NEWS RELEASE

Investor Relations Contact: Date:November 5, 2012

Nick Conrad

Phone: 419-891-6415

E-mail: nick_conrad@andersonsinc.com

THE ANDERSONS, INC. REPORTS THIRD QUARTER RESULTS

Third Quarter Earnings of $0.90 per Diluted Share

Rail Group Leads Earning Results

MAUMEE, OHIO, November 5, 2012-The Andersons, Inc. (NASDAQ: ANDE) today announced third quarter net income attributable to the company of $16.9 million, or $0.90 per diluted share, on revenues of $1.1 billion. In the third quarter of 2011, the company reported results of $10.9 million, or $0.59 per diluted share, on revenues of $939 million. For the first nine months of 2012, the company earned $64.5 million, or $3.43 per diluted share, on revenues of $3.6 billion. In the same period of 2011, The Andersons reported results of $73.4 million, or $3.92 per diluted share, on $3.3 billion of revenues.

The Rail Group achieved record third quarter operating income of $19.1 million on revenues of $60 million. In the same three month period of 2011, the group earned $1.1 million and revenues were $24 million. This quarter, the group recognized $13.5 million in gains on sales of railcars and related leases and non-recourse transactions (where the company continues to provide car management services to the purchaser and typically holds an option to purchase the railcars at the end of the assigned lease). In the third quarter of 2011, the company recognized a gain on similar transactions of $0.7 million. Gross profit from the leasing business was significantly higher due primarily to an increase in the average lease rate. The average utilization rate for the quarter was approximately 84 percent, which is down slightly from 85 percent last year. The rail fleet has increased to approximately 23,400 cars from 22,300 last year. The group's first nine months operating income was $34.3 million on $128 million of revenues. In 2011, operating income through September was $7.4 million and revenues were $82 million. These results include gains similar to those aforementioned of $22.2 million and $7.7 million in 2012 and 2011, respectively.

The Grain Group had operating income of $10.8 million in the third quarter of 2012 versus $8.3 million for the same period last year. The group benefited from an early harvest, which resulted in higher gross profit on sales in comparison to the prior year third quarter. Space income was down considerably, as expected. This was offset by record third quarter earnings from the company's investment in Lansing Trade Group. Revenues for the Grain Group were $677 million and $539 million for the third quarter of 2012 and 2011, respectively. Revenues increased primarily due to an increase in the bushels sold. The Grain Group's operating income for the first nine months of the year was $45.5 million on revenues of $2.1 billion. Last year, its operating income through September was $60.0 million on revenues of $2.0 billion. As announced last week, the group has entered into an agreement to purchase the majority of the grain and agronomy assets of Green Plains Grain Company, LLC, a subsidiary of Green Plains Renewable Energy, Inc. This acquisition includes seven facilities in Iowa and five in Tennessee, with a combined grain storage capacity of approximately 32 million bushels, which increases the group's storage capacity by nearly 30 percent. The Iowa locations also have 30 thousand tons of fertilizer storage space.

The Plant Nutrient Group's third quarter operating income was $0.8 million on revenues of $135 million. In the same three month period of 2011, the group had operating income of $6.6 million on revenues of $138 million. Margins in the third quarter were solid; however, in the prior year margins were significantly higher. The group's first nine months' operating income was $34.5 million on $619 million of revenues. Last year, its operating income through September was $35.8 million on revenues of $521 million. Increased revenues this year are due to both increased volume and higher selling prices.

The Ethanol Group had an operating loss of $0.9 million in the third quarter, compared to earnings of $4.4 million during the same period last year. The loss was primarily the result of a decrease in the company's earnings from its ethanol investment affiliates, whose income continues to be significantly impacted by lower ethanol margins that have resulted from increased corn costs and lower ethanol demand. Partially offsetting the group's lower margins are service income and income from co-products such as corn-oil, DDGs, E-85, and CO2. Total revenues for the quarter in 2012 and 2011 were $210 million and $179 million, respectively. Revenues were up due to the addition of the Denison, Iowa facility in May. The group's operating loss through September was $2.9 million on revenues of $528 million. Last year, its nine month operating income was $16.8 million on revenues of $477 million.

The Turf & Specialty Group had an operating loss of $1.6 million in the third quarter on $22 million of revenues. Last year, the group reported an operating loss of $1.2 million on $23 million of revenues for the same period. Through the first nine months of 2012, the group's operating income was $3.4 million on $110 million of revenues. Last year, its operating income was $3.8 million for the same period on revenues of $112 million.

The Retail Group had an operating loss of $1.8 million in the third quarter of 2012 on revenues of $35 million. In the comparable period last year, the group's operating loss was $1.2 million and total revenues were $36 million. Through nine months, the group recorded a loss of $3.1 million and total revenues of $110 million. Last year through September the group lost $2.0 million on total revenues of $112 million.

“We had a great quarter, due in a large part to the exceptional results seen in our Rail Group, which has had record results every quarter this year due to skillful management of its railcar assets,” CEO Mike Anderson stated. “We also had good results in the Grain Group, although some of its income has been accelerated due to the early harvest. The Grain Group's performance was impacted by record Lansing Trade Group earnings,” added Mr. Anderson. “Our expectations for the remainder of the year still remain tempered by the drought, which will continue to impact our grain and ethanol businesses through the first half of 2013. Our recent acquisitions and capital expansions, however, will pay dividends in the future. These include the acquisition of Mt. Pulaski Products, which was finalized last week, breaking ground on a new, state of the art, railcar blast and paint facility, the recent opening of our Anselmo, Nebraska grain elevator, and the previously mentioned Green Plains Grain Company, LLC acquisition. We will effectively manage through the 2012 drought, as we have to date, and will continue our focus on long term earnings growth,” concluded Mr. Anderson.

The company will host a webcast on Tuesday, November 6, 2012 at 11:00 A.M. ET, to discuss its performance. This can be accessed under the heading “Investor” on its website at www.andersonsinc.com.

The Andersons, Inc. is a diversified company rooted in agriculture. Founded in Maumee, Ohio, in 1947, the company conducts business across North America in the grain, ethanol, and plant nutrient sectors, railcar leasing, turf and cob products, and consumer retailing.

This release contains forward-looking statements. These statements involve risks and uncertainties that could cause actual results to differ materially. Without limitation, these risks include economic, weather and regulatory conditions, competition, and the risk factors set forth from time to time in the Company's filings with the Securities and Exchange Commission. Although the Company believes that the assumptions upon which the financial information and its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct.

The Andersons, Inc. is located on the Internet at www.andersonsinc.com

The Andersons, Inc.

Consolidated Statements of Income

(unaudited)

	Three months ended September 30,					Nine months ended September 30,
(in thousands, except per share data)	2012			2011		2012			2011
Sales and merchandising revenues	$	1,138,402		$	938,660	$	3,591,369		$	3,278,501
Cost of sales and merchandising revenues	1,060,086			873,696		3,324,533			3,012,080
Gross profit	78,316			64,964		266,836			266,421
Operating, administrative and general expenses	58,029			54,486		177,339			165,923
Interest expense	5,482			5,711		16,192			20,609
Other income:
Equity in earnings of affiliates	6,027			9,731		15,406			29,489
Other income, net	3,492			1,217		9,409			5,541
Income before income taxes	24,324			15,715		98,120			114,919
Income tax provision	9,133			4,484		36,730			40,265
Net income	15,191			11,231		61,390			74,654
Net income (loss) attributable to the noncontrolling interests	(1,693		)	306		(3,100		)	1,245
Net income attributable to The Andersons, Inc.	$	16,884		$	10,925	$	64,490		$	73,409
Per common share:
Basic earnings attributable to The Andersons, Inc. common shareholders	$	0.91		$	0.59	$	3.47		$	3.96
Diluted earnings attributable to The Andersons, Inc. common shareholders	$	0.90		$	0.59	$	3.43		$	3.92
Dividends paid	$	0.15		$	0.11	$	0.45		$	0.33

The Andersons, Inc.

Consolidated Balance Sheets

(unaudited)

(in thousands)	September 30, 2012		December 31, 2011		September 30, 2011
Assets
Current assets:
Cash and cash equivalents	$	80,370	$	20,390	$	38,510
Restricted cash	160		18,651		11,920
Accounts receivable, net	199,158		167,640		158,757
Inventories	682,292		760,459		458,314
Commodity derivative assets - current	166,264		83,950		143,010
Deferred income taxes	20,627		21,483		17,233
Other current assets	41,568		34,649		41,559
Total current assets	1,190,439		1,107,222		869,303
Other assets:
Commodity derivative assets - noncurrent	7,047		2,289		3,907
Other assets, net	67,801		53,327		48,010
Equity method investments	190,057		199,061		189,118
	264,905		254,677		241,035
Railcar assets leased to others, net	252,702		197,137		183,346
Property, plant and equipment, net	283,394		175,087		164,893
Total assets	$	1,991,440	$	1,734,123	$	1,458,577
Liabilities and equity
Current liabilities:
Borrowings under short-term line of credit	$	275,522	$	71,500	$	105,000
Accounts payable for grain	250,066		391,905		77,813
Other accounts payable	204,347		142,762		137,872
Customer prepayments and deferred revenue	77,278		79,557		82,785
Commodity derivative liabilities – current	43,589		15,874		55,354
Accrued expenses and other current liabilities	53,631		60,445		49,487
Current maturities of long-term debt	32,655		32,208		45,171
Total current liabilities	937,088		794,251		553,482
Other long-term liabilities	14,083		43,014		35,421
Commodity derivative liabilities – noncurrent	590		1,519		6,903
Employee benefit plan obligations	49,478		52,972		30,132
Long-term debt, less current maturities	312,404		238,885		235,729
Deferred income taxes	75,377		64,640		64,841
Total liabilities	1,389,020		1,195,281		926,508
Total equity	602,420		538,842		532,069
Total liabilities and equity	$	1,991,440	$	1,734,123	$	1,458,577

The Andersons, Inc.

Segment Data

	Grain		Ethanol			Plant Nutrient		Rail		Turf & Specialty			Retail			Other			Total
Quarter ended September 30, 2012
Revenues from external customers	$	677,484	$	209,634		$	135,144	$	59,703	$	21,509		$	34,928		$	—		$	1,138,402
Gross profit	21,166		3,846			15,297		22,892		5,296			9,819			—			78,316
Equity in earnings (loss) of affiliates	9,249		(3,224		)	2		—		—			—			—			6,027
Other income, net	526		1			523		1,695		181			117			449			3,492
Income (loss) before income taxes	10,807		(2,629		)	759		19,071		(1,571		)	(1,769		)	(344		)	24,324
Loss attributable to the noncontrolling interests	—		(1,693		)	—		—		—			—			—			(1,693		)
Operating income (loss) (a)	$	10,807	$	(936	)	$	759	$	19,071	$	(1,571	)	$	(1,769	)	$	(344	)	$	26,017
Quarter ended September 30, 2011
Revenues from external customers	$	538,723	$	179,331		$	137,637	$	24,067	$	23,051		$	35,851		$	—		$	938,660
Gross profit	20,757		3,079			20,977		5,180		4,714			10,257			—			64,964
Equity in earnings of affiliates	6,459		3,270			2		—		—			—			—			9,731
Other income (expense), net	652		38			282		604		167			130			(656		)	1,217
Income (loss) before income taxes	8,313		4,749			6,622		1,123		(1,245		)	(1,233		)	(2,614		)	15,715
Income attributable to the noncontrolling interest	—		306			—		—		—			—			—			306
Operating income (loss) (a)	$	8,313	$	4,443		$	6,622	$	1,123	$	(1,245	)	$	(1,233	)	$	(2,614	)	$	15,409
	Grain		Ethanol			Plant Nutrient		Rail		Turf & Specialty			Retail			Other			Total
Nine months ended September 30, 2012
Revenues from external customers	$	2,096,256	$	528,062		$	619,301	$	127,608	$	110,481		$	109,661		$	—		$	3,591,369
Gross profit	80,207		8,544			78,272		47,020		20,785			32,008			—			266,836
Equity in earnings (loss) of affiliates	22,706		(7,305		)	5		—		—			—			—			15,406
Other income, net	1,842		37			1,651		3,295		671			396			1,517			9,409
Income (loss) before income taxes	45,519		(6,020		)	34,540		34,288		3,384			(3,090		)	(10,501		)	98,120
Loss attributable to the noncontrolling interests	—		(3,100		)	—		—		—			—			—			(3,100		)

Operating income (loss) (a)	$	45,519	$	(2,920	)	$	34,540	$	34,288	$	3,384	$	(3,090	)	$	(10,501	)	$	101,220
Nine months ended September 30, 2011
Revenues from external customers	$	1,973,820	$	476,783		$	521,109	$	82,478	$	111,872	$	112,439		$	—		$	3,278,501
Gross profit	103,529		12,373			78,312		18,712		20,458		33,037			—			266,421
Equity in earnings of affiliates	18,117		11,366			6		—		—		—			—			29,489
Other income (expense), net	1,754		133			541		2,198		716		430			(231		)	5,541
Income (loss) before income taxes	59,955		18,089			35,813		7,432		3,811		(2,020		)	(8,161		)	114,919
Income attributable to the noncontrolling interest	—		1,245			—		—		—		—			—			1,245
Operating income (loss) (a)	$	59,955	$	16,844		$	35,813	$	7,432	$	3,811	$	(2,020	)	$	(8,161	)	$	113,674

(a) Operating income (loss) for each operating segment is defined as net sales and merchandising revenues plus identifiable other income less all identifiable operating expenses, including interest expense for carrying working capital and long-term assets and is reported net of the noncontrolling interest share of income.