The Andersons (ANDE) Misses Q1 EPS by 55c

The Andersons (NASDAQ: ANDE) reported Q1 EPS of ($0.52), $0.55 worse than the analyst estimate of $0.03. Revenue for the quarter came in at $887.9 million versus the consensus estimate of $919.72 million.

"We are understandably disappointed with these results," said CEO Pat Bowe. "Market conditions in the first quarter prevented our Grain Group from realizing meaningful basis appreciation following last year's poor harvest in the Eastern Corn Belt. Additionally, our affiliates experienced losses resulting from limited trading opportunities, including compressed margins at both the producer and processor ends of the supply chain and significant reductions in distillers dried grain shipments to China.

"We are aggressively moving forward to deliver improved operating results by addressing costs," he continued. "We see a stronger outlook for the remainder of the year as nutrient sales are trending favorably and ethanol margins are expected to improve with summer driving demand.

Grain performance will continue to be challenged until the fall harvest which should produce opportunities to return to normal levels of profitability."

For earnings history and earnings-related data on The Andersons (ANDE) click here.

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