The Andersons Inc. has released third quarter financial results, reporting record quarterly and year-to-date operating income for the company’s ethanol segment due to strong margins.

Overall, The Andersons announced third quarter net income attributable to the company of $17.2 million, or 91 cents per diluted share, on revenues of $1.2 billion. During the same three-month period of 2012, the company reported results of $19.6 million, or 90 cents per diluted share, on revenues of $1.1 billion.

The Andersons’ ethanol group reported operating income of $10.9 million in the third quarter on revenues of $213 million, up from an operating loss of $900,000 reported during the same period of last year on revenues of $210 million. According to the company, the income increase was primarily the result of an increase in the company’s earnings from its investments in ethanol production facilities, which benefited from higher ethanol margins. The Andersons also noted these facilities also continued to benefit from significant income provided by coproducts, such as corn oil, distillers grains, E85 and carbon dioxide.

For the first nine months of 2013, The Andersons reported operating income for the ethanol group of $24 million on revenues of $635 million. During the same period of 2012, the group reported an operating loss of $2.9 million on revenues of $528 million.

“This year, the ethanol locations have benefited from favorable margins, which were not the case last year,” said Harold Reed, chief operating officer of The Andersons, during a call to discuss the quarterly results, noting the increase was due to both an increase in the average per-gallon price of ethanol and added volume. “Most of the volume increase relates to the Denison plant, which was acquired in May of 2012,” he continued. “Some of the increase in volume relates to efficiency gains at our existing plants.”

Reed also addressed the production of ethanol coproducts. All four of The Andersons’ ethanol plants sell corn oil, E85 and dstillers dry grains, he said. Two of the plants also sell carbon dioxide.

During the third quarter, The Andersons shipped 70.3 million gallons of ethanol, compared to 70.4 million gallons during the same period of last year. During the first nine months of the year, the company shipped 210 million gallons of ethanol, up from 195.8 million gallons during the same period of last year.

The Andersons shipped 22.7 million pounds of corn oil in the third quarter and 61.6 million pounds during the first nine months of the year. In 2012, The Andersons shipped 16.5 million pounds of corn oil during the third quarter, and 40 million pounds during the first nine months of the year.

E85 gallons shipped also increased when compared to 2012. During the third quarter of this year, The Andersons shipped 7.9 million gallons of E85, up from 4.6 million gallons during the same period of last year. During the first three quarters of 2013, the company shipped 18.2 million gallons of E85, up from 13.8 million gallons during the same period of last year.

The Andersons also shipped 257,000 tons of DDGS during the third quarter of this year, up from 243,000 tons during the same period of 2102. During the first nine months of 2013, the company shipped 781,000 tons of DDGS, up from 729,000 tons during the first nine months of 2012.