Maumee, Ohio-Led by its Grain and Ethanol and Plant Nutrient groups, The Andersons Inc. posted record third-quarter net income of $10.6 million ($0.58 per diluted share) on revenues of $554 million, compared with $8.4 million ($0.51 per diluted share) and $336 million, respectively, in the comparable year-ago period. Nine-month results for the company also saw record net income of $45.3 million ($2.48 per diluted share) on revenues of $1.6 billion, compared with $22.6 million ($1.41 per diluted share) on revenues of $995 million in 2006. Citing significant increases in both margin and volume, the Plant Nutrient Group posted third-quarter operating income of $0.8 million on revenues of $77 million, compared with a $1.9 million operating loss on $39 million of revenues during last year’s third quarter. The company said this is the first time in the history of the group that it reported a profit in the third quarter. The volume increase was attributed to customers buying earlier and more aggressively due to rising nutrient prices and depleted fertilizer stockpiles. Nine-month operating income for the group was $18.4 million on revenues of $326 million, compared with last year’s $1.9 million and $198 million, respectively. The Grain and Ethanol Group saw third-quarter operating income of $13.7 million, $1.8 million higher than its year-ago results. The group’s total revenues for the quarter were $383 million, and included $85 million in ethanol sales made through marketing agreements between the company and its ethanol joint ventures. Both the Albion, Mich., and Clymers, Ind., ethanol plants were in operation during the entire third quarter, which was the first quarter both plants were in full operation. The Rail Group posted third-quarter operating income of $5.8 million on revenues of $34 million, up from last year’s $4.9 million and $27 million, respectively. The company’s Turf and Specialty Group incurred an operating loss of $1.6 million on revenues of $18 million in the third quarter, compared with a loss of $0.4 million on $20 million in revenues in the 2006 third quarter. The company said dry weather curtailed sales for some of the group’s formulated products during the period. President and CEO Mike Anderson said the new full-year earnings outlook of $3.15-$3.35 per diluted share, announced on Oct. 17 due to the improved performance of the company’s agriculture-related businesses, is “the right guidance at this time.”
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