Fertilizer manufacturer The Andersons more than doubles profits in first quarter

The Andersons more than doubles 1Q profits

MAUMEE, Ohio — Fertilizer maker The Andersons Inc. more than doubled its profit in the first quarter as it saw higher profits in its grain and ethanol business, handily beating estimates.

The company earned $12.3 million, or 66 cents a share, in the first three months of the year. That compares with earnings of nearly $5 million, or 27 cents a share in the same period last year.

Analysts expected the company to earn 50 cents per share on sales of $748 million.

Revenue rose 3.5 percent to $722 million from $697.4 million last year.

The company said its grain and ethanol unit had first-quarter operating income of $20.7 million, more than three times its $5.7 million operating income in the year-ago period. The company said the grain business benefited from the late harvest, while the ethanol business had contracted much of its business in advance.

The results came in after the market closed Monday. Shares rose 86 cents, or 2.4 percent, to close at No. 7 in regular trading Monday.