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The Andersons Report Higher Net Income
USAgNet - 02/16/2017

The Andersons, Inc. reported fourth quarter 2016 net income attributable to $10.1 million, or $0.36 per diluted share. This represents a $5.1 million improvement over the adjusted net income of $5.0 million, or $0.18 per diluted share, in the same period of the prior year.

For the full year, the company reported net income attributable to The Andersons of $11.6 million or $0.41 per diluted share compared to a net of $13.1 million or $0.46 per diluted share in 2015.

"While we are disappointed with 2016's overall results, we took several steps throughout the year, and especially during the fourth quarter, to improve future earnings opportunities," said CEO Pat Bowe. "We addressed underperforming assets in our portfolio by selling underperforming Grain Group locations, closing a cob processing facility to optimize our supply chain and manufacturing footprint, and recently announcing the closure of our Retail Group."

Bowe adds that the company has already exceeded its initial cost reduction target and identified more than $10 million in run-rate cost savings and other performance improvement opportunities earlier than previously announced.

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