The Andersons have big surge in revenues, profits, partly from ethanol production
8/1/2007Supercharged by the ethanol industry, profits for The Andersons Inc. rose 148 percent to a record $25.5 million, and its sales catapulted 68 percent to $634 million for the second quarter, the company said today.
Officials from the Maumee agribusiness were not available for comment tonight.
The earnings report showing a profit of $1.40 a share for the latest quarter, up from 66 cents a share, or $10.3 million, for the same period a year ago were released after the stock market closed. The firm s revenues climbed from $378.1 million a year ago.
The largest impact on the company s finances was from its grain and ethanol unit, which had revenues of $323 million, up from $148 million a year ago.
The Andersons said revenues jumped partly because of its new Albion, Mich., and Clymers, Ind., ethanol plants, neither of which was in operation in the second quarter last year. The ethanol, derived from corn, is mixed with gasoline to produce a lower-petroleum fuel called E85, which can be used in certain vehicles.
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