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Andersons, Inc. (ANDE) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

SEC Filings

Andersons, Inc.

CIK: 821026 Ticker: ANDE


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The Andersons, Inc. Reports Second Quarter 2019 Results
 
Maumee, Ohio, August 6, 2019 - 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.”



The following information was filed by Andersons, Inc. (ANDE) on Tuesday, August 6, 2019 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income (Loss)
Condensed Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical)
Condensed Consolidated Statements Of Equity
Condensed Consolidated Statements Of Equity (Parenthetical)
Condensed Consolidated Statements Of Operations
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (After-Tax Components Of Accumulated Other Comprehensive Loss) (Details)
Accumulated Other Comprehensive Loss (Reclassifications Out Of Accumulated Other Comprehensive Income) (Details)
Accumulated Other Comprehensive Loss (Tables)
Basis Of Presentation And Consolidation
Basis Of Presentation And Consolidation (Policies)
Business Acquisitions
Business Acquisitions (Fair Value Of Assets Acquired And Liabilities Assumed) (Details)
Business Acquisitions (Intangible Assets Acquired) (Details)
Business Acquisitions (Pro Forma Financial Information) (Details)
Business Acquisitions (Purchase Price Allocation) (Details)
Business Acquisitions (Tables)
Business Acquisitions (Textual) (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Debt
Debt (Details)
Debt (Tables)
Debt (Textual) (Details)
Derivatives
Derivatives (Fair Value Of The Company's Other Derivatives) (Details)
Derivatives (Gross Current And Noncurrent Assets And Liabilities) (Details)
Derivatives (Net Asset Or Liability Positions In Balance Sheet) (Details)
Derivatives (Outstanding Interest Rate Derivatives) (Details)
Derivatives (Pre-Tax Gains And Losses) (Details)
Derivatives (Tables)
Derivatives (Textual) (Details)
Derivatives (Volume Of Contracts Outstanding) (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Employee Benefit Plans
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 (Assets And Liabilities Measured On Recurring Basis) (Details)
Fair Value Measurements (Fair Value Of Company's Long-Term Debt) (Details)
Fair Value Measurements (Reconciliation Of Beginning And Ending Balances Of Level 3 Measurements) (Details)
Fair Value Measurements (Tables)
Goodwill
Goodwill (Details)
Goodwill (Tables)
Income Taxes
Income Taxes (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Leases
Leases (Components Of Lease Cost) (Details)
Leases (Maturity Analysis Of Lease Liabilities) (Details)
Leases (Summary Of Amounts Recognized In Condensed Consolidated Balance Sheet) (Details)
Leases (Supplemental Cash Flow Information) (Details)
Leases (Tables)
Leases (Weighted Average Discount Rate) (Details)
Leases (Weighted Average Remaining Lease Term) (Details)
Property, Plant And Equipment
Property, Plant And Equipment (Details)
Property, Plant And Equipment (Rail Group Assets) (Details)
Property, Plant And Equipment (Tables)
Property, Plant And Equipment (Textual) (Details)
Related Party Transactions
Related Party Transactions (Company's Investment Balance In Equity Method Investees) (Details)
Related Party Transactions (Income (Loss) Earned From Company's Equity Method Investments) (Details)
Related Party Transactions (Tables)
Related Party Transactions (Textual) (Details)
Related Party Transactions (Transactions Entered Into For The Time Periods Presented) (Details)
Revenue
Revenue (Breakdown Of Revenues By Accounting Standards) (Details)
Revenue (Contract Liabilities Balances) (Details)
Revenue (Disaggregation Of Revenues) (Details)
Revenue (Tables)
Revenue (Textual) (Details)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Segment Information (Textual) (Details)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Details)
Supplemental Cash Flow Information (Tables)
Ticker: ANDE
CIK: 821026
Form Type: 10-Q Quarterly Report
Accession Number: 0000821026-19-000054
Submitted to the SEC: Thu Aug 08 2019 1:29:47 PM EST
Accepted by the SEC: Thu Aug 08 2019
Period: Sunday, June 30, 2019
Industry: Wholesale Farm Product Raw Materials

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