Maumee, Ohio-The Andersons Inc. reported net income of $25.17 million ($1.36 per diluted share) on revenues of $811 million for the second quarter ended June 30, 2010, compared with net income of $15.9 million ($0.87 per diluted share) on similar revenues for the comparable year-ago quarter. For the first six months of 2010, the company earned $37.4 million ($2.02 per diluted share) on revenues of $1.5 billion, compared with $20.9 million ($1.14 per diluted share) on revenues of $1.5 billion in the first half of 2009. Gross profits totaled $87.6 million for the quarter and $146.1 million for the first six months, compared with $73.3 million and $134.7 million, respectively, in 2009. The Plant Nutrient Group posted second-quarter operating income of $19 million on revenues of $228 million, the second-highest second-quarter results in the group’s history, and up significantly from last year’s $10.3 million in operating income on revenues of $198 million. Margins for the segment were up slightly from the prior year, and tons sold increased by more than a third as the industry returned to more traditional nutrient application rates for phosphates and potash, the company said. Six-month results for the Plant Nutrient Group included operating income of $19.7 million on $332 million of revenues, compared with the prior year’s $12.4 million on revenues of $309 million. “We are pleased with our second quarter performance,” CEO Mike Anderson said. “The Grain & Ethanol Group led our results with record performance in both the grain and ethanol areas. Our Plant Nutrient Group also had a strong quarter. As I review these results, I am again reminded that our strategy of purposeful diversification allows us to remain a strong and profitable company even when one or more of our business units is underperforming.” The Turf & Specialty Group had second-quarter operating income of $2.5 million on $41 million of revenues, compared with last year’s record $3.0 million and $40 million, respectively. Six-month results for the segment included operating income of $5.2 million on $83 million of revenues, compared with the previous year’s record $6.1 million in operating income and $84 million in revenues. The Retail Group posted second-quarter operating income of $2.1 million on revenues of $44 million, compared with $2.9 million on revenues of $49 million in 2009. Six-month results for the segment included a loss of $0.7 million on revenues of $74 million, versus $0.2 million in earnings on revenues of $83 million in 2009. The Andersons noted that during the second quarter, the Grain & Ethanol Group finalized the acquisition of the assets of O’Malley Grain Inc.’s two grain cleaning and storage facilities in Mansfield, Ill., and Fairmont, Neb., and the Rail Group made a significant minority investment in a short-line railroad, the Iowa Northern Railway Company.
Transparency Across the Fertilizer Value-Chain