Egypt’s Dollar Shortage Hits Profits for US Grain Handler
- The Andersons posted a pre-tax loss of $19 million in Egypt
- Shares tumbled 13% for the biggest decline in six months
Grain silos at the Andersons Inc. grain trans-loading facility in Toledo, Ohio. The company said it was forced to accept a lower exchange rate, resulting in a pretax loss of $19 million in Egypt.
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
Egypt’s shortage of US dollars has hit profits for one of America’s biggest crop handlers.
The Andersons Inc. reported third-quarter earnings that fell below analyst expectations, in part due to a currency squeeze in Egypt, the world’s largest wheat importer. The disappointing results sent shares tumbling more than 13% for the biggest daily decline in six months.