Business
The Andersons, Inc. Reports Fourth Quarter and Full-Year Results
MAUMEE, Ohio, Feb. 12, 2020 /PRNewswire/ -- The Andersons, Inc. (NASDAQ: ANDE) announces financial results for the fourth quarter ended December 31, 2019.
About this update from The Andersons, Inc.
[{"type":"text","content":"MAUMEE, Ohio, Feb. 12, 2020 /PRNewswire/ -- The Andersons, Inc. (NASDAQ: ANDE) announces financial results for the fourth quarter ended December 31, 2019.\n\n \n \n\n \nFourth Quarter Highlights:\nCompany reports net income of $6.6 million, or $0.19 per diluted share, and adjusted net income of $18.4 million, or $0.55 per diluted share. Adjusted EBITDA rose 21 percent year over year to $76.1 million. Trade Group reports a pretax loss of $19.0 million, but adjusted pretax income of $18.5 million, as solid merchandising income was offset by the impacts of an extended, wet harvest in the Eastern Corn Belt. Ethanol Group records pretax income of $41.2 million and adjusted pretax income attributable to the company of $7.2 million, on continued solid merchandising income and appreciation on hedged positions. Plant Nutrient Group records pretax income of $4.6 million and adjusted pretax income of $3.9 million on lower operating and interest expenses. Rail Group earns $4.5 million of pretax income on increased income from car sales.\"The acquisition of Lansing Trade Group continues to perform well, as stronger merchandising results somewhat offset the negative consequences of fewer acres planted and a late, wet harvest in the Trade Group's eastern footprint,\" said President and CEO Pat Bowe. \"I am pleased with our efforts to capture both top-line and expense synergies associated with the Lansing transaction \"By the end of the year, we exceeded our original run-rate goal of $10 million in cost savings a year ahead of schedule.\n\"The Ethanol Group's operating results reflect the favorable impact of hedging activity and continued strong performance by the group's expanded trading team,\" continued Bowe. \"In addition, the fourth quarter results now include the consolidated results of the Ethanol Group's operations from the merger of four separate entities to form The Andersons Marathon Holdings, LLC in early October. The impacts of these Trade and Ethanol Group transactions, along with the new ELEMENT ethanol plant, set us up well for improved company performance in 2020.\" \n$ in millions, except per share amounts\nQ4 2019\nQ4 2018\nVariance\nYTD 2019\nYTD 2018\nVariance\nPretax Income1\n$\n21.4\n$\n30.0\n$\n(8.6)\n$\n31.4\n$\n53.4\n$\n(22.0)\nAdjusted Pretax Income1\n23.7\n33.1\n(9.4)\n51.0\n59.9\n(8.9)\n Trade (Grain) Group\n18.5\n2...