Press Releases
MAUMEE, Ohio, Nov. 6, 2013 /PRNewswire/ -- The Andersons, Inc. (NASDAQ: ANDE) today announced third quarter net income attributable to the company of $17.2 million, or $0.91 per diluted share, on revenues of $1.2 billion. In the third quarter of 2012, the company reported results of $16.9 million, or $0.90 per diluted share, on revenues of $1.1 billion. For the first nine months of 2013, the company earned $59.3 million, or $3.15 per diluted share, on revenues of $4.0 billion. In the same period of 2012, The Andersons reported results of $64.5 million, or $3.43 per diluted share, on $3.6 billion of revenues.
(Logo: http://photos.prnewswire.com/prnh/20081104/CLTU081LOGO )
At the end of July, the company and Lansing Trade Group formed a 50/50 joint venture and acquired Thompsons Limited, a grain and food-grade bean handler/processer and agronomy input provider, headquartered in Blenheim, Ontario, and operating 12 locations across Ontario and Minnesota.
The Grain Group had operating income of $14.3 million in the third quarter of 2013 versus $10.8 million for the same period last year. Both space income and gross profit on sales in the third quarter were higher than the prior year. The company's investment in Lansing Trade Group also had strong results. Revenues for the Grain Group were $766 million and $677 million for the third quarter of 2013 and 2012, respectively. Revenues increased due to an increase in the bushels sold, as the average price per bushel decreased. The Grain Group's operating income for the first nine months of the year was $24.7 million on revenues of $2.5 billion. Last year, its operating income through September was $45.5 million on revenues of $2.1 billion. The group's 2013 results have been materially impacted by the 2012 drought.
The Ethanol Group achieved record operating income of $10.9 million in the third quarter on revenues of $213 million. This compares to an operating loss of $0.9 million during the same period last year on revenues of $210 million. This income increase was primarily the result of an increase in the company's earnings from its investments in the ethanol production facilities, which benefited from higher ethanol margins. These facilities also continue to benefit from significant income provided by co-products such as corn-oil, distillers dried grains, E-85, and CO2. The group's operating income through September was a record $24.0 million on revenues of $635 million. Last year, its operating loss through September was $2.9 million on revenues of $528 million. The year to date revenue increase was due to added volume from its Denison, Iowa plant and an increase in the average price per gallon of ethanol.
The Rail Group achieved third quarter operating income of $12.4 million on revenues of $48 million. In the same three month period of 2012, the group earned $19.1 million and revenues were $60 million. This quarter, the group recognized $2.2 million in gains on sales of railcars. Last year, the group recognized $13.5 million in gains on sales of railcars and related leases and non-recourse transactions during the third quarter. Gross profit from the leasing business increased significantly this quarter due to an increase in the average lease rate. The group also recognized gains related to the settlement of two non-performing leases. The average utilization rate for the quarter was 86.2 percent, which is up from 84.3 percent last year. The group's first nine months operating income was a record $36.6 million on $132 million of revenues. In 2012, operating income through September was $34.3 million and revenues were $128 million. These results include gains similar to those aforementioned of $15.8 million and $22.2 million in 2013 and 2012, respectively. In September, the company completed the acquisition of Mile Rail, LLC, a railcar repair and cleaning facility headquartered in Kansas City, Missouri, with two satellite locations in Nebraska and Indiana.
The Plant Nutrient Group's third quarter operating loss was $1.6 million on revenues of $96 million. In the same three month period of 2012, the group had operating income of $0.8 million on revenues of $135 million. Margins in the third quarter were solid, but volume was down significantly as customers have only been purchasing nutrients as needed due to lower price trends and increased volatility in the market. Some of this volume shortfall may be regained in the fourth quarter. The group's operating income the first nine months was $21.0 million on $538 million of revenues. Last year, its operating income through September was $34.5 million on revenues of $619 million. Decreased revenues this year are due primarily to lower volume and to a lesser extent to lower selling prices.
The Turf & Specialty Group had an operating loss of $0.1 million in the third quarter on $28 million of revenues. Last year, the group reported an operating loss of $1.6 million on $22 million of revenues for the same period. Through the first nine months of 2013, the group's operating income was a record $6.1 million on $118 million of revenues. Last year, its operating income was $3.4 million for the same period on revenues of $110 million.
The Retail Group had an operating loss of $2.0 million in the third quarter of 2013 on revenues of $31 million. In the comparable period last year, the group's operating loss was $1.8 million and total revenues were $35 million. Through nine months, the group recorded a loss of $3.7 million and total revenues of $103 million. Last year through September the group lost $3.1 million on total revenues of $110 million.
"We had a record third quarter, due the exceptional results seen in our Ethanol and Rail groups," CEO Mike Anderson stated. "We also had good results in the Grain Group," added Mr. Anderson. "Our expectation for the last quarter of the year is that it will be comparable to results seen in 2010 and 2011. The fourth quarter of 2012 results were tempered by the drought, which we are happy to say is behind us; we are instead in the midst of a record corn crop. Looking back, I am proud of our employees and how they effectively managed through the 2012 drought, with good earnings," concluded Mr. Anderson.
The company will host a webcast on Thursday, November 7, 2013 at 11:00 A.M. ET, to discuss its performance. This can be accessed under the heading "Investor" on its website at www.andersonsinc.com.
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.
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.
The Andersons, Inc. is located on the Internet at www.andersonsinc.com
FINANCIAL TABLES FOLLOW . . .
The Andersons, Inc.
Consolidated Statements of Income
(Unaudited)
Three months ended September 30, Nine months ended September 30,
(in thousands, except per share data) 2013 2012 2013 2012
---- ---- ---- ----
Sales and merchandising revenues $1,181,374 $1,138,402 $4,020,308 $3,591,369
Cost of sales and merchandising revenues 1,108,228 1,060,086 3,764,660 3,324,533
--------- --------- --------- ---------
Gross profit 73,146 78,316 255,648 266,836
Operating, administrative and general expenses 69,193 58,029 192,665 177,339
Interest expense 5,348 5,482 16,607 16,192
Other income:
Equity in earnings of affiliates 22,177 6,027 39,991 15,406
Other income, net 7,605 3,492 11,623 9,409
----- ----- ------ -----
Income before income taxes 28,387 24,324 97,990 98,120
Income tax provision 10,348 9,133 36,907 36,730
------ ----- ------ ------
Net income 18,039 15,191 61,083 61,390
Net income (loss) attributable to the noncontrolling interests 878 (1,693) 1,805 (3,100)
--- ------ ----- ------
Net income attributable to The Andersons, Inc. $17,161 $16,884 $59,278 $64,490
======= ======= ======= =======
Per common share:
Basic earnings attributable to The Andersons, Inc. common shareholders $0.92 $0.91 $3.17 $3.47
===== ===== ===== =====
Diluted earnings attributable to The Andersons, Inc. common shareholders $0.91 $0.90 $3.15 $3.43
===== ===== ===== =====
Dividends paid $0.16 $0.15 $0.48 $0.45
===== ===== ===== =====
The Andersons, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)(In thousands)
September 30, 2013 December 31, 2012 September 30, 2012
------------------ ----------------- ------------------
Assets
Current assets:
Cash and cash equivalents $134,441 $138,218 $80,370
Restricted cash 164 398 160
Accounts receivable, net 178,970 208,877 199,158
Inventories 429,017 776,677 682,292
Commodity derivative assets - current 105,390 103,105 166,264
Deferred income taxes 5,254 15,862 20,627
Other current assets 42,278 54,016 41,568
------ ------ ------
Total current assets 895,514 1,297,153 1,190,439
Other assets:
Commodity derivative assets - noncurrent 5 1,906 7,047
Other assets, net 110,731 105,129 67,801
Equity method investments 262,643 190,908 190,057
------- ------- -------
373,379 297,943 264,905
Railcar assets leased to others, net 233,024 228,330 252,702
Property, plant and equipment, net 380,374 358,878 283,394
------- ------- -------
Total assets $1,882,291 $2,182,304 $1,991,440
========== ========== ==========
Liabilities and equity
Current liabilities:
Borrowings under short-term line of credit $ - $24,219 $275,522
Accounts payable for grain 241,575 582,653 250,066
Other accounts payable 200,664 165,201 204,347
Customer prepayments and deferred revenue 23,974 105,410 77,278
Commodity derivative liabilities - current 88,234 33,277 43,589
Accrued expenses and other current liabilities 63,900 66,902 53,631
Current maturities of long-term debt 44,232 15,145 32,655
------ ------ ------
Total current liabilities 662,579 992,807 937,088
Other long-term liabilities 17,129 18,406 14,083
Commodity derivative liabilities - noncurrent 9,636 1,134 590
Employee benefit plan obligations 49,768 53,131 49,478
Long-term debt, less current maturities 381,018 427,243 312,404
Deferred income taxes 91,869 78,138 75,377
------ ------ ------
Total liabilities 1,211,999 1,570,859 1,389,020
Total equity 670,292 611,445 602,420
------- ------- -------
Total liabilities and equity $1,882,291 $2,182,304 $1,991,440
========== ========== ==========
Grain Ethanol Plant Nutrient Rail Turf & Specialty Retail Other Total
Three months ended September 30, 2013
Revenues from external customers $765,833 $213,384 $95,681 $47,523 $27,624 $31,329 $- $1,181,374
Gross profit 27,005 4,735 13,553 13,000 6,408 8,445 - 73,146
Equity in earnings of affiliates 12,003 10,174 - - - - - 22,177
Other income, net 1,216 35 320 5,031 135 102 766 7,605
Income (loss) before income taxes 14,315 11,790 (1,643) 12,360 (83) (2,043) (6,309) 28,387
Income (loss) attributable to the noncontrolling interests (8) 886 - - - - - 878
Operating income (loss) (a) $14,323 $10,904 $(1,643) $12,360 $(83) $(2,043) $(6,309) $27,509
Three months ended September 30, 2012
Revenues from external customers $677,484 $209,634 $135,144 $59,703 $21,509 $34,928 $- $1,138,402
Gross profit 21,166 3,846 15,297 22,892 5,296 9,819 - 78,316
Equity in earnings (loss) of affiliates 9,249 (3,224) 2 - - - - 6,027
Other income, net 526 1 523 1,695 181 117 449 3,492
Income (loss) before income taxes 10,807 (2,629) 759 19,071 (1,571) (1,769) (344) 24,324
Loss attributable to the noncontrolling interests - (1,693) - - - - - (1,693)
Operating income (loss) (a) $10,807 $(936) $759 $19,071 $(1,571) $(1,769) $(344) $26,017
Grain Ethanol Plant Nutrient Rail Turf & Specialty Retail Other Total
Nine months ended September 30, 2013
Revenues from external customers $2,493,678 $634,933 $537,922 $132,488 $117,955 $103,332 $- $4,020,308
Gross profit 73,947 19,189 64,703 46,536 22,747 28,526 - 255,648
Equity in earnings of affiliates 24,940 15,051 - - - - - 39,991
Other income, net 1,438 465 459 6,679 585 316 1,681 11,623
Income (loss) before income taxes 24,667 25,797 21,035 36,614 6,113 (3,673) (12,563) 97,990
Income (loss) attributable to the noncontrolling interests (8) 1,813 - - - - - 1,805
Operating income (loss) (a) $24,675 $23,984 $21,035 $36,614 $6,113 $(3,673) $(12,563) 96,185
Nine months ended September 30, 2012
Revenues from external customers $2,096,256 $528,062 $619,301 $127,608 $110,481 $109,661 $- $3,591,369
Gross profit 80,207 8,544 78,272 47,020 20,785 32,008 - 266,836
Equity in earnings (loss) of affiliates 22,706 (7,305) 5 - - - - 15,406
Other income, net 1,842 37 1,651 3,295 671 396 1,517 9,409
Income (loss) before income taxes 45,519 (6,020) 34,540 34,288 3,384 (3,090) (10,501) 98,120
Loss attributable to the noncontrolling interest - (3,100) - - - - - (3,100)
Operating income (loss) (a) $45,519 $(2,920) $34,540 $34,288 $3,384 $(3,090) $(10,501) $101,220
(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.
SOURCE The Andersons, Inc.
http://photoarchive.ap.org/
SOURCE: The Andersons, Inc.
The Andersons, Inc. Reports Record Third Quarter Results
Third Quarter Earnings of $0.91 per Diluted Share
Grain, Ethanol, and Rail Groups Lead Earning Results
PR Newswire
MAUMEE, Ohio, Nov. 6, 2013
MAUMEE, Ohio, Nov. 6, 2013 /PRNewswire/ -- The Andersons, Inc. (NASDAQ: ANDE) today announced third quarter net income attributable to the company of $17.2 million, or $0.91 per diluted share, on revenues of $1.2 billion. In the third quarter of 2012, the company reported results of $16.9 million, or $0.90 per diluted share, on revenues of $1.1 billion. For the first nine months of 2013, the company earned $59.3 million, or $3.15 per diluted share, on revenues of $4.0 billion. In the same period of 2012, The Andersons reported results of $64.5 million, or $3.43 per diluted share, on $3.6 billion of revenues.
(Logo: http://photos.prnewswire.com/prnh/20081104/CLTU081LOGO )
At the end of July, the company and Lansing Trade Group formed a 50/50 joint venture and acquired Thompsons Limited, a grain and food-grade bean handler/processer and agronomy input provider, headquartered in Blenheim, Ontario, and operating 12 locations across Ontario and Minnesota.
The Grain Group had operating income of $14.3 million in the third quarter of 2013 versus $10.8 million for the same period last year. Both space income and gross profit on sales in the third quarter were higher than the prior year. The company's investment in Lansing Trade Group also had strong results. Revenues for the Grain Group were $766 million and $677 million for the third quarter of 2013 and 2012, respectively. Revenues increased due to an increase in the bushels sold, as the average price per bushel decreased. The Grain Group's operating income for the first nine months of the year was $24.7 million on revenues of $2.5 billion. Last year, its operating income through September was $45.5 million on revenues of $2.1 billion. The group's 2013 results have been materially impacted by the 2012 drought.
The Ethanol Group achieved record operating income of $10.9 million in the third quarter on revenues of $213 million. This compares to an operating loss of $0.9 million during the same period last year on revenues of $210 million. This income increase was primarily the result of an increase in the company's earnings from its investments in the ethanol production facilities, which benefited from higher ethanol margins. These facilities also continue to benefit from significant income provided by co-products such as corn-oil, distillers dried grains, E-85, and CO2. The group's operating income through September was a record $24.0 million on revenues of $635 million. Last year, its operating loss through September was $2.9 million on revenues of $528 million. The year to date revenue increase was due to added volume from its Denison, Iowa plant and an increase in the average price per gallon of ethanol.
The Rail Group achieved third quarter operating income of $12.4 million on revenues of $48 million. In the same three month period of 2012, the group earned $19.1 million and revenues were $60 million. This quarter, the group recognized $2.2 million in gains on sales of railcars. Last year, the group recognized $13.5 million in gains on sales of railcars and related leases and non-recourse transactions during the third quarter. Gross profit from the leasing business increased significantly this quarter due to an increase in the average lease rate. The group also recognized gains related to the settlement of two non-performing leases. The average utilization rate for the quarter was 86.2 percent, which is up from 84.3 percent last year. The group's first nine months operating income was a record $36.6 million on $132 million of revenues. In 2012, operating income through September was $34.3 million and revenues were $128 million. These results include gains similar to those aforementioned of $15.8 million and $22.2 million in 2013 and 2012, respectively. In September, the company completed the acquisition of Mile Rail, LLC, a railcar repair and cleaning facility headquartered in Kansas City, Missouri, with two satellite locations in Nebraska and Indiana.
The Plant Nutrient Group's third quarter operating loss was $1.6 million on revenues of $96 million. In the same three month period of 2012, the group had operating income of $0.8 million on revenues of $135 million. Margins in the third quarter were solid, but volume was down significantly as customers have only been purchasing nutrients as needed due to lower price trends and increased volatility in the market. Some of this volume shortfall may be regained in the fourth quarter. The group's operating income the first nine months was $21.0 million on $538 million of revenues. Last year, its operating income through September was $34.5 million on revenues of $619 million. Decreased revenues this year are due primarily to lower volume and to a lesser extent to lower selling prices.
The Turf & Specialty Group had an operating loss of $0.1 million in the third quarter on $28 million of revenues. Last year, the group reported an operating loss of $1.6 million on $22 million of revenues for the same period. Through the first nine months of 2013, the group's operating income was a record $6.1 million on $118 million of revenues. Last year, its operating income was $3.4 million for the same period on revenues of $110 million.
The Retail Group had an operating loss of $2.0 million in the third quarter of 2013 on revenues of $31 million. In the comparable period last year, the group's operating loss was $1.8 million and total revenues were $35 million. Through nine months, the group recorded a loss of $3.7 million and total revenues of $103 million. Last year through September the group lost $3.1 million on total revenues of $110 million.
"We had a record third quarter, due the exceptional results seen in our Ethanol and Rail groups," CEO Mike Anderson stated. "We also had good results in the Grain Group," added Mr. Anderson. "Our expectation for the last quarter of the year is that it will be comparable to results seen in 2010 and 2011. The fourth quarter of 2012 results were tempered by the drought, which we are happy to say is behind us; we are instead in the midst of a record corn crop. Looking back, I am proud of our employees and how they effectively managed through the 2012 drought, with good earnings," concluded Mr. Anderson.
The company will host a webcast on Thursday, November 7, 2013 at 11:00 A.M. ET, to discuss its performance. This can be accessed under the heading "Investor" on its website at www.andersonsinc.com.
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.
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.
The Andersons, Inc. is located on the Internet at www.andersonsinc.com
FINANCIAL TABLES FOLLOW . . .
|
The Andersons, Inc. |
||||
|
Consolidated Statements of Income |
||||
|
(Unaudited) |
||||
|
Three months ended September 30, |
Nine months ended September 30, | |||
|
(in thousands, except per share data) |
2013 |
2012 |
2013 |
2012 |
|
Sales and merchandising revenues |
$ 1,181,374 |
$ 1,138,402 |
$ 4,020,308 |
$ 3,591,369 |
|
Cost of sales and merchandising revenues |
1,108,228 |
1,060,086 |
3,764,660 |
3,324,533 |
|
Gross profit |
73,146 |
78,316 |
255,648 |
266,836 |
|
Operating, administrative and general expenses |
69,193 |
58,029 |
192,665 |
177,339 |
|
Interest expense |
5,348 |
5,482 |
16,607 |
16,192 |
|
Other income: |
||||
|
Equity in earnings of affiliates |
22,177 |
6,027 |
39,991 |
15,406 |
|
Other income, net |
7,605 |
3,492 |
11,623 |
9,409 |
|
Income before income taxes |
28,387 |
24,324 |
97,990 |
98,120 |
|
Income tax provision |
10,348 |
9,133 |
36,907 |
36,730 |
|
Net income |
18,039 |
15,191 |
61,083 |
61,390 |
|
Net income (loss) attributable to the noncontrolling interests |
878 |
(1,693) |
1,805 |
(3,100) |
|
Net income attributable to The Andersons, Inc. |
$ 17,161 |
$ 16,884 |
$ 59,278 |
$ 64,490 |
|
Per common share: |
||||
|
Basic earnings attributable to The Andersons, Inc. common shareholders |
$ 0.92 |
$ 0.91 |
$ 3.17 |
$ 3.47 |
|
Diluted earnings attributable to The Andersons, Inc. common shareholders |
$ 0.91 |
$ 0.90 |
$ 3.15 |
$ 3.43 |
|
Dividends paid |
$ 0.16 |
$ 0.15 |
$ 0.48 |
$ 0.45 |
|
The Andersons, Inc. | |||||
|
September 30, 2013 |
December 31, 2012 |
September 30, 2012 | |||
|
Assets |
|||||
|
Current assets: |
|||||
|
Cash and cash equivalents |
$ 134,441 |
$ 138,218 |
$ 80,370 | ||
|
Restricted cash |
164 |
398 |
160 | ||
|
Accounts receivable, net |
178,970 |
208,877 |
199,158 | ||
|
Inventories |
429,017 |
776,677 |
682,292 | ||
|
Commodity derivative assets – current |
105,390 |
103,105 |
166,264 | ||
|
Deferred income taxes |
5,254 |
15,862 |
20,627 | ||
|
Other current assets |
42,278 |
54,016 |
41,568 | ||
|
Total current assets |
895,514 |
1,297,153 |
1,190,439 | ||
|
Other assets: |
|||||
|
Commodity derivative assets – noncurrent |
5 |
1,906 |
7,047 | ||
|
Other assets, net |
110,731 |
105,129 |
67,801 | ||
|
Equity method investments |
262,643 |
190,908 |
190,057 | ||
|
373,379 |
297,943 |
264,905 | |||
|
Railcar assets leased to others, net |
233,024 |
228,330 |
252,702 | ||
|
Property, plant and equipment, net |
380,374 |
358,878 |
283,394 | ||
|
Total assets |
$ 1,882,291 |
$ 2,182,304 |
$ 1,991,440 | ||
|
Liabilities and equity |
|||||
|
Current liabilities: |
|||||
|
Borrowings under short-term line of credit |
$ - |
$ 24,219 |
$ 275,522 | ||
|
Accounts payable for grain |
241,575 |
582,653 |
250,066 | ||
|
Other accounts payable |
200,664 |
165,201 |
204,347 | ||
|
Customer prepayments and deferred revenue |
23,974 |
105,410 |
77,278 | ||
|
Commodity derivative liabilities – current |
88,234 |
33,277 |
43,589 | ||
|
Accrued expenses and other current liabilities |
63,900 |
66,902 |
53,631 | ||
|
Current maturities of long-term debt |
44,232 |
15,145 |
32,655 | ||
|
Total current liabilities |
662,579 |
992,807 |
937,088 | ||
|
Other long-term liabilities |
17,129 |
18,406 |
14,083 | ||
|
Commodity derivative liabilities – noncurrent |
9,636 |
1,134 |
590 | ||
|
Employee benefit plan obligations |
49,768 |
53,131 |
49,478 | ||
|
Long-term debt, less current maturities |
381,018 |
427,243 |
312,404 | ||
|
Deferred income taxes |
91,869 |
78,138 |
75,377 | ||
|
Total liabilities |
1,211,999 |
1,570,859 |
1,389,020 | ||
|
Total equity |
670,292 |
611,445 |
602,420 | ||
|
Total liabilities and equity |
$ 1,882,291 |
$ 2,182,304 |
$ 1,991,440 | ||
|
Grain |
Ethanol |
Plant Nutrient |
Rail |
Turf & Specialty |
Retail |
Other |
Total | |
|
Three months ended September 30, 2013 |
||||||||
|
Revenues from external customers |
$ 765,833 |
$ 213,384 |
$ 95,681 |
$ 47,523 |
$ 27,624 |
$ 31,329 |
$— |
$ 1,181,374 |
|
Gross profit |
27,005 |
4,735 |
13,553 |
13,000 |
6,408 |
8,445 |
— |
73,146 |
|
Equity in earnings of affiliates |
12,003 |
10,174 |
— |
— |
— |
— |
— |
22,177 |
|
Other income, net |
1,216 |
35 |
320 |
5,031 |
135 |
102 |
766 |
7,605 |
|
Income (loss) before income taxes |
14,315 |
11,790 |
(1,643) |
12,360 |
(83) |
(2,043) |
(6,309) |
28,387 |
|
Income (loss) attributable to the noncontrolling interests |
(8) |
886 |
— |
— |
— |
— |
— |
878 |
|
Operating income (loss) (a) |
$ 14,323 |
$ 10,904 |
$ (1,643) |
$ 12,360 |
$ (83) |
$ (2,043) |
$ (6,309) |
$ 27,509 |
|
Three months ended September 30, 2012 |
||||||||
|
Revenues from external customers |
$ 677,484 |
$ 209,634 |
$ 135,144 |
$ 59,703 |
$ 21,509 |
$ 34,928 |
$— |
$ 1,138,402 |
|
Gross profit |
21,166 |
3,846 |
15,297 |
22,892 |
5,296 |
9,819 |
— |
78,316 |
|
Equity in earnings (loss) of affiliates |
9,249 |
(3,224) |
2 |
— |
— |
— |
— |
6,027 |
|
Other income, net |
526 |
1 |
523 |
1,695 |
181 |
117 |
449 |
3,492 |
|
Income (loss) before income taxes |
10,807 |
(2,629) |
759 |
19,071 |
(1,571) |
(1,769) |
(344) |
24,324 |
|
Loss attributable to the noncontrolling interests |
— |
(1,693) |
— |
— |
— |
— |
— |
(1,693) |
|
Operating income (loss) (a) |
$ 10,807 |
$ (936) |
$ 759 |
$ 19,071 |
$ (1,571) |
$ (1,769) |
$ (344) |
$ 26,017 |
|
Grain |
Ethanol |
Plant Nutrient |
Rail |
Turf & Specialty |
Retail |
Other |
Total | |
|
Nine months ended September 30, 2013 |
||||||||
|
Revenues from external customers |
$ 2,493,678 |
$ 634,933 |
$ 537,922 |
$ 132,488 |
$ 117,955 |
$ 103,332 |
$— |
$ 4,020,308 |
|
Gross profit |
73,947 |
19,189 |
64,703 |
46,536 |
22,747 |
28,526 |
— |
255,648 |
|
Equity in earnings of affiliates |
24,940 |
15,051 |
— |
— |
— |
— |
— |
39,991 |
|
Other income, net |
1,438 |
465 |
459 |
6,679 |
585 |
316 |
1,681 |
11,623 |
|
Income (loss) before income taxes |
24,667 |
25,797 |
21,035 |
36,614 |
6,113 |
(3,673) |
(12,563) |
97,990 |
|
Income (loss) attributable to the noncontrolling interests |
(8) |
1,813 |
— |
— |
— |
— |
— |
1,805 |
|
Operating income (loss) (a) |
$ 24,675 |
$ 23,984 |
$ 21,035 |
$ 36,614 |
$ 6,113 |
$ (3,673) |
$ (12,563) |
96,185 |
|
Nine months ended September 30, 2012 |
||||||||
|
Revenues from external customers |
$ 2,096,256 |
$ 528,062 |
$ 619,301 |
$ 127,608 |
$ 110,481 |
$ 109,661 |
$— |
$ 3,591,369 |
|
Gross profit |
80,207 |
8,544 |
78,272 |
47,020 |
20,785 |
32,008 |
— |
266,836 |
|
Equity in earnings (loss) of affiliates |
22,706 |
(7,305) |
5 |
— |
— |
— |
— |
15,406 |
|
Other income, net |
1,842 |
37 |
1,651 |
3,295 |
671 |
396 |
1,517 |
9,409 |
|
Income (loss) before income taxes |
45,519 |
(6,020) |
34,540 |
34,288 |
3,384 |
(3,090) |
(10,501) |
98,120 |
|
Loss attributable to the noncontrolling interest |
— |
(3,100) |
— |
— |
— |
— |
— |
(3,100) |
|
Operating income (loss) (a) |
$ 45,519 |
$ (2,920) |
$ 34,540 |
$ 34,288 |
$ 3,384 |
$ (3,090) |
$ (10,501) |
$ 101,220 |
|
(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. | ||||||||
SOURCE The Andersons, Inc.
CONTACT: Investor Relations: Nick Conrad, Phone: 419-891-6415, E-mail: nick_conrad@andersonsinc.com
Web Site: http://www.andersonsinc.com