MAUMEE, Ohio, Aug. 6, 2019 /CNW/ -- The Andersons,
Inc. (NASDAQ: ANDE) announces financial results for the
second quarter ended June 30,
2019.
Second Quarter Highlights:
- Company reports net income of $29.9
million, or $0.91 per diluted
share, and adjusted net income of $32.3
million, or $0.98 per diluted
share.
- Adjusted EBITDA increases year over year by almost 50
percent to $88.6 million.
- Trade Group reports pretax income of $23.7 million and adjusted pretax income of
$27.0 million on strong corn and
wheat basis appreciation and cash trading.
- Ethanol Group records pretax income of $2.6 million in a challenging margin
environment.
- Plant Nutrient Group records pretax income of $15.9 million despite significantly lower primary
and specialty nutrient sales volumes.
- Rail Group earns $3.2 million
of pretax income on steady railcar leasing income.
"Extremely wet weather in many of our core grain origination
markets benefited our Trade Group but hurt both our Ethanol and
Plant Nutrient Groups during the quarter. The resulting market
conditions illustrated perfectly the value of the more diversified,
newly integrated portfolio we now operate in our Trade Group," said
President and CEO Pat Bowe. "We were
able to capitalize on merchandising opportunities caused by grain
and feed ingredient price volatility. However, we're concerned
about the implications of a smaller corn crop on the utilization of
our eastern grain assets for the remainder of this year and into
2020."
$ in millions,
except per share amounts
|
|
Q2
2019
|
Q2
2018
|
Variance
|
YTD
2019
|
YTD
2018
|
Variance
|
Pretax Income
(Loss) Attributable to the Company1
|
$40.9
|
$29.3
|
$11.6
|
$21.5
|
$27.3
|
($5.8)
|
Adjusted Pretax
Income (Loss)1
|
$44.1
|
$29.3
|
$14.8
|
$36.3
|
$27.3
|
$9.0
|
Trade (Grain)
Group
|
$27.0
|
$8.7
|
$18.3
|
$21.1
|
$7.5
|
$13.6
|
Ethanol
Group
|
$2.6
|
$7.3
|
($4.7)
|
$5.2
|
$10.4
|
($5.2)
|
Plant Nutrient
Group
|
$15.9
|
$15.1
|
$0.8
|
$12.0
|
$16.2
|
($4.2)
|
Rail Group
|
$3.2
|
$0.9
|
$2.3
|
$7.5
|
$4.9
|
$2.6
|
Other
|
($4.6)
|
($2.8)
|
($1.8)
|
($9.5)
|
($11.7)
|
$2.2
|
Net Income
(Loss)1
|
$29.9
|
$21.5
|
$8.4
|
$15.9
|
$19.8
|
($3.9)
|
Adjusted Net
Income (Loss)1
|
$32.3
|
$21.5
|
$10.8
|
$27.0
|
$19.8
|
$7.2
|
Diluted
EPS
|
$0.91
|
$0.76
|
$0.15
|
$0.48
|
$0.70
|
($0.22)
|
Adjusted Diluted
EPS
|
$0.98
|
$0.76
|
$0.22
|
$0.82
|
$0.70
|
$0.12
|
EBITDA
|
$85.4
|
$59.7
|
$25.7
|
$114.0
|
$87.3
|
$26.7
|
Adjusted
EBITDA
|
$88.6
|
$59.7
|
$28.9
|
$128.9
|
$87.3
|
$41.6
|
1 Excludes net income (loss)
attributable to the noncontrolling interests of ($0.5) in Q2 2019,
($0.1) in Q2 2018, ($0.6) for year-to-date 2019 and ($0.4) for
year-to-date 2018.
|
"The Trade Group's adjusted results were strong, as basis
appreciation and good merchandising results helped offset weakness
in the food and specialty ingredients units," Bowe continued. "The
Ethanol Group remained profitable in a considerably compressed
margin environment. As expected, the Plant Nutrient Group's results
were hurt by substantially lower primary and specialty nutrient
volumes due to the wet spring, but margins were stronger,
resulting in improved year-over-year pretax income. The Rail Group
performed well, primarily due to solid leasing results."
Further Adjustments Related to the Lansing
Acquisition
The company continues to refine its purchase price allocation.
While the net adjustments recorded during the quarter were
negligible, the group also incurred $0.4
million, or $0.01 per diluted
share, of incremental depreciation and amortization expenses based
on a revised revaluation of acquired fixed assets and
definite-lived intangibles. The group now expects to incur
incremental depreciation and amortization of $2.4 million each quarter through 2021.
As it did in the first quarter, the company has recast second
quarter 2018 pretax income for the former Grain Group and the
Ethanol Group to conform to segment reporting changes made in
conjunction with the acquisition of Lansing Trade Group. The
changes resulted in a reclassification of $1.2 million in pretax income from the Grain
Group to the Ethanol Group. The company expects similar adjustments
for each quarter of 2018.
Second Quarter Segment Overview
Trade Group Records Excellent Results on Increased Volatility
and Strong Merchandising Results; Announces Pending Sale of Ontario
Agronomy Business
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 pretax income of $23.7 million and adjusted pretax income of
$27.0 million for the quarter.
Adjustments include $3.1 million for
pretax impairment charges on the Trade Group's remaining
Tennessee assets. As noted above,
the group also incurred $0.4 million
of incremental depreciation and amortization expenses. The former
Grain Group recorded pretax income of $8.7
million in the second quarter of 2018.
- Income from merchandising activities was strong due to
significant market volatility.
- Profit from grain originations and the group's assets was up on
significant corn and soft red wheat basis appreciation.
- The integration of Lansing and Thompsons continued to progress
well.
Due in large part to the Lansing acquisition, the group's second
quarter 2019 EBITDA and adjusted EBITDA were $44.8 million and $48.0
million, respectively, which reflect improvements in both
the legacy and acquired businesses.
The group also announced that it has reached an agreement to
sell the agronomy assets of Thompsons Limited, a wholly owned
subsidiary in Ontario, Canada, to
Sylvite Holdings Inc. of Burlington, Ontario. The sale is expected
to close in September 2019. The
Andersons will continue to own and operate Thompsons' grain storage
and food processing facilities in Ontario.
Ethanol Group Remains Profitable Despite Weak Industry
Margins
The Ethanol Group earned pretax income of $2.6 million in the second quarter compared to
the $7.3 million of pretax income it
earned in the same period in 2018.
- Margins were extremely weak, but ethanol and corn oil yields
continued to improve.
- The group selectively reduced production in response to the
margin environment
- Third party ethanol trading increased sales volumes and
margins.
The group is in the process of commissioning its
state-of-the-art bio-refinery in Kansas in partnership with ICM, Inc. The plant
will produce low-carbon ethanol targeted for the higher-margin
California market and several
higher-value coproducts.
Plant Nutrient Group Income Grows Year Over Year
The Plant Nutrient Group recorded pretax income of $15.9 million in the second quarter compared to
pretax income of $15.1 million in the
prior year period.
- For the second consecutive quarter, both primary and specialty
nutrient volumes significantly lagged prior year amounts due to
unprecedented wet weather across our selling region, reducing
planted corn acres.
- Improved margins per ton driven by cost containment,
operational efficiency and product mix offset the impact of the
volume shortfall.
- Inventory carrying costs increased year over year due to
delayed and reduced planting.
The group's current quarter EBITDA was $24.9 million, a slight increase over 2018 second
quarter results.
Rail Group Results Highlighted by Steady Leasing
Income
The Rail Group earned second quarter pretax income of
$3.2 million compared to $0.9 million in the same period of the prior
year. Prior year results included a $4.7
million impairment charge on railcars the group later
scrapped.
- Railcar leasing income rose year over year on stronger
utilization and more cars on lease but was offset in part by
increased allowances for doubtful accounts.
- Income from car sales was negligible.
- Service and other pretax income fell significantly, largely due
to workers compensation and other expenses and lower sales volumes
at certain repair facilities.
The group's second quarter 2019 EBITDA of $15.8 million was comparable to second quarter
2018 EBITDA before considering the 2018 impairment charge.
Conference Call
The company will host a webcast on Wednesday, August
7, 2019, at 11 a.m. Eastern Daylight
Time, to discuss its performance and provide its updated
outlook for 2019. To access the call, please dial 866-439-8514 or
678-509-7568 (participant passcode is 9055829). It is recommended
that you call 10 minutes before the conference call
begins.
To access the webcast, click on the link:
https://edge.media-server.com/mmc/p/izr35eyr. 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:
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 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
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 the financial tables
provided in the release.
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
June 30,
|
|
Six months ended
June 30,
|
(in thousands, except
per share data)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Sales and
merchandising revenues
|
$
2,325,041
|
|
$
911,402
|
|
$
4,301,833
|
|
$
1,547,141
|
Cost of sales and
merchandising revenues
|
2,164,313
|
|
820,928
|
|
4,031,441
|
|
1,392,962
|
Gross
profit
|
160,728
|
|
90,474
|
|
270,392
|
|
154,179
|
Operating,
administrative and general expenses
|
106,918
|
|
59,853
|
|
220,267
|
|
124,110
|
Asset
impairment
|
3,081
|
|
6,272
|
|
3,081
|
|
6,272
|
Interest
expense
|
15,727
|
|
7,825
|
|
31,637
|
|
14,824
|
Other
income:
|
|
|
|
|
|
|
|
Equity in earnings
(loss) of affiliates
|
(157)
|
|
9,803
|
|
1,362
|
|
13,376
|
Other income,
net
|
5,563
|
|
2,828
|
|
4,049
|
|
4,514
|
Income (loss) before
income taxes
|
40,408
|
|
29,155
|
|
20,818
|
|
26,863
|
Income tax provision
(benefit)
|
10,997
|
|
7,742
|
|
5,555
|
|
7,432
|
Net income
(loss)
|
29,411
|
|
21,413
|
|
15,263
|
|
19,431
|
Net income
attributable to the noncontrolling interests
|
(477)
|
|
(116)
|
|
(632)
|
|
(398)
|
Net income (loss)
attributable to The Andersons, Inc.
|
$
29,888
|
|
$
21,529
|
|
$
15,895
|
|
$
19,829
|
|
|
|
|
|
|
|
|
Per common
share:
|
|
|
|
|
|
|
|
Basic earnings (loss)
attributable to The Andersons, Inc.
common shareholders
|
$
0.92
|
|
$
0.76
|
|
$
0.49
|
|
$
0.70
|
Diluted earnings
(loss) attributable to The Andersons, Inc.
common shareholders
|
$
0.91
|
|
$
0.76
|
|
$
0.48
|
|
$
0.70
|
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)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Net income (loss)
attributable to The Andersons, Inc.
|
$
29,888
|
|
$
21,529
|
|
$
15,895
|
|
$
19,829
|
Items impacting other
income, net of tax:
|
|
|
|
|
|
|
|
One time acquisition
costs
|
(907)
|
|
-
|
|
5,209
|
|
-
|
Transaction related
stock compensation
|
1,010
|
|
-
|
|
3,572
|
|
-
|
Asset
impairment
|
2,311
|
|
-
|
|
2,311
|
|
-
|
|
|
|
|
|
|
|
|
Total adjusting
items
|
2,414
|
|
-
|
|
11,092
|
|
-
|
Adjusted net income
(loss) attributable to The Andersons, Inc.
|
$
32,302
|
|
$
21,529
|
|
$
26,987
|
|
$
19,829
|
|
|
|
|
|
|
|
|
Diluted earnings
attributable to The Andersons, Inc.
common shareholders
|
$
0.91
|
|
$
0.76
|
|
$
0.48
|
|
$
0.70
|
|
|
|
|
|
|
|
|
Impact on diluted
earnings per share
|
0.07
|
|
-
|
|
0.34
|
|
-
|
Adjusted diluted
earnings (loss) per share
|
$
0.98
|
|
$
0.76
|
|
$
0.82
|
|
$
0.70
|
|
|
|
|
|
|
|
|
The Andersons,
Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
|
|
(in
thousands)
|
June 30,
2019
|
|
December 31,
2018
|
|
June 30,
2018
|
Assets
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
11,087
|
|
$
22,593
|
|
$
58,611
|
Accounts receivable,
net
|
712,294
|
|
207,285
|
|
218,476
|
Inventories
|
753,641
|
|
690,804
|
|
495,611
|
Commodity derivative
assets – current
|
233,015
|
|
51,421
|
|
54,259
|
Other current
assets
|
58,439
|
|
50,703
|
|
42,648
|
Assets held for
sale
|
151
|
|
392
|
|
9,816
|
Total current
assets
|
1,768,627
|
|
1,023,198
|
|
879,421
|
Other
assets:
|
|
|
|
|
|
Commodity derivative
assets – noncurrent
|
6,161
|
|
480
|
|
1,008
|
Other assets,
net
|
346,531
|
|
127,503
|
|
138,201
|
Right of use asset,
net
|
74,073
|
|
-
|
|
-
|
Equity method
investments
|
120,929
|
|
242,326
|
|
232,159
|
|
547,694
|
|
370,309
|
|
371,368
|
Rail Group assets
leased to others, net
|
559,711
|
|
521,785
|
|
458,424
|
Property, plant and
equipment, net
|
695,827
|
|
476,711
|
|
408,575
|
Total
assets
|
$
3,571,859
|
|
$
2,392,003
|
|
$
2,117,788
|
|
|
|
|
|
|
Liabilities and
equity
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Short-term
debt
|
$
426,125
|
|
$
205,000
|
|
$
185,000
|
Trade and other
payables
|
527,250
|
|
462,535
|
|
282,221
|
Customer prepayments
and deferred revenue
|
49,761
|
|
32,533
|
|
16,103
|
Commodity derivative
liabilities – current
|
69,369
|
|
32,647
|
|
85,160
|
Accrued expenses and
other current liabilities
|
165,383
|
|
79,046
|
|
74,512
|
Current maturities of
long-term debt
|
66,678
|
|
21,589
|
|
13,700
|
Total current
liabilities
|
1,304,566
|
|
833,350
|
|
656,696
|
|
|
|
|
|
|
Right of use
liability
|
48,401
|
|
-
|
|
-
|
Other long-term
liabilities
|
18,398
|
|
32,184
|
|
30,325
|
Commodity derivative
liabilities – noncurrent
|
3,985
|
|
889
|
|
3,202
|
Employee benefit plan
obligations
|
22,019
|
|
22,542
|
|
26,131
|
Long-term debt, less
current maturities
|
1,007,012
|
|
496,187
|
|
435,580
|
Deferred income
taxes
|
146,839
|
|
130,087
|
|
118,864
|
Total
liabilities
|
2,551,220
|
|
1,515,239
|
|
1,270,798
|
Total
equity
|
1,020,639
|
|
876,764
|
|
846,990
|
Total liabilities and
equity
|
$
3,571,859
|
|
$
2,392,003
|
|
$
2,117,788
|
The Andersons,
Inc.
|
|
|
|
|
|
|
|
|
|
Segment
Data
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands)
|
Trade
|
|
Ethanol
|
|
Plant
Nutrient
|
|
Rail
|
|
Other
|
|
Total
|
Three months ended
June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from
external customers
|
$
1,766,305
|
|
$
245,143
|
|
$
270,577
|
|
$
43,016
|
|
$
-
|
|
$
2,325,041
|
Gross
profit
|
102,846
|
|
4,312
|
|
38,798
|
|
14,772
|
|
-
|
|
160,728
|
Equity in earnings of
affiliates
|
(1,614)
|
|
1,457
|
|
-
|
|
-
|
|
-
|
|
(157)
|
Other income,
net
|
3,818
|
|
194
|
|
570
|
|
329
|
|
652
|
|
5,563
|
Income (loss) before
income taxes
|
23,731
|
|
2,172
|
|
15,903
|
|
3,180
|
|
(4,578)
|
|
40,408
|
Income (loss)
attributable to the noncontrolling interests
|
-
|
|
(477)
|
|
-
|
|
-
|
|
-
|
|
(477)
|
Income (loss) before
income taxes attributable to The Andersons, Inc. (a)
|
$
23,731
|
|
$
2,649
|
|
$
15,903
|
|
$
3,180
|
|
$
(4,578)
|
|
$
40,885
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from
external customers
|
$
365,100
|
|
$
201,758
|
|
$
303,106
|
|
$
41,438
|
|
$
-
|
|
$
911,402
|
Gross
profit
|
33,887
|
|
5,862
|
|
37,167
|
|
13,558
|
|
-
|
|
90,474
|
Equity in earnings of
affiliates
|
5,510
|
|
4,293
|
|
-
|
|
-
|
|
-
|
|
9,803
|
Other income,
net
|
1,248
|
|
(476)
|
|
622
|
|
675
|
|
759
|
|
2,828
|
Income (loss) before
income taxes
|
8,707
|
|
7,179
|
|
15,124
|
|
944
|
|
(2,799)
|
|
29,155
|
Income (loss)
attributable to the noncontrolling interests
|
-
|
|
(116)
|
|
-
|
|
-
|
|
-
|
|
(116)
|
Income (loss) before
income taxes attributable to The Andersons, Inc. (a)
|
$
8,707
|
|
$
7,295
|
|
$
15,124
|
|
$
944
|
|
$
(2,799)
|
|
$
29,271
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended
June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from
external customers
|
$
3,364,326
|
|
$
453,974
|
|
$
399,102
|
|
$
84,431
|
|
$
-
|
|
$
4,301,833
|
Gross
profit
|
171,835
|
|
8,120
|
|
59,732
|
|
30,705
|
|
-
|
|
270,392
|
Equity in earnings of
affiliates
|
(1,745)
|
|
3,107
|
|
-
|
|
-
|
|
-
|
|
1,362
|
Other income,
net
|
828
|
|
278
|
|
1,137
|
|
538
|
|
1,268
|
|
4,049
|
Income (loss) before
income taxes
|
6,268
|
|
4,589
|
|
11,974
|
|
7,492
|
|
(9,505)
|
|
20,818
|
Income (loss)
attributable to the noncontrolling interests
|
-
|
|
(632)
|
|
-
|
|
-
|
|
-
|
|
(632)
|
Income (loss) before
income taxes attributable to The Andersons, Inc. (a)
|
$
6,268
|
|
$
5,221
|
|
$
11,974
|
|
$
7,492
|
|
$
(9,505)
|
|
$
21,450
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended
June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from
external customers
|
$
641,126
|
|
$
375,422
|
|
$
438,723
|
|
$
91,870
|
|
$
-
|
|
$
1,547,141
|
Gross
profit
|
59,111
|
|
9,554
|
|
59,404
|
|
26,110
|
|
-
|
|
154,179
|
Equity in earnings of
affiliates
|
7,497
|
|
5,879
|
|
-
|
|
-
|
|
-
|
|
13,376
|
Other income,
net
|
1,573
|
|
138
|
|
1,274
|
|
691
|
|
838
|
|
4,514
|
Income (loss) before
income taxes
|
7,460
|
|
9,953
|
|
16,215
|
|
4,913
|
|
(11,678)
|
|
26,863
|
Income (loss)
attributable to the noncontrolling interest
|
-
|
|
(398)
|
|
-
|
|
-
|
|
-
|
|
(398)
|
Income (loss) before
income taxes attributable to The Andersons, Inc. (a)
|
$
7,460
|
|
$
10,351
|
|
$
16,215
|
|
$
4,913
|
|
$
(11,678)
|
|
$
27,261
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
$
23,731
|
|
$
2,172
|
|
$
15,903
|
|
$
3,180
|
|
$
(4,578)
|
|
$
40,408
|
Income (loss)
attributable to the noncontrolling interests
|
-
|
|
(477)
|
|
-
|
|
-
|
|
-
|
|
(477)
|
Income (loss) before
income taxes attributable to The Andersons, Inc.
|
23,731
|
|
2,649
|
|
15,903
|
|
3,180
|
|
(4,578)
|
|
40,885
|
Interest
expense
|
10,243
|
|
(906)
|
|
2,386
|
|
4,181
|
|
(177)
|
|
15,727
|
Depreciation and
amortization
|
10,837
|
|
48
|
|
6,631
|
|
8,389
|
|
2,850
|
|
28,755
|
Earnings before
interest, taxes, depreciation and amortization (EBITDA)
|
$
44,811
|
|
$
1,791
|
|
$
24,920
|
|
$
15,750
|
|
$
(1,905)
|
|
$
85,367
|
Adjusting items
impacting EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
One time acquisition
costs
|
(1,209)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(1,209)
|
Transaction related
stock compensation
|
1,346
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,346
|
Asset
impairment
|
3,081
|
|
-
|
|
-
|
|
-
|
|
-
|
|
3,081
|
Total adjusting
items
|
3,218
|
|
-
|
|
-
|
|
-
|
|
-
|
|
3,218
|
Adjusted
EBITDA
|
$
48,029
|
|
$
1,791
|
|
$
24,920
|
|
$
15,750
|
|
$
(1,905)
|
|
$
88,585
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
$
8,707
|
|
$
7,179
|
|
$
15,124
|
|
$
944
|
|
$
(2,799)
|
|
$
29,155
|
Income (loss)
attributable to the noncontrolling interests
|
-
|
|
(116)
|
|
-
|
|
-
|
|
-
|
|
(116)
|
Income (loss) before
income taxes attributable to The Andersons, Inc.
|
8,707
|
|
7,295
|
|
15,124
|
|
944
|
|
(2,799)
|
|
29,271
|
Interest
expense
|
3,930
|
|
(271)
|
|
1,642
|
|
2,718
|
|
(194)
|
|
7,825
|
Depreciation and
amortization
|
4,126
|
|
1,517
|
|
6,769
|
|
7,119
|
|
3,022
|
|
22,553
|
Earnings before
interest, taxes, depreciation and amortization (EBITDA)
|
$
16,763
|
|
$
8,541
|
|
$
23,535
|
|
$
10,781
|
|
$
29
|
|
$
59,649
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended
June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
$
6,268
|
|
$
4,589
|
|
$
11,974
|
|
$
7,492
|
|
$
(9,505)
|
|
$
20,818
|
Income (loss)
attributable to the noncontrolling interests
|
-
|
|
(632)
|
|
-
|
|
-
|
|
-
|
|
(632)
|
Income (loss) before
income taxes attributable to The Andersons, Inc.
|
6,268
|
|
5,221
|
|
11,974
|
|
7,492
|
|
(9,505)
|
|
21,450
|
Interest
expense
|
21,158
|
|
(1,730)
|
|
4,647
|
|
7,860
|
|
(298)
|
|
31,637
|
Depreciation and
amortization
|
25,036
|
|
187
|
|
13,294
|
|
16,664
|
|
5,775
|
|
60,956
|
Earnings before
interest, taxes, depreciation and amortization (EBITDA)
|
$
52,462
|
|
$
3,678
|
|
$
29,915
|
|
$
32,016
|
|
$
(4,028)
|
|
$
114,043
|
Adjusting items
impacting EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
One time acquisition
costs
|
6,945
|
|
-
|
|
-
|
|
-
|
|
-
|
|
6,945
|
Transaction related
stock compensation
|
4,762
|
|
-
|
|
-
|
|
-
|
|
-
|
|
4,762
|
Asset
impairment
|
3,081
|
|
-
|
|
-
|
|
-
|
|
-
|
|
3,081
|
Total adjusting
items
|
14,788
|
|
-
|
|
-
|
|
-
|
|
-
|
|
14,788
|
Adjusted
EBITDA
|
$
67,250
|
|
$
3,678
|
|
$
29,915
|
|
$
32,016
|
|
$
(4,028)
|
|
$
128,831
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended
June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
$
7,460
|
|
$
9,953
|
|
$
16,215
|
|
$
4,913
|
|
$
(11,678)
|
|
$
26,863
|
Income (loss)
attributable to the noncontrolling interests
|
-
|
|
(398)
|
|
-
|
|
-
|
|
-
|
|
(398)
|
Income (loss) before
income taxes attributable to The Andersons, Inc.
|
7,460
|
|
10,351
|
|
16,215
|
|
4,913
|
|
(11,678)
|
|
27,261
|
Interest
expense
|
6,889
|
|
(311)
|
|
3,082
|
|
5,086
|
|
78
|
|
14,824
|
Depreciation and
amortization
|
8,143
|
|
3,026
|
|
13,497
|
|
14,288
|
|
6,278
|
|
45,232
|
Earnings before
interest, taxes, depreciation and amortization (EBITDA)
|
$
22,492
|
|
$
13,066
|
|
$
32,794
|
|
$
24,287
|
|
$
(5,322)
|
|
$
87,317
|
|
|
|
|
|
|
|
|
|
|
|
|
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SOURCE The Andersons, Inc.