The Andersons, Aventine post first-quarter losses

By | July 08, 2008
The Andersons Inc. and Aventine Renewable Energy Holdings Inc. recently released separate first-quarter earnings statements, but neither was good news for the respective companies. The Andersons Grain & Ethanol Group reported an operating income of $2.2 million, an $8 million drop from last year. Meanwhile, Aventine posted a loss of $10.8 million versus a gain of $14.9 million during the same quarter last year. Despite a 34 percent revenue increase due to higher volumes of ethanol sold and higher ethanol prices, Aventine said its revenue continued to offset more than 40 percent of its corn costs.