Despite wet weather, The Andersons reported that the Plant Nutrient Group recorded improved results for the first quarter with pretax income of $6.7 million compared to the year-ago $1.7 million. The 2017 results included a $4.7 million pretax gain on the sale of its Florida farm centers in March.
Company-wide, The Andersons reported a first quarter net loss attributable to The Andersons of $3.1 million ($0.11 per diluted share), on revenues of $852 million. This result included pretax costs of $7.8 million related to closing the company’s retail stores, which is scheduled to be completed by the end of the second quarter. This result also represents an $11.6 million or $0.41 per diluted share improvement over the net loss of $14.7 million ($0.52 per diluted share), on revenues of $888 million recorded in the same period of 2016.
“Three of our four businesses posted better year-over-year results,” said CEO Pat Bowe. “While we are not satisfied with our overall results, we continue to work hard to improve execution, sharpen our cost focus, and position the company for profitable growth. We are closing our Retail business and sold underperforming Plant Nutrient Group assets in Florida. We also acquired a small specialty grain handling and milling business that further expands our food ingredient capabilities.”