The Andersons Inc., a Maumee firm known for its grain and ethanol businesses and its retail stores, reported a nearly 39-percent jump in revenues and a 37-percent increase in profits for the first quarter of 2011.
The company said its quarterly profit was $17.3 million, or 93 cents a share, on sales of $1 billion. That’s compared to a profit of $12.3 million, or 66 cents a share, on sales of $722 million during the same quarter last year.
The Andersons split its grain and ethanol group into two business segments during the quarter. The grain division led the company’s performance with $638 million in sales, up 58 percent from last year due to a strong market for wheat and other grains.