MAUMEE, OHIO, U.S. — The Andersons, Inc. reported on Nov. 4 a loss of $1.2 million or 4¢ per share for the third quarter, down  from earnings of $16.8 million or 59¢ per share in the same quarter last year.

Revenues totaled $935.8 million, down 2% from $952.9 million in the third quarter a year ago.

The Grain Group earned $131,000, down 98.9% from $12,449,000 in the same period a year earlier. The company attributed the steep drop in performance to a significant decline in equity earnings and lower core grain business results.

"The Rail Group had a great quarter as they continued to benefit from their focus on asset management, which has led to higher lease and utilization rates,” said Chairman Mike Anderson. “The Ethanol Group also had good results, despite margins being down, as they continued to increase throughput due to various process improvements they have made. Overall, however, this was a disappointing quarter primarily due to the results of our grain and plant nutrient groups.”  

The Rail Group reported earnings of $11.9 million, up from $4.2 million in the same quarter a year earlier.

Despite ethanol margins being down significantly, the Ethanol Group had a good quarter due to strong operational execution, the company said.  The group earned $5,888,000, down 72% from $21,253,000 in the same time last year. The Ethanol Group achieved record third quarter ethanol production volumes.

The Plant Nutrient Group saw a net loss of $11.1 million, up from a net loss of $3 million a year earlier. The group's performance included a $4.5 million negative impact related to recent acquisitions, which were not expected to be accretive this quarter.  The legacy portion of the business continued to see a reduction of nutrient purchasing this quarter.  The group's results were further impacted by a $2 million goodwill impairment charge in the Cob business.

"We are confident in our future earning potential and we have again raised our dividend,” said Anderson. “It has increased from 14¢ to 15.5¢ per share; this will be effective with the next planned dividend to be paid on January 25, 2016 to holders of record as of January 4, 2016."