Business
The Andersons, Inc. Reports Second Quarter Results and Announces Business Structure and Organizational Changes
MAUMEE, Ohio, Aug. 4, 2020 /PRNewswire/ -- The Andersons, Inc. (Nasdaq: ANDE) announces financial results for the second quarter ended June 30, 2020 and
About this update from The Andersons, Inc.
[{"type":"text","content":"MAUMEE, Ohio, Aug. 4, 2020 /PRNewswire/ -- The Andersons, Inc. (Nasdaq: ANDE) announces financial results for the second quarter ended June 30, 2020 and business structure and organizational changes.\n\n \n \n \n \n \n \n\n \nSecond Quarter Highlights:\nCompany reported net income attributable to The Andersons of $30.4 million, or $0.92 per diluted share, and adjusted net income of $29.3 million, or $0.88 per diluted share. Adjusted EBITDA attributable to the company was $70.7 million for the quarter. Trade Group reported pretax income of $0.4 million and adjusted pretax income of $1.4 million despite a tough operating environment. Ethanol Group reported pretax income attributable to the company of $0.9 million due to its timely maintenance shutdowns and improved ethanol margins. Plant Nutrient Group recorded pretax income of $19.4 million driven by a strong planting season. Rail Group earned $2.6 million of pretax income due to lower car sale income. Company announced a reorganization of its business groups and several leadership changes.\"I am proud of what we were able to accomplish in the second quarter, as all four of our business groups were profitable,\" said President and CEO Pat Bowe. \"We are focused on transforming The Andersons into a more cost-efficient company positioned for scalable growth. Our vision is to be the most nimble and innovative North American ag supply chain company. The steps we are taking to transform the organization should ensure that we have the right vision at the right time to continue to serve our customers.\"\n\"Our Plant Nutrient Group's income was up more than 20 percent due to an excellent spring planting season,\" continued Bowe. \"Our Ethanol Group's navigation of the unprecedented decrease in demand due to the COVID-19 crisis helped produce good results under those difficult conditions. The Trade Group continued to feel the effects of a small 2019 corn crop in the East. Both the Trade Group and the Rail Group both felt the persistent negative impact of the pandemic on customer demand. Both groups were profitable for the quarter.\" \n\"I want to again thank our employees, particularly those working in our plants and operations, for continuing to demonstrate their commitment to the company and to our customers and communities by keeping our businesses running safely and effectively during...