The Andersons Inc. turns a profit in second quarter
8/7/2018The Andersons Inc. on Tuesday reported a second-quarter profit of $21.5 million, or 76 cents a share, compared to a loss of $26.7 million, or 94 cents a share, for the same period a year ago.
The agribusiness, headquartered in Maumee, said it had revenues of $911 million, compared to $994 million for the second quarter a year ago.
The company said its profit would have been higher if not for a second-quarter noncash pre-tax impairment charge of $6.3 million, which equated to 17 cents per share. Analysts had expected 86 cents a share.
Andersons CEO Pat Bowe said the improved results were largely because of the performance of the company’s grain and ethanol businesses, each of which posted significantly better year-over-year results.
However, Mr. Bowe said the company’s plant nutrient and rail businesses both posted lower results compared to last year.