MAUMEE, Ohio, Nov. 5, 2019 /CNW/ -- The Andersons, Inc.
(NASDAQ: ANDE) announces financial results for the third
quarter ended September 30, 2019.
Third Quarter Highlights:
- Company reports a net loss of $4.2
million or $0.13 per diluted
share and an adjusted net loss of $2.3
million, or $0.07 per diluted
share.
- Trade Group reports improved results, recording a pretax
loss of $2.0 million and adjusted
pretax income of $0.6 million, as
stronger merchandising income was offset by the impact of reduced
planting and a delayed harvest in the Eastern corn belt.
- Ethanol Group records pretax income of $0.9 million in a challenging margin
environment.
- Plant Nutrient Group records a smaller pretax loss of
$7.4 million due to increased field
activity in the quarter.
- Rail Group earns $3.1 million
of pretax income on stable railcar leasing income.
"The Trade Group's adjusted results were much improved year over
year on stronger merchandising, though grain originations lagged
due to limited farmer selling," said President and CEO Pat Bowe. "We continue to see the benefits of
our larger and more diversified Trade Group, whose results were
substantially better than they would have been without the
Lansing acquisition."
"I'm also particularly pleased that our Ethanol Group remained
profitable despite difficult market conditions, outpacing many in
its sector," continued Bowe. "In August, we began production at
ELEMENT, our state-of-the-art biorefinery in Kansas, from which we ultimately expect
industry-leading results. We also announced in October the merger
of what had been four separate ethanol plant entities, three of
which were jointly owned with Marathon Petroleum Corporation, into
a single entity jointly owned with Marathon just after
quarter-end."
$ in millions,
except per share amounts
|
|
Q3
2019
|
Q3
2018
|
Variance
|
YTD
2019
|
YTD
2018
|
Variance
|
Pretax Income
(Loss) Attributable to the Company1
|
($11.4)
|
($3.9)
|
($7.5)
|
$10.0
|
$23.4
|
($13.4)
|
Adjusted Pretax
Income (Loss)1
|
($8.9)
|
($0.4)
|
($8.5)
|
$27.3
|
$26.9
|
$0.4
|
Trade (Grain)
Group
|
$0.6
|
($9.9)
|
$10.5
|
$21.6
|
($2.5)
|
$24.1
|
Ethanol
Group
|
$0.9
|
$10.4
|
($9.5)
|
$6.2
|
$20.7
|
($14.5)
|
Plant Nutrient
Group
|
($7.4)
|
($8.0)
|
$0.6
|
$4.5
|
$8.2
|
($3.7)
|
Rail Group
|
$3.1
|
$5.7
|
($2.6)
|
$10.6
|
$10.6
|
$ -
|
Other
|
($6.1)
|
$1.4
|
($7.5)
|
($15.6)
|
($10.3)
|
($5.3)
|
Net Income
(Loss)1
|
($4.2)
|
($2.1)
|
($2.1)
|
$11.7
|
$17.7
|
($6.0)
|
Adjusted Net
Income (Loss)1
|
($2.3)
|
$0.5
|
($2.8)
|
$24.7
|
$20.3
|
$4.4
|
EPS
|
($0.13)
|
($0.07)
|
($0.06)
|
$0.35
|
$0.62
|
($0.27)
|
Adjusted
EPS
|
($0.07)
|
$0.02
|
($0.09)
|
$0.75
|
$0.71
|
$0.04
|
EBITDA
|
$40.0
|
$24.0
|
$16.0
|
$154.0
|
$111.4
|
$42.6
|
Adjusted
EBITDA
|
$42.5
|
$27.5
|
$15.0
|
$171.4
|
$114.8
|
$56.6
|
1 Excludes income (loss)
attributable to the noncontrolling interests of ($1.6) in Q3 2019,
$0.2 in Q3 2018, ($2.3) for year-to-date 2019 and ($0.2) for
year-to-date 2018.
|
Third Quarter Segment Overview
Trade Group Records Improved Year-Over-Year Results Despite
Weak Origination Activity
With the closing of the Lansing
acquisition effective January 1,
2019, Trade Group results now include the consolidated
operating results of both Lansing
and Thompsons Limited.
The Trade Group recorded a pretax loss of $2.0 million and adjusted pretax income of
$0.6 million for the quarter. The
group also incurred $2.4 million of
incremental depreciation and amortization expenses related to the
Lansing acquisition. The former
Grain Group recorded a pretax loss of $9.9
million in the third quarter of 2018.
- Performance improved across most of the group's operations, but
especially in merchandising.
- The newly integrated group has already identified and partially
implemented changes that will result in more than $10 million in run-rate savings.
- The group absorbed the reduction in planted acres around its
Eastern Corn Belt assets by finding additional opportunities in the
West.
The group's third quarter 2019 EBITDA and adjusted EBITDA were
$18.4 million and $20.9 million, respectively.
Ethanol Group Turns a Profit Despite Challenging Industry
Margins
The Ethanol Group earned pretax income of $0.9 million in the third quarter compared to the
$10.4 million of pretax income it
earned in the same period in 2018.
- Higher corn basis compressed margins, especially at the three
eastern plants.
- The group continues to upgrade its production technology to
gain additional efficiency.
- Third party ethanol trading again increased sales volumes and
margins.
The group began producing ethanol, DDGs and corn oil from
ELEMENT in August. Production continues to ramp up, with additional
higher margin products being introduced in mid-2020.
The merger of the Albion, Clymers, Greenville and Denison plant entities into The Andersons
Marathon Holdings LLC was completed on October 1. The merger will result in
consolidation reporting of the group's entire operations and a
sizable one-time gain in the fourth quarter. ELEMENT remains
a separate consolidated joint venture of The Andersons, Inc. with
ICM, Inc.
Plant Nutrient Group Loss Narrows Year Over Year
The Plant Nutrient Group recorded a pretax loss of $7.4 million in the third quarter, a modest
improvement on the pretax loss of $8.0
million in the prior year period.
- Volumes were up, largely on primary nutrients and at the farm
centers, which was reflective of the delayed planting season.
- Margins per ton were somewhat lower due to product mix.
- Inventory carrying costs increased year over year due to
reduced spring planting.
The group's current quarter EBITDA was $0.9 million, a $0.8
million increase over 2018 third quarter results.
The group also sold its Auburn,
Michigan, farm center in early October and expects to record
a small gain on the sale in the fourth quarter.
Rail Group Results Highlighted by Steady Leasing
Income
The Rail Group earned third quarter pretax income of
$3.1 million compared to $5.7 million in the same period of the prior
year.
- Railcar leasing income fell on continuing headwinds in the sand
and ethanol markets.
- Income from car sales was significantly lower due to fewer
direct and scrap car sales and lower scrap rates.
- Service and other pretax income fell somewhat due increased
labor and benefits expenses.
The group's third quarter 2019 EBITDA of $16.1 million was comparable to third quarter
2018 EBITDA.
Other Net Company-Level Expenses Higher Due to 2018
Nonrecurring Gains
Third quarter 2019 unallocated net company-level expenses were
higher compared to adjusted third quarter 2018 results due to some
nonrecurring gains recognized in 2018. Specifically, the company
recorded pretax gains of $5.1
million, or $0.14 per diluted
share, from several Maumee Ventures investments.
Provision for Income Taxes Includes Sizable Research and
Development Tax Credits
The company's third quarter income tax provision includes a tax
benefit of approximately $3.9
million, or $0.12 per diluted
share, for federal research and development income tax credits that
were mostly related to the construction of the ELEMENT
biorefinery.
Adjustments Related to the Lansing Acquisition
The company will finalize its purchase price allocation by year
end. The Trade Group adjusted its current quarter pretax results by
$2.6 million, or $0.06 per diluted share, for stock compensation
expense and the company adjusted the third quarter 2018 pretax
results by $3.5 million, or $0.09 per share, for expenses associated with the
acquisition. As noted above, the Trade Group's current quarter
pretax results are also impacted by $2.4 million, or $0.06 per diluted share, of incremental
depreciation and amortization expense.
As it did in the first two quarters, the company has recast
third quarter 2018 pretax income for the former Grain Group and the
Ethanol Group to conform to segment reporting changes made in
conjunction with the Lansing
acquisition. The changes resulted in a reclassification of
$1.3 million in pretax income from
the Grain Group to the Ethanol Group. The company expects to make
similar adjustments for the fourth quarter of 2018.
Conference Call
The company will host a webcast on Wednesday, November
6, 2019, at 11 a.m. Eastern Standard
Time, to discuss its performance and provide its updated
outlook for 2019 and its preliminary views for 2020. To access the
call, please dial 866-439-8514 or 678-509-7568 (participant
passcode is 5272038). It is recommended that you call 10 minutes
before the conference call begins.
To access the webcast, click on the link:
http://edge.media-server.com/mmc/p/nczp9z2e. 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's
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, adjusted pretax income
attributable to The Andersons, adjusted net income, adjusted net
income per share, 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, adjusted
pretax income attributable to The Andersons, adjusted net income,
adjusted net income per share, EBITDA and adjusted EBITDA do not
and should not be considered as alternatives to pretax income, net
income or net income per share as determined by generally accepted
accounting principles. Reconciliations of the GAAP to non-GAAP
measures may be found within this press release and the financial
tables provided herein.
Company Description
Founded in 1947 in Maumee,
Ohio, The Andersons, Inc. (Nasdaq: ANDE) is a diversified
company rooted in agriculture that conducts business in the
commodity trading, ethanol, plant nutrient and rail sectors. Guided
by 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, please visit 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)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Sales and
merchandising revenues
|
$
1,982,755
|
|
$
685,579
|
|
$
6,284,588
|
|
$
2,232,720
|
Cost of sales and
merchandising revenues
|
1,873,614
|
|
631,715
|
|
5,905,055
|
|
2,024,677
|
Gross
profit
|
109,141
|
|
53,864
|
|
379,533
|
|
208,043
|
Operating,
administrative and general expenses
|
107,118
|
|
65,986
|
|
327,385
|
|
190,096
|
Asset
impairment
|
-
|
|
-
|
|
3,081
|
|
6,272
|
Interest
expense
|
13,975
|
|
5,176
|
|
45,613
|
|
20,000
|
Other
income:
|
|
|
|
|
|
|
|
Equity in earnings
(loss) of affiliates
|
(3,728)
|
|
7,225
|
|
(2,367)
|
|
20,601
|
Other income,
net
|
2,598
|
|
6,434
|
|
6,649
|
|
10,949
|
Income (loss) before
income taxes
|
(13,082)
|
|
(3,639)
|
|
7,736
|
|
23,225
|
Income tax provision
(benefit)
|
(7,212)
|
|
(1,764)
|
|
(1,657)
|
|
5,668
|
Net income
(loss)
|
(5,870)
|
|
(1,875)
|
|
9,393
|
|
17,557
|
Net income (loss)
attributable to the noncontrolling interests
|
(1,633)
|
|
223
|
|
(2,265)
|
|
(175)
|
Net income (loss)
attributable to The Andersons, Inc.
|
$
(4,237)
|
|
$
(2,098)
|
|
$
11,658
|
|
$
17,732
|
|
|
|
|
|
|
|
|
Per common
share:
|
|
|
|
|
|
|
|
Basic earnings (loss)
attributable to The Andersons, Inc. common
shareholders
|
$
(0.13)
|
|
$
(0.07)
|
|
$
0.36
|
|
$
0.63
|
Diluted earnings
(loss) attributable to The Andersons, Inc. common
shareholders
|
$
(0.13)
|
|
$
(0.07)
|
|
$
0.35
|
|
$
0.62
|
The Andersons,
Inc.
|
|
|
|
|
|
|
|
Reconciliation to
Adjusted Net Income (Loss) Attributable to The Andersons,
Inc.
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30,
|
|
Nine Months Ended
September 30,
|
(in thousands, except
per share data)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Net income (loss)
attributable to The Andersons, Inc.
|
$
(4,237)
|
|
$
(2,098)
|
|
$
11,658
|
|
$
17,732
|
Items impacting other
income, net of tax:
|
|
|
|
|
|
|
|
One time acquisition
costs
|
(17)
|
|
2,597
|
|
5,192
|
|
2,597
|
Transaction related
stock compensation
|
1,933
|
|
-
|
|
5,504
|
|
-
|
Asset
impairment
|
-
|
|
-
|
|
2,311
|
|
-
|
Total adjusting
items, net of tax
|
1,916
|
|
2,597
|
|
13,007
|
|
2,597
|
Adjusted net income
(loss) attributable to The Andersons, Inc.
|
$
(2,321)
|
|
$
499
|
|
$
24,665
|
|
$
20,329
|
|
|
|
|
|
|
|
|
Diluted earnings
attributable to The Andersons, Inc. common
shareholders
|
$
(0.13)
|
|
$
(0.07)
|
|
$
0.35
|
|
$
0.62
|
|
|
|
|
|
|
|
|
Impact on diluted
earnings per share
|
0.06
|
|
0.09
|
|
0.40
|
|
0.09
|
Adjusted diluted
earnings (loss) per share
|
$
(0.07)
|
|
$
0.02
|
|
$
0.75
|
|
$
0.71
|
The Andersons,
Inc.
|
|
|
|
|
|
Condensed
Consolidated Balance Sheets
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands)
|
September 30,
2019
|
|
December 31,
2018
|
|
September 30,
2018
|
Assets
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash, cash
equivalents and restricted cash
|
$
21,299
|
|
$
22,593
|
|
$
16,820
|
Accounts receivable,
net
|
523,110
|
|
207,285
|
|
206,380
|
Inventories
|
741,086
|
|
690,804
|
|
490,331
|
Commodity derivative
assets – current
|
120,510
|
|
51,421
|
|
76,861
|
Other current
assets
|
82,197
|
|
50,703
|
|
58,374
|
Assets held for
sale
|
573
|
|
392
|
|
29,527
|
Total current
assets
|
1,488,775
|
|
1,023,198
|
|
878,293
|
Other
assets:
|
|
|
|
|
|
Commodity derivative
assets – noncurrent
|
1,943
|
|
480
|
|
766
|
Other assets,
net
|
336,471
|
|
127,503
|
|
132,928
|
Right of use asset,
net
|
70,773
|
|
-
|
|
-
|
Equity method
investments
|
117,348
|
|
242,326
|
|
240,350
|
|
526,535
|
|
370,309
|
|
374,044
|
Rail Group assets
leased to others, net
|
565,746
|
|
521,785
|
|
464,776
|
Property, plant and
equipment, net
|
703,396
|
|
476,711
|
|
434,505
|
Total
assets
|
$
3,284,452
|
|
$
2,392,003
|
|
$
2,151,618
|
|
|
|
|
|
|
Liabilities and
equity
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Short-term
debt
|
$
138,249
|
|
$
205,000
|
|
$
132,000
|
Trade and other
payables
|
594,708
|
|
462,535
|
|
344,406
|
Customer prepayments
and deferred revenue
|
35,274
|
|
32,533
|
|
38,242
|
Commodity derivative
liabilities – current
|
67,606
|
|
32,647
|
|
91,403
|
Accrued expenses and
other current liabilities
|
162,749
|
|
79,046
|
|
68,925
|
Current maturities of
long-term debt
|
66,899
|
|
21,589
|
|
15,677
|
Total current
liabilities
|
1,065,485
|
|
833,350
|
|
690,653
|
|
|
|
|
|
|
Right of use
liability
|
47,299
|
|
-
|
|
-
|
Other long-term
liabilities
|
40,927
|
|
32,184
|
|
30,615
|
Commodity derivative
liabilities – noncurrent
|
1,960
|
|
889
|
|
2,548
|
Employee benefit plan
obligations
|
21,311
|
|
22,542
|
|
25,356
|
Long-term debt, less
current maturities
|
968,117
|
|
496,187
|
|
437,280
|
Deferred income
taxes
|
128,003
|
|
130,087
|
|
122,523
|
Total
liabilities
|
2,273,102
|
|
1,515,239
|
|
1,308,975
|
Total
equity
|
1,011,350
|
|
876,764
|
|
842,643
|
Total liabilities and
equity
|
$
3,284,452
|
|
$
2,392,003
|
|
$
2,151,618
|
The Andersons,
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Data
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands)
|
Trade
|
|
Ethanol
|
|
Plant
Nutrient
|
|
Rail
|
|
Other
|
|
Total
|
Three months ended
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from
external customers
|
$
1,580,157
|
|
$
254,055
|
|
$
109,446
|
|
$
39,097
|
|
$
-
|
|
$
1,982,755
|
Gross
profit
|
74,752
|
|
6,710
|
|
15,851
|
|
11,828
|
|
-
|
|
109,141
|
Equity in earnings
(losses) of affiliates
|
(98)
|
|
(3,630)
|
|
-
|
|
-
|
|
-
|
|
(3,728)
|
Other income
(expense), net
|
876
|
|
417
|
|
510
|
|
854
|
|
(59)
|
|
2,598
|
Income (loss) before
income taxes
|
(2,001)
|
|
(684)
|
|
(7,440)
|
|
3,137
|
|
(6,094)
|
|
(13,082)
|
Income (loss)
attributable to the noncontrolling interests
|
-
|
|
(1,633)
|
|
-
|
|
-
|
|
-
|
|
(1,633)
|
Income (loss) before
income taxes attributable to The Andersons, Inc. (a)
|
$
(2,001)
|
|
$
949
|
|
$
(7,440)
|
|
$
3,137
|
|
$
(6,094)
|
|
$
(11,449)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from
external customers
|
$
342,610
|
|
$
195,669
|
|
$
104,188
|
|
$
43,112
|
|
$
-
|
|
$
685,579
|
Gross
profit
|
15,791
|
|
7,781
|
|
15,542
|
|
14,750
|
|
-
|
|
53,864
|
Equity in earnings of
affiliates
|
2,412
|
|
4,813
|
|
-
|
|
-
|
|
-
|
|
7,225
|
Other income,
net
|
92
|
|
553
|
|
626
|
|
220
|
|
4,943
|
|
6,434
|
Income (loss) before
income taxes
|
(9,914)
|
|
10,576
|
|
(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)
|
$
(9,914)
|
|
$
10,353
|
|
$
(7,976)
|
|
$
5,732
|
|
$
(2,057)
|
|
$
(3,862)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from
external customers
|
$
4,944,483
|
|
$
708,029
|
|
$
508,548
|
|
$
123,528
|
|
$
-
|
|
$
6,284,588
|
Gross
profit
|
246,587
|
|
14,830
|
|
75,583
|
|
42,533
|
|
-
|
|
379,533
|
Equity in earnings
(losses) of affiliates
|
(1,843)
|
|
(524)
|
|
-
|
|
-
|
|
-
|
|
(2,367)
|
Other income,
net
|
1,706
|
|
695
|
|
1,647
|
|
1,392
|
|
1,209
|
|
6,649
|
Income (loss) before
income taxes
|
4,268
|
|
3,904
|
|
4,534
|
|
10,629
|
|
(15,599)
|
|
7,736
|
Income (loss)
attributable to the noncontrolling interests
|
-
|
|
(2,265)
|
|
-
|
|
-
|
|
-
|
|
(2,265)
|
Income (loss) before
income taxes attributable to The
Andersons, Inc. (a)
|
$
4,268
|
|
$
6,169
|
|
$
4,534
|
|
$
10,629
|
|
$
(15,599)
|
|
$
10,001
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from
external customers
|
$
983,737
|
|
$
571,090
|
|
$
542,911
|
|
$
134,982
|
|
$
-
|
|
$
2,232,720
|
Gross
profit
|
74,903
|
|
17,334
|
|
74,946
|
|
40,860
|
|
-
|
|
208,043
|
Equity in earnings of
affiliates
|
9,909
|
|
10,692
|
|
-
|
|
-
|
|
-
|
|
20,601
|
Other income,
net
|
615
|
|
1,741
|
|
1,900
|
|
911
|
|
5,782
|
|
10,949
|
Income (loss) before
income taxes
|
(2,453)
|
|
20,528
|
|
8,239
|
|
10,645
|
|
(13,734)
|
|
23,225
|
Income (loss)
attributable to the noncontrolling interest
|
-
|
|
(175)
|
|
-
|
|
-
|
|
-
|
|
(175)
|
Income (loss) before
income taxes attributable to The Andersons, Inc. (a)
|
$
(2,453)
|
|
$
20,703
|
|
$
8,239
|
|
$
10,645
|
|
$
(13,734)
|
|
$
23,400
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
Trade
|
|
Ethanol
|
|
Plant
Nutrient
|
|
Rail
|
|
Other
|
|
Total
|
Three months ended
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
$
(2,001)
|
|
$
(684)
|
|
$
(7,440)
|
|
$
3,137
|
|
$
(6,094)
|
|
$
(13,082)
|
Income (loss)
attributable to the noncontrolling interests
|
-
|
|
(1,633)
|
|
-
|
|
-
|
|
-
|
|
(1,633)
|
Income (loss) before
income taxes attributable to The Andersons, Inc.
|
(2,001)
|
|
949
|
|
(7,440)
|
|
3,137
|
|
(6,094)
|
|
(11,449)
|
Interest
expense
|
7,868
|
|
210
|
|
1,831
|
|
4,211
|
|
(145)
|
|
13,975
|
Depreciation and
amortization
|
12,487
|
|
6,907
|
|
6,485
|
|
8,713
|
|
2,849
|
|
37,441
|
Earnings before
interest, taxes, depreciation and amortization (EBITDA)
|
$
18,354
|
|
$
8,066
|
|
$
876
|
|
$
16,061
|
|
$
(3,390)
|
|
$
39,967
|
Adjusting items
impacting EBITDA:
|
|
|
|
|
|
|
|
|
|
|
-
|
One time acquisition
costs
|
(23)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(23)
|
Transaction related
stock compensation
|
2,577
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2,577
|
Asset
impairment
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Total adjusting
items
|
2,554
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2,554
|
Adjusted
EBITDA
|
$
20,908
|
|
$
8,066
|
|
$
876
|
|
$
16,061
|
|
$
(3,390)
|
|
$
42,521
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
$
(9,914)
|
|
$
10,576
|
|
$
(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.
|
(9,914)
|
|
10,353
|
|
(7,976)
|
|
5,732
|
|
(2,057)
|
|
(3,862)
|
Interest
expense
|
2,126
|
|
(784)
|
|
1,315
|
|
2,602
|
|
(83)
|
|
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)
|
$
(3,670)
|
|
$
11,102
|
|
$
100
|
|
$
15,719
|
|
$
791
|
|
$
24,042
|
Adjusting items
impacting EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
One time acquisition
costs
|
-
|
|
-
|
|
-
|
|
-
|
|
3,463
|
|
3,463
|
Transaction related
stock compensation
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Asset
impairment
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Total adjusting
items
|
-
|
|
-
|
|
-
|
|
-
|
|
3,463
|
|
3,463
|
Adjusted
EBITDA
|
$
(3,670)
|
|
$
11,102
|
|
$
100
|
|
$
15,719
|
|
$
4,254
|
|
$
27,505
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
$
4,268
|
|
$
3,904
|
|
$
4,534
|
|
$
10,629
|
|
$
(15,599)
|
|
$
7,736
|
Income (loss)
attributable to the noncontrolling interests
|
-
|
|
(2,265)
|
|
-
|
|
-
|
|
-
|
|
(2,265)
|
Income (loss) before
income taxes attributable to The Andersons, Inc.
|
4,268
|
|
6,169
|
|
4,534
|
|
10,629
|
|
(15,599)
|
|
10,001
|
Interest
expense
|
29,027
|
|
(1,520)
|
|
6,478
|
|
12,071
|
|
(443)
|
|
45,613
|
Depreciation and
amortization
|
37,523
|
|
7,094
|
|
19,778
|
|
25,377
|
|
8,624
|
|
98,396
|
Earnings before
interest, taxes, depreciation and amortization (EBITDA)
|
$
70,818
|
|
$
11,743
|
|
$
30,790
|
|
$
48,077
|
|
$
(7,418)
|
|
$
154,010
|
Adjusting items
impacting EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
One time acquisition
costs
|
6,922
|
|
-
|
|
-
|
|
-
|
|
-
|
|
6,922
|
Transaction related
stock compensation
|
7,339
|
|
-
|
|
-
|
|
-
|
|
-
|
|
7,339
|
Asset
impairment
|
3,081
|
|
-
|
|
-
|
|
-
|
|
-
|
|
3,081
|
Total adjusting
items
|
17,342
|
|
-
|
|
-
|
|
-
|
|
-
|
|
17,342
|
Adjusted
EBITDA
|
$
88,160
|
|
$
11,743
|
|
$
30,790
|
|
$
48,077
|
|
$
(7,418)
|
|
$
171,352
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
$
(2,453)
|
|
$
20,528
|
|
$
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.
|
(2,453)
|
|
20,703
|
|
8,239
|
|
10,645
|
|
(13,734)
|
|
23,400
|
Interest
expense
|
9,018
|
|
(1,098)
|
|
4,397
|
|
7,688
|
|
(5)
|
|
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)
|
$
18,826
|
|
$
24,164
|
|
$
32,893
|
|
$
40,006
|
|
$
(4,529)
|
|
$
111,360
|
Adjusting items
impacting EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
One time acquisition
costs
|
-
|
|
-
|
|
-
|
|
-
|
|
3,463
|
|
3,463
|
Transaction related
stock compensation
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Asset
impairment
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Total adjusting
items
|
-
|
|
-
|
|
-
|
|
-
|
|
3,463
|
|
3,463
|
Adjusted
EBITDA
|
$
18,826
|
|
$
24,164
|
|
$
32,893
|
|
$
40,006
|
|
$
(1,066)
|
|
$
114,823
|
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SOURCE The Andersons, Inc.