Andersons, Inc. (ANDE) 10-K Annual Report February 2021

•Company reported net income attributable to The Andersons of $16.0 million, or $0.48 per diluted share, and adjusted net income of $19.4 million, or $0.59 per diluted share.

•Trade reported pretax income of $28.3 million and adjusted pretax income of $29.3 million on improved merchandising results.

•Ethanol reported a pretax loss attributable to the company of $3.5 million that included a $6.6 million non-cash mark-to-market charge.

•Plant Nutrient completed its best year since 2014 as it recorded pretax income of $3.2 million for the quarter.

•Adjusted EBITDA for the quarter of $85.0 million was comparable year over year despite significant pandemic impacts.

"I am very excited about the recent strong, demand-driven rally in grain and fertilizer markets and what it means for U.S. agriculture and The Andersons,” said President and CEO Pat Bowe. "We have already participated in multi-year highs in grain elevation margins, and have benefited from strong export demand. Fertilizer demand was strong throughout the fourth quarter. With more planted corn acres in the forecast, it looks like strong fertilizer demand will continue."

"We improved our fourth quarter results modestly year over year, and our outlook for 2021 has improved," continued Bowe. "Our Trade income was up substantially on strong merchandising results from our diverse commodity portfolio, and Plant Nutrient's full-year results nearly doubled. Our Ethanol business benefited from the launch of our new high-protein feed products. Finally, Rail remained profitable despite weak railcar demand.

"We continue to benefit greatly from the complementary trading business we acquired in early 2019 and have since successfully integrated. We continue to focus on creating a leaner cost structure, having taken approximately $40 million of cost out of the business in the last two years. In addition to opportunities in the Trade and Plant Nutrient segments, a recovery in the ethanol and rail markets should lead to significant year-over-year increases in EBITDA. In short, we are pleased to see the strength in ag markets and look forward to better financial performance ahead."

The following information was filed by Andersons, Inc. (ANDE) on Tuesday, February 16, 2021 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:

Revenue - Product Highlight
Therefore, increases or decreases in prices of the commodities that the business deals in will have a relatively equal impact on sales and cost of sales and a much less significant impact on gross profit.

Financial - Earnings Highlight
The decreased gross profit compared to the prior year was due to a reduction of $36.4 million in our grain assets business from the carryover effects of a weak 2019 harvest in our Eastern Corn Belt assets and lower wheat carries combined with a $15.2 million reduction in gross profit related to the shutdown of many of our sand facilities.
Financial - Expense Highlight
Operating, administrative and general expenses decreased $5.6 million due to lower incentives, cost cutting initiatives and more efficient labor costs within the repair business.
Financial - Expense Highlight
Labor and benefits expenses were lower due to headcount reductions from cost cutting initiatives and the strategic divestiture of certain businesses.
Other - Other Highlight
The increase was noted in all asset categories except cash.
Other - Other
Looking forward, the group expects...Read more
Financial - Earnings
These conditions have led to...Read more
Financial - Earnings
As we move into 2021,the...Read more
Financial - Expense
Depreciation expense was also lower...Read more
Other - Other
Forward Looking Statements The following...Read more
Financial - Expense
Operating, administrative and general expenses...Read more
Financial - Cash Flow
Our estimates of future cash...Read more
Revenue - Product
Fortunately, the high corn prices...Read more
Financial - Earnings
The reduction in earnings was...Read more
Other - Other
Plant Nutrient The Plant Nutrient...Read more
Financial - Expense
Operating, administrative and general expenses...Read more
Financial - Earnings
The lower, and often negative,...Read more
Financial - Expense
Further, the group continues to...Read more
Financial - Income
The reduction in income from...Read more
Other - Other
Deterioration in any of these...Read more
Financial - Expense
Interest expense increased $1.0 million...Read more
M & A - Other
We use our best estimates...Read more
Financial - Income
Income Taxes In 2020, the...Read more
Other - Other
While we have seen modest...Read more
Financial - Expense
Other Operating, administrative and general...Read more
Other - Other
Specifically, actual results may vary...Read more
Other - Other
The increases in accounts receivable...Read more
Financial - Expense
Operating, administrative and general expenses...Read more
Revenue - Product
The decreased revenues were driven...Read more
Financial - Expense
Interest expense decreased $2.1 million...Read more
Revenue - Product
Proceeds from the sale of...Read more
M & A - Other
Business Combinations Accounting for business...Read more
Financial - Expense
Interest expense increased $6.5 million...Read more
Other - Other
If an asset group is...Read more
Other - Other
The increase in cash used...Read more
Other - Other
Readily Marketable Inventories and Derivative...Read more
Other - Other
The Company is taking a...Read more
Financial - Debt
This was partially offset by...Read more
Financial - Income
In 2019, the Company recorded...Read more
Financial - Dividend
On December 17, 2020, we...Read more
Other - Other
The Company is continuing to...Read more
Other - Other
During the year ended December...Read more
Other - Other
See also the discussion below...Read more
Financial - Income
Other income, net decreased by...Read more
Other - Other
Commodity inventories on hand at...Read more
Other - Other
This was largely offset by...Read more
Other - Other
Accordingly, an interim impairment test...Read more
Financial - Expense
The results contained within this...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Andersons, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 23.2: Consents Of Experts And Counsel

Exhibit 23.3: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 95: Ex-95

Ticker: ANDE
CIK: 821026
Form Type: 10-K Annual Report
Accession Number: 0000821026-21-000060
Submitted to the SEC: Thu Feb 25 2021 3:31:04 PM EST
Accepted by the SEC: Thu Feb 25 2021
Period: Thursday, December 31, 2020
Industry: Wholesale Farm Product Raw Materials