ANDE Andersons

John Kraus Director-Investor Relations
Pat Bowe President and Chief Executive Officer
Brian Valentine Senior Vice President and Chief Financial Officer
Ken Zaslow Bank of Montreal
Ben Bienvenu Stephens
Eric Larson Buckingham Research
Call transcript
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Ladies and gentlemen, thank you for standing by, and welcome to The Andersons 2019 Third Quarter Earnings Conference Call. [Operator Instructions]

I would now like to hand the conference over to Director of Investor Relations, John Kraus.

John Kraus

Thanks, Andrew. Good morning, everyone, and thank you for joining us for the Andersons third quarter 2019 earnings call. presentation enhance slide discussion. a provided that today’s will We’ve

and webcast, presentation and This If the the Investors recorded, at available this our shortly. be our slides webcast recording the will supporting being page sync. you’re viewing on in via slides made and be commentary is website of the will

the company’s industries, company’s States both XXXX prospectuses company’s additional general and factors documents, forward-looking results connection economic filed many are from in those materially Certain today Act the information United in differ of conditions, in and competitive constitutes discussed and weather, result the the in conditions, forward-looking prepared statements internationally, described the conditions could filings including factors, a that statements, including and actual the as presented with publicly in offerings.

Today’s information call not independent completely auditors company’s have the includes reviewed. which financial

the Although forward-looking upon the accurate. to be no its financial that and give will can prove assurance information based it assumptions company believes reasonable, assumptions these that are which statements the are

This operating generally determined adjusted to and net as or principles. non-GAAP The pretax pretax EBITDA additional of contain adjusted to provide believes income income adjusted not taxes Adjusted underlying others financial adjusted considered and accounting its operations, and and evaluation today’s performance about an presentation investors pretax by EBITDA alternatives company as to better before do income, EBITDA should prepared income, attributable information measures. comparability. EBITDA period-to-period allowing The and Andersons, be not and accepted income remarks income

President prepared Pat, your will happy and Executive Bowe, Pat Officer. Brian and President After Brian take our today Chief remarks, the On me Financial call to Valentine, Vice Senior Chief with Officer; I questions. be and are and

comments. Now Pat the his over to floor opening for I’ll turn

Pat Bowe

Brian business everyone. each of quarter and our with groups. I’ll our our John, you four remainder morning, to thoughts of what a by conclude results. you, review on XXXX. third remarks I’ll XXXX presents good review, our year beginning call prepared comments providing morning give some the our into some you a this the we’re for to look After joining for start Thank see about Thank for and business outlook brief

quarter proud our $X and million year. accomplished lower faced, But business they Our have given have were quarter by adjusted challenging conditions markets results of XXXX third and groups team third adjusted that the past our our what roughly the of three than we’re I’m the ag weather very outcome. encouraged over results.

as reinforced Lansing manage strategy to of conditions those our a business lack for and offset acquire ability through planting. Trade reduced to the late the lines difficult assets belt acquired caused opportunity by corn Our Group many we Eastern of helped

difficult quarter less a margin down Results Ethanol the period. were remain when Group significant during industry during reduced Rail in for profitable to third Group despite primarily the car Nutrient The environment lower results the somewhat or Group’s improved, incurred shut entirely. were sales and Plant and due many to the losses continued production

adjusted quarter basis, resulting the footprint the of in quarter, it the contributed those farmer performed an The of in conditions improving incurred of during hurt the assets, second limited caused which profitable the large recognition Trade The the Market well. spring our results. quarter the quarter engagement income the third Eastern performance lower assets to third acceleration and significantly as weather on planting Western very into Group even was core our an poor on in XXXX. loss

The well, we’re continues third than in million are fact, very synergies. identified implementing to performance of and now the pleased combined. very we’ve integration more Lansing go the expense the In with and over $XX second and group acquisition quarters

the ELEMENT Kansas at notable several achieved in Group August. Ethanol The biorefinery during Production in began successes quarter. the

with announced previously Corporation. we with October ran financial the ownership addition, in use separate of and cash In structures many This group we entities action plants for different debt that the four merged Petroleum outcomes, more effective Marathon increased and early has investing positive transparency provide including public. in will

Nutrient product Plant third that delayed Group a what spring some earlier rains, the better were in The due the quarter. is last quarter margins than year in performed volume typically from protracted but did a by mix. in it was general, lower recovered to quiet In the year group

sand weak lease these loadings frac The lease X% year-over-year be commodities cars and and railcars decrease are such rates despite to year-to-date ethanol. specific as more generally and down markets in flat railcar with loadings. is for further Renewal in continue the rates lower. storage some railcar railcar with carry and grain, Other market weakness that

utilization quarter Our idle primarily due the X,XXX of are the to preparing during purchase rate we that cars for service. decreased

you a walk now more detailed financial through will our Brian results. review of

Brian Valentine

Thanks, Pat, morning, and good everyone.

to of attributable of now loss $X.X of Andersons billion. diluted In XXXX, revenues or million or per a company an loss and loss X. $X.XX We’re net net the per $X adjusted Slide million $X.XX on reported quarter on share the of The share a $X.X of third number diluted

those several income third $X.XX of per of per diluted revenues results pretax $X.XX of income on Ventures of $XXX,XXX It’s important share of per quarter $X.X net reported million. diluted the Maumee million that from investments. and note XXXX, included million In loss XXXX we share or to diluted share $X.X a or $XXX adjusted $X.XX or

federal the XXXX tax an XXXX the the tax for of income associated and a company In of Both benefit rate recorded discrete from $X.X an biorefinery. at research recorded slightly which million impacted tax by recorded XX.X%, effective company rates were of the several tax the credits of an benefits. current when benefit third construction was rate up rate tax at quarter ELEMENT primarily development company our third XX.X%. quarter, of The tax the effective with quarter

quarters. that and X.XX:X, quarter to reduce we Our from end plan long-term coming continue the slightly to to decreased the debt-to-equity in ratio prior measure

ratio target is Our X.X:X.

in should reduction order a basis reduction spread in decreasing of XX as a of credit go-forward point $X a interest beginning our in on leverage. of per on million December result the expense the result facility year. borrowing expect We main This

related Total declined our quarter, million a of quarter to almost million On adjusted the $XX.X in the with third $XX.X company the business. our by of typical the during seasonality is quarter which $XXX third EBITDA note, short-term borrowings in consistent XXXX. increased million from XXXX in

XXXX graphs provide months adjusted XXXX we income of bridge third income the Next, adjusted and pretax first that quarter pretax the for year. to compare nine

accounts quarter and be the adjusted of portion and in third cash soybean the explained a fact improvement, rest the million Slide $XX.X that results markets by X quarter. that by XXXX. the shows can the Trade in of improved Group’s Lansing that sharply acquisition third The corn declined for

the While results also at incurred the start-up plant. Group ELEMENT group profitable costs lower the remains were significantly to due in The environment. Ethanol the a market quarter, challenging

earlier, mentioned on net reason year-over-year Ventures primary As gains expenses investments. the change recorded other in corporate the in XXXX and to Maumee for we related

our results acquisition. $XX on were Trade nine months primarily Lansing to to results Slide than Group up X, Moving due the XXXX million by from more

Plant contract year-to-date quarter and manufacturing in due lower planting environment. Group’s results Ethanol’s profit $XX.X assets impairment an expected XXXX lawn sold. were to In down million a Tennessee results The addition, was to season by were the due of Nutrient charge later decrease on challenging the included fertilizer. second the that margin wet

of $XX.X of the million of to move assets Eastern strong income $X and by assets on a recorded Western considering each $XX.X footprint. Group XXXX results beginning pretax we’ll Slide million over third issues but underlying conditions. adjusted a million, EBITDA. an of on Performance significant over the for quarter increase four of period in pretax the Group was our more the the X. in of mixed than of quarter with Trade adjusted $X.X Merchandising from Now results of pretax third improvement Trade million group’s offset $XXX,XXX, planting-related XXXX. the same units Grain review the loss business market strong as The Group EBITDA quarter reported Trade weather Group’s the loss were a were was

Eastern to third plants. maximizing Production turned production Ethanol be increased continuing ethanol solid third-party market the for at The at quarter. particularly contributed elevated the from by basis, the in change company benefited third concentrate X, considering pretax the earning again continued to on income. to of group’s group Slide quarter in The stressed Margins trading. and three ELEMENT pretax Start-up also efficiency attributable to the Kansas to conditions. Moving profitable, each year-over-year began corn quarter during $XXX,XXX. a plant difficult group the expenses continued in remained Group biorefinery the income

leverage our ethanol efficient October. our more power. and simplified and the at This optimal the facilities resulting The group larger Albion, Clymers, commercial Greenville financial to to for trade freely teams use its corn, beginning and transparent more Marathon with the cash achieve and procurement allow the result among debt of to in of reporting. allow and profitability will purchasing will The will of four also merger team structure DDGs Denison plants completed

primary a lower loss Volumes better up of Slide Turning XXXX centers. Nutrient $X.X X% mix. per at Group to in which third ton results. pretax quarter Margins for the third nutrients were to XX, than Plant were the recorded million farm product the due and quarter, was

from in lawn EBITDA margins. contract for quarter and manufacturing improved offset year-over-year, $XXX,XXX, part up third volumes the Nutrient XXXX. $XXX,XXX of in the quarter this down expected, was was were As but Plant by

and lower last On income defaults to the results of quarter Slide last sand reflect third Rail quarter we customer XX, certain million generated and lease year. ethanol XX.X% third quarter in XX% compared and of $X.X can a in in pretax utilization for XX.X% to markets. averaged healthy $X.X million the the that rates, Group the the XXXX. compared Leasing Utilization quarter lower still see average

purchased by Pat mentioned, As which we railcars, about lowered X,XXX idle previously X%. utilization

year-over-year. cars, Total utilization impact year-over-year. of flat increased by was controlled cars lease the and on these record approximately X% of Excluding a about $XX,XXX, reached cars

million income group nine-month group expected, during sales $X.X the As than the of cars earned scrapped pretax cars. from of The third to quarter very XXXX. car XXX bringing compared its to the fewer XXX or less total in the little quarter, recorded than sold income

year-over-year Repair labor quarter. were lower business primarily XXth location opened results its the during The group to higher benefit and due expenses.

slightly Rail year. Group last for million in quarter, up the $XX.X the which Finally, to EBITDA was compared recorded

$X.XX, of the summary the a through we On recorded The nine total adjustments quarter are were estimate present million diluted costs such acquisition. The per XXXX. months or during $X.X adjustments followed earnings and total million, of to of million the transaction-related still We in $X.XX year these that incurred we the $X.XX Slide expenses $X.X we share $X.X incur per based $XX shares third relating acquisition-related million by in of the per million and Lansing XXXX, during on the current about share. first respectively. net XX, expenses will outstanding $XX.X $X.XX share, of to a XXXX bringing impacts

And comments turn with over that, things to outlook. our like on Pat for back some to I’d

Pat Bowe

Thanks, harvest. continuing We global November of trade a Brian. results the entered market uncertainties, some including with and late

the operation and more to side the of pay dividends. integration Group positive Trade the continues ledger, our great On of diversified

recent optimism ethanol some provided In fourth business the in hedge addition, have well. improvements forward enabled and into that us as for to that margins first quarters

what managed We’ve of harvest. in draw Eastern worst of into Eastern will those in the reduced impact resulted seasons years. among and grain Eastern through several assets Late XXXX. smaller many the areas well earnings our planting have negatively This was core in planting

improve. detrimental with Group, war remain to and increase soft, trade the Plant lower prices increase. lingering we to think both will to for likely be Rail stay XXXX plantings effect help continue expect The And and loadings while North the China in in but groups. is railcar above under nutrient lease Group XX% utilization American Ethanol rates a year-over-year, on cars having to a Primary continue Nutrient we unresolved Trade corn

We’re outlook about reflected price. than company the stock what our our by more optimistic market recent in is

work hard We control. what improve continue to to we can

cultures our One, best first defined opportunities Trade the cash synergies Our line customers’ center-driven ahead aligned year maximizing we’re expectations, of performance. business In of optimize the Group trading its a since include acquisition, provide around current five. flow. and the and of initiatives We’ve the both model sight focus organizations. to profit following melding capturing on

Trade Two, and the implement around identify synergies and additional company. expense reductions expense other Group

of rate out $XX by million to next carve increase to operating savings million plant delivering end $XX at Lansing biorefinery up efficiency record run the and that for million products ELEMENT selectively portfolio. in Group some to technologies Three, high-value from and plants. add company ramp track steady The products ethanol other our expect ELEMENT’s another more has $X to expenses total a and year. the at projects of add ROI improve their Ethanol four higher-margin We

on cash annual free basis. flow positive an generate Four,

operating better capital. our increased producing to working managing addition In focus we’ve results, on

below plan also annual maintenance hold our and We level. spending well depreciation to capital amortization expense

five, debt acquisition. Lansing reduce And increased long-term the following recently

announced We asset and have a two that completed effort. pending, on that sales, will start us one recently one give

We will assets. and continue identify reposition to evaluate to any our portfolio asset underperforming

our that we time, will Despite In built target to We we results. the XXXX to double then we’ve and in XXXX that a have we headwinds have December improved engage and need achieve run acknowledged some XXXX, EBITDA announced would of we million. $XXX be and target. biorefinery. which growth that we faced, continue to hit Lansing opened that ELEMENT acquired market rate confident Since nearly that currently the market is target, conditions projects

more we’ve disposed In to ever reduced than $XX will by business retail the infrastructure upgrade talent, of company. an underperforming us grow. an expenses allow continued management other to assets and the solid building four we’re capacity improved believe the million, that several and to years, have last more We provide

markets and we confident those well right focused I’m markets are ag the over positioned levers have that when turn. proved be The very time. to difficult on

customers, continue more for employees, operate a We XX our well strong than with to years. served have and that to communities commitment us shareholders

the like I’d questions. happy to call hand to we’ll that, Andrew, and to With your entertain back be


question Instructions] Zaslow comes of line [Operator Montreal. with the Our Bank first Ken of from

Ken Zaslow

guys. good Hey, morning

Pat Bowe

Good morning, ken.

Ken Zaslow

about that is have I looking talk can do are be my portfolio first question. you to? to the still E in type when two you’re strategy, you What criteria Just then that? questions. sold? another the assets talking about potential the at Patrick of Or One you’re how asset question. That’s And look

Pat Bowe

Sure, Ken.

– I obvious. ago, took think some were attractive, quite very of in assets the not are and case, three, those, some closing, were positive we four And had not cash at start some selling, action years of those that facilities. either we this,

have to look been of time. continue have the that at been care Most taken all that us the disappointed all We areas those, of. –

local So as Thompsons. announced big in coming of we be closing we optimize business our see from later, still That’s for pending it Canadian an solid And was business year. Sylvite, will probably was shift who’s acquired into that that by example, asset action. company, sale we of but a the than in don’t that But next a fertilizer That business we but that assets run were. then better Canada. the part that

kind So there may like be – I’d say, it’d be that. smaller of things,

Ken Zaslow


So the of the because the the is taken second on think we’re gallons? where can talk end about of a financing do capacity question issues? to is think is ethanol and permanently with you industry liquidity One EPA in terms? much And you do XX up you billion couple going out how

Pat Bowe

Yes. Those questions. two are really good

the all plants two in as wouldn’t when our as basis us slowing we production it quite as production, shutting, We at all times make been period, corn that technologies there’s of during plants. the the shutdowns the our so plants help XX%, more in had either SND balance fall our our think back perform last the at new Eastern had or in at of levels plants, ELEMENT a sense our other happened, new I when processing plant, far a We much And quarters. during efficiently. completed. XX% reduction shutdowns period we that in their that have as than installed some can high got of took slowed the bit

but for here even first a the But couldn’t and up to venture the in margins spot actually or those other ethanol plants plants basis guess High the come be ready levels of whether I fourth in have back year. for to quite bit and improved while, will little shape. around status not, bit they’ll that. a a into the of full, are next industry, quarter in and the We’re run good quarter

So there’s a there’s a been little outlook bit than for while. brighter

Ken Zaslow

think billion? will be how XX be and Is do EPA between to end, kind we about you will somewhere end billion It it do How where the the of think higher you handicap on up? going like XX that? And that? do

Pat Bowe


at would card how the I at into we’re of to to question. a move but and be may much of to strong XXXX gallons side, exports trade take the X XX be to that’ll be be played for maybe Does some more China XXXX into as think small China of movement in billion for will in I real The high to we the refinery any billion a to be year. exported? year there could potential will time the up for Because include shot And XX get come more a gallons, pace billion buy Is industry has ethanol? exemptions it, and the ethanol to biggest trade this deal? deal arm next China. a a

Ken Zaslow

Great. appreciate. you. I Thank really

Pat Bowe

Thanks, Ken.


next of Bienvenu with Stephens. comes Our Ben from the question line

Ben Bienvenu

Hi, thanks. morning. Good

Pat Bowe

Ben. Good morning,

Ben Bienvenu

and the from? belt. respect to I And and impact that opportunities million navigate your to where more want with $XX Eastern commentary about the help the incremental to between on on Western $XX challenging move quarter, then Lansing from synergy and What million, it had particularly ask those the do capture goals moving Lansing corn come environment? did synergies updated to make

Pat Bowe

Thank you, Ben.

So an quarters. of the in it’s been period agriculture interesting couple here last

cetera. that us long-term and it’s markets relationships crushers those has and our Mexico, I think and helped being for et being the acquisition into freight nimble having key truck the trading with on whether very really in point-to-point is domestic most Lansing millers users, really of end the grain positioning

putting positions right really shape. basis job a grain positioning in our and the nice done it’s So the

East in don’t and for has backyard to have been we the hold stocks firmer have Bill in year’s done how whole markets happened little incurred that carry-on done the wheat that because the putting the Indiana, that’s is and going farmers been better Ohio, job would position. to a have West crop that were assets team regional and a differentiation The we positioning caused harvest of and of see Park his size have Krueger planting storing position. the in It’s well. Michigan, great the traditional and basis grain what been has have, to the elevators wheat that waiting in they big tougher in our in the very past to The the assets, Overland time a of With problems us lower. kind arbitrage

harvest Louisiana was general assets We crop are pretty have – Those and in in solid. fantastic. in West conditions the

stronger with of So the is the definitely Trade Lansing. Group acquisition

Ben Bienvenu

Okay, great.

Pat Bowe

The of the second your part maybe answer yes, – question second – yes, second the to Brian question.

Brian Valentine

the think a collective – organizations, teams combination about best the in of systems. together say capture, I whether processes, both continue just that would people, of bring we to try the it’s we really continue is things synergy as uncover it’s it’s uncover we is to to the When

And combine But where of variety natural have insurance our a just to group. areas just other other about as on there’s we we then the people trade some collective we of a continue and think and trading places and when efficiencies variety the so there’s areas side. clearing some of

Pat Bowe

build is I that, May on Pat. this

combining on teams ethanol and one paid a traded Ethanol our line, synergies good that and team the long-standing with as group has top thing had those showed that up right DDGs, the away benefit. Lansing On really

hadn’t we maybe just dividends. that reached previously, markets and good assets more maximizing we interaction the has up and paid those opened traders have between it’s So

Ben Bienvenu

Eastern hear belt, to early particularly into talked ramp. I’d thoughts corn higher about lingering curious this year. Great. on Pat, your or basis, perhaps you next lasting in the this be

your to to think any then on be moderate back XQ extent ramp helps production, been would you some hedging that could bay? elaborating into production sequential seen helpful. elevated that of we’ve that do it’s what you Ethanol continued ethanol Group in ramp have keep might Although you at basis done comments provide for in what And

Pat Bowe

critical That’s it’s It’s a the right Sure. in really market point. – now. good

into some delayed to plants the idle a little of really corn harvest shutdown. plants them selling in quarter the are that have very I outlook little got and ran timing. their We or during ran that. of and hedging pace some we We production around inventories did our closed almost time of timing and have it’s job. a did our and start-up actually nice with really hard right So done, or mean lower know shutdowns that out effective run certain

about XX% into a fourth start worked about And time, that Coming when since usually, the a for XX% we’ve at have first little XXXX. quarter quarter, little more here pop quite a the quarter, the as margins that into quarter at of time fourth into a had we the is October, hedged and of nice and weaker. on market the had for first bit hedged

a pretty do, right mentioned, in like and of ramp plants we’ll So our to this be seen. keep But what good we in are stocks, we you good much SND shape how ethanol balance rates now. sign. can that’s remains will impact how And that production the up, feel

We’re excited getting pretty into about year. next much

out a better starting position. in We’re little

Ben Bienvenu

All execution. a right. solid challenging on was the it know environment. I Congratulations

Pat Bowe

that. Thank you. Appreciate


Our next Larson line from with question Buckingham of Research. the Eric comes

Eric Larson

everybody. But belt. that on little what the got corn asked the – think Western of complements in Thanks just was Ben for that earnings legacy the XXX% obviously is Anderson corn probably dive that the that Yes, Lansing’s to in you’ve morning a it belt, question. Pat, further, my question. Eastern want I taking business I now good

crop might belt. to Lansing, for we But harvest of corn – another that need need the for you we Eastern you look a you looking we maybe were because total the in the total outlook to now traditionally about corn wouldn’t how think difficult crop maybe bit get XXXX on another and formed before we If lower belt, that really quite really grain would have for with readjust of you production kind how at with XXXX. earnings conditions a how probably were different and benefit the need year, your probably normally Eastern corn mix

Pat Bowe


time basis traditional an farmers that So the long are did assets book would early shape Eastern from We bought Farmer a I in of ago. do. grain pre-acquisition tough very Lansing, how There’s yields high. kind because have you think, Friday. we a be We’ll stuff what in. right will holding there crops our as quite to see they’re levels much. But WASDE important know, their hasn’t up of of tight now, kind see sold of come report, coming

Some in spotty. and West We’ll around good. moisture in have It here in been on quite of the corn a been have Nebraska, drying strong, of will Iowa depends Yields more kind are likely bit planted. really help and have when income some little our things that were assets. some

But Lansing, been we’re the customers And broader, with not doing and great point domestic how grain job on positioned. byproducts. a but geographically product they’ve those we also key and focus and more about diversified making the good positioning is the a we’re only feel company different flows that the mix much and And you’re businesses.

Lansing We don’t legacy it’s compare. hard ANDE anymore. about to to like talk So legacy or

going and it’s group trade one really We’re forward, working well.

really with acquisition. We’re the pleased

Eric Larson

Yes. Okay.

so you look near-term here kind the And together. it so kind many of of there it’s is environment, difficult provide going some the put that when try quarter to of moving parts kind to really fourth – again, are at – all to

stronger You’ve basis. got obviously a got you’ve – a

of look we months first the income nine into all basis the basis at the some final quarter doesn’t the the you’re implications and So offset transition probably XXXX? quarter from negative maybe how getting fourth fourth do for ethanol. and quarter But in

Pat Bowe


this I positioned with period. think harvest, as and commented of kind it’s you’ve the well have well, delayed staggered on a and others

They yields how be to that’s So the of already quite want seeing come it’ll we’re some – market, how to And going grain of the see comes, country. on in the production but to has farm bit and a right? grain kind farm. stored parts that

I mentioned good but opportunities. and still here in trading up had run a in our confident procurement East, the Louisiana. phenomenal a crop had we’re of Different conditions earlier, Louisiana about As really

just we Phase going now, create WASDE weak than this that as as deal calling could into potentially export But very have into a more be what position are think of volatility years had signed some we and a China month. in we maybe early have right a and this going that’s market X of kind And we’ve past. that people different –

crop I think the is final anxious on the big what production be. see items a the So and that’s deal that will to production two will be and what now. big right demand thing trade side market That’s side the a the

Eric Larson

Okay. And just one it I’ll final question, pass on. and

for do – fall going risk more you year? you’re on next nutrient. take having So farmers compensate crops either off nutrient, second to the and conditions get will the the it. Does quarter having not are that obviously priority have let about trying thinking to we’re the of is of really now, not weather have fall to to into Because right inventory some which obviously, one, number their field probably the alone or makeup volume soil kind to

your quarter? So numbers how about year, for should think nutrient second next we particularly

Pat Bowe

It’s question, really a good Eric. Yes.

nice here in sloppy shake inhibit some fall, probably So mentioned, the to and put a a we weather pretty some beautiful you fourth out. The that’s I to here both really down month, more some for as little might for think If had sure going rest field quarter. quarter. the so application you the Not have in how be fourth applications. good of get fourth is weather, harvest so a the that quarter, colder we dry thing predicted that’s and conditions

corn outlook it’s planting. year, into of on an really next more I going think

in see nice think increase acres we’ll So we a corn

comment It fertilizer markets. And feels last next stabilize of the outlook going very fertilizer weak hand-to-mouth into on our how I have planting inventories been like couple will years for fertilizer position during an enhanced inventory, probably can’t It we’ll falling soft. but we’ve maybe for keeping been year. or markets

bullish, so next we year. fertilizer we’re encouraged, see And could but for position better runaway of not kind a

Eric Larson

I’ll Thanks. pass Okay. on. it


Thank I’m for I questions Relations, closing Kraus, back no showing call Director further you. remarks. time. the to Investor And over at of John turn this will now

John Kraus

want also at for mention thank morning. Andrew. this are to We information on of supporting that Investors all you page with to our available presentation website Thanks, slides joining the and want I us this additional again

Our XX:XX we review We AM next time. call is XXXX February Time will then, for Until Thursday, join be well. XX, Eastern when us our hope XXXX, again can that conference earnings results. you quarter scheduled and at full at year fourth


and now call. conference you today’s Ladies and Thank may this participating, for gentlemen, you concludes disconnect.