The Andersons Inc. is announcing financial results for the fourth-quarter and full-year that ended December 31, 2015.
The company reports adjusted net income of $41.2-million for 2015 or $1.45 per diluted share.
Rail Group earning were a record $50.7-million and the Ethanol Group delivered $28.5-million, both pre-tax income.
The Grain Group struggled with lower crop production in the Eastern Corn Belt which limited space income. The Plant Nutrient Group ended the year lower as volumes slowed on deteriorating prices.
The company reported a net loss attributable to The Andersons of $13.1-million, or $0.46 per diluted share, on revenues of $4.2-billion for 2015. That's compared to a net income of $109.7-million or $3.84 per diluted share in 2014 on revenues of $4.5-billion.
CEO Pat Bowe says it's a disappointment as market conditions this year in the Eastern Corn Belt, coupled with an under-performing Grain Group impacted the agriculture businesses.
In the meantime, construction is underway to expand the ethanol production facility in Albion, Michigan.
The expansion is expected to be completed in the first half of 2017.
