The Andersons Inc. on Wednesday reported a first-quarter profit of $22.7 million, or 80 cents per share, up 82 percent from the same period a year ago when the company had a profit of $12.6 million, or 45 cents a share.
The Maumee agribusiness had quarterly revenues of $1 billion, down 21 percent from a year ago when revenues were $1.3 billion.
The firm said its profits were bolstered by its Ethanol Group, which had record operating income of $19.8 million in the first quarter thanks to its ethanol investments, and its Rail Group, which had record operating income of $15 million and benefited from higher lease rates and increased income from rail car sales.
“The superior results seen last year in both our Ethanol and Rail groups have continued into the first quarter,” Andersons CEO Mike Anderson said. “The Ethanol Group worked diligently to increase its production in the first quarter when other ethanol plants were forced to reduce production.”
Mr. Anderson said the Rail Group worked to increase lease and utilization rates in the quarter. “The Grain Group, however, had a difficult quarter. Anticipated returns on stored grain inventories simply did not materialize in the quarter. While the Plant Nutrient Group was impacted by adverse weather in the first quarter, it should benefit from an anticipated significant corn crop planting in the second quarter, as long as the weather cooperates,” he said.
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