Andersons Inc. reports 3Q profit up 22 percent

MAUMEE, Ohio - Andersons Inc., an ethanol, railroad and fertilizer company, said Tuesday that its third quarter profit rose 22 percent, driven by increased sales of plant nutrients.

The company posted net income of $12.8 million, or 70 cents per share, for the quarter, compared with $10.6 million, or 58 cents per share, in the year-earlier period. Revenue rose 64 percent to $905.7 million from $553.7 million.

The results beat Wall Street expectations. Analysts polled by Thomson Reuters, on average, expected earnings of 64 cents per share on revenue of $806.5 million.

While the company's plant nutrient business has been performing well, its ethanol business has been struggling. Operating income at the company's grain and ethanol drop was $9.4 million in the quarter, down from $13.7 million a year earlier, partly due to poorly performing ethanol investments.

Shares rose $1.26, or 5.4 percent, to $24.55 in aftermarket trading after the earnings were issued. The stock had fallen $2.37, or 9.2 percent, to $23.29 in regular trading before the report was out.

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