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Andersons, Inc. (ANDE) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

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Andersons, Inc.

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CIK: 821026 Ticker: ANDE


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The Andersons, Inc. Reports Fourth Quarter Results
 

Maumee, Ohio, February 14, 2018 - The Andersons, Inc. (NASDAQ: ANDE)
 announces financial results for the fourth quarter and full year ended December 31, 2017 and its agreement to sell three grain elevators in Tennessee.

The Company reports net income of $68.4 million, or $2.42 per diluted share and adjusted net income of $17.6 million, or $0.62 per diluted share compared to $10.1 million and $0.36 per share in fourth quarter 2016. Adjusted results exclude a $74.2 million, or $2.62 per diluted share net income tax benefit associated with recent U.S. federal income tax reform; a pretax $17.1 million goodwill impairment charge in the Plant Nutrient Group; and $10.9 million of pretax impairment charges associated with the Grain Group’s Tennessee facilities. For the full year, the Company reports net income of $41.2 million, or $1.46 per diluted share, and adjusted net income of $32.3 million, or $1.15 per diluted share, compared to $11.6 million and $0.41 per share in 2016.

•
Grain Group records pretax income of $8.3 million and adjusted pretax income of $19.2 million on continued strong grain storage capacity utilization and strong risk management solutions business with farmers. The group also announces its agreement to sell three of its six Tennessee grain elevators.
•
Ethanol Group earns $6.4 million of pretax income despite weaker year-over-year margins.
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Plant Nutrient Group reports a pretax loss of $18.0 million that includes a $17.1 million charge to write down goodwill as its primary markets remain depressed.
•
Rail Group earns $6.7 million of pretax income as the industry continues its slow improvement.

The Company reported fourth quarter 2017 net income attributable to The Andersons of $68.4 million, or $2.42 per diluted share, on revenues of $1.0 billion. These results included a $74.2 million or $2.62 per share net tax benefit as a result of recent corporate tax reform. During the fourth quarter of 2017, the Company also recorded a non-cash and mostly nondeductible goodwill impairment charge of $17.1 million or $0.59 per share related to the Plant Nutrient segment. It also recorded pretax non-cash impairment charges of $10.9 million or $0.24 per share related to its Tennessee grain assets. Adjusted net income attributable to the Company for the period was $17.6 million, or $0.62 per diluted share, compared to 2016 fourth quarter net income of $10.1 million, or $0.36 per diluted share, on revenues of $1.1 billion. The Company’s EBITDA was $25.0 million for the fourth quarter of 2017 and $40.7 million for fourth quarter of 2016. Adjusted EBITDA was $53.0 million for the quarter compared to $40.7 million in fourth quarter 2016.

In addition, the Company announced it has signed an agreement, subject to close next month, to sell its grain elevators in Humboldt, Kenton and Dyer, Tennessee, to a subsidiary of Tyson Foods, Inc. The Andersons owns three additional elevators in Tennessee that are not a part of the purchase agreement with Tyson. The Company is exploring options for these three remaining facilities.



The following information was filed by Andersons, Inc. (ANDE) on Wednesday, February 14, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Andersons, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule Ii - Consolidated Valuation And Qualifying Accounts
Schedule Ii - Consolidated Valuation And Qualifying Accounts (details)
Condensed Consolidated Balance Sheets (parenthetical)
Consolidated Balance Sheets
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (parenthetical)
Consolidated Statements Of Equity
Consolidated Statements Of Equity (parenthetical)
Consolidated Statements Of Operations
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (details)
Accumulated Other Comprehensive Loss (tables)
Accumulated Other Comprehensive Loss Schedule Of Reclassifications Out Of Accumulated Other Comprehensive Income (details)
Business Acquisition
Business Acquisition (details 1)
Business Acquisition (details Textual)
Business Acquisition (details)
Business Acquisition (tables)
Commitments And Contingencies
Commitments And Contingencies (details 1)
Commitments And Contingencies (details Textual)
Commitments And Contingencies (details)
Commitments And Contingencies (tables)
Debt
Debt (details 1)
Debt (details 2)
Debt (details Textual)
Debt (details)
Debt (tables)
Derivatives
Derivatives (details 1)
Derivatives (details 2)
Derivatives (details 3)
Derivatives (details 4)
Derivatives (details 5)
Derivatives (details 6)
Derivatives (details 7)
Derivatives (details Textual)
Derivatives (tables)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Employee Benefit Plans
Employee Benefit Plans (details 1)
Employee Benefit Plans (details 2)
Employee Benefit Plans (details 3)
Employee Benefit Plans (details 4)
Employee Benefit Plans (details 5)
Employee Benefit Plans (details 6)
Employee Benefit Plans (details 7)
Employee Benefit Plans (details 8)
Employee Benefit Plans (details Textual)
Employee Benefit Plans (details)
Employee Benefit Plans (tables)
Exit Costs And Assets Held For Sale
Exit Costs And Assets Held For Sale (details)
Fair Value Measurements
Fair Value Measurements (details 1)
Fair Value Measurements (details 2)
Fair Value Measurements (details 3)
Fair Value Measurements (details 4)
Fair Value Measurements (details)
Fair Value Measurements (tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (changes In Goodwill) (details)
Goodwill And Other Intangible Assets (details Textual)
Goodwill And Other Intangible Assets (intangible Assets) (details)
Goodwill And Other Intangible Assets (table)
Income Taxes
Income Taxes (details 1)
Income Taxes (details 2)
Income Taxes (details 3)
Income Taxes (details 4)
Income Taxes (details Textual)
Income Taxes (details)
Income Taxes (tables)
Inventories
Inventories (details)
Inventories (tables)
Property, Plant And Equipment
Property, Plant And Equipment (details 1)
Property, Plant And Equipment (details Textual)
Property, Plant And Equipment (details)
Property, Plant And Equipment (tables)
Quarterly Consolidated Financial Information (unaudited)
Quarterly Consolidated Financial Information (unaudited) (details)
Quarterly Consolidated Financial Information (unaudited) (tables)
Related Party Transactions
Related Party Transactions (details 1)
Related Party Transactions (details 2)
Related Party Transactions (details 3)
Related Party Transactions (details 4)
Related Party Transactions (details Textual)
Related Party Transactions (tables)
Sale Of Assets
Sale Of Assets (details)
Segment Information
Segment Information (details Textual)
Segment Information (details)
Segment Information (tables)
Stock Compensation Plans
Stock Compensation Plans (details 1)
Stock Compensation Plans (details 2)
Stock Compensation Plans (details 3)
Stock Compensation Plans (details 4)
Stock Compensation Plans (details 5)
Stock Compensation Plans (details 6)
Stock Compensation Plans (details Textual)
Stock Compensation Plans (details)
Stock Compensation Plans (tables)
Subsequent Events
Subsequent Events (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (details Textual)
Summary Of Significant Accounting Policies (policies)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (details)
Supplemental Cash Flow Information (tables)
Ticker: ANDE
CIK: 821026
Form Type: 10-K Annual Report
Accession Number: 0000821026-18-000009
Submitted to the SEC: Mon Feb 26 2018 5:29:23 PM EST
Accepted by the SEC: Mon Feb 26 2018
Period: Sunday, December 31, 2017
Industry: Wholesale Farm Product Raw Materials

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