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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Andersons Inc | NASDAQ:ANDE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.49 | 0.87% | 56.51 | 35.00 | 58.10 | 56.73 | 55.71 | 56.51 | 106,681 | 05:00:04 |
Record Full-Year Earnings of $3.84 per Diluted Share
Fourth Quarter Earnings of $0.89 per Diluted Share
Ethanol Group Leads Earnings Results
MAUMEE, Ohio, Feb. 10, 2015 /PRNewswire/ -- The Andersons, Inc. (Nasdaq: ANDE) today announces financial results for the fourth quarter and full year ended December 31, 2014.
Highlights
"We are pleased with our results in 2014. The company's earnings this year have clearly been led by the exceptionally strong performance of our ethanol business in a very supportive market," said CEO Mike Anderson. "After excluding the one-time pre-tax gain of $17.1 million from the partial redemption of our investment in Lansing Trade Group, our full year adjusted results of $3.46 per share were the highest in the company's history. The company will begin to report adjusted earnings in the future, as we do for the first time below.
"During the quarter we continued to grow. This is highlighted by the purchase of Auburn Bean & Grain (AB&G), which added six grain and four agronomy locations throughout central Michigan and serves as a nice geographic fit between our other Michigan assets and our Thompsons joint venture in Ontario," added Mr. Anderson. "The integration of AB&G is proceeding well, and its locations were additive to income in the fourth quarter. AB&G added grain storage capacity of about 18.1 million bushels, and 16,000 tons of dry and 3.7 million gallons of liquid nutrient capacity."
Financial and Operating Highlights
Net income for 2014 attributable to the company was a record $109.7 million, or $3.84 per diluted share, on revenues of $4.5 billion. Last year earnings were $89.9 million, or $3.18 per diluted share on revenues of $5.6 billion. Full-year 2014 adjusted earnings were $99.1 million, or $3.46 per diluted share, when the Lansing Trade Group gain was excluded. (See the Reconciliation to Adjusted Net Income Table for a discussion and reconciliation of income and adjusted income.)
The company earned $25.9 million in the fourth quarter of 2014, or $0.89 per diluted share, on revenues of $1.3 billion. In the same three month period of 2013, the company reported net income of $30.7 million, or $1.08 per diluted share, on revenues of $1.6 billion.
2015 Outlook
There are solid fundamentals supporting the company's core businesses going into 2015, although results will likely be below 2014 records, in part because the $17.1 million dollar pre-tax gain on the partial sale of Lansing Trade Group will not be repeated.
Conference Call
The company will host a webcast on Wednesday, February 11, 2015 at 11:00 A.M. ET, to discuss its performance. To dial-in to the call, the number is 866-825-3209 (participant passcode is 28990476). 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/m/p/dwpegcgm/lan/en. Log on. Click on the phone icon at the bottom of the "webcast window" on the left side of the screen. Then, you will be provided with the conference call number and passcode. Click the gear set icon (left of the telephone icon) and select 'Live Phone' to synchronize the presentation with the audio on your phone. A replay of the call can also be accessed under the heading "Investor" on the company 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.
Company Description
The Andersons, Inc. is a diversified company rooted in agriculture. Founded in Maumee, Ohio, in 1947, the company conducts business across North America in the grain, ethanol, and plant nutrient sectors, railcar leasing, turf and cob products, and consumer retailing. The Andersons, Inc. is located on the Internet at www.andersonsinc.com.
The Andersons, Inc. | |||||||
Condensed Consolidated Statements of Income | |||||||
(Unaudited) | |||||||
Three months ended December 31, |
Twelve months ended December 31 | ||||||
(in thousands, except per share data) |
2014 |
2013 |
2014 |
2013 | |||
Sales and merchandising revenues |
$ 1,271,768 |
$ 1,584,266 |
$ 4,540,071 |
$ 5,604,574 | |||
Cost of sales and merchandising revenues |
1,157,817 |
1,474,689 |
4,142,932 |
5,239,349 | |||
Gross profit |
113,951 |
109,577 |
397,139 |
365,225 | |||
Operating, administrative and general expenses |
94,884 |
85,768 |
318,881 |
278,433 | |||
Interest expense |
5,359 |
4,253 |
21,760 |
20,860 | |||
Other income: |
|||||||
Equity in earnings of affiliates |
19,892 |
28,714 |
96,523 |
68,705 | |||
Other income, net |
6,031 |
3,253 |
31,125 |
14,876 | |||
Income before income taxes |
39,631 |
51,523 |
184,146 |
149,513 | |||
Income tax provision |
11,664 |
16,904 |
61,501 |
53,811 | |||
Net income |
27,967 |
34,619 |
122,645 |
95,702 | |||
Net income attributable to the noncontrolling interests |
2,075 |
3,958 |
12,919 |
5,763 | |||
Net income attributable to The Andersons, Inc. |
$ 25,892 |
$ 30,661 |
$ 109,726 |
$ 89,939 | |||
Per common share: |
|||||||
Basic earnings attributable to The Andersons, Inc. common shareholders |
$ 0.89 |
$ 1.09 |
$ 3.85 |
$ 3.20 | |||
Diluted earnings attributable to The Andersons, Inc. common shareholders |
$ 0.89 |
$ 1.08 |
$ 3.84 |
$ 3.18 | |||
Dividends paid |
$ 0.1400 |
$ 0.1100 |
$ 0.4700 |
$ 0.4300 |
The Andersons, Inc. | |||||||
Reconciliation to Adjusted Net Income | |||||||
(Unaudited) |
|||||||
Three months ended December 31, |
Twelve months ended December 31, | ||||||
(in thousands, except per share data) |
2014 |
2013 |
2014 |
2013 | |||
Net income attributable to The Andersons, Inc. |
$ 25,892 |
$ 30,661 |
$ 109,726 |
$ 89,939 | |||
Items impacting other income, net: |
|||||||
Partial redemption of investment in Lansing Trade Group |
- |
- |
(10,656) |
- | |||
Total adjusting items |
- |
- |
(10,656) |
- | |||
Adjusted net income attributable to The Andersons, Inc. |
$ 25,892 |
$ 30,661 |
$ 99,070 |
$ 89,939 | |||
Diluted earnings attributable to The Andersons, Inc. common shareholders |
$ 0.89 |
$ 1.08 |
$ 3.84 |
$ 3.18 | |||
Impact on diluted earnings per share |
- |
- |
(0.38) |
- | |||
Adjusted diluted earnings per share |
$ 0.89 |
$ 1.08 |
$ 3.46 |
$ 3.18 |
The Andersons, Inc. | ||||
(in thousands) |
December 31, 2014 |
December 31, 2013 |
||
Assets |
||||
Current assets: |
||||
Cash and cash equivalents |
$ 114,704 |
$ 309,085 |
||
Restricted cash |
429 |
408 |
||
Accounts receivable, net |
183,059 |
173,930 |
||
Inventories |
795,655 |
614,923 |
||
Commodity derivative assets – current |
92,771 |
71,319 |
||
Deferred income taxes |
7,337 |
4,931 |
||
Other current assets |
60,492 |
47,188 |
||
Total current assets |
1,254,447 |
1,221,784 |
||
Other assets: |
||||
Commodity derivative assets – noncurrent |
507 |
246 |
||
Other assets, net |
131,527 |
118,010 |
||
Pension asset |
- |
14,328 |
||
Equity method investments |
232,513 |
291,109 |
||
364,547 |
423,693 |
|||
Rail Group assets leased to others, net |
297,747 |
240,621 |
||
Property, plant and equipment, net |
453,607 |
387,458 |
||
Total assets |
$ 2,370,348 |
$ 2,273,556 |
||
Liabilities and equity |
||||
Current liabilities: |
||||
Short-term debt |
$ 2,166 |
$ - |
||
Accounts payable for grain |
535,974 |
592,183 |
||
Other accounts payable |
170,849 |
154,599 |
||
Customer prepayments and deferred revenue |
99,617 |
59,304 |
||
Commodity derivative liabilities – current |
64,075 |
63,954 |
||
Accrued expenses and other current liabilities |
78,610 |
70,295 |
||
Current maturities of long-term debt |
76,415 |
51,998 |
||
Total current liabilities |
1,027,706 |
992,333 |
||
Other long-term liabilities |
15,507 |
15,386 |
||
Commodity derivative liabilities – noncurrent |
3,318 |
6,644 |
||
Employee benefit plan obligations |
59,308 |
39,477 |
||
Long-term debt, less current maturities |
298,638 |
375,213 |
||
Deferred income taxes |
137,113 |
120,082 |
||
Total liabilities |
1,541,590 |
1,549,135 |
||
Total equity |
828,758 |
724,421 |
||
Total liabilities and equity |
$ 2,370,348 |
$ 2,273,556 |
The Andersons, Inc. |
|||||||||||||||
Segment Data |
|||||||||||||||
(Unaudited) |
|||||||||||||||
(in thousands) |
Grain |
Ethanol |
Plant Nutrient |
Rail |
Turf & Specialty |
Retail |
Other |
Total | |||||||
Three months ended December 31, 2014 |
|||||||||||||||
Revenues from external customers |
$ 867,521 |
$ 171,326 |
$ 137,790 |
$ 31,221 |
$ 24,940 |
$ 38,970 |
$ — |
$ 1,271,768 | |||||||
Gross profit |
53,464 |
9,284 |
18,877 |
13,193 |
7,734 |
11,399 |
— |
113,951 | |||||||
Equity in earnings of affiliates |
7,102 |
12,790 |
— |
— |
— |
— |
— |
19,892 | |||||||
Other income, net |
4,483 |
22 |
69 |
805 |
92 |
235 |
325 |
6,031 | |||||||
Income (loss) before income taxes |
24,024 |
19,353 |
381 |
5,556 |
181 |
1,046 |
(10,910) |
39,631 | |||||||
Income (loss) attributable to the noncontrolling interests |
(2) |
2,077 |
— |
— |
— |
— |
— |
2,075 | |||||||
Operating income (loss) (a) |
$ 24,026 |
$ 17,276 |
$ 381 |
$ 5,556 |
$ 181 |
$ 1,046 |
$ (10,910) |
$ 37,556 | |||||||
Three months ended December 31, 2013 |
|||||||||||||||
Revenues from external customers |
$ 1,124,265 |
$ 197,032 |
$ 170,732 |
$ 32,306 |
$ 22,557 |
$ 37,374 |
$ — |
$ 1,584,266 | |||||||
Gross profit |
44,570 |
13,323 |
21,979 |
12,328 |
6,542 |
10,835 |
— |
109,577 | |||||||
Equity in earnings of affiliates |
8,182 |
20,532 |
— |
— |
— |
— |
— |
28,714 | |||||||
Other income (expense), net |
682 |
(66) |
634 |
987 |
105 |
185 |
726 |
3,253 | |||||||
Income (loss) before income taxes |
22,127 |
30,577 |
6,240 |
6,171 |
(1,369) |
(3,861) |
(8,362) |
51,523 | |||||||
Income (loss) attributable to the noncontrolling interest |
(3) |
3,961 |
— |
— |
— |
— |
— |
3,958 | |||||||
Operating income (loss) (a) |
$ 22,130 |
$ 26,616 |
$ 6,240 |
$ 6,171 |
$ (1,369) |
$ (3,861) |
$ (8,362) |
$ 47,565 | |||||||
Grain |
Ethanol |
Plant Nutrient |
Rail |
Turf & Specialty |
Retail |
Other |
Total | ||||||||
Twelve months ended December 31, 2014 |
|||||||||||||||
Revenues from external customers |
$ 2,682,038 |
$ 765,939 |
$ 668,124 |
$ 148,954 |
$ 134,209 |
$ 140,807 |
$ — |
$ 4,540,071 | |||||||
Gross profit |
131,129 |
48,057 |
87,619 |
59,762 |
29,320 |
41,252 |
— |
397,139 | |||||||
Equity in earnings of affiliates |
27,643 |
68,880 |
— |
— |
— |
— |
— |
96,523 | |||||||
Other income, net |
21,450 |
223 |
3,262 |
3,094 |
1,110 |
955 |
1,031 |
31,125 | |||||||
Income (loss) before income taxes |
58,126 |
105,186 |
23,845 |
31,445 |
669 |
(620) |
(34,505) |
184,146 | |||||||
Income (loss) attributable to the noncontrolling interests |
(10) |
12,929 |
— |
— |
— |
— |
— |
12,919 | |||||||
Operating income (loss) (a) |
$ 58,136 |
$ 92,257 |
$ 23,845 |
$ 31,445 |
$ 669 |
$ (620) |
$ (34,505) |
$ 171,227 | |||||||
Twelve months ended December 31, 2013 |
|||||||||||||||
Revenues from external customers |
$ 3,617,943 |
$ 831,965 |
$ 708,654 |
$ 164,794 |
$ 140,512 |
$ 140,706 |
$ — |
$ 5,604,574 | |||||||
Gross profit |
118,517 |
32,512 |
86,682 |
58,864 |
29,289 |
39,361 |
— |
365,225 | |||||||
Equity in earnings of affiliates |
33,122 |
35,583 |
— |
— |
— |
— |
— |
68,705 | |||||||
Other income, net |
2,120 |
399 |
1,093 |
7,666 |
690 |
501 |
2,407 |
14,876 | |||||||
Income (loss) before income taxes |
46,794 |
56,374 |
27,275 |
42,785 |
4,744 |
(7,534) |
(20,925) |
149,513 | |||||||
Income (loss) attributable to the noncontrolling interest |
(11) |
5,774 |
— |
— |
— |
— |
— |
5,763 | |||||||
Operating income (loss) (a) |
$ 46,805 |
$ 50,600 |
$ 27,275 |
$ 42,785 |
$ 4,744 |
$ (7,534) |
$ (20,925) |
$ 143,750 | |||||||
(a) Operating income (loss) 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). |
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/the-andersons-inc-reports-fourth-quarter--full-year-results-300034025.html
SOURCE The Andersons, Inc.
Copyright 2015 PR Newswire
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