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05.11.2019 22:05:00
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The Andersons, Inc. Reports Third Quarter 2019 Results
MAUMEE, Ohio, Nov. 5, 2019 /PRNewswire/ -- 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 | Q3 | Variance | YTD | YTD | 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.
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 | $ (0.13) | $ (0.07) | $ 0.36 | $ 0.63 | |||
Diluted earnings (loss) attributable to The Andersons, Inc. common | $ (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 | $ (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 | ||
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. | |||||||||||
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 | $ 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). | |||||||||||
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 |
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SOURCE The Andersons, Inc.
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