Document

0000821026-19-000072.txt : 20191105 0000821026-19-000072.hdr.sgml : 20191105 20191105170207 ACCESSION NUMBER: 0000821026-19-000072 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20191105 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20191105 DATE AS OF CHANGE: 20191105 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Andersons, Inc. CENTRAL INDEX KEY: 0000821026 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-FARM PRODUCT RAW MATERIALS [5150] IRS NUMBER: 341562374 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-20557 FILM NUMBER: 191194143 BUSINESS ADDRESS: STREET 1: 1947 BRIARFIELD BOULEVARD CITY: MAUMEE STATE: OH ZIP: 43537 BUSINESS PHONE: (419)893-5050 MAIL ADDRESS: STREET 1: 1947 BRIARFIELD BOULEVARD CITY: MAUMEE STATE: OH ZIP: 43537 FORMER COMPANY: FORMER CONFORMED NAME: ANDERSONS INC DATE OF NAME CHANGE: 19960117 FORMER COMPANY: FORMER CONFORMED NAME: ANDERSONS MANAGEMENT CORP DATE OF NAME CHANGE: 19931119 8-K 1 a8kq32019earningsrelea.htm 8-K Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934



Date of Report (Date of Earliest Event Reported):		November 5, 2019

The Andersons, Inc.

__________________________________________

(Exact name of registrant as specified in its charter)



Ohio		000-20557	34-1562374
_____________________ (State or other jurisdiction		_____________ (Commission	______________ (I.R.S. Employer
of incorporation)		File Number)	Identification No.)

1947 Briarfield Boulevard
Maumee	Ohio		43537
_________________________________ (Address of principal executive offices)			___________ (Zip Code)



Registrant’s telephone number, including area code:	419	893-5050

Not Applicable

____________________________________

Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[☐] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[☐] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[☐] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[☐] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

[☐] Emerging growth company

[☐] If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



Title of each class:	Trading Symbol	Name of each exchange on which registered:
Common stock, $0.00 par value, $0.01 stated value	ANDE	The NASDAQ Stock Market LLC

Item 2.02 Results of Operations and Financial Condition.

The Andersons, Inc. issued a press release announcing its third quarter 2019 earnings. This press release is attached as exhibit 99.1 to this filing.

Item 9.01 Financial Statements and Exhibits

(d) The following exhibits are filed with this Current Report on Form 8-K:



Exhibit No.		Description

99.1		Third Quarter 2019 Earnings Release

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.




	The Andersons, Inc.

November 5, 2019	By:	/s/ Brian A. Valentine

		Name: Brian A. Valentine
		Title: Senior Vice President and Chief Financial Officer
		(Principal Financial Officer)

Exhibit Index



Exhibit No.		Description

99.1		Third Quarter 2019 Earnings Release

EX-99.1 2 ex-99pressreleaseq3201.htm EXHIBIT 99.1 Exhibit

NEWS RELEASE

The Andersons, Inc. Reports Third Quarter 2019 Results

MAUMEE, OHIO, November 5, 2019 - The Andersons, Inc. (NASDAQ: ANDE) announces financial results for the third quarter ended September 30, 2019.

Third Quarter Highlights:


•	Company reports a net loss of $4.2 million or $0.13 per diluted share and an adjusted net loss of $2.3 million, or $0.07 per diluted share.


•	Trade Group reports improved results, recording a pretax loss of $2.0 million and adjusted pretax income of $0.6 million, as stronger merchandising income was offset by the impact of reduced planting and a delayed harvest in the Eastern corn belt.


•	Ethanol Group records pretax income of $0.9 million in a challenging margin environment.


•	Plant Nutrient Group records a smaller pretax loss of $7.4 million due to increased field activity in the quarter.


•	Rail Group earns $3.1 million of pretax income on stable railcar leasing income.

“The Trade Group’s adjusted results were much improved year over year on stronger merchandising, though grain originations lagged due to limited farmer selling,” said President and CEO Pat Bowe. “We continue to see the benefits of our larger and more diversified Trade Group, whose results were substantially better than they would have been without the Lansing acquisition.”

“I’m also particularly pleased that our Ethanol Group remained profitable despite difficult market conditions, outpacing many in its sector,” continued Bowe. “In August, we began production at ELEMENT, our state-of-the-art biorefinery in Kansas, from which we ultimately expect industry-leading results. We also announced in October the merger of what had been four separate ethanol plant entities, three of which were jointly owned with Marathon Petroleum Corporation, into a single entity jointly owned with Marathon just after quarter-end.”




$ in millions, except per share amounts	Q3 2019	Q3 2018	Variance	YTD 2019	YTD 2018	Variance
Pretax Income (Loss) Attributable to the Company¹	$(11.4)	$(3.9)	$(7.5)	$10.0	$23.4	$(13.4)
Adjusted Pretax Income (Loss)¹	$(8.9)	$(0.4)	$(8.5)	$27.3	$26.9	$0.4
Trade (Grain) Group	$0.6	$(9.9)	$10.5	$21.6	$(2.5)	$24.1
Ethanol Group	$0.9	$10.4	$(9.5)	$6.2	$20.7	$(14.5)
Plant Nutrient Group	$(7.4)	$(8.0)	$0.6	$4.5	$8.2	$(3.7)
Rail Group	$3.1	$5.7	$(2.6)	$10.6	$10.6	$—
Other	$(6.1)	$1.4	$(7.5)	$(15.6)	$(10.3)	$(5.3)
Net Income (Loss)¹	$(4.2)	$(2.1)	$(2.1)	$11.7	$17.7	$(6.0)
Adjusted Net Income (Loss)¹	$(2.3)	$0.5	$(2.8)	$24.7	$20.3	$4.4
EPS	$(0.13)	$(0.07)	$(0.06)	$0.35	$0.62	$(0.27)
Adjusted EPS	$(0.07)	$0.02	$(0.09)	$0.75	$0.71	$0.04
EBITDA	$40.0	$24.0	$16.0	$154.0	$111.4	$42.6
Adjusted EBITDA	$42.5	$27.5	$15.0	$171.4	$114.8	$56.6

¹ Excludes income (loss) attributable to the noncontrolling interests of ($1.6) in Q3 2019, $0.2 in Q3 2018, ($2.3) for year-to-date 2019 and ($0.2) for year-to-date 2018.

Third Quarter Segment Overview

Trade Group Records Improved Year-Over-Year Results Despite Weak Origination Activity

With the closing of the Lansing acquisition effective January 1, 2019, Trade Group results now include the consolidated operating results of both Lansing and Thompsons Limited.

The Trade Group recorded a pretax loss of $2.0 million and adjusted pretax income of $0.6 million for the quarter. The group also incurred $2.4 million of incremental depreciation and amortization expenses related to the Lansing acquisition. The former Grain Group recorded a pretax loss of $9.9 million in the third quarter of 2018.


•	Performance improved across most of the group’s operations, but especially in merchandising.


•	The newly integrated group has already identified and partially implemented changes that will result in more than $10 million in run-rate savings.


•	The group absorbed the reduction in planted acres around its Eastern Corn Belt assets by finding additional opportunities in the West.

The group’s third quarter 2019 EBITDA and adjusted EBITDA were $18.4 million and $20.9 million, respectively.

Ethanol Group Turns a Profit Despite Challenging Industry Margins

The Ethanol Group earned pretax income of $0.9 million in the third quarter compared to the $10.4 million of pretax income it earned in the same period in 2018.


•	Higher corn basis compressed margins, especially at the three eastern plants.


•	The group continues to upgrade its production technology to gain additional efficiency.


•	Third party ethanol trading again increased sales volumes and margins.

The group began producing ethanol, DDGs and corn oil from ELEMENT in August. Production continues to ramp up, with additional higher margin products being introduced in mid-2020.

The merger of the Albion, Clymers, Greenville and Denison plant entities into The Andersons Marathon Holdings LLC was completed on October 1. The merger will result in consolidation reporting of the group’s entire operations and a sizable one-time gain in the fourth quarter. ELEMENT remains a separate consolidated joint venture of The Andersons, Inc. with ICM, Inc.

Plant Nutrient Group Loss Narrows Year Over Year

The Plant Nutrient Group recorded a pretax loss of $7.4 million in the third quarter, a modest improvement on the pretax loss of $8.0 million in the prior year period.


•	Volumes were up, largely on primary nutrients and at the farm centers, which was reflective of the delayed planting season.


•	Margins per ton were somewhat lower due to product mix.


•	Inventory carrying costs increased year over year due to reduced spring planting.

The group’s current quarter EBITDA was $0.9 million, a $0.8 million increase over 2018 third quarter results.

The group also sold its Auburn, Michigan, farm center in early October and expects to record a small gain on the sale in the fourth quarter.

Rail Group Results Highlighted by Steady Leasing Income

The Rail Group earned third quarter pretax income of $3.1 million compared to $5.7 million in the same period of the prior year.


•	Railcar leasing income fell on continuing headwinds in the sand and ethanol markets.


•	Income from car sales was significantly lower due to fewer direct and scrap car sales and lower scrap rates.


•	Service and other pretax income fell somewhat due increased labor and benefits expenses.

The group’s third quarter 2019 EBITDA of $16.1 million was comparable to third quarter 2018 EBITDA.

Other Net Company-Level Expenses Higher Due to 2018 Nonrecurring Gains

Third quarter 2019 unallocated net company-level expenses were higher compared to adjusted third quarter 2018 results due to some nonrecurring gains recognized in 2018. Specifically, the company recorded pretax gains of $5.1 million, or $0.14 per diluted share, from several Maumee Ventures investments.

Provision for Income Taxes Includes Sizable Research and Development Tax Credits

The company’s third quarter income tax provision includes a tax benefit of approximately $3.9 million, or $0.12 per diluted share, for federal research and development income tax credits that were mostly related to the construction of the ELEMENT biorefinery.

Adjustments Related to the Lansing Acquisition

The company will finalize its purchase price allocation by year end. The Trade Group adjusted its current quarter pretax results by $2.6 million, or $0.06 per diluted share, for stock compensation expense and the company adjusted the third quarter 2018 pretax results by $3.5 million, or $0.09 per share, for expenses associated with the acquisition. As noted above, the Trade Group’s current quarter pretax results are also impacted by $2.4 million, or $0.06 per diluted share, of incremental depreciation and amortization expense.

As it did in the first two quarters, the company has recast third quarter 2018 pretax income for the former Grain Group and the Ethanol Group to conform to segment reporting changes made in conjunction with the Lansing acquisition. The changes resulted in a reclassification of $1.3 million in pretax income from the Grain Group to the Ethanol Group. The company expects to make similar adjustments for the fourth quarter of 2018.

Conference Call

The company will host a webcast on Wednesday, November 6,2019, at 11 a.m. Eastern Standard Time, to discuss its performance and provide its updated outlook for 2019 and its preliminary views for 2020. To access the call, please dial 866-439-8514 or 678-509-7568 (participant passcode is 5272038). It is recommended that you call 10 minutes before the conference call begins.

To access the webcast, click on the link: http://edge.media-server.com/mmc/p/nczp9z2e. Complete the four fields as directed and click Submit. A replay of the call can also be accessed under the heading "Investors" on the company’s website at www.andersonsinc.com.

Forward-Looking Statements

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.

Non-GAAP Measures

This release contains non-GAAP financial measures. The company believes adjusted pretax income, adjusted pretax income attributable to The Andersons, adjusted net income, adjusted net income per share, EBITDA and adjusted EBITDA provide additional information to investors and others about its operations, allowing an evaluation of underlying operating performance and better period-to-period comparability. Adjusted pretax income, adjusted pretax income attributable to The Andersons, adjusted net income, adjusted net income per share, EBITDA and adjusted EBITDA do not and should not be considered as alternatives to pretax income, net income or net income per share as determined by generally accepted accounting principles. Reconciliations of the GAAP to non-GAAP measures may be found within this press release and the financial tables provided herein.

Company Description

Founded in 1947 in Maumee, Ohio, The Andersons, Inc. (Nasdaq: ANDE) is a diversified company rooted in agriculture that conducts business in the commodity trading, ethanol, plant nutrient and rail sectors. Guided by its Statement of Principles, The Andersons strives to provide extraordinary service to its customers, help its employees improve, support its communities and increase the value of the company. For more information, please visit www.andersonsinc.com.

Investor Relations Contact

John Kraus

Director, Investor Relations

Phone: 419-891-6544

E-mail: investorrelations@andersonsinc.com



The Andersons, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)

	Three months ended September 30,						Nine months ended September 30,
(in thousands, except per share data)	2019			2018			2019			2018
Sales and merchandising revenues	$	1,982,755		$	685,579		$	6,284,588		$	2,232,720
Cost of sales and merchandising revenues	1,873,614			631,715			5,905,055			2,024,677
Gross profit	109,141			53,864			379,533			208,043
Operating, administrative and general expenses	107,118			65,986			327,385			190,096
Asset impairment	—			—			3,081			6,272
Interest expense	13,975			5,176			45,613			20,000
Other income:
Equity in earnings (loss) of affiliates	(3,728		)	7,225			(2,367		)	20,601
Other income, net	2,598			6,434			6,649			10,949
Income (loss) before income taxes	(13,082		)	(3,639		)	7,736			23,225
Income tax provision (benefit)	(7,212		)	(1,764		)	(1,657		)	5,668
Net income (loss)	(5,870		)	(1,875		)	9,393			17,557
Net income (loss) attributable to the noncontrolling interests	(1,633		)	223			(2,265		)	(175		)
Net income (loss) attributable to The Andersons, Inc.	$	(4,237	)	$	(2,098	)	$	11,658		$	17,732

Per common share:
Basic earnings (loss) attributable to The Andersons, Inc. common shareholders	$	(0.13	)	$	(0.07	)	$	0.36		$	0.63
Diluted earnings (loss) attributable to The Andersons, Inc. common shareholders	$	(0.13	)	$	(0.07	)	$	0.35		$	0.62



The Andersons, Inc.
Reconciliation to Adjusted Net Income (Loss) Attributable to The Andersons, Inc.
(Unaudited)

	Three months ended September 30,						Nine months ended September 30,
(in thousands, except per share data)	2019			2018			2019		2018
Net income (loss) attributable to The Andersons, Inc.	$	(4,237	)	$	(2,098	)	$	11,658	$	17,732
Items impacting other income, net of tax:
One time acquisition costs	(17		)	2,597			5,192		2,597
Transaction related stock compensation	1,933			—			5,504		—
Asset impairment	—			—			2,311		—
Total adjusting items, net of tax	1,916			2,597			13,007		2,597
Adjusted net income (loss) attributable to The Andersons, Inc.	$	(2,321	)	$	499		$	24,665	$	20,329

Diluted earnings attributable to The Andersons, Inc. common shareholders	$	(0.13	)	$	(0.07	)	$	0.35	$	0.62

Impact on diluted earnings per share	0.06			0.09			0.40		0.09
Adjusted diluted earnings (loss) per share	$	(0.07	)	$	0.02		$	0.75	$	0.71



The Andersons, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)

(in thousands)	September 30, 2019		December 31, 2018		September 30, 2018
Assets
Current assets:
Cash, cash equivalents and restricted cash	$	21,299	$	22,593	$	16,820
Accounts receivable, net	523,110		207,285		206,380
Inventories	741,086		690,804		490,331
Commodity derivative assets – current	120,510		51,421		76,861
Other current assets	82,197		50,703		58,374
Assets held for sale	573		392		29,527
Total current assets	1,488,775		1,023,198		878,293
Other assets:
Commodity derivative assets – noncurrent	1,943		480		766
Other assets, net	336,471		127,503		132,928
Right of use asset, net	70,773		—		—
Equity method investments	117,348		242,326		240,350
Total Other Assets	526,535		370,309		374,044
Rail Group assets leased to others, net	565,746		521,785		464,776
Property, plant and equipment, net	703,396		476,711		434,505
Total assets	$	3,284,452	$	2,392,003	$	2,151,618

Liabilities and equity
Current liabilities:
Short-term debt	$	138,249	$	205,000	$	132,000
Trade and other payables	594,708		462,535		344,406
Customer prepayments and deferred revenue	35,274		32,533		38,242
Commodity derivative liabilities – current	67,606		32,647		91,403
Accrued expenses and other current liabilities	162,749		79,046		68,925
Current maturities of long-term debt	66,899		21,589		15,677
Total current liabilities	1,065,485		833,350		690,653

Right of use liability	47,299		—		—
Other long-term liabilities	40,927		32,184		30,615
Commodity derivative liabilities – noncurrent	1,960		889		2,548
Employee benefit plan obligations	21,311		22,542		25,356
Long-term debt, less current maturities	968,117		496,187		437,280
Deferred income taxes	128,003		130,087		122,523
Total liabilities	2,273,102		1,515,239		1,308,975
Total equity	1,011,350		876,764		842,643
Total liabilities and equity	$	3,284,452	$	2,392,003	$	2,151,618



The Andersons, Inc.
Reconciliation to EBITDA and Adjusted EBITDA
(unaudited)


(in thousands)	Trade			Ethanol			Plant Nutrient			Rail		Other			Total
Three months ended September 30, 2019
Income (loss) before income taxes	$	(2,001	)	$	(684	)	$	(7,440	)	$	3,137	$	(6,094	)	$	(13,082	)
Income (loss) attributable to the noncontrolling interests	—			(1,633		)	—			—		—			(1,633		)
Income (loss) before income taxes attributable to The Andersons, Inc.	(2,001		)	949			(7,440		)	3,137		(6,094		)	(11,449		)
Interest expense	7,868			210			1,831			4,211		(145		)	13,975
Depreciation and amortization	12,487			6,907			6,485			8,713		2,849			37,441
Earnings before interest, taxes, depreciation and amortization (EBITDA)	$	18,354		$	8,066		$	876		$	16,061	$	(3,390	)	$	39,967
Adjusting items impacting EBITDA:															—
One time acquisition costs	(23		)	—			—			—		—			(23		)
Transaction related stock compensation	2,577			—			—			—		—			2,577
Asset impairment	—			—			—			—		—			—
Total adjusting items	2,554			—			—			—		—			2,554
Adjusted EBITDA	$	20,908		$	8,066		$	876		$	16,061	$	(3,390	)	$	42,521

Three months ended September 30, 2018
Income (loss) before income taxes	$	(9,914	)	$	10,576		$	(7,976	)	$	5,732	$	(2,057	)	$	(3,639	)
Income (loss) attributable to the noncontrolling interests	—			223			—			—		—			223
Income (loss) before income taxes attributable to The Andersons, Inc.	(9,914		)	10,353			(7,976		)	5,732		(2,057		)	(3,862		)
Interest expense	2,126			(784		)	1,315			2,602		(83		)	5,176
Depreciation and amortization	4,118			1,533			6,761			7,385		2,931			22,728
Earnings before interest, taxes, depreciation and amortization (EBITDA)	$	(3,670	)	$	11,102		$	100		$	15,719	$	791		$	24,042
Adjusting items impacting EBITDA:
One time acquisition costs	—			—			—			—		3,463			3,463
Transaction related stock compensation	—			—			—			—		—			—
Asset impairment	—			—			—			—		—			—
Total adjusting items	—			—			—			—		3,463			3,463
Adjusted EBITDA	$	(3,670	)	$	11,102		$	100		$	15,719	$	4,254		$	27,505



Nine months ended September 30, 2019
Income (loss) before income taxes	$	4,268		$	3,904		$	4,534	$	10,629	$	(15,599	)	$	7,736
Income (loss) attributable to the noncontrolling interests	—			(2,265		)	—		—		—			(2,265		)
Income (loss) before income taxes attributable to The Andersons, Inc.	4,268			6,169			4,534		10,629		(15,599		)	10,001
Interest expense	29,027			(1,520		)	6,478		12,071		(443		)	45,613
Depreciation and amortization	37,523			7,094			19,778		25,377		8,624			98,396
Earnings before interest, taxes, depreciation and amortization (EBITDA)	$	70,818		$	11,743		$	30,790	$	48,077	$	(7,418	)	$	154,010
Adjusting items impacting EBITDA:
One time acquisition costs	6,922			—			—		—		—			6,922
Transaction related stock compensation	7,339			—			—		—		—			7,339
Asset impairment	3,081			—			—		—		—			3,081
Total adjusting items	17,342			—			—		—		—			17,342
Adjusted EBITDA	$	88,160		$	11,743		$	30,790	$	48,077	$	(7,418	)	$	171,352

Nine months ended September 30, 2018
Income (loss) before income taxes	$	(2,453	)	$	20,528		$	8,239	$	10,645	$	(13,734	)	$	23,225
Income (loss) attributable to the noncontrolling interests	—			(175		)	—		—		—			(175		)
Income (loss) before income taxes attributable to The Andersons, Inc.	(2,453		)	20,703			8,239		10,645		(13,734		)	23,400
Interest expense	9,018			(1,098		)	4,397		7,688		(5		)	20,000
Depreciation and amortization	12,261			4,559			20,257		21,673		9,210			67,960
Earnings before interest, taxes, depreciation and amortization (EBITDA)	$	18,826		$	24,164		$	32,893	$	40,006	$	(4,529	)	$	111,360
Adjusting items impacting EBITDA:
One time acquisition costs	—			—			—		—		3,463			3,463
Transaction related stock compensation	—			—			—		—		—			—
Asset impairment	—			—			—		—		—			—
Total adjusting items	—			—			—		—		3,463			3,463
Adjusted EBITDA	$	18,826		$	24,164		$	32,893	$	40,006	$	(1,066	)	$	114,823



The Andersons, Inc.
Segment Data
(Unaudited)

(in thousands)	Trade			Ethanol			Plant Nutrient			Rail		Other			Total
Three months ended September 30, 2019
Revenues from external customers	$	1,580,157		$	254,055		$	109,446		$	39,097	$	—		$	1,982,755
Gross profit	74,752			6,710			15,851			11,828		—			109,141
Equity in earnings (losses) of affiliates	(98		)	(3,630		)	—			—		—			(3,728		)
Other income (expense), net	876			417			510			854		(59		)	2,598
Income (loss) before income taxes	(2,001		)	(684		)	(7,440		)	3,137		(6,094		)	(13,082		)
Income (loss) attributable to the noncontrolling interests	—			(1,633		)	—			—		—			(1,633		)
Income (loss) before income taxes attributable to The Andersons, Inc. (a)	$	(2,001	)	$	949		$	(7,440	)	$	3,137	$	(6,094	)	$	(11,449	)

Three months ended September 30, 2018
Revenues from external customers	$	342,610		$	195,669		$	104,188		$	43,112	$	—		$	685,579
Gross profit	15,791			7,781			15,542			14,750		—			53,864
Equity in earnings of affiliates	2,412			4,813			—			—		—			7,225
Other income, net	92			553			626			220		4,943			6,434
Income (loss) before income taxes	(9,914		)	10,576			(7,976		)	5,732		(2,057		)	(3,639		)
Income (loss) attributable to the noncontrolling interests	—			223			—			—		—			223
Income (loss) before income taxes attributable to The Andersons, Inc. (a)	$	(9,914	)	$	10,353		$	(7,976	)	$	5,732	$	(2,057	)	$	(3,862	)


Nine months ended September 30, 2019
Revenues from external customers	$	4,944,483		$	708,029		$	508,548		$	123,528	$	—		$	6,284,588
Gross profit	246,587			14,830			75,583			42,533		—			379,533
Equity in earnings (losses) of affiliates	(1,843		)	(524		)	—			—		—			(2,367		)
Other income, net	1,706			695			1,647			1,392		1,209			6,649
Income (loss) before income taxes	4,268			3,904			4,534			10,629		(15,599		)	7,736
Income (loss) attributable to the noncontrolling interests	—			(2,265		)	—			—		—			(2,265		)
Income (loss) before income taxes attributable to The Andersons, Inc. (a)	$	4,268		$	6,169		$	4,534		$	10,629	$	(15,599	)	$	10,001

Nine months ended September 30, 2018
Revenues from external customers	$	983,737		$	571,090		$	542,911		$	134,982	$	—		$	2,232,720
Gross profit	74,903			17,334			74,946			40,860		—			208,043
Equity in earnings of affiliates	9,909			10,692			—			—		—			20,601
Other income, net	615			1,741			1,900			911		5,782			10,949
Income (loss) before income taxes	(2,453		)	20,528			8,239			10,645		(13,734		)	23,225
Income (loss) attributable to the noncontrolling interest	—			(175		)	—			—		—			(175		)
Income (loss) before income taxes attributable to The Andersons, Inc. (a)	$	(2,453	)	$	20,703		$	8,239		$	10,645	$	(13,734	)	$	23,400

(a) Income (loss) before income taxes attributable to The Andersons, Inc. 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).

EX-101.SCH 3 ande-20191105.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 0001000 - Document - Cover page link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 4 ande-20191105_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 5 ande-20191105_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.LAB 6 ande-20191105_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT Cover page. Document Type Document Type Document Period End Date Document Period End Date Entity Registrant Name Entity Registrant Name Entity Incorporation, State or Country Code Entity Incorporation, State or Country Code Entity File Number Entity File Number Entity Tax Identification Number Entity Tax Identification Number Entity Address, Address Line One Entity Address, Address Line One Entity Address, City or Town Entity Address, City or Town Entity Address, State or Province Entity Address, State or Province Entity Address, Postal Zip Code Entity Address, Postal Zip Code City Area Code City Area Code Local Phone Number Local Phone Number Written Communications Written Communications Soliciting Material Soliciting Material Pre-commencement Tender Offer Pre-commencement Tender Offer Pre-commencement Issuer Tender Offer Pre-commencement Issuer Tender Offer Entity Emerging Growth Company Entity Emerging Growth Company Title of 12(b) Security Title of 12(b) Security Trading Symbol Trading Symbol Security Exchange Name Security Exchange Name Entity Central Index Key Entity Central Index Key Amendment Flag Amendment Flag EX-101.PRE 7 ande-20191105_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT GRAPHIC 8 logoa04a17.gif begin 644 logoa04a17.gif M1TE&.#EAT@'# /< ,P 9@ F0 S _P K K,P K9@ KF0 K MS K_P!5 !5,P!59@!5F0!5S !5_P" " ,P" 9@" F0" S " _P"J "J M,P"J9@"JF0"JS "J_P#5 #5,P#59@#5F0#5S #5_P#_ #_,P#_9@#_F0#_ MS #__S, #, ,S, 9C, F3, S#, _S,K #,K,S,K9C,KF3,KS#,K_S-5 #-5 M,S-59C-5F3-5S#-5_S. #. ,S. 9C. F3. S#. _S.J #.J,S.J9C.JF3.J MS#.J_S/5 #/5,S/59C/5F3/5S#/5_S/_ #/_,S/_9C/_F3/_S#/__V8 &8 M,V8 9F8 F68 S&8 _V8K &8K,V8K9F8KF68KS&8K_V95 &95,V959F95F695 MS&95_V: &: ,V: 9F: F6: S&: _V:J &:J,V:J9F:JF6:JS&:J_V;5 &;5 M,V;59F;5F6;5S&;5_V;_ &;_,V;_9F;_F6;_S&;__YD )D ,YD 9ID F9D MS)D _YDK )DK,YDK9IDKF9DKS)DK_YE5 )E5,YE59IE5F9E5S)E5_YF )F M,YF 9IF F9F S)F _YFJ )FJ,YFJ9IFJF9FJS)FJ_YG5 )G5,YG59IG5F9G5 MS)G5_YG_ )G_,YG_9IG_F9G_S)G__\P ,P ,\P 9LP F

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htm IDEA: XBRL DOCUMENT v3.19.3

Cover page

Nov. 05, 2019

Cover page.

Document Type 8-K

Document Period End Date Nov. 05, 2019

Entity Registrant Name Andersons, Inc.

Entity Incorporation, State or Country Code OH

Entity File Number 000-20557

Entity Tax Identification Number 34-1562374

Entity Address, Address Line One 1947 Briarfield Boulevard

Entity Address, City or Town Maumee

Entity Address, State or Province OH

Entity Address, Postal Zip Code 43537

City Area Code 419

Local Phone Number 893-5050

Written Communications false

Soliciting Material false

Pre-commencement Tender Offer false

Pre-commencement Issuer Tender Offer false

Entity Emerging Growth Company false

Title of 12(b) Security Common stock, $0.00 par value, $0.01 stated value

Trading Symbol ANDE

Security Exchange Name NASDAQ

Entity Central Index Key 0000821026

Amendment Flag false

Cover page	Nov. 05, 2019
Cover page.
Document Type	8-K
Document Period End Date	Nov. 05, 2019
Entity Registrant Name	Andersons, Inc.
Entity Incorporation, State or Country Code	OH
Entity File Number	000-20557
Entity Tax Identification Number	34-1562374
Entity Address, Address Line One	1947 Briarfield Boulevard
Entity Address, City or Town	Maumee
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43537
City Area Code	419
Local Phone Number	893-5050
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common stock, $0.00 par value, $0.01 stated value
Trading Symbol	ANDE
Security Exchange Name	NASDAQ
Entity Central Index Key	0000821026
Amendment Flag	false