Andersons Q3 Profit Declines, Results Miss View - Quick Facts

(RTTNews) - Andersons, Inc. (ANDE) reported third-quarter net income attributable to the company of $16.83 million or $0.59 per share, down from $17.16 million or $0.61 per share in the year-ago period.

Sales and merchandising revenues for the quarter declined to $952.93 million from $1.18 billion in the prior-year quarter.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.76 per share for the quarter on revenues of $1.07 billion. Analysts' estimates typically exclude special items.

Mike Anderson, CEO of Andersons, said, "Our earnings this year clearly have been led by the outstanding results of our Ethanol Group. I want to mention, however, that current ethanol market indications for 2015 show margins declining from the levels we have seen this year."

Andersons' board of directors has authorized the repurchase of up to an aggregate $50.0 million of the company's common stock. The primary objective of the limited share repurchase program is to offset dilution related to the company's recent share issuance in connection with its acquisition of Auburn Bean and Grain.

The program will also enable the company to acquire shares used for its employee long-term incentive plans in order to offset dilution.