MAUMEE, OHIO, U.S. — The Andersons, Inc. on Aug. 6 reported that its second-quarter net income was $44.3 million, or $1.56 per diluted share, which represents an increase of 50% from $29.5 million, or $1.05 per diluted share, for the same period last year. This increase in earnings comes on revenues of $1.3 billion compared to $1.6 billion for the same period last year.

The operating income for the Grain Group in the second quarter increased around 400% to $10,355,000 from $2,053,000 for the same period last year.

“We're pleased with our first-half performance for 2014, which is a record," said CEO Mike Anderson. "Both our Ethanol and Plant Nutrient groups had strong results this quarter. In fact, our Ethanol Group had the best quarter in its history. In addition, our Grain Group's operating income benefitted from improved space income in our grain operations, and the addition of income from the Thompsons Limited joint venture."

The Andersons reported that its Ethanol Group realized excellent margins at all plants. These margins were supported primarily by ongoing increases in export demand, lower corn prices and excellent operating metrics. The Ethanol Group had record E-85 sales and an increase in distillers dried grains and corn oil sales.

The Plant Nutrient Group exceeded its prior year six-month earnings performance. The Rail Group recognized $2.5 million in pre-tax gains on sales of railcars and related leases and non-recourse transactions during the quarter, which is approximately $2.4 million less than the prior year.

The following highlights have impacted reported results, or may impact future results:

Crop conditions in the majority of our territories are ideal. Continued good weather provides the potential for record corn and soybean yields.