The Andersons Inc., Maumee, OH, reported is first quarter 2019 results.
The company reported a net loss of $14.0 million or $0.43 per diluted share and an adjusted net loss of $5.3 million, or $0.16 per diluted share. Adjustments include $8.7 million, or $0.27 per diluted share, of expenses related to the Lansing Trade Group acquisition, which closed in early January. Integration is progressing well.
Other highlights of the report include:
- Adjusted EBITDA increases by 45% to $40.2 million.
- Trade Group reports pretax loss of $17.5 million and adjusted pretax loss of $5.9 million in a continuing difficult grain margin environment.
- Ethanol Group remains profitable in a weak margin environment, recording $2.6 million of pretax income on continued improved plant efficiency.
- Plant Nutrient Group records pretax loss of $3.9 million on delayed primary and specialty nutrient sales and lower lawn and contract manufacturing results.
- Rail Group earns $4.3 million of pretax income on better railcar leasing and repair income.
"We closed our acquisition of Lansing Trade Group successfully in early January, and our work to integrate it with our former Grain Group is on schedule," says President and CEO Pat Bowe. "I am very pleased with how well the new Trade Group team is functioning. However, our overall results were hampered by markets that continue to be negatively impacted by trade disruptions and poor weather that are affecting multiple business units significantly."
Read the full report here.
