February 10, 2010

Andersons 2009 profit beats previous year result

Despite a sharp drop in revenue, The Andersons Inc. reported a profit of US$38.4 million for 2009, surpassing the 2008 profit of US$32.9 million.

The fourth quarter brought in a profit of US$16.2 million for The Andersons, compared with a loss of US$33.4 million for the same period in 2008.

Chief executive Mike Anderson said the full-year earnings were heavily influenced by the results within the firm's agricultural business units.

Revenues, however, slumped to US$3 billion from US$3.5 billion in the previous year.

The firm's grain and ethanol business units had a record operating profit of US$51.4 million. Annual revenue for the paired units was US$2.2 billion. The plant nutrient group had an operating profit of US$11.3 million, and its turf specialty group had an operating profit of US$4.7 million. Its group of general stores had an operating loss of US$2.8 million, and its railcar repair and leasing operation had a loss of US$1 million.