Plant Nutrient results up for The Andersons

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.”

Compass points to improved fertilizer results

While Compass Minerals reported a downturn in first-quarter income due to the warm winter and its impact on the company’s Salt segment, Plant Nutrition segments reported improvements. The North America segment posted operating earnings of $7.6 million on sales of $49.2 million, up from the year-ago $5.3 million and $51.1 million, respectively. Sales volumes were up at 79,000 st from the year-ago 75,000 st, though they were on lower prices–$624/st, down from $689/st.

The new Plant Nutrition South America segment reported operating earnings of $1.8 million on sales of $61.3 million.

Company-wide, Compass posted net earnings of $21.5 million ($0.63 per diluted share) on revenues of $387.8 million, down from the year-ago $49.7 million ($1.46 per share) and $345.7 million, respectively.

CF posts 1Q loss

CF Industries Holding Inc. announced a first quarter 2017 net loss attributable to common stockholders of $23 million ($0.10 per diluted share) on revenues of $1.04 billion, compared to year-ago earnings of $26 million ($0.11 per share) and $1 billion, respectively.

“Outstanding execution by our team across the CF system delivered company record sales and production volumes in the first quarter, and we increased cash on our balance sheet as a result,” said Tony Will, CF president and CEO. “This high level of performance, paired with our enduring structural and operational advantages, positions us well for the rest of 2017 and the industry recovery we expect to begin in 2018.”

First-quarter sales volumes were 4.74 million st, up from the year-ago 4.05 million st.

 

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