World Grain - December 2008 - 12
newsreview
The Andersons posts 21% increase in third quarter
MAUMEE, OHIO, U.S. - The Andersons, Inc. posted positive thirdquarter results for the quarter ended Sept. 30. The company posted
net income of $12.8 million, equal to 70¢ per
diluted share on the common stock, up nearly
21% from $10.6 million, or 58¢ per diluted
share, during the same quarter of 2007.
Net revenues were $906 million, up 64%
from $554 million during the third quarter of
the previous year.
For the first nine months of 2008, the company's net income
was $66.3 million, or $3.60 per diluted share, up 46% from $45.3
million, or $2.48 per diluted share for the same period in 2007.
Net revenues were $2.7 billion, up 69% from $1.6 billion the previous year.
"Our third-quarter and nine-month results are both records.
However, we were disappointed by the sudden turn of events in
the fertilizer markets," said Mike Anderson, president and chief
executive officer. "Our current guidance is $3.50 to $4 per diluted share. The current guidance is also partially attributable to
the economics in the ethanol industry. Numerous other factors
will also have a bearing on the full-year outcome, such as grain
prices, timing of railcar sales, and the performance of our equity
investments, which include Lansing Trade Group and the ethanol
production facilities."
The Grain & Ethanol Group's operating income was $9.4 million in the third quarter, which was below its year-earlier result of
$13.7 million. The company said its grain business benefited from significantly improved basis
income, and that it had recovered most of the basis losses incurred earlier in the year. The Grain
& Ethanol Group's operating income through
the first nine months was $31.7 million in 2008.
In 2007, operating income through September was $35.9 million. Total revenues through September 2008 and 2007 were $1.8 billion and
$950 million, respectively, the company said.
Income from the ethanol business declined $8.8 million during
the most recent quarter to a loss of $2 million. The decline was
attributed to the combined performance of the company's investments in three ethanol limited liability companies.
Third-quarter income from the group's investment in Lansing
Trade Group was $2.6 million, which was $1 million lower than last
year. Total third-quarter revenues for the group were $651 million,
compared to total revenues of $383 million for the same period last
year. While revenues for the group are higher, the company said such
amounts do not serve as good predictors of income or economic performance in a commodity-based business. During the quarter, the
group purchased a grain storage facility and leased two others, increasing its storage capacity by 7.6 million bushels.
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For more information, see Page 82.
12
December 2008 / World Grain / www.World-Grain.com
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World Grain - December 2008
Table of Contents for the Digital Edition of World Grain - December 2008
Contents
World Grain - December 2008 - 1
World Grain - December 2008 - 2
World Grain - December 2008 - 3
World Grain - December 2008 - Contents
World Grain - December 2008 - 5
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