Andersons reports revenues up for 4th quarter, 2012
MAUMEE, Ohio — The Andersons Inc. on Wednesday announced net income of $79.5 million, or $4.23 per diluted share, in 2012 on revenues of $5.3 billion.
Earnings in 2011 were $95.1 million, or $5.09 per diluted share, on revenues of $4.6 billion.
The Ohio-based agribusiness on Wednesday reported earning $15.0 million in the fourth quarter of 2012, or $0.80 per diluted share, on revenues of $1.7 billion. The company reported net income of $21.7 million, or $1.17 per diluted share, on revenues of $1.3 billion during the same three-month period in 2011.
Andersons spokesman Nick Conrad said the majority of The Andersons' year-to-year revenue increase was due to rising volume and prices as well as growth in the company's agricultural businesses.
The rail group achieved record operating income of $42.8 million in 2012.
Conrad attributed the improvement over a year ago to gross profit from the leasing business as a result of higher lease rates.
He said The Andersons increased its rail fleet by more than 600 cars in 2012 to about 23,300 cars.
The company's plant nutrition group reported record operating income of $39.3 million in 2012.
Conrad attributed the record income to higher volume.
"This is definitely one of those years where our purposeful diversification paid off," CEO Mike Anderson said in a written statement. "The rail group had its best year ever, due to skillful management of its railcar portfolio. Similarly, our plant nutrient group had its second record year in a row even though margins decreased, as they increased sales volume and prudently managed their inventory."
The Andersons has grain terminals in Ohio, Michigan, Indiana, Illinois and Nebraska. Locally, the firm has grain handling and storage facilities in Champaign and Mansfield.