May 8, 2009
The Andersons' posts strong Q1 results
Diversified agricultural and transportation company Andersons Inc. reported better-than-expected first-quarter results, but declined to issue an earnings forecast for the full year citing "unprecedented pressures facing the overall economy" and company-specific factors including weather, nutrient and energy prices, timing of railcar sales.
The Andersons, Inc. is a diversified company with interests in the grain, ethanol and plant nutrient sectors of US agriculture, as well as in railcar leasing and repair, turf products production, and general merchandise retailing.
Net income declined nearly 37 percent to US$4.95 million or US$0.27 per share, from year-ago US$7.82 million or US$0.42 per share. Analysts estimated a loss of US$0.06 a share.
Sales and merchandising revenues slipped to US$697.39 million from US$713 million last year. Analysts were looking for US$579.09 million.
The company's Grain & Ethanol group posted operating income of US$5.7 million, higher than year-ago US$2.2 million.