Andersons Q2 earnings rise 79%

by Eric Schroeder
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MAUMEE, OHIO — Earnings in the second quarter soared 79% at The Andersons, Inc. Net income in the second quarter ended June 30 was $45,626,000, equal to $2.53 per share on the common stock, up from $25,488,000, or $1.43c per share, in the same period last year. Revenues for the quarter were $1,100,700,000, up from $634,214,000 last year. The Andersons’ Grain and Ethanol Group’s second-quarter operating income of $19,994,000 was up 67% from $11,981,000 in the second quarter of fiscal 2007. "The grain business benefited from significantly improved margins on grain sales and the more than doubling of service fee income," the company said. "The business, however, continues to be impacted by rising costs associated with higher grain prices." Revenues for Grain and Ethanol totaled $695,787,000, up from $323,580,000 in the same period a year ago. For the six months ended June 30, overall net income was $53,449,000, or $2.96 per share, up from $34,727,000, or $1.96 per share, in the same period a year ago. Net sales totaled $1,813,701,000, up 74%.

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