We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 |
Second Quarter Earnings of $1.09 per Diluted Share
MAUMEE, Ohio, Aug. 5, 2015 /PRNewswire/ -- The Andersons, Inc. (NASDAQ: ANDE) announces financial results for the second quarter ended June 30, 2015.
Highlights
"The Rail Group's focus on asset management and operational performance helped produce a great quarter. The Ethanol Group had strong results as well, due primarily to an improvement in margins. The ethanol team also continued to benefit from investments made in technology and process improvement," said CEO Mike Anderson. "The weather, however, did not cooperate in some of our markets, which led to decreased profitability in our Plant Nutrient Group. Extremely wet weather the last half of the second quarter impaired the normal application of crop nutrients in the Eastern corn-belt. We expect to return to normal nutrient volumes in the fall. Our results this quarter once again demonstrate the value of having a diversified portfolio of businesses. The most recent addition to our portfolio, Kay Flo, has already added new markets, customers and product lines to the Company. Additionally, significant cross selling opportunities and synergies have been identified that will pay dividends in 2016 and beyond."
Key Highlights
Net income for the second quarter of 2015 attributable to the Company was $31.1 million, or $1.09 per diluted share. Last year second quarter net income was $44.3 million, or $1.56 per diluted share. Net income through June this year was $35.2 million, or $1.23 per diluted share. When excluding the partial redemption of our investment in Lansing Trade Group last year, adjusted net income through June of 2014 was $56.4 million, or $1.98 per diluted share. (See the Reconciliation to Adjusted Net Income Table for a discussion and reconciliation of income and adjusted income.) Second quarter 2015 revenues were $1.2 billion compared to $1.3 billion in revenues the same period last year.
Outlook
Conference Call
The Company will host a webcast on Thursday, August 6, 2015 at 11:00 A.M. ET, to discuss its performance. To dial-in to the call, the number is 866-439-8514 (participant passcode is 83166883). 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/nsm3rp8b. 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
Founded in Maumee, Ohio, in 1947, The Andersons is a diversified Company rooted in agriculture conducting business across North America in the grain, ethanol, plant nutrient and rail sectors. The Company also has a consumer retailing presence. For more information, visit The Andersons online at www.andersonsinc.com.
The Andersons, Inc. |
|||||||
Condensed Consolidated Statements of Income |
|||||||
(Unaudited) |
|||||||
Three months ended June 30, |
Six months ended June 30, | ||||||
(in thousands, except per share data) |
2015 |
2014 |
2015 |
2014 | |||
Sales and merchandising revenues |
$ 1,208,492 |
$ 1,312,082 |
$ 2,158,581 |
$ 2,315,376 | |||
Cost of sales and merchandising revenues |
1,100,319 |
1,190,587 |
1,967,097 |
2,117,106 | |||
Gross profit |
108,173 |
121,495 |
191,484 |
198,270 | |||
Operating, administrative and general expenses |
83,743 |
76,275 |
162,346 |
147,260 | |||
Interest expense |
4,025 |
6,146 |
10,063 |
12,148 | |||
Other income: |
|||||||
Equity in earnings of affiliates |
16,190 |
32,213 |
19,450 |
52,714 | |||
Other income, net |
13,772 |
3,797 |
16,880 |
23,409 | |||
Income before income taxes |
50,367 |
75,084 |
55,405 |
114,985 | |||
Income tax provision |
17,969 |
25,714 |
19,061 |
39,586 | |||
Net income |
32,398 |
49,370 |
36,344 |
75,399 | |||
Net income attributable to the noncontrolling interests |
1,306 |
5,069 |
1,155 |
8,390 | |||
Net income attributable to The Andersons, Inc. |
$ 31,092 |
$ 44,301 |
$ 35,189 |
$ 67,009 | |||
Per common share: |
|||||||
Basic earnings attributable to The Andersons, Inc. common shareholders |
$ 1.09 |
$ 1.56 |
$ 1.23 |
$ 2.36 | |||
Diluted earnings attributable to The Andersons, Inc. common shareholders |
$ 1.09 |
$ 1.56 |
$ 1.23 |
$ 2.36 | |||
Dividends paid |
$ 0.1400 |
$ 0.1100 |
$ 0.2800 |
$ 0.2200 | |||
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) |
2015 |
2014 |
2015 |
2014 | |||
Net income attributable to The Andersons, Inc. |
$ 31,092 |
$ 44,301 |
$ 35,189 |
$ 67,009 | |||
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. |
$ 31,092 |
$ 44,301 |
$ 35,189 |
$ 56,353 | |||
Diluted earnings attributable to The Andersons, Inc. common shareholders |
$ 1.09 |
$ 1.56 |
$ 1.23 |
$ 2.36 | |||
Impact on diluted earnings per share |
- |
- |
- |
(0.38) | |||
Adjusted diluted earnings per share |
$ 1.09 |
$ 1.56 |
$ 1.23 |
$ 1.98 | |||
The Andersons, Inc. | |||||
(in thousands) |
June 30, 2015 |
December 31, 2014 |
June 30, 2014 | ||
Assets |
|||||
Current assets: |
|||||
Cash and cash equivalents |
$ 40,773 |
$ 114,704 |
$ 47,190 | ||
Restricted cash |
941 |
429 |
895 | ||
Accounts receivable, net |
238,601 |
183,059 |
189,646 | ||
Inventories |
508,408 |
795,655 |
432,996 | ||
Commodity derivative assets – current |
39,860 |
92,771 |
162,427 | ||
Deferred income taxes |
6,069 |
7,337 |
7,443 | ||
Other current assets |
44,765 |
60,492 |
24,596 | ||
Total current assets |
879,417 |
1,254,447 |
865,193 | ||
Other assets: |
|||||
Commodity derivative assets – noncurrent |
2,990 |
507 |
312 | ||
Other assets, net |
225,601 |
131,527 |
116,985 | ||
Pension asset |
- |
- |
13,023 | ||
Equity method investments |
224,380 |
226,857 |
264,381 | ||
452,971 |
358,891 |
394,701 | |||
Rail Group assets leased to others, net |
330,832 |
297,747 |
242,147 | ||
Property, plant and equipment, net |
489,145 |
453,607 |
390,587 | ||
Total assets |
$ 2,152,365 |
$ 2,364,692 |
$ 1,892,628 | ||
Liabilities and equity |
|||||
Current liabilities: |
|||||
Short-term debt |
$ 141,250 |
$ 2,166 |
$ 27,000 | ||
Trade and other payables |
358,190 |
706,823 |
307,765 | ||
Customer prepayments and deferred revenue |
25,927 |
99,617 |
21,670 | ||
Commodity derivative liabilities – current |
42,622 |
64,075 |
86,134 | ||
Accrued expenses and other current liabilities |
72,034 |
78,610 |
81,260 | ||
Current maturities of long-term debt |
27,188 |
76,415 |
89,387 | ||
Total current liabilities |
667,211 |
1,027,706 |
613,216 | ||
Other long-term liabilities |
14,934 |
15,507 |
15,032 | ||
Commodity derivative liabilities – noncurrent |
2,177 |
3,318 |
7,444 | ||
Employee benefit plan obligations |
57,686 |
59,308 |
39,178 | ||
Long-term debt, less current maturities |
417,279 |
298,638 |
300,220 | ||
Deferred income taxes |
171,163 |
136,166 |
126,258 | ||
Total liabilities |
1,330,450 |
1,540,643 |
1,101,348 | ||
Total equity |
821,915 |
824,049 |
791,280 | ||
Total liabilities and equity |
$ 2,152,365 |
$ 2,364,692 |
$ 1,892,628 | ||
The Andersons, Inc. |
|||||||||||||
Segment Data |
|||||||||||||
(Unaudited) |
|||||||||||||
(in thousands) |
Grain |
Ethanol |
Plant Nutrient |
Rail |
Retail |
Other |
Total | ||||||
Three months ended June 30, 2015 |
|||||||||||||
Revenues from external customers |
$ 625,316 |
$ 139,432 |
$ 357,186 |
$ 45,523 |
$ 41,035 |
$— |
$ 1,208,492 | ||||||
Gross profit |
25,005 |
5,843 |
46,698 |
18,249 |
12,378 |
— |
108,173 | ||||||
Equity in earnings of affiliates |
7,875 |
8,315 |
— |
— |
— |
— |
16,190 | ||||||
Other income, net |
1,231 |
6 |
459 |
11,834 |
93 |
149 |
13,772 | ||||||
Income (loss) before income taxes |
3,147 |
10,975 |
18,873 |
21,689 |
1,469 |
(5,786) |
50,367 | ||||||
Income (loss) attributable to the noncontrolling interests |
(2) |
1,308 |
— |
— |
— |
— |
1,306 | ||||||
Income (loss) before income taxes attributable to The Andersons, Inc. (a) |
$ 3,149 |
$ 9,667 |
$ 18,873 |
$ 21,689 |
$ 1,469 |
$ (5,786) |
$ 49,061 | ||||||
- | |||||||||||||
Three months ended June 30, 2014 |
- | ||||||||||||
Revenues from external customers |
$ 656,004 |
$ 226,388 |
$ 354,808 |
$ 33,409 |
$ 41,473 |
$— |
$ 1,312,082 | ||||||
Gross profit |
27,909 |
18,638 |
48,538 |
13,863 |
12,547 |
— |
121,495 | ||||||
Equity in earnings of affiliates |
8,467 |
23,746 |
— |
— |
— |
— |
32,213 | ||||||
Other income (expense), net |
975 |
356 |
858 |
787 |
190 |
631 |
3,797 | ||||||
Income (loss) before income taxes |
10,352 |
38,976 |
27,002 |
6,684 |
1,637 |
(9,567) |
75,084 | ||||||
Income (loss) attributable to the noncontrolling interests |
(3) |
5,072 |
— |
— |
— |
— |
5,069 | ||||||
Income (loss) before income taxes attributable to The Andersons, Inc. (a) |
$ 10,355 |
$ 33,904 |
$ 27,002 |
$ 6,684 |
$ 1,637 |
$ (9,567) |
$ 70,015 | ||||||
Grain |
Ethanol |
Plant Nutrient |
Rail |
Retail |
Other |
Total | |||||||
Six months ended June 30, 2015 |
|||||||||||||
Revenues from external customers |
$ 1,210,478 |
$ 277,612 |
$ 511,137 |
$ 89,739 |
$ 69,615 |
$— |
$ 2,158,581 | ||||||
Gross profit |
54,730 |
12,129 |
68,664 |
35,571 |
20,390 |
— |
191,484 | ||||||
Equity in earnings of affiliates |
9,423 |
10,027 |
— |
— |
— |
— |
19,450 | ||||||
Other income, net |
2,064 |
48 |
1,494 |
12,673 |
192 |
409 |
16,880 | ||||||
Income (loss) before income taxes |
3,887 |
16,106 |
19,297 |
32,002 |
(714) |
(15,173) |
55,405 | ||||||
Income (loss) attributable to the noncontrolling interests |
(5) |
1,160 |
— |
— |
— |
— |
1,155 | ||||||
Income (loss) before income taxes attributable to The Andersons, Inc. (a) |
$ 3,892 |
$ 14,946 |
$ 19,297 |
$ 32,002 |
$ (714) |
$ (15,173) |
$ 54,250 | ||||||
- | |||||||||||||
Six months ended June 30, 2014 |
- | ||||||||||||
Revenues from external customers |
$ 1,239,163 |
$ 415,208 |
$ 506,163 |
$ 85,711 |
$ 69,131 |
$— |
$ 2,315,376 | ||||||
Gross profit |
44,917 |
26,003 |
71,088 |
35,728 |
20,534 |
— |
198,270 | ||||||
Equity in earnings of affiliates |
10,351 |
42,363 |
— |
— |
— |
— |
52,714 | ||||||
Other income, net |
19,321 |
130 |
1,350 |
1,497 |
302 |
809 |
23,409 | ||||||
Income (loss) before income taxes |
21,655 |
62,124 |
26,966 |
21,729 |
(698) |
(16,791) |
114,985 | ||||||
Income (loss) attributable to the noncontrolling interests |
(6) |
8,396 |
— |
— |
— |
— |
8,390 | ||||||
Income (loss) before income taxes attributable to The Andersons, Inc. (a) |
21,661 |
53,728 |
26,966 |
21,729 |
(698) |
(16,791) |
106,595 | ||||||
(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). |
Logo - http://photos.prnewswire.com/prnh/20081104/CLTU081LOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/the-andersons-inc-reports-second-quarter-results-300124428.html
SOURCE The Andersons, Inc.
Copyright 2015 PR Newswire
1 Year Andersons Chart |
1 Month Andersons Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions