The Andersons, Inc. Reports Second Quarter 2019 Results

About this update from The Andersons, Inc.

[{"type":"text","content":"MAUMEE, Ohio, Aug. 6, 2019 /PRNewswire/ -- The Andersons, Inc. (NASDAQ: ANDE) announces financial results for the second quarter ended June 30, 2019.\n\n \nSecond Quarter Highlights:\nCompany 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.\" \n\"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.\" \nFurther Adjustments Related to the Lansing Acquisition\nThe company continues to refine its purchase price allocation. While the net adjustments recorded during the quarter were negligible, the group also incurred $0.4 million, or $0.01 per diluted share, of incremental depreciation and amor...

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