February 13, 2014

The Andersons' full year net income rises to US$89.9 million 


The Andersons, Inc. announced net income of US$89.9 million, or US$3.18 per diluted share, on US$5.6 billion in revenues and all prior period per share data in this release have been adjusted to reflect the company's February 2014 three-for-two stock split.


Last year earnings were US$79.5 million, or US$2.82 per diluted share on revenues of US$5.3 billion. The company earned US$30.7 million in the fourth quarter of 2013, or US$1.08 per diluted share, on revenues of US$1.6 billion. In the same three month period of 2012, the company reported net income of US$15.0 million, or US$0.53 per diluted share, on revenues of US$1.7 billion.  


The Ethanol Group had record operating income of US$50.6 million in 2013, compared to a loss of US$3.7 million in the prior year. The significant increase in operating income was primarily due to higher ethanol margins, which were impacted by solid ethanol export demand, and lower corn costs. 


The Grain Group's 2013 operating income was US$46.8 million, compared to US$63.6 million in the prior year. The group had considerably lower space income in 2013, as a result of the drought, but increased gross profit on sales, primarily due to growth. Lansing Trade Group contributed significantly to the Grain Group's result.        


The Rail Group achieved operating income of US$42.8 million both this year and last year. Gross profit from the leasing business was significantly higher than the prior year due to higher lease and utilisation rates. Revenues of US$165 million for 2013 were higher than the US$156 million reported in the prior year. The Rail Group had operating income of US$6.2 million in the fourth quarter on revenues of US$32 million.   


The Plant Nutrient Group finished the year with operating income of US$27.3 million on revenues of US$709 million. In 2012, the group's operating income was US$39.3 million and revenues were US$797 million. Last year the group had operating income of US$4.7 million during the same three month period on revenues of US$178 million.      


The Turf & Specialty Group's full year operating income was a record US$4.7 million on revenues of US$141 million. In 2012, the group had operating income of US$2.2 million, and total revenues were US$131 million. The group incurred an operating loss of US$1.4 million in the fourth quarter on revenues of US$23 million.     


The Retail Group had an operating loss of US$7.5 million in 2013, which included US$4.7 million in one-time costs.  In the prior year, the group's operating loss was US$4.0 million, which included US$1.1 million in one-time expenses.


The Andersons, Inc. is a diversified company rooted in agriculture. Founded in Maumee, Ohio, in 1947, the company conducts business across North America in the grain, ethanol, and plant nutrient sectors, railcar leasing, turf and cob products, and consumer retailing.