The Andersons, Inc.
) declared that its unit, The Andersons Rail Group, has completed
the construction of a 27,300 square-foot railcar paint facility
in Maumee, Ohio. The new facility will provide a more efficient
and environmentally friendly way to clean and paint railcars.
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Anderson's rail operations range from the leasing, marketing and
fleet management of railcars and locomotives to railcar repair
and metal fabrication. The new Maumee railcar facility will help
ease the existing scarcity of this kind of services.
The facility also includes the construction of 1,700 feet of new
rail track that will allow the railcars to move through the
building. This will also assist Andersons to fulfill the expected
growth in demand for quality railcar painting, which ultimately
leads to the improvement of customer services.
Maumee, Ohio-based Andersons, which belongs to the agricultural
and farm products industry along with
Archer Daniels Midland Co
), reported first-quarter 2013 earnings of 67 cents per share,
down 32% from 98 cents per share earned in the year-ago quarter.
The results missed the Zacks Consensus Estimate of 86 cents.
Anderson's Rail Group, on the other hand, registered record first
quarter results with revenues spiking 28% to $46 million in the
quarter and operating income increasing nearly two-fold to $14.6
million. The group's revenues and income benefited from higher
lease rates and increased income from car financings.
The Rail Group witnessed a solid run in 2012 and the momentum is
expected to continue in 2013 as well. However, the 2012 drought
remains a headwind, Andersons expects the Rail Group to continue
to perform well based on its proficiently managed railcar
Andersons is a diversified company rooted in agriculture. The
company conducts its businesses across North America in the
grain, ethanol, and plant nutrient sectors, railcar leasing, turf
and cob products, and consumer retailing.
Andersons currently retains a short-term Zacks Rank #3