Grain and ethanol unit drives Andersons profit

by Eric Schroeder
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MAUMEE, OHIO — Record earnings in the company’s grain business helped drive a 17% increase in net income at The Andersons, Inc. in fiscal 2009. Net income in the year ended Dec. 31, 2009, totaled $38,351,000, equal to $2.10 per share on the common stock, up from $32,900,000, or $1.82 per share, in fiscal 2008.

Sales and revenue for the year were $3,025,304,000, down 13% from $3,489,478,000 during the previous year.

For the year, the grain and ethanol segment had an operating income of $51,354,000, up 18% from $43,587,000 during the previous year. Revenue for the segment was $2,153,978,000, down from $2,411,144,000 during the previous year.

“Clearly, our full-year earnings were heavily influenced by the results within our agricultural business units,” said Mike Anderson, chief executive officer. “The record full-year earnings in our grain business reflects our solid position in this industry. The significant turnaround in ethanol margins enabled our ethanol business to report its best ever quarterly results.”

For the fourth quarter, the company posted net income of $16,231,000, or 89c per share, which compared with a loss of $33,389,000 in the same quarter of the previous year. Sales and revenue for the quarter were $915,958,000, up 19% from $770,065,000.

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