Maumee, Ohio-The Andersons Inc. on May 2 announced first-quarter revenues of $409 million and net income of $9.2 million ($0.51 per diluted share), compared with $281 million and $3.8 million ($0.25 per share), respectively, in last year’s first quarter. The improved results were spurred by the company’s Grain and Ethanol Group, which posted first-quarter operating income of $10.2 million, compared with $1.8 million in the year-ago quarter. The segment nearly doubled last year’s performance by posting total revenues of $247 million for the period, led by more than $30 million of ethanol sales associated with the company’s new Albion, Mich., ethanol joint venture, and by higher grain bushel sales and a 40 percent improvement in average grain prices. The Plant Nutrient Group saw operating income of $0.4 million on revenues of $67 million for the first quarter, compared with an operating loss of $1.2 million on revenues of $46 million in last year’s quarter. The increase was attributed to higher product prices, better margins, and increased tonnage for this year’s large corn crop. Citing heavy buying last fall and wintry weather in March, the Turf and Specialty Group posted first-quarter operating income of $1.8 million on revenues of $36 million, down from the year-ago $2.1 million and $40 million, respectively. The Rail Group also saw a downturn from 2006, posting operating income of $3 million for the quarter, down $3.2 million from last year’s first quarter due to lower railcar sales and higher maintenance costs. The company anticipates full-year 2007 earnings in the range of $2.35 to $2.60 per diluted share.
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