Date of Report (Date of Earliest Event Reported): | May 4, 2016 |
Ohio | 000-20557 | 34-1562374 |
_____________________ (State or other jurisdiction | _____________ (Commission | ______________ (I.R.S. Employer |
of incorporation) | File Number) | Identification No.) |
480 West Dussel Drive, Maumee, Ohio | 43537 | |
_________________________________ (Address of principal executive offices) | ___________ (Zip Code) |
Registrant’s telephone number, including area code: | 419-893-5050 |
The Andersons, Inc. | ||||
May 4, 2016 | By: | /s/ John Granato | ||
Name: John Granato | ||||
Title: Chief Financial Officer | ||||
(Principal Financial Officer) |
Exhibit No. | Description | |
99.1 | First Quarter 2016 Earnings Release | |
99.2 | Finalization of Iowa sale |
• | Company reports a net loss of $14.7 million for the first quarter or $0.52 per diluted share |
• | Rail Group delivers pre-tax earnings of $9.4 million, sustaining utilization levels in softening market and validating strategy of customer and industry diversification |
• | Plant Nutrient Group improves pre-tax income to $1.7 million on stronger sales of nutrient and lawn products. Poised for planting season with richer mix of specialty products |
• | Ethanol Group performs well, remaining cash positive in margin environment challenged by low oil prices and coupled with seasonally lower first quarter demand |
• | Grain Group reports a pre-tax loss of $17.4 million as impact of poor 2015 crop persists; takes action on underperforming assets, selling locations in Northwest Iowa |
• | Company announces initiative to reduce ongoing costs by more than $10 million |
$ in MM | Q1 ‘16 | Q1 ‘15 | V PY | FY 2015 | FY 2014 |
Base Lease Income | $4.4 | $5.0 | ($0.6) | $31.5 | $13.6 |
Fleet Utilization Rate | 91.5% | 91.8% | (0.3%) | 92.4% | 89.5% |
Car Sale Income | $2.4 | $4.5 | ($2.0) | $13.3 | $15.8 |
Rail Services & Other | $2.6 | $0.8 | $1.8 | $5.9 | $2.0 |
Rail Group Pre-Tax Income | $9.4 | $10.3 | ($0.9) | $50.7 | $31.4 |
$ in MM, Tons in 000’s | Q1 ‘16 | Q1 ‘15 | V PY | FY ‘15 | FY ‘14 |
Basic Nutrients (Tons) | 212 | 179 | 33 | 1,234 | 1,267 |
Specialty Nutrients (Tons) | 119 | 88 | 31 | 398 | 359 |
Other (Farm Centers, Lawn, Cob) | 129 | 126 | 3 | 603 | 615 |
Total volume | 460 | 393 | 67 | 2,236 | 2,242 |
Plant Nutrient Group Pre-Tax Income | $1.7 | $0.4 | $1.3 | $14.8 | $24.5 |
• | Basic nutrients (NPK) tons were up 18 percent year over year in the first quarter, partially driven by the added basic business from former Nutra-Flo locations. |
• | Specialty nutrients tons (low salt starter fertilizers, micro nutrients) were up 35 percent driven by the integration of the acquired Nutra-Flo products into The Andersons manufacturing and distribution network. Nutra-Flo has been successfully integrated into Plant Nutrient’s product lines and manufacturing network. |
• | Other products (Lawn, Cob and Farm Center) were up on strong volumes of Lawn products, partially offset by continued weakness in Cob driven by the fall off in domestic oil drilling. |
• | Higher corn basis in Eastern Corn Belt put pressure on the Group’s performance compared to the broader industry, which has a greater concentration of western facilities where basis was comparatively lower. |
• | Industry production held at seasonally high levels through the first quarter despite low industry demand and margins. Industry production slowed as the second quarter began and many players started their spring maintenance cycles. |
• | Margin contribution from co-products remained under pressure in the first quarter as softer international demand, particularly in China, weakened distillers dried grain pricing. |
$ in MM | Q1 ‘16 | Q1 ‘15 | V PY | FY 2015 | FY 2014 |
Base Grain | ($13.3) | $(0.5) | ($12.8) | $0.6 | $14.9 |
Grain Affiliates | ($4.1) | $1.2 | ($5.3) | $13.3 | $26.1 |
Grain Group | ($17.4) | $0.7 | ($18.1) | $13.9 | $41.0 |
(in thousands, except per share data) | Three months ended March 31, | ||||||
2016 | 2015 | ||||||
Sales and merchandising revenues (a) | $ | 887,879 | $ | 918,225 | |||
Cost of sales and merchandising revenues (a) | 820,124 | 834,912 | |||||
Gross profit | 67,755 | 83,313 | |||||
Operating, administrative and general expenses | 79,881 | 78,604 | |||||
Interest expense | 7,051 | 6,039 | |||||
Other income: | |||||||
Equity in earnings of affiliates, net | (6,977 | ) | 3,261 | ||||
Other income, net | 3,246 | 3,107 | |||||
Income before income taxes | (22,908 | ) | 5,038 | ||||
Income tax provision | (7,286 | ) | 1,093 | ||||
Net income | (15,622 | ) | 3,945 | ||||
Net income attributable to the noncontrolling interests | (926 | ) | (152 | ) | |||
Net income attributable to The Andersons, Inc. | $ | (14,696 | ) | $ | 4,097 | ||
Per common share: | |||||||
Basic earnings attributable to The Andersons, Inc. common shareholders | $ | (0.52 | ) | $ | 0.14 | ||
Diluted earnings attributable to The Andersons, Inc. common shareholders | $ | (0.52 | ) | $ | 0.14 | ||
Dividends declared | $ | 0.155 | $ | 0.14 |
(in thousands) | March 31, 2016 | December 31, 2015 | March 31, 2015 | ||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 46,301 | $ | 63,750 | $ | 54,461 | |||||
Restricted cash | 718 | 451 | 685 | ||||||||
Accounts receivable, net | 207,740 | 170,912 | 209,928 | ||||||||
Inventories | 703,452 | 747,399 | 743,957 | ||||||||
Commodity derivative assets - current | 61,316 | 49,826 | 86,824 | ||||||||
Deferred income taxes | — | 6,772 | 12,878 | ||||||||
Other current assets | 76,575 | 90,412 | 65,017 | ||||||||
Total current assets | 1,096,102 | 1,129,522 | 1,173,750 | ||||||||
Other assets: | |||||||||||
Commodity derivative assets - noncurrent | 371 | 412 | 243 | ||||||||
Other assets, net (b) | 186,760 | 193,689 | 180,223 | ||||||||
Equity method investments | 236,083 | 242,107 | 222,082 | ||||||||
423,214 | 436,208 | 402,548 | |||||||||
Railcar assets leased to others, net | 337,661 | 338,111 | 313,095 | ||||||||
Property, plant and equipment, net | 462,661 | 455,260 | 398,234 | ||||||||
Total assets | $ | 2,319,638 | $ | 2,359,101 | $ | 2,287,627 | |||||
Liabilities and equity | |||||||||||
Current liabilities: | |||||||||||
Short-term debt | $ | 274,002 | $ | 16,990 | $ | 311,660 | |||||
Trade and other payables | 367,338 | 668,788 | 370,377 | ||||||||
Customer prepayments and deferred revenue | 100,384 | 66,762 | 130,254 | ||||||||
Commodity derivative liabilities – current | 33,394 | 37,387 | 55,401 | ||||||||
Accrued expenses and other current liabilities | 65,129 | 70,324 | 64,065 | ||||||||
Current maturities of long-term debt | 54,044 | 27,786 | 19,037 | ||||||||
Total current liabilities | 894,291 | 888,037 | 950,794 | ||||||||
Other long-term liabilities | 27,463 | 18,176 | 14,871 | ||||||||
Commodity derivative liabilities – noncurrent | 874 | 1,063 | 2,084 | ||||||||
Employee benefit plan obligations | 46,151 | 45,805 | 59,557 | ||||||||
Long-term debt, less current maturities | 402,360 | 436,208 | 323,258 | ||||||||
Deferred income taxes | 179,780 | 186,073 | 139,145 | ||||||||
Total liabilities | 1,550,919 | 1,575,362 | 1,489,709 | ||||||||
Total equity | 768,719 | 783,739 | 797,918 | ||||||||
Total liabilities and equity | $ | 2,319,638 | $ | 2,359,101 | $ | 2,287,627 |
(in thousands) | Grain | Ethanol | Plant Nutrient | Rail | Retail | Other | Total | ||||||||||||||||||||
Three months ended March 31, 2016 | |||||||||||||||||||||||||||
Revenues from external customers | $ | 538,814 | $ | 114,693 | $ | 166,991 | $ | 39,609 | $ | 27,772 | $ | — | $ | 887,879 | |||||||||||||
Gross profit | 16,200 | 2,336 | 26,689 | 14,560 | 7,970 | — | 67,755 | ||||||||||||||||||||
Equity in earnings of affiliates | (3,767 | ) | (3,210 | ) | — | — | — | — | (6,977 | ) | |||||||||||||||||
Other income, net | 668 | 30 | 795 | 1,377 | 89 | 287 | 3,246 | ||||||||||||||||||||
Income (loss) before income taxes | (17,408 | ) | (3,603 | ) | 1,704 | 9,375 | (2,076 | ) | (10,900 | ) | (22,908 | ) | |||||||||||||||
Income (loss) attributable to the noncontrolling interests | (3 | ) | (923 | ) | — | — | — | — | (926 | ) | |||||||||||||||||
Income (loss) before income taxes attributable to The Andersons, Inc. (a) | $ | (17,405 | ) | $ | (2,680 | ) | $ | 1,704 | $ | 9,375 | $ | (2,076 | ) | $ | (10,900 | ) | $ | (21,982 | ) | ||||||||
Three months ended March 31, 2015 | |||||||||||||||||||||||||||
Revenues from external customers | $ | 558,676 | $ | 132,801 | $ | 153,951 | $ | 44,216 | $ | 28,581 | $ | — | $ | 918,225 | |||||||||||||
Gross profit | 29,725 | 6,286 | 21,966 | 17,322 | 8,014 | — | 83,313 | ||||||||||||||||||||
Equity in earnings of affiliates | 1,549 | 1,712 | — | — | — | — | 3,261 | ||||||||||||||||||||
Other income, net | 833 | 42 | 1,035 | 839 | 97 | 261 | 3,107 | ||||||||||||||||||||
Income (loss) before income taxes | 740 | 5,131 | 424 | 10,313 | (2,183 | ) | (9,387 | ) | 5,038 | ||||||||||||||||||
Income (loss) attributable to the noncontrolling interest | (3 | ) | (149 | ) | — | — | — | — | (152 | ) | |||||||||||||||||
Income (loss) before income taxes attributable to The Andersons, Inc. (a) | $ | 743 | $ | 5,280 | $ | 424 | $ | 10,313 | $ | (2,183 | ) | $ | (9,387 | ) | $ | 5,190 |
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