The Andersons posts record second-quarter earnings

By Bryan Sims | August 04, 2008
Web exclusive posted August 8, 2008 at 1:12 p.m. CST

Maumee, Ohio-based The Andersons Inc. posted a record second-quarter net income of $45.6 million on revenues of $1.1 billion compared with profits of $25.5 million on $634 million of revenues from the same quarter last year.

The company's Grain & Ethanol Group achieved a record operating income of $20 million in the quarter; a significant increase from the same quarter last year when it posted $12 million. The Andersons said that "income from the company's ethanol joint ventures also rose during the quarter" although it did not disclose a specific figure on that improvement. The Andersons said its "grain business benefited from significantly improved margins on grain sales and the more than doubling of service fee income."

The company's Plant Nutrient Group led the earnings result with a record operating income of $47.4 million.

"Our second quarter and first half results are outstanding," said Mike Anderson, president and chief executive officer of The Andersons. "Both our Plant Nutrient and Grain & Ethanol Groups contributed significantly to our income during that period."

To view the earnings report, visit