World Grain - March 2011 - 17

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Grain, ethanol boost The Andersons, Inc. to record results
MAUMEE, OHIO, U.S. — Led by record results in its Grain & Ethanol Group, The Andersons, Inc. announced on Feb. 8 record fourthquarter net income attributable to the company of $25.8 million, or $1.39 per diluted share, on revenues of $1.2 billion. In the same threemonth period of 2009, the company reported income of $16.2 million, or 88¢ per diluted share, on revenues of $916 million. “Both our full-year and fourth-quarter earnings were heavily inﬂuenced by the results within our agricultural business units. The record full-year and quarterly earnings in both our Grain & Ethanol and Plant Nutrient groups reﬂects our solid position in this industry,” said Chief Executive Ofﬁcer Mike Anderson. “Our 2010 Rail Group results continue to be negatively impacted by the overall economy. The increase in utilization rate at the end of the year, however, was encouraging to see. We intend to continue to serve our customers and grow this company as we did in 2010 with the addition of O’Malley Grain, B4Grain, and our signiﬁcant investment in the Iowa Northern Railroad.” The company’s 2010 full-year results were its second highest with earnings of $64.7 million, or $3.48 per diluted share, on $3.4 billion of revenues. In the prior year, the company earned $38.4 million, or $2.08 per diluted share, and total revenues were $3 billion. The Grain & Ethanol Group’s 2010 operating income was a record $81.4 million. This compares to operating income of $51.4 million in 2009. These results were led by the grain business, which achieved a best-ever performance due primarily to strong space income. The ethanol business and the investment in Lansing Trade Group also had solid performances. Total 2010 revenues for the Grain & Ethanol Group were $2.4 billion. This includes $928 million of grain and ethanol sales made in accordance with origination and marketing agreements between the company and its ethanol joint ventures.

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Bunge’s net income rises on strong agribusiness performance
WHITE PLAINS, NEW YORK, U.S. — Bunge’s net income for ﬁscal year 2010 increased signiﬁcantly on strong growth in its agribusiness sector to $2.354 billion from last year’s net earnings of $361 million. Total sales for 2010 reached $45.707 billion, a 9% increase over last year’s sales of $41.926 billion. The company noted that solid results in agribusiness and food & ingredients were offset somewhat by difﬁculties in sugar & bioenergy. Lower milling volumes from reduced sugarcane yields due to dry weather in Brazil, as well as challenges related to the start-up of some mills, contributed to signiﬁcantly lower-than-expected results in this segment during the period. Bunge noted that its milling sector’s results in the quarter were adversely impacted by a $9 million impairment charge related to a long-term supply contract that accompanied an acquisition of a wheat milling facility. Excluding this charge, performance this quarter improved primarily due to higher margins in wheat milling.
www.World-Grain.com / World Grain / March 2011

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World Grain - March 2011

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