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MAUMEE, Ohio - The Andersons Inc., a diversified agricultural and transportation company, said Wednesday that its third-quarter profit fell 90 percent as fertilizer retailers kept inventories lean and its rail group suffered from double-digit declines in rail traffic amid the economic slump.
The company earned almost $1.3 million, or 7 cents per share, for the quarter that ended Sept. 30, down sharply from $12.8 million, or 70 cents per share, during the same period last year. Revenue tumbled 34 percent to $601 million, from $905.7 million a year earlier.
Analysts surveyed by Thomson Reuters had been expecting a much higher profit of 37 cents per share on revenue of $691.6 million.
Andersons shares fell $2.48, or 8.3 percent, to $27.51 in after-hours trading. Before the results were released the shares had fallen 6 percent to close at $29.99.
The company's plant nutrient group lost $2.8 million in the most recent quarter on revenue of $70 million, compared with a year-earlier profit of $7.2 million on revenue of $162 million. Andersons said margins were down significantly from high levels in the 2008 period, and retailers continue to maintain lower inventory holdings that drove down sales volume.
Andersons' grain and ethanol group's operating income slipped to $8.9 million from $9.4 million a year ago as commodity prices returned closer to historical levels from last year's highs. Its rail group lost $1.1 million, versus a year-sgo $5.2 million profit, as the economic downturn drove double-digit declines in freight traffic. The percentage of its fleet of about 24,000 cars and locomotives that was in service during the quarter tumbled to 74.4 percent from 93.3 percent last year.
The company said its retail division continues to be impacted by lower customer traffic and spending, although profit margins have remained consistent year-over-year.
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