The Andersons reports third-quarter profit increase

By Bryan Sims | November 03, 2008
Web exclusive posted Nov. 7, 2008 at 10:15 a.m. CST

Maumee, Ohio-based The Andersons Inc. posted a net income of $12.8 million on revenues of $906 million in its third quarter earnings report versus $10.6 million on $554 million of revenues during the same reporting period a year ago.

Its grain and ethanol group's operating income was $9.4 million in the third quarter of 2008, compared with $13.7 million during the same quarter last year. Its grain business benefited from significantly improved basis income, with the company recovering most of the basis losses incurred earlier in the year.

Income from the company's ethanol segment declined $8.8 million during the most recent quarter to a loss of $2 million. The company attributed the loss "due primarily to the combined performance of the company's investments in three ethanol limited liability companies." The grain and ethanol group's operating income through the first nine months was $31.7 million in 2008. In 2007, operating income through September was $35.9 million. Total revenues through September were $1.8 billion, in 2007 it was $950 million, the company said in a statement.

The Andersons is a diversified company with interests in the grain, ethanol and plant nutrient sectors, as well as railcar leasing and repair, turf products production and general merchandise retailing.

To learn more about The Andersons and its involvement in the ethanol industry, visit www.andersonsinc.com/wps/portal/corp.