The Andersons Inc., Maumee, Ohio, reported a third quarter 2018 net loss attributable to The Andersons of $2.1 million, or ($0.07) per diluted share, on revenues of $686 million. Those results compared to 2017 third quarter net income of $2.5 million, or $0.09 per diluted share, on revenues of $837 million.
“The overriding driver of our third quarter results was the mark-to-market impact on our grain inventories that we believe will substantially rebound before year-end,” said Pat Bowe, president and CEO. “The Ethanol Group continued to perform well despite tough market conditions, and Plant Nutrient and Rail results were not much different than those of last year’s third quarter.”
“The Plant Nutrient Group’s margins continued to be compressed, and year-over-year volumes were somewhat lower as some September shipments were delayed,” he added.
The Mosaic Co., Plymouth, Minn., reported third quarter 2018 net earnings of $247.5 million ($0.64 per diluted share) on net sales of $2.93 billion, up from the year-ago $227.5 million ($0.65 per share) and $1.98 billion, respectively. Third quarter diluted earnings per share included a negative impact of $0.11 per share from notable items, primarily related to discrete tax items and costs associated with the Vale Fertilizantes acquisition.
“We saw strong fundamentals in the third quarter, and that momentum is continuing,” said Joc O’Rourke, Mosaic president and CEO. “We’ve increased our full year earnings guidance to reflect strong operational performance across business units, as well as improving market conditions. Our excellent progress on the transformational initiatives at Mosaic Fertilizantes is delivering tangible results to the bottom line.”
Nutrien Ltd., Saskatoon, announced 2018 third-quarter results, with net loss from continuing operations of $1.1 billion on sales of $4 billion, up from a year-ago combined loss of $53 million on sales of $3.59 billion. The results reflected the $1.8 billion non-cash impairment on the New Brunswick, N.B. potash facility as well as a $151 million gain on an adjustment to pension and retirement benefit plans.
“In the third quarter, Nutrien delivered solid operating results,” said Chuck Magro, Nutrien president and CEO. “Retail earnings increased by 10 percent year-over-year while our nutrient production operations reported higher volumes, margins and significantly lower costs. We also made significant advances on our strategic priorities including raising the dividend and our synergy target, completing our share repurchase program and closing the sale of our stake in Arab Potash Co. (APC). We remain on track to receive $5 billion in net proceeds from the sale of our equity investments. Nutrien has also raised its annual guidance due to the strength of market fundamentals and acceleration of merger synergies. We continue to be well positioned to deliver strong long-term shareholder returns.”
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