The Andersons, Inc. (NASDAQ: ANDE) today announced third quarter net income attributable to the company of $17.2 million, or $0.91 per diluted share, on revenues of $1.2 billion. In the third quarter of 2012, the company reported results of $16.9 million, or $0.90 per diluted share, on revenues of $1.1 billion. For the first nine months of 2013, the company earned $59.3 million, or $3.15 per diluted share, on revenues of$4.0 billion. In the same period of 2012, The Andersons reported results of $64.5 million, or $3.43 per diluted share, on $3.6 billion of revenues.
At the end of July, the company and Lansing Trade Group formed a 50/50 joint venture and acquired Thompsons Limited, a grain and food-grade bean handler/processer and agronomy input provider, headquartered in Blenheim, Ontario, and operating 12 locations across Ontario and Minnesota.
The Grain Group had operating income of $14.3 million in the third quarter of 2013 versus $10.8 million for the same period last year. Both space income and gross profit on sales in the third quarter were higher than the prior year. The company's investment in Lansing Trade Group also had strong results. Revenues for the Grain Group were $766 million and $677 million for the third quarter of 2013 and 2012, respectively. Revenues increased due to an increase in the bushels sold, as the average price per bushel decreased. The Grain Group's operating income for the first nine months of the year was $24.7 million on revenues of $2.5 billion. Last year, its operating income through September was $45.5 million on revenues of $2.1 billion. The group's 2013 results have been materially impacted by the 2012 drought.
The Ethanol Group achieved record operating income of $10.9 million in the third quarter on revenues of $213 million. This compares to an operating loss of$0.9 million during the same period last year on revenues of $210 million. This income increase was primarily the result of an increase in the company's earnings from its investments in the ethanol production facilities, which benefited from higher ethanol margins. These facilities also continue to benefit from significant income provided by co-products such as corn-oil, distillers dried grains, E-85, and CO2. The group's operating income through September was a record $24.0 million on revenues of $635 million. Last year, its operating loss through September was $2.9 million on revenues of $528 million. The year to date revenue increase was due to added volume from its Denison, Iowa plant and an increase in the average price per gallon of ethanol.
The Rail Group achieved third quarter operating income of $12.4 million on revenues of $48 million. In the same three month period of 2012, the group earned $19.1 million and revenues were $60 million. This quarter, the group recognized $2.2 million in gains on sales of railcars. Last year, the group recognized $13.5 million in gains on sales of railcars and related leases and non-recourse transactions during the third quarter. Gross profit from the leasing business increased significantly this quarter due to an increase in the average lease rate. The group also recognized gains related to the settlement of two non-performing leases. The average utilization rate for the quarter was 86.2 percent, which is up from 84.3 percent last year. The group's first nine months operating income was a record $36.6 million on $132 million of revenues. In 2012, operating income through September was $34.3 million and revenues were$128 million. These results include gains similar to those aforementioned of $15.8 million and $22.2 million in 2013 and 2012, respectively. In September, the company completed the acquisition of Mile Rail, LLC, a railcar repair and cleaning facility headquartered in Kansas City, Missouri, with two satellite locations inNebraska and Indiana.