For the same time period last year, the company reported earnings of $38.8 million or $2.09 per diluted share. The company attributed the increase to rising prices in its agricultural businesses.
Third-quarter net income was $10.9 million, or 59¢ per diluted share, on revenues of $939 million. In the third-quarter of 2010, the company reported results of $1.4 million, or 8¢ per diluted share, on revenues of $707 million.
"We are pleased to be able to report record year to date earnings. Our earnings continue to be led by our Grain & Ethanol and Plant Nutrient Groups," said Chief Executive Officer Mike Anderson. "The performance of the operating teams in this positive agricultural environment has resulted in strong returns on all assets including acquisitions made in recent years. I am particularly proud of the Grain & Ethanol Group's record results this year, which have benefited from great space income and the record year to date results of Lansing Trade Group.”
The Grain & Ethanol Group reported third quarter operating income of $12.8 million, which was significantly higher than its year earlier result of $2.5 million. The group had record operating income through September of $76.8 million, in comparison to operating income of $42.8 million for the same period in 2010.
The Grain Division reported operating income of $8.3 million in the third quarter of 2011 versus $3.2 million for the same period last year. The division benefited from continued strong space income and record third quarter earnings from its investment in Lansing Trade Group. Revenues for the Grain Division were $539 million and $389 million for the third quarter of 2011 and 2010, respectively. Revenues increased significantly due to higher grain prices. The Grain Division's operating income for the first nine months of the year was $60 million on revenues of $2 billion. Last year, its operating income through September was $28.8 million on revenues of $1.2 billion.
The Ethanol Division earned an operating income of $4.4 million in the third quarter. This compares to a loss of $800,000 during the same period of the prior year. The higher income is the result of an increase in the company's earnings from the investment in three ethanol limited liability company affiliates. Total revenues for the quarter were $179 million. In comparison, the division's revenues for the same period last year were $109 million. Revenues increased primarily due to higher ethanol prices. The Ethanol Division's operating income through September was $16.8 million on revenues of $477 million. In the prior year, its operating income for the same period was $14 million on revenues of $341 million.