|
(13,073)
|
|
201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
attributable to the noncontrolling interest
|
(3)
|
|
95
|
|
—
|
|
—
|
|
—
|
|
—
|
|
92
|
Income (loss) before
income taxes attributable to The
Andersons, Inc. (a)
|
$
(30,442)
|
|
$
3,507
|
|
$
25,239
|
|
$
15,944
|
|
$
(1,066)
|
|
$
(13,073)
|
|
$
109
|
|
(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.