Sales, profits dip at The Andersons

8/6/2009

Quarterly profits fell by nearly two-thirds at The Andersons Inc. as the recession took a toll on the Maumee firm's business units, including rail car leasing and retail stores.

The agribusiness concern said yesterday that it made $15.7 million, or 87 cents a share, in the second quarter, down from $45 million, or $2.48 a share, at the same time last year.

Revenues for the quarter declined to $811 million from $1.1 billion.

"Although we would have liked better results this quarter, it is important to remember that last year's second-quarter results included unprecedented [profit] margins in our plant nutrient group," said Mike Anderson, chief executive.

Operating profits in that business, which produces fertilizer, fell to $10.3 million from $47.4 million a year ago.

Operating profits in the grain and ethanol units dropped to $8.9 million from $20 million; in rail car leasing, to $600,000 from $4.9 million; and in its retail group, to $2.9 million from $3.4 million.

•

FINDLAY - Manufacturing improvements and lower costs for raw materials allowed Cooper Tire & Rubber Co. yesterday to report a smaller second- quarter loss than for the period a year ago.

The Findlay tiremaker said it lost $13 million, or 22 cents a share, for the latest period, compared with $22.2 million, or 38 cents a share, a year ago.

Sales for the quarter decreased 18 percent to $632 million.

Cooper Tire also announced a quarterly dividend of 10.5 cents, payable Sept. 30 to shareholders of record as of Sept. 2.

•

Health Care REIT, Inc., a Toledo-based real estate investment trust, yesterday reported quarterly earnings that were in line with Wall Street expectations.

That firm said that in that in the second quarter it had funds from operations of $89.2 million, or 80 cents a share, on revenues of $142 million.

A year ago, it reported funds from operations of $77 million on revenues of $129 million.

Its quarterly profit slipped to $65 million from $161 million in 2008. Last year's results were exaggerated by a one-time gain on a property sale, executives explained.