MAUMEE, OHIO, Oct. 28 /PRNewswire-FirstCall/ -- The Andersons, Inc. announced today it expects its full-year earnings per share to be less than previous guidance.
The full-year 2008 guidance is expected to be within the range of $3.50 and $4.00 per diluted share, down from the previous estimate of $5.00 to $5.40 per diluted share announced in July. The company's earnings per diluted share for 2007 were $3.75, which set a company record.
The original guidance for the year, issued in May, was a range of $3.65 to $4.00 per diluted share. Subsequent increases in guidance during the year resulted from realized and anticipated effects from sharp increases in global fertilizer prices.
The decrease is primarily attributed to the recent sharp decline in global fertilizer prices, which has led to write downs of certain fertilizer inventories and will lead to significant margin decreases within the Plant Nutrient Group. Additionally, despite falling prices, fourth quarter volume for the group is expected to be weak. In spite of this change, it is anticipated that the Plant Nutrient Group will have a record performance in 2008.
The third quarter results and revised forecast will be discussed during the company's quarterly conference call on Wednesday, November 5, 2008, at 11:00 a.m. Eastern Time. The company will issue a news release detailing the financial results in advance of the conference call which is being webcast by Thomson Reuters and can be accessed by clicking investors on The Andersons, Inc. website, http://www.andersonsinc.com/ .
About The Andersons, Inc.
The Andersons, Inc. is a diversified company with interests in the grain, ethanol and plant nutrient sectors of U.S. agriculture, as well as in railcar leasing and repair, turf products production, and general merchandise retailing. Founded in Maumee, Ohio, in 1947, the company now has operations in 12 U.S. states and Puerto Rico, plus rail equipment leasing interests in Canada and Mexico. For more, visit The Andersons online at http://www.andersonsinc.com/ .
