MAUMEE, Ohio —The Andersons announced first-quarter net income attributable to the company of $22.7 million, or $0.80 per diluted share, on revenues of $1 billion. In the same three-month period of 2013, the company reported results of $12.6 million, or $0.45 per diluted share, on $1.3 billion of revenues.
The Ethanol Group achieved record operating income of $19.8 million in the first quarter. This compares to $2.5 million earned during the same period of 2013. The higher income is primarily due to improved performance of the ethanol limited liability company investments, which benefited from strong ethanol margins.
Ethanol margins during the first quarter were impacted by low U.S. ethanol stocks, accompanied by improving domestic and export demand.
The Ethanol Group also benefitted from improved production rates, ongoing service fees, and increased co-product sales of corn oil, E-85, and distillers dried grains. Total revenues for the quarter were $189 million.
In comparison, the group’s revenues for the same period last year were $199 million. The Rail Group had record first-quarter operating income of $15 million on revenues of $52 million. In the same three-month period of 2013, the group earned $14.6 million and revenues were $46 million.
The group’s revenue and income benefited from higher lease rates and increased income from car sales.
The group recognized $10.8 million in pre-tax gains on sales of railcars and related leases and non-recourse transactions in the first quarter, which is approximately $1 million more than the prior year.
The Grain Group reported first quarter operating income of $11.3 million in comparison to $8.3 million for the same period of the prior year.
The Plant Nutrient Group had an operating loss of $1.4 million during the first quarter on revenues of $108 million. In the same three month period of 2013, the group reported an operating loss of $0.6 million and revenues of $112 million.
The Turf & Specialty Group had operating income of $1.4 million on $44 million of revenues during the first quarter. Last year, the group reported $4 million of operating income on $47 million of revenues for the period.
The Retail Group had an operating loss of $2.3 million during the first quarter on revenues of $28 million. In the prior year, the group’s operating loss for the same three month period was $3.2 million, and revenues were $31 million.
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