Rising costs slice Andersons profit in half

The Andersons’ quarterly profit was cut in half despite slightly higher sales, as rising costs offset gains from new ethanol assets.

For the quarter ending Sept. 30, the company reported net income of $26 million, down from $51 million a year earlier. Revenue edged up to $2.7 billion from $2.6 billion, but cost of sales rose $63 million, and operating and administrative expenses climbed $52 million.

President and CEO Bill Krueger said the results reflected the company’s full ownership of ethanol plants acquired at the end of July.

“We are excited to have full control over these strategic assets and are both evaluating and implementing a variety of enhancements to continue improving ethanol and co-product yields while lowering the carbon intensity of the ethanol we produce," he said.

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