The Andersons Inc., Maumee, Ohio, reported a third-quarter net loss of $1.06 million ($0.03 per diluted share) attributable to the company on sales of $1.92 billion, an improvement over the year-ago loss of $4.2 million ($0.13 per share) and $1.98 billion, respectively. Adjusted EBITDA was $46.2 million versus the year-ago $38.2 million.
The company said the results from Plant Nutrient Group improved substantially year-over-year in a quarter that is usually seasonally weak. The unit had a pretax loss of $5.4 million, an improvement over the year-ago loss of $7.4 million. Volumes were flat, but margins per ton were improved.
“Our results for the third quarter were solid in light of the current economic environment,” said President and CEO Pat Bowe. “Trade, Ethanol, and Plant Nutrient all recorded improved results year over year. Trade led the way with better merchandising income, as the fall harvest got off to a good start. Ethanol’s results were much improved, notwithstanding large non-cash mark-to-market charges. Plant Nutrient’s results improved substantially year over year in a quarter in which that business is usually seasonally weak. Finally, Rail continued to feel the negative impacts of weak railcar demand.”
The company noted that it was the sixth consecutive year-over-year quarterly improvement for the Plant Nutrient segment. While revenues were off at $102.7 million from $109.4 million, adjusted EBITDA was up at $2.2 million from $900,000. Sales volumes were 396,000 st during the quarter, compared to the year-ago 395,000 st.
Plant Nutrient nine-month pretax income was $12.8 million on sales of $507.4 million, up from the year-ago $4.5 million and $508.5 million, respectively. Adjusted EBITDA was $36.4 million, up from $30.8 million. Volumes were up at 1.76 million st from the year-ago 1.56 million st.
Company-wide, the company had a nine-month net loss of $8.3 million ($0.25 per share) on sales of $5.7 billion, compared to year-ago net income of $11.6 million ($0.35 per share) and $6.3 billion, respectively. Adjusted EBITDA was $131.6 million, down from $170.2 million.