Maumee, Ohio — The Andersons Inc. reported net income of $22.7 million ($0.80 per diluted share) on revenues of $1.0 billion for the first quarter ended March 31, 2014, compared with $12.6 million ($0.45 per diluted share) on revenues of $1.3 billion in last year’s first quarter. The Plant Nutrient Group had a first-quarter operating loss of $1.4 million on revenues of $108 million, compared with last year’s operating loss of $0.6 million on revenues of $112 million. Results were lower than expected due to weather-related fieldwork delays that impacted plant nutrient volumes and margins, but the company said it expects much of this volume to shift to the second quarter. “While the Plant Nutrient Group was impacted by adverse weather in the first quarter, it should benefit from an anticipated significant corn crop planting in the second quarter, as long as the weather cooperates,” said CEO Mike Anderson. The Ethanol and Rail Groups both posted record operating income for the quarter, with the former at $19.8 million on $189 million in revenues, and the latter at $15 million on $52 million in revenues. The company cited strong margins in Ethanol, and increased lease and utilization rates in Rail. The Grain Group reported first-quarter operating income of $11.3 million on revenues of $583 million, compared with the year-ago $8.3 million and $836 million, respectively. The results included a pre-tax gain of $17.1 million from the partial sale of the Lansing Trade Group, while the year-over-year revenue drop was attributed to a nearly 30 percent drop in grain prices. The Turf & Specialty Group posted first-quarter operating income of $1.4 million on revenues of $44 million, compared with last year’s $4.0 million and $47 million, respectively. The Retail Group had an operating loss of $2.3 million on revenues of $28 million for the quarter, compared with last year’s operating loss of $3.2 million on revenues of $31 million.
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