Maumee, Ohio — The Andersons Inc. reported third-quarter net income of $16.8 million ($0.59 per diluted share) on revenues of $952.93 million, compared with $17.2 million ($0.61 per diluted share) on revenues of $1.18 billion in the 2013 third quarter. Volumes for the Plant Nutrient Group were up almost 25 percent during the quarter, but were partially offset by lower gross profit per ton. The group posted an operating loss of $129,000 for the quarter, compared with a loss of $1.64 million in last year’s third quarter. The Ethanol Group realized solid margins due to strong export demand and lower crop prices, with third-quarter operating income rising to $21.3 million from last year’s $10.9 million. Third-quarter revenues were down in both the Grain and Ethanol groups, however, due to lower commodity prices. Most of the decrease was within the Grain Group, where the average price per bushel sold dropped by 36 percent, which more than offset an 11 percent increase in bushels sold. Income from the Rail Group was down for the quarter as well. “It should be noted that poor railroad service could impact the company in the fourth quarter,” The Andersons said. “Both the Grain and Ethanol groups rely on outbound rail service to turn their inventory, which enables them to effectively serve their customers. Further, the Plant Nutrient Group relies on inbound rail to ensure nutrients are available to meet customer needs.” The Andersons reported that it has authorized the repurchase of up to $50 million of its common stock, primarily to counter a dilution of its stock that occurred as part of its October acquisition of Auburn Bean and Grain of Auburn, Mich.
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