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Agriculture company $ANDE said it has signed an agreement to sell eight of its facilities in Iowa to MaxYield Cooperative of West Bend, Iowa. This transaction does not divest or otherwise involve the company's ethanol facility or recently-acquired Nutra-Flo facilities in Iowa.
$ANDE's BoD declared 1Q18 cash dividend of $0.165 per share. The dividend is payable on Jan. 23, 2018 to shareholders of record on Jan. 2, 2018. The cash dividend is increasing from 16 cents to 16.5 cents. There are about 28.3MM common shares outstanding.
$ANDE, a diversified manufacturing company, said Rasesh Shah will retire as President of its Rail Group in July 2018. He will be succeeded by Joseph McNeely. Previously, McNeely served as President and CEO of FreightCar America. He has more than 30 years of experience in the financial, manufacturing and distribution industries.
$ANDE appointed Jeffrey Blair as the President of the Plant Nutrient Group, effective Dec. 4, 2017. Blair replaces Bill Wolf who previously announced his retirement. Blair and Wolf will work together through the end of the year to ensure a smooth leadership transition.
Diversified company $ANDE has appointed Srikanth Dasari as VP and Treasurer. He will report to CFO John Granato. Most recently, Dasari served as the Treasurer of Westinghouse Electric Company. Earlier, he spent five years with Dow Corning and 12 years with Owens-Illinois, Inc.
$ANDE has agreed to sell its farm center locations in Florida to Wedgworth's Inc, of Belle Glade, Florida. The deal includes real estate and assets owned by $ANDE at Zellwood, Clewiston, and Lake Placid as well as the assets and operations in Immokalee. $ANDE products will be available to customers through a distribution deal with Wedgworth's.
$ANDE stated it is seeing a turnaround in its grain business as compared to a breakeven results a year ago, with the group generating $1.9MM of pre-tax income in 3Q16. In the ethanol group, margins improved in the quarter, helped by seasonal driving demand and lower corn prices, said the company.
$ANDE said the company saw improved storage margins for wheat in 3Q16, while fall harvest for corn and soybeans is expected to be better in the eastern corn belt from a year ago. The company added that in the rail group, utilization levels continued to soften, as rail car demand was curtailed by lower rail road traffic.
$ANDE's Grain Group for 3Q16 benefited from having shed its underperforming Iowa assets earlier this year and positioned itself to take advantage of improving crop conditions in the Eastern Corn Belt. Overall, grain production in the Eastern Corn Belt has rebounded from last year.
Agriculture company $ANDE swung to a 3Q16 profit from a loss last year, driven by improved conditions for Grain Group and strong margins for Ethanol Group. Net income was $1.72MM or $0.06 per share compared to a loss of $1.23MM or $0.04 per share last year. Sales and merchandising revenue fell to $859.6MM from $909.1MM.
$ANDE said the company has appointed Anthony Lombardi as its new Chief Information Officer, reporting to John Granato, Chief Financial Officer. Tony joins $ANDE after recently serving as the VP of Global Business Services & Chief Information Officer for Armstrong World Industries in Lancaster, Pennsylvania.