Wednesday, Sep 28, 2016
One of America's Great Newspapers ~ Toledo, Ohio

Local

Andersons posts profit records for year, quarter

One of the Toledo area's best-known companies, The Andersons Inc., had a record profit last year and its biggest-ever fourth-quarter profit.

The Maumee grain and general store company credited exceptional years in its agricultural and rail units.

In its announcement yesterday, the firm said it had a profit last year of $19.1 million, or $2.55 a share, up 63 percent from $11.7 million, $1.59 a share, for the year before. It had revenues of $1.3 billion, up $28 million from year earlier.

For the fourth quarter, it reported a profit of $8.3 million, or $1.09 a share, up 24 percent from $6.7 million, or 91 cents a share, for the same period a year earlier. Sales for the quarter were $374 million, down from $443 million a year before.

"All considered, our overall performance in 2004 was very gratifying," said Mike Anderson, president and chief executive officer.

The company got the results, he said in a statement, despite unusually high energy prices, continued escalation in health-care costs, and a huge investment in time and money to comply with Sarbanes-Oxley regulations.

Record corn and soybean production in the United States last year helped push the firm's agriculture group performance upward. Annual operating income for the unit was $21.3 million, up 53 percent from the year before.

The rail group's figures were helped by the purchase last year of more rail cars, giving the unit operating income for the year of $11 million, up 168 percent.

Wall Street has been anticipating a good earnings report, driving up the company's stock in recent days.

The stock hit a record high price Monday and yesterday closed at $31.68, off 20 cents from the previous day. The trading volume yesterday of the Nasdaq-listed stock was three times normal.

Click to comment

Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem?

Temporibus autem quibusdam et aut officiis debitis aut rerum necessitatibus saepe eveniet.

Copyright © 2015 Toledo Blade

To Top

Fetching stories…