Profits at The Andersons up for quarter, full year

Profits at The Andersons up for quarter, full year

MAUMEE, Ohio — The Andersons Inc. announced fourth-quarter and year-end results, showing an increase in profits both for the quarter and the year.

In the fourth quarter, the Andersons reported net income of $10.1 million, or $0.36 per diluted share, up $5.1 million from the year-ago quarter, when it reported net income of $5 million, or $0.18 per diluted share.

For the year, the Andersons reported net income of $11.6 million, or $0.41 per diluted share, up from a $13.1 million loss, or $0.46 per diluted share, in 2015. However, after adjustments in 2015, it had a profit of $41.2 million, or $1.45 per diluted share.

CEO Pat Bowe said the company was disappointed in the year's results, but pointed to several steps that could improve future earnings.

The company announced in January it was closing its four retail stores. As a result, the Retail Group recorded $6.5 million pretax asset impairment charge.

The company also closed a cob processing facility and sold underperforming Grain Group locations, Bowe said.

For 2017, The Andersons is confident it will grow and show improved results, Bowe said.

Sections (3):News, Local, Business
Topics (2):Agriculture, Economy

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