The Andersons Rail Group Reports Record Operating Income for 2014 First Quarter

The Andersons, Inc. has reported a 2014 first quarter net income of $22.7 million, or $0.80 per diluted share, on revenues of $1.0 billion compared to the 2013 first quarter net income of $12.6 million, or $0.45 per diluted share, on $1.3 billion of revenues.

The Rail Group had a record 2014 first quarter operating income of $15.0 million on revenues of $52 million compared to a 2013 first quarter operating income of $14.6 million on revenues of $46 million. The group’s revenue and income increase was primarily due to higher lease rates and increased income from car sales.

Compared to the same time period in 2013, the Rail Group increased pre-tax gains by approximately $1.0 million in the 2014 first quarter with a total of $10.8 million on sales of railcars and related leases and non-recourse transactions. Average utilization rate for the 2014 first quarter was 88.4 percent compared to 84.6 percent for the same period in 2013.

“The superior results seen last year in both our Ethanol and Rail groups have continued into the first quarter," said CEO Mike Anderson. “Our Rail Group continued to perform well, working to increase both lease and utilization rates over time.”