The Andersons Inc., Maumee, Ohio, posted a first-quarter net loss attributable to the company of $37.7 million on revenues of $1.85 billion, versus a year-ago loss of $14 million and revenues of $1.98 billion. The Plant Nutrient Group improved year-over-year results by $2.7 million, recording a pretax loss of $1.2 million on lower operating and interest expenses.
“Most parts of our business were off to a decent start to the quarter, but the COVID-19 pandemic had a profound negative impact on our operating results,’ said President and CEO Pat Bowe. “Stay-at-home orders reduced vehicle miles traveled, which in turn dramatically reduced demand for gasoline, ethanol and corn, significantly hurting the performance of both the Ethanol Group and Trade Group. The Plant Nutrient Group demonstrated resiliency during the quarter as results improved year-over-year and benefited from a good start to the planting season.”