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ANDE Andersons

Participants
John Kraus Director of IR
Pat Bowe President, CEO & Director
Brian Valentine Executive VP & CFO
Ben Bienvenu Stephens Inc
Ken Zaslow Bank of Montreal
Eric Larson Seaport Global
Ben Klieve National Securities
Call transcript
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Operator

Ladies and gentlemen, thank you for standing by, and welcome to The Andersons 2020 Fourth Quarter Earnings Conference Call. [Operator Instructions] I would now like to introduce your host for today's conference call, Mr. John Kraus, Director of Investor Relations.

You may begin, sir.

John Kraus

Thanks, Kevin. thank XXXX joining Earnings and Andersons for everyone, Quarter Fourth Call. morning, you us for The Good

We have provided today's discussion. a slide presentation that will enhance

and economic available and the If webcast, and the and sync. presentation this of will including the United weather; recording which completely webcast factors, commentary COVID-XX in be slides that many connection slides the made prospectuses This recorded, conditions documents, filed have you're independent publicly in prepared internationally; in the will being via the is supporting be company's on and viewing the industries, financial our in information, and general page Today's the filings from discussed with today information pandemic; call at the conditions; shortly. in andersonsinc.com described Certain materially the a as our competitive includes Investors statements company's differ factors forward-looking forward-looking additional -- company's are actual not auditors statements, both result including conditions; at and its the those company's could of presented reviewed. Act the States offerings. our in 'XX website results constitutes

generally believes upon financial and These provide working are underlying income company; earnings determined net company taxes, others be depreciation in and accurate. investors operations, adjusted which EPS; income; and pretax an forward-looking today's income provided the about the taxes, and amortization, information adjusted activities income information before that and to comparability. from adjusted operations measures that to of measures. or believes as EBITDA; or not remarks adjusted to and contain share based that to give reasonable, used by income, non-GAAP statements accounting as operating the be will The and interest, financial prepared the EBITDA; before principles. are adjusted additional and pretax accepted per the before attributable performance alternatives period-to-period diluted evaluation considered do attributable by changes allowing better no company; can income prove to net Although its it its net in not operating should assurance company assumptions flow assumptions capital these cash This cash income presentation

today call are Executive Executive Officer; and the with Officer. me, On Bowe, Financial Vice President usual, Brian Pat and as and Chief Chief President Valentine,

as Corporate Mike today. Controller, In our mid-March. He'll Investor is Pat, for After in will be retiring Brian our is us to I remarks, questions. responsibility prepared addition, take quarter your floor With be and joining I Hoelter, Relations happy beginning that, assuming am next Pat, yours. the

Pat Bowe

the John, year morning to Thank to joining everyone. in to rising morning, fourth X,XXX begin quarter today employees you soon I our that for this I call successfully you, our we'll not results. appreciate want thanking our review and by a forget. good challenge

plant our outstanding Anderson. company's Founder, he successful he work service grandson is has Our Harold of is career with John We without next is last running continue could after in Head company office and long in for a as his all in work of recently most retiring for for his home. with, Relations. tireless years The XXXX up Andersons. the Kraus John IR to best and remarks and to that what contributions needed in his X employees of publicly his years the his him wish John did rail we to from as staff company. mentioned positions have over month Investor I practices accomplished in efforts. the ANDE want retirement. our the grew thank us tax, inefficiently not to their XX adapted safely our We opening held John adopted operations, business our quickly additional and the necessary essential

look also taking function. to for forward Hoelter this responsibility managing Mike important We

spite year. let's note, by merchandising grain weaker feed exports, were business in sell the performed a Plant volumes. welcome XX%. prices, large reported quarter. years. year-over-year cars a crush as grain the also exports income Trade have mark-to-market Nutrient during most well. a fourth from the best Ethanol margins adjusted income year-over-year that DDGs, that year's We business led in volatility. positive quarter modest outlook the for at bolstered new and about closed We're against was best products, since way realizing more results. the executing high-protein Port fewer at prices Houston decision Day elevations, our grain these all its On that driven Toledo highest fertilizer oil of Like particularly quarter. products better by pretax XXXX, well business incremental in are last year our results provided quarter well income out the our higher decades, shared shipped you the of fertilizer We're reflects fourth X and The vessels trading. trading were our the and revenue since with The terminal products. than by The the optimistic were Rail strategy by of rally we The to the in earning significantly and Strong the more Now our and which the look corn higher feed exceeded decrease recording quarter, Investor XXXX charge. below for a The business enhanced results in price China. considerably very last high-protein from solid XXXX risen the results robust feed feed protein with to on netted

implemented last several cost traffic negatively We've years. leasing and impacted both reductions repair. lower significant over rail year-over-year the Continued

should to our result for Overall, more things to When well XXXX. finished, reductions. quarter we demonstrated for Brian? back discuss set in future turn cost have entering these fourth us million built $XX efforts continue I'll our happy and growth. the he's actions going expect over with permanent Brian. XXXX We in that and in than we're now early were I'm outlook These be XXXX. to results momentum into to up

Brian Valentine

or increased year-over-year as mark-to-market #X. comparable of on despite or the The of net on our adjusted trade's pretax $XX.X million million per and of a Slide Adjusted revenues small than Thanks, the on share Pat net the now revenues billion. $X.X per $X.XX of income company to the increase diluted lower driven quarter impacts the Ethanol attributable mentioned or noncash the net of share diluted million in reported which to and income a Andersons $X.XX $XX adjusted net our sizable to fourth share was a quarter million $X.XX reported In the $XX.X diluted attributable billion. million in In per share Pat. income $X.X results. $X.X in diluted the that We're company million attributable by expenses per XXXX, we of income fourth as earlier. company EBITDA performance of was company pandemic loss $X.X quarter of to turning fourth of more XXXX attributable of corporate to Adjusted $X.X income million $XX was fourth charge, results $X.XX XXXX XXXX, and the on to offset XXXX, quarter or

full of in $X.X better was on our million decline or of was largely by net impact period our of or in $XXX and significantly For per diluted $X.XX $X.X revenues our adjusted the million $X.XX on $XX COVID-XX $X.X the the of diluted billion. attributable considerably year of to The EBITDA million initiatives. or net to billion. driven revenues offset expenses income compared Nutrient share Andersons $X.X reported was on XXXX $XXX income Full the or share Plant to Ethanol This full million and attributable in year The segment compare was share adjusted diluted share performance of per EBITDA year by XXXX, million $XX.X corporate part $X.XX per numbers income per and was lower to million. earned The the These attributable net savings adjusted adjusted driven of $X.XX income net cost Andersons business. to same diluted by year-over-year company XXXX pandemic

Our effective requests, we $XX million of excluding the XX%, Those currently tax believe income most We refund rate in will CARES more resulted tax included full effective $XX.X benefits our million of XX% the effects XXXX. in tax year in income impact of in tax XX% than rate to of XXXX which XXXX of reported to Act that the range tax from receive be expect in interest. the noncontrolling benefits.

income pretax with the each pretax our a $XX.X million on of excluded $XX.X of in of review beginning reported businesses, Trade adjusted to network XXXX. merchandising and EBITDA and the million Strong on quarter Fourth million since XXXX. of $XX compared in $XX.X pretax demand of XXXX products had grains, all X income of loss market impairment million strong adjusted Now commodities XXXX. to $XX.X pretax due quarter we'll charges. adjusted adjusted to improved feed fourth volatility. Slide Income pretax in other $XX.X Trade XXXX Trade income million to same period EBITDA approximately margins quarter increased of asset income and X. of elevation compared our adjusted fourth million for to seen levels export to $XX.X results across move million from not was compared of a of the quarter

full $XX.X year million adjusted compared For XXXX. of the full the to year $XXX.X recorded XXXX, for of million Trade EBITDA

higher to million X. XXXX our considerably to $X.X completely mark-to-market fourth a company quarter also adjustment $X.X company quarter were noncash costs positions. forward not Slide pretax quarter compared to attributable Moving were offset ethanol Margins adjusted to by $X.X reflect the Ethanol fourth loss the corn on lower attributable income due million. reported fourth million prices. of to increasing a pretax of that results Ethanol's

of in $XX.X as fourth XXXX feed of income sales year-over-year. Ethanol results fourth the million in As quarter positive, as XXXX. quarter well and from were recorded million compared trading with high-protein $XX.X Ethanol of oil EBITDA corn higher a the

in quarter, X. quarter to pretax million Turning Slide in down fourth recorded the fourth $X.X of million Plant the adjusted income from XXXX. slightly $X.X Nutrient The of business

million, income EBITDA Nutrient XXXX $XX was the full double Volumes the the XX% result. recorded for For and of from XXXX. quarter for for $XX.X quarter quarter up full down Plant Plant nearly fourth were year, the year. slightly than was million, Nutrient's the the which of more XX% pretax

million, volumes. up favorable to which was adjusted year, during fall and was full increased $XX.X fertilizer XX%, the spring seasons, weather enabling due primarily both application EBITDA the For sales

in Slide year-over-year quarter pretax million income compared with income The earned $X.X of with of Rail The million the sales. quarter car compared adjusted adjusted of of X. was fourth lower year. the change $XX.X to Turning EBITDA driven by $X million for recorded of EBITDA the fourth from last quarter Rail for business earnings million pretax $XX.X XXXX.

recorded EBITDA to $XX.X Rail XXXX, XXXX. year in of $XX.X full million the For compared million

Pat generated reducing capital some returns long-term I'd operations in his to in XXXX, of for remarks, briefly like spending generating cash, comment ensuring $XX.X fourth our liquidity, from XXXX debt. closing quarters We capital and Before the on accomplishments our of during and cash million working changes $XX million respectively. before and managing adequate

spent primarily year-over-year, agreement liquidity $XXX amended short-term commodity produced readily debt, By marketable asset inventory fourth the before quarter support potential future beneath million the capital spent year. capital the increases of million For more $XXX provide XXXX by recent credit from we year for funds from million for during our the month, from for to $XXX.X our million the prices. projects net million Earlier target on we full changes $XX.X respectively. comparison, higher to and and full $XXX We in working prices. well XXXX, and asset additional we on operations and million. projects. we the short-term sales borrowing full commodity of increased in year, net due year capital, of and These million each XXXX, than the primary to sales capital XXXX, $XX.X proceeds proceeds cash capacity this $XXX.X Working increase set

capital. maintenance $XXX capital approximately be of million that $XXX the spent of spending to in We expect million, range total our with amount to XX% on XXXX

We that on for with by exceed hurdle $XXX returns require long-term X.Xx some remain amounts focused excess And now planned continue by almost less targeted early things evaluate growth back projects where of currently an to our to the spending also will Long-term his Pat debt debt $XXX in ratio of million rates. XXXX. our turn reducing during million additional by and of XXXX. our decreased debt-to-EBITDA like million achieving long-term XXXX. end about I'd to on than views that, $XXX comments We to

Pat Bowe

some part are ag long in we've particularly XXXX. and things seen the anything led of the up encouraged other began how setting exports, for at early has in think prices Thanks, we XXXX, a rally, which about mid-November drive last blessing we Brian. conditions driven have market and to participants, being for We're been commodity us by elevation Rally increases both considerable for very are in segments. merchandising time. Strong volatility, unlike in China, will grain be for good to Trade that a creates good which in strong demand. it that Plant which could for and Nutrient planted corn continue our welcome acres more as us. margins time Expectations because opportunities These will be

be gallons propane. unseasonably sharply we mitigate quarter in the other hedged of are ingredients over continued margins first seeing year-end, addition, In margins and should last such We expected days feed X/X ethanol products low our results which merchandise before quarter. the XX as more and than low. fallen excellent during have first to we Spot continue crush help

to plants ethanol large number low well polar production of of to power decrease country. should has stocks in This a the run cost Natural shortages per plants. a This continue and short variable Our and outages are relatively large ethanol reduce the curtailments at causing week's vortex term. gas impacted gallon. portion

in later rest a the well addition, demand balance of and in and ethanol more see supply, on from maintain DDGs are Traditional XXXX renewable selling feedstocks we value corn will business for feed we're As between EXX the with growing. demand as increased the benefiting in trading growth into values, diesel. We above diesel dependent industry, tailwinds XXXX. that but platform we're demand potential export increasing momentum early values, year. and the also our trading gasoline in our uptick oil corn And We're by sustained driven products. for higher its Plant anticipate renewable Nutrient other is

we were improvement commodity But tank some in and year-over-year. year a unfortunately, next see for milestone another Monday. car hit sales, leasing other freight way We'll as has and celebrate of ringing picture most and improvement, that its markets demand flat We're repair XXth week. we through Consequently, expect and season. planting yet. prices now higher intermodal In much company a public excited railcar grain continued Rail also as XXXX. a loadings weekly this We NASDAQ our services the our to for assuming strong business, found not up to be next bell anniversary car closing

our much the larger, North service and XX ag a supporting and stronger nimble into grown employees back come. we'll and providing company customers, to innovative suppliers forward the entertain to that, to many I'd have hand rewarding Kevin, your We past to We more questions. our and and to in call happy years American the supply extraordinary our for in communities look chain like years. operator, our be shareholders to and With

Operator

Stephens [Operator first from Bienvenu comes with Ben Instructions] Our question Inc.

Ben Bienvenu

a the on Congrats closing solid year. for

Pat Bowe

Yes. Thanks, Ben.

Ben Bienvenu

I as the it ask to relates want outlook. 'XX to

lack the setup us a elevation margins about specifically, X side Trade maybe the you're looks just think kind and against months XXXX, solid but help as on relative constructive of strong that carry? how what Can And elevated merchandising a thinking backdrop you backdrop today the to of very saw like opportunities. about, if you talked demand about relative You could? weighing result you to crop what of ago

Pat Bowe

spreads carry the China, to for incents a which markets corn, beans, storage have by the and to which us the following things pretty that you been tightness exports the have caused year, changed eliminated also good grain industry, you last guys as led and as have has And Sure, That's a rally, with really primarily out. push in Ben. of inverted question. wheat dramatically market income over along

have So has on where grain year-on-year the for of business have income, been wheat out and that, and high, margin that's is a elevations gone. creating over earning opportunities you're good been part years, to rely loadings high, domestically used loading The storage challenge export. previous the where that we been or elevations,

have a we've of think to by you've quarter, and we as in as continue. really the But and will don't array seen highlighted last broad trade the previous so that, lines, opportunities earnings, has strong to product in well, contributed this we And merchandise calls. that

Ben Bienvenu

Great. Okay.

M&A, investment a front, On sense with long-term that done debt. But the at sets us working you of as of here, profiles tuck-in and opportunities capital of meaningful in-house the or Obviously, when allocation marketable have? you opportunities higher growth nice looks more you look you of is reducing like guys return the capital think capital give CapEx from relative landscape a opportunities what versus the about job have inventories. you readily higher deploying can

Brian Valentine

Yes, question. perspective, that from say would combination. probably Ben. a I This it's is Brian. Great

when lot some there's, call asset-light we an about would out of it's million an Lansing-type million at type a there's And group, think to looking things of areas. we I'd range point. and combination. that that would don't I think Certainly, for protein of about like to -- bolt-ons Trade some areas. growth us into higher what us about, opportunity investments I that other renewable would a that's be $XX say it's that the this places feed $XXX you question. where when look course, it even -- our nice think thinking in us doing acquisition at enter necessarily at certainly a probably call area not would But be to we're diesel, a we're opportunities give see the

Pat Bowe

that, and maybe I'll Brian just build And perfectly. onto it answered

trading product a lines new food fertilizer been on product projects. just a for plant to Ben, that or or on plant platform. those. line or a years bolt-ons new mentioned, ingredient you adding as expansions a existing pipeline solid We've a working have some Or of We are of of

in. describe like those on are we're and factors at food branches do a lots broader as trend grain environmental those of It add some of on what's as have And looking And on have we to in we're helps them we probably on that. looking those interested areas those relate our have I'd our portfolio investing And we And from can ongoing. lines fertilizer us in that and -- to verticals, sustainability X from side. trend of of branches opportunities. an side margin verticals, what's the lot trend product X And the we to a trees, trees. to those in continue to a business. are what's of So

Ben Bienvenu

luck Best of the of with start year. the

Pat Bowe

you. Thank

Operator

Ken Our next from comes question Bank Zaslow Montreal. with of

Ken Zaslow

it's good way out. John, I guess go a to

So that. I'll say Good luck.

John Kraus

Thank you.

Ken Zaslow

couple A of questions.

is needle-mover? First terms the that stuff, add? in on How all does outlook? corn, as well of figure this How going think co-products, how real to oils about vegetable forward? a it we as much a do profitability contextualize the it's a trading of that can't Is the that out do I Is marginal? I because it. size opportunity. I just how think this Just

Pat Bowe

Yes.

with You're big in not they're been term, a that, is but a short but it's earnings, call not positive that term, enough it right so. Ken, to needle-mover, we long on near think We've term. needle-mover

value, nice this us to market. trading good direct been We Now in earlier on and good and going profitable some to a diesel for a as in the and a well very crush our forward merchants corn today, but to in that's corn look renewable the sort have pretty I'd to benefit that set a but up foundation desk increase doing ethanol in business shows we It's start-up, forward so right, forward. the play building that of grow general, to say there year, not just it. to look have the oil our up needle-mover to oil because we're margin, experienced that's opportunities

Ken Zaslow

group, you in have it's better wheat, you it sense, on the of or it's I elevation then in it? Trade on you when elevation than the even again, get you was? forward Grain but in better on the -- and carry would Would the you obviously, the thought you say same Does be excluding carry. wheat, have that the envision thought corn. it the product about When position wanted the it's Okay. on to it side worse? it, the just the thought it wheat And what the that that on market and terms like offset would grade And seems it have would more I more the -- flip was, don't -- clarify.

Pat Bowe

Yes.

on I there. think you're got right it

So stayed creates and elevations going disruptions continue. We've also this merchandising even to that have high, week the in opportunities had like with that's think volatility weather. interior, we good

that make happen. You got things and move to around

in market. We we markets, crop. change understand another kind we with any volatility that get until like big these So inverted we carry don't the of in see

for feels So more that's is that, the than stays that for good stay the offset is the going you -- with while. kind like But a -- of and that's year. merchandising to news it

Ken Zaslow

Okay. little grain anyway? a of how to so lighter, that -- squishy where around out final was the Is it know And my question when side a all is together, I kind EBITDA balloon better? even bogey. it? about put a it is ethanol Does attainable though still but roughly think well, $XXX there comes as ethanol is, seem all million that bit still that about then think there Is I kind when the you of

Pat Bowe

cost was really in easy. $XX year. $XX was It and year at we and Yes. a went 'XX with That we $XXX finished kind the of in COVID earnings ethanol this million our year $XXX 'XX. end in our then I set million. year. in XXXX, news stated demand we COVID the the at ethanol, this it aggressive. of and that of as just a versus goal $XXX when loss December. swing I of million on a back the run impact in balloon million good EBITDA hurt $XXX Day, million in us up to million go have from 'XX, to But rate bold And million let's that dipped in time for But The first goal. that wish Investor that, reactions and XXXX was squished the $XXX first to was XXXX --

we December So pretty be tough. crush quarter, we when starting out said ethanol as at we margins, turnaround first XXXX. started Day, $XXX have been a in we December dramatic are see and know, bad in only news negative our you Investor if possible stated The could improvement and is million

a makes it reach to harder that year get full in that this rebound So earnings to target.

Operator

Our with next question Seaport from Eric Global. comes Larson

Eric Larson

best and forward. nice luck John, Congratulations, of going And everybody. quarter,

understand curve push just bit really is back We So to earnings But a we volatility see I in with certainly well. trade to little futures question need the the this a good change as crop the new Ken's in know year? elevation really will that give inverse positive really on going the you increase with good. to help you. are -- margins to a

Pat Bowe

Yes.

'XX. I margins Eric, merchandising optimistic we've throughout all to we're seen the you been think well, product opportunities that think know, we've continue pretty and that I making we're the on for trading the that lines --

could be year, don't pretty as have feels that end get looks handle softening inverse really on in happen What but a we big I know. that potential good late that the to see number, good. mentioned the that in plan to acreage We will a crop happen was -- So new you a like. ever until by of year, the what the it

dramatic a of much that storage far widening have won't late that capturing 'XX until on as carries fourth as quarter income. impact and So

Eric Larson

a more -- be into XXXX. into of might fiscal would I expect carryover Yes. that

Pat Bowe

Into XXXX, Correct. yes.

Eric Larson

Yes.

outlook -- kind next improve question I Rail. there you're of maybe the were obviously is bouncing bottom it on could And here. that Rail? for at then along is I That might What on business mean looking XXXX. is for how happen Okay. think you conservative the pretty my

Pat Bowe

Yes.

have which relatively good grain, for business, nice up. had has and we've really is But in picked -- a intermodal recovery. good our seeing we So movements without

bit including a COVID widespread helped really and in scrap overall has economy also What the package car housing recovery other things moving, have rates. could that other plastics a is segments, and rallied. help prices booms and and get could utilization little movement chemicals and metal economic So

it's for Rails of up, we've -- scrapping say the and But some that, the a always slow So scrapped here, the helps market again, size so fleet bit. said cars -- we little entire having down. slow that just

So hard movement quickly get to XXXX. in it's that

by but up, outlook, right. you with to you. been be bottom, kind in the we of see if anything, flat it if think would -- see So like we've late we've which occur. pick to end But could the We the seeing a that really feels year, year of hit agree were

Eric Larson

your 'XX increases. thinking that really Okay. back year Would Then spend Obviously, well? some I'll coincide time could talk didn't that good really we But Nutrient The question, frame, we it this good. to I acreage Plant going margins money maximize margins. Farmers you get with final are on. about prices. pass we've crop had that as and the really maybe see the XXXX, that much suspect to is in the got frame. to yields. to going 'XX, some setup 'XX for time We're

Pat Bowe

days. seen the here don't rally we I such materials probably problem in the just think optimistic be on XX And fertilizer last know is we've I'd side. the in a because strong

winter we've have prices the big farmer in nice position. So feel suppliers good really I prices, Even for and have really up right are Great and think able those commodity I'm raw increase which volumes about this but can be capture that spiked. supply higher price increase. to the be crop finally here that. spiked. income value-added bit right though and We fertilizer is so supply have income farmer you about inputs really and sets little and which fertilizer, thing a can to had the a stuff. making of you higher, get margin some in then and concerned are see material the into for products, inputs But will of yes, sure our tightness going a big nice for the

because pulled we So we're outlook good might to on be I We little have have volume year. bullish feel should bit we a have do such margin not forward margins. fertilizer we'll we'll as solid fundamentals, fertilizer. maybe runaway But feel year bottom see in the go a that be that a year. And are And up this as we season, said, that we through really outlook line how wait well you that updating for fall set is. we'll solid.

Eric Larson

on Can in a forward for a for their Where all are Andersons at long for you I you mostly network the fertilizer? in spring think bought distributor -- are fertilizers? way you The comment you the have I too years of inventories know inventories actually sales number back quickly recall inventory it's was for but your ago, level. with pass-through where business,

Pat Bowe

to simple So is word is you answer tight. one

tight So with our the suppliers, varies that of very pretty to and marketplace normally. and it good But shipments, key ahead normally run with product schedule we make we type. expect a program by is

So to you we to -- you tight just if get much is to be today, because the long add but availability have you so able any really wouldn't volume. wanted don't wouldn't be able additional

values. fertilizer good answer season to fertilizer rebound a the So tight is supply it's in and demand for be a going and

Eric Larson

fourth that Yes. that, No, were assumed in you would to do that I had have you'd quarter. if have to your going anticipated

So okay.

Operator

National with question Ben next from Klieve Our Securities. comes

Ben Klieve

Brian, for I few I cut a here, comments. Before ask, got minutes during off your

Or you the plus maintenance just Should of you repeat I'm in weather the a How around we XXXX shutdown? up industry. immediate guys So in a make that schedule expect the material questions that about the to of the this saw kind in variables here maintenance think going prior? a Ethanol be apologize. to your normal return back spring? of is you stuff, do event couple state the those But you general and the coming of of I business making the if effects discussed context

Pat Bowe

Yes. Ethanol pretty some for seen you being of I XX business cost winters. about good later. always also your we've scrimp the years, if around on news shutdowns, guess the you cold it And maintenance

be planned I done So shutdowns will longer year this very and schedule not industry that seen. prudent softer we be margins. get do interesting as maintenance handle or that to on how be depending about are spring. grain Will shutdowns going to think this our extend their they thing positions? with on The participants remains those

maybe in pretty Kansas, a us curtailment and gas brought really in last lesser we plants, comments, will some bought what make of demand We've That think of We item, just do cold But supply production I it's first our that that the and this see really we Western and days. the position. many lesser a There's good plants are months, natural a of short-term and like so other that's power a longer-term week, plant, firm point our and that ELEMENT, -- winter in important. the potentially on couple my was outlook is stocks. states in you we of is in it's cetera. Texas, are common have number Your here like considerable we're looks X in to like. All shut good. the our a It Kansas. idled or are and this up going short-lived. is about that because supply the lot it of at weather polar I be that and new we'll feel curtailment, really pretty and et vortex had snow either to plant, had But Nebraska, in for buried looks curtailments snap

Ben Klieve

quarters. you of curious guess productive other ELEMENT of my good. -- fully the to about Very but plant And it. Any here on continues kind and that on of I here of being question, the the integrated. move for fully that next over towards Got touched updates outlook the my kind status couple plant

Pat Bowe

of snap us. timing The didn't help cold Sure. this

be have there, a for the we Resources high step. we trial We we're starting a by of LCFS We'll or good California the be all so. our California, run Board, about have prices just the approval. in have need that. candid, right to things also certified for working of you being equal, But plant plant's prices, pretty the the see So big We're now. in this and goes because think feed delay -- -- Air the July lined But summer, XX-day corn later to feeling end That's program. could for how with California the been running. we out really kind but approval get on good have we're CARB by period and we

Ben Klieve

these best luck Well, dynamics. navigating of

Pat Bowe

Ben. Thanks,

Operator

further questions this not at And showing I'm actually time. any

John Kraus

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

scheduled May and hope serve well. quarter been that I XXXX again at will conference call first Wednesday, pleasure Pat, Eastern Time, next where It's join you. XX:XX Mike earnings you for Brian time. is Our a.m. X, XXXX, be then, Until at to will results. our we review

Operator

presentation. this gentlemen, today's and Ladies does conclude

You wonderful may now a and have disconnect, day.