ANDE - Earnings call transcript Q2 2024

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Operator

Good morning, ladies and gentlemen. Welcome to The Andersons' 2024 Second Quarter Earnings Conference Call. My name is Alan, and I will be your coordinator for today. [Operator Instructions] As a reminder, this conference is being recorded for replay purposes. [Operator Instructions] I will now hand the presentation to your host for today, Mr. Mike Hoelter, Vice President, Corporate Controller and Investor Relations, please proceed.

Michael Hoelter

Alan. Thanks, and earnings joining call. everyone, Andersons for you quarter second thank morning, us for The Good

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

the the conditions. These SEC. Actual are be be are and and and the is non-GAAP of recording which you shortly. Please statement forward-looking review various file viewing risks supporting presentation as on statements views appendix many and our could result If at andersonsinc.com slides the the today the to will results We of direct release within page in to on with the this statements events, you X reports website the current being Reconciliations to discussed disclosure recorded, commentary your available sync. in forward-looking webcast, our will the measures. company's that respect industry and to well this This measures Slide as to disclaimers financial prepared subject uncertainties. made company's today's with to are materially described information of the included statements. the on in press factors future related of non-GAAP webcast encourage attention from slides Investors reflect Certain GAAP the as presentation forward-looking differ are remarks a presentation. and factors. This financial these performance contain constitutes

be Chief to your Bowe, our turn and and After Krueger, over Pat Pat. On we Operating Chief Bill are take and questions. I the Executive Brian remarks, the Officer; Chief Valentine, prepared to now call me with Vice call will Financial Chairman Officer; will Executive President today happy Officer.

Patrick Bowe

Difficulty] morning, you for... Thanks, Mike, everyone. Thank and good [Technical

Operator

the interruption, Pardon everyone.

issues technical hold the some for just having Please a moment. are phone. We with

Patrick Bowe

X. Can we Testing, test X, X, a now? do

Operator

can you. sir, Yes, Please proceed. hear I

Patrick Bowe

Okay.

I'll to back our So, go lineup.

within our our Results introductory and business. growing were ingredients on improvements and pet is income off, space in the this giving food Bowe eastern in food wheat First comments. trade Pat assets, with up premium

Farmers As were below slow expected, years opportunities to sell on-farm merchandising crop lower what markets. last at and in a well of in grain they in experienced storage. remains recent these have been well-supplied percentage high year's year-over-year prices

of well, Renewables this at costs. price last basis performance and record in second was the with prior continued very expect lower executed off-farm had strong production facilities to higher very benefiting our We lower Ethanol ethanol results follow much which harvest. Operating to continue yields values our to current impacted in grain be our than ethanol on year but corn move ]. The clinics our to from at higher business We very feed operations, performance at the were closely overall teams margins plants. [ corn. quarter ingredients, well-managed of of good by

grow continues diesel renewable to feedstock Our compression fundamentals. business has but its volumes seen industry margin merchandising on

compared quarter lower our margin. When of this to season the XXXX back second comparable, and impacted I'll volumes both price Industrial our are solid, cover fertilizer at year. Brian for discuss resulted lower a reduced volatility environment business that was outlook Nutrient 'XX, that, we in decline negatively volume Our first Brian? be financial to key but the in after and some remainder data, will margins half application delayed fertilizer in a and at price look and but of by XXXX.

Brian Valentine

to The an the diluted the net $XX per million income $XX Andersons to or of or and trade diluted second generating pretax million improvement quarter quarter diluted XXXX, per net In $XX or and This adjusted were in XXXX. Adjusted and results adjusted unable per share, net quarter $X.XX XXXX $XXX compared Pat of adjusted everyone. were EBITDA with XX #X. businesses on per million to million attributable the to net second and $XX company prior $XX million, million. turning Slide million of second for of showing $X.XX the income XXXX. months diluted in of match share. $XX income $XX share, $X.XX million in compared share, quarter or second of compares Adjusted totaled adjusted to the other EBITDA quarter We're our now million was earnings of outsized solid reported income morning, to for results but Thanks, $X.XX Trailing good of year. $XXX the XXXX, EBITDA

rate Our amount the of effective to income interests. loss quarter on varies primarily tax non-controlling based or each attributable

uncertain taxes positions expect for tax now development and a research was credits. effective adjusted reversal quarter the other rate by year also the tax impacted and at tax relating rate. We XX% and between XX%. full to quarter tax a effective of recorded This We X%

flows XXXX, operating move consistent changes operations before second to working cash, demonstrating in to and end we'll ability discuss to generated X from cash strong flow borrowings prices Next, in than in cash debt. of at quarter. the and of of We cash combined farmer of cash resulted with position Slide liquidity $XX commodity market. generate lower $XXX a million our volatile the generation, flows a in more and million the less quarter engagement short-term capital This delayed negligible

a Slide long take at on and term debt X. we'll look Next, spending capital

$XXX is the expect responsible which to which we continue and range in capital. approach of $XXX to roughly to a typically year, to of related to disciplined, the capital half maintenance million investments, million We take be spending for

well debt-to-EBITDA of is long-term below approximately target which than Our our stated less X.Xx. X.Xx, is

that and meet have strong criteria. significant sheet capacity We a strategic growth with balance financial support to our investments

completion. to negotiations. Skyland the diligence several to ownership an at opportunities our continue acquire of M&A including This Grain evaluate interest recently stages various includes We completion pending in intent pipeline, of announced projects LLC, in growth and

excited our remains opportunities M&A with strategies. additional Our we align project pipeline active investment about capital very are that and growth and

year. pretax portfolio $X prices, our compared grain Trade of adjusted million on million Trade are each in pretax compared pretax of sell XXXX. business $X The up, our to X. our Now, the second by had of of We to and move for last review $X results on in a slight combined start driven income reported we'll income weak due still when producers a Trade lower to domestic with to with quarter of limited million, results adjusted our beginning improvement Slide commodity hesitant to in of businesses, year. But the assets were appreciation forward financial opportunities. income operating basis to income

positioned well the to brought of our the customers grains Our market. needs assets are to are when support

supporting producers, contracts reduction in the and costs, With inventory financing have forward limited forward selling declined. by and commodity prices also

has pet and acquisitions growth projects internal these year-over-year, with impacts business product to shown providing and Our premium food recent growth food positive ingredients lines.

prices mentioned by being and As businesses earlier, with merchandising less impacted market volatility. oversupplied grain Pat lower are commodity an

As in of for $XX the businesses $XX quarter to expected, million compared EBITDA XXXX. results was current decline a we the as quarter the these adjusted of Trade's second in million compared quarter for XXXX. saw to

strong, the resulted our of Moving million in in performance was quarter, impacted overall of second values profitability to by to to Slide co-products, to in but X. industry of overall and million values plants, feed the attributable as at remained generating and compared but tied volumes second are production $XX XXXX. Renewables prices continue margins Renewables quarter income of to the including corn due and down favorable the ingredients had basis year-over-year $XX of adjusted diesel X Ethanol quarter, quarter on grow, are demand another million corn. $XX basis pretax record fundamentals. million of to negatively the on the remained million to an Feed compared lower company but in the had prices in value million adjusted our in solid an operating feedstock quarter $XX last oil. Renewable EBITDA $XX second and $XX year.

in Slide years to income pretax prices market higher the upsized Overall, compared & reported fertilizer million XXXX. Nutrient million prices XX. The Turning quarter $XX several after and $XX in of of to volatility. business an Industrial declined

that, late continued our addition, of to in serve, & the geography comments about the Industrial of remainder quarter for Pat had for to impacted to EBITDA Nutrient in we million wet sales over in million season of volume. by turn back our In much that for spring XXXX. And improvements our outlook was XXXX. manufactured the a some I'll core products operation. This streamline compared part negatively with offset as $XX we and planting $XX things in

Patrick Bowe

our Thanks, outlook. Brian. about optimistic XXXX remain we Overall,

continue will assets of outlook We business remains we've acquisitions. to volume expectation solid but income Trade ingredient Merchandising also prices and with a growth products commodity our completed results we and expect in quality earn eastern space very on in with pleased we continue of to wheat Our grain to times and harvest. good to both and sizable and grain July be upcoming the the food organically accumulated. We're the in premium in remain, but opportunities the harvest in through volatility. to smaller that feed expect muted market compared anticipate they continued growth, higher the handle

ethanol good continues export Renewables expect segment Our on demand from a market. prices to growing strong

soft values follow lower ingredient remain co-products We feed as to prices. they expect our corn of

and very optimal production production and facilities maintaining X remain Our continue. strong we for our believe volumes remained should We focused efficiency. have improving this on

strong. The lower feedstock the at significant growth of a low important also renewable outlook as our business for products we income. should market ethanol, is lower longer enhancements implementation. to strong volume a of developing be diesel will in carbon balance influence ] Renewables farmer continue The enhancements component strategy, outlook excited progress includes the which in position the renewable opportunities of an harvest and production with CI and remains desire we're term programs, X we focused us diesel segments. also continued The in of to operational mixed already growth are renewables an continued near-term post-harvest our for continued and supportive intensity as We're our our ingredients on fertilizer on plans is continue growth, prices sheet feedstocks. each This important applications. merchandising and feedstock timing facilities continued feed opportunities to Industrial well acquire future. about our I that Third-party as and Nutrient will and of expect facilities. With relatively to [ of manufactured & the business, fundamentals longer-term mentioned farmer in make business grain reduced our this business corn in assets. part position

significantly center on grain acquisition We're work & could Nutrient on the robust. evaluating growth Grain fertilizer focusing the size and the our reach remains LLC and organic a pipeline of our which business business organic to and opportunity, Skyland increase I'll geographic that, Industrial. We're continue feedstocks and customers also of growth maximize expand We that of our number within initiatives, it opportunities continue over shareholder commodities, make operator to within we ethanol, benefit our as take stated opportunities within ingredients, strategy. With decisions where your execute nutrients. and can We'll diesel value of questions. turn on premium X renewable businesses we back our to farm responsible

Operator

Street Ben [Operator Instructions] from Lake question first Klieve Our Capital Markets. comes of

Benjamin Klieve

Congratulations, some nice market. here face conditions of suboptimal in in quarter the the

So, congratulations on of questions. here. quarter the Handful

something dynamic if, new for see by harvest first inventory state First, the elevated And have volatility? all level that an of or this future? time expect bins, even the Or you unwinds, of if to work there's is inventories of staying kind this guys expectation kind foreseeable if then old a can do all, on grain harvest expecting in wondering that going on you of risk -- its an -- way second, that the and you as throughout I'm in comes to levels increase this you the discussed truly in. of complex. crops stale you're is elevated if some through after

Patrick Bowe

in but shift and we in to it actually big as started, not over harvest one. things very quality us. Ben, good think has mainly good the turn for the years, a we Bill. the as had But, East, get And wheat done I'll markets in some had I past

we So one storage, lot that a to wheat ] have including able harvest [Indiscernible]. of at where share were in now purchase we're and soft [ earning

Midwest very rains right this farmers ourselves. storage market the we like boost farmers ] as thing And high and to crop their way have have into because market, way, So think good to [ that's current need crops, which, that good. corn better These year. that's a a they look really come on-farm to will for the thing. And now. are see elevator good the We as operators by really moved nice a

farmers here I a will think more could get market to and needing before move grain this we're thus full to harvest we to see harvest. Maybe big going year, Bill on to be this. comment

William Krueger

I Ben, agree Yes. Pat. would with

yield. and a we're record-breaking stocks a for corn have corn looking record We at near potentially on-farm

think corn I harvest. assumption on very farm is that to not be it'd to that's So, their the hard before producer going make move the

Benjamin Klieve

it. Got

has follow-up And you Okay. the as That's that Group later some in the expectation shift seasonality then year. you to I a noted going I helpful on a a Trade Trade this anticipated you on very call, months this, see guess 'XX to of kind side full can an to merchandising you the from especially year quarter for And of few the guys in last basis, both. the than is maybe in 'XX? guess, been slower versus shift for then, expectations ago? the your comment business Group,

William Krueger

they one. nearly that expectations we like playing out confident our end the I'll at time, No, but weren't as At of Yes, corn we that QX think I take thought in the crop. are upcoming would. that

environment. I to in we opportunity crops handle to as believe are that continue even do these to more an price But the does have good August. should lower think look in I fall early So, going crop harvest do we that remain

of to is, globe. of attention opportunity also. think going of the a do in for question, And to think The the the little we're I lower other thing that's volatility than that more we pay really to half be environment the U.S. have because us provide around competitors price XXXX last some lower. last the compared challenging and is will value to was, half a to And wheat wheat, just your last we XXXX

Benjamin Klieve

it. Got

very helpful. that's Okay,

you margins overall noted On from or comment offset earnings was down. than diesel the volume question, you initiative? up, that the were Renewable Did on true? the renewable volumes Can on growth more were opposite side margin the initiative, declines that the

Patrick Bowe

not in overall the produced I the did would growth offset tell volume you not feedstock. it that margins reduction the renewable was on offset, diesel

Benjamin Klieve

-- ahead, then Very Okay. Pat. go And sorry, good. last

Patrick Bowe

as to robust diversity online, to I'm just see this still continue our continue and and a they business demand, our demand. supply to came we see like since The just plays as on Andersons, downs We into that, comment portfolio, merchandising and we have markets, plans new to opportunity be the of going our and capabilities. all of commodity within its ups like that important balances right

continue grow. a committed it's business to we're So, to

Benjamin Klieve

And it. Got one for last me.

I'm things in few you a the for You EBITDA guys pipeline have to -- perspective at kind of, wondering different the target? The Or opportunities you sizable of that one. beyond of in talked stages Skyland, a characterize are -- advancing M&A of if multiple diligence acquisitions opportunities in are the your about Grain do considering from these considering your more process. these other can nature? really XXXX be kind seems Skyland various towards acquisition diligence But you're you're your are tuck-in that

Brian Valentine

interest We're be due environment I past rate year Brian. start, X. our is year. robust. could I'll this higher or this some say deal remain seeing more does pipeline the the would and in Ben, maybe color. seen then pretty We've it Sure. part Bill to probably more add flow, active even over

characterize triples, flow in call these various about they're the target but I of of singles and And stages you as I regard dynamic returns responsible as these as going over the and appropriate be going $XXX ag think both the disciplined continue internal projects, to we disciplined, growth well. as million to sort We've M&A our want get some the with and to M&A make well would completion, going doubles, past of in several some we've of we're so, probably -- of Bill, more quarters. as them, comment talked out we're about more run at of growth be more rate the would I past. to I to require growth. We're would some know say that the to sure talked markets and to deal that's about there. It'll maybe and to about for continue changing shareholders. And, generate there, of

William Krueger

good industry of we'd also maybe look both center years' at Skyland would trying seeing be second We'll to a compared would to and of at the going our the core. more front time in opportunities take what opportunities, in tie done in we our and M&A originally I is be at which achieve it than it. geographically to a the X Yes. fits that, we've But X right business. the are the product expected very X $XXX also We're taking of to into directly example where comment around mix, is there where get larger core size in million. that those to Brian's years. last

Benjamin Klieve

I Very I'll well it. queue. right, and Got get taking All in questions, it. back Got my appreciate guys you good.

Operator

of next Fortune question Roth Scott Our comes Capital Partners. from

Scott Fortune

Yes.

want on color the more northern Midwest. portion with bit on strategically the kind little a little the a the on more and of of USA, Skyland just focus to up your provide follow scale of the Just footprint and probably the kind in

of of from Just on footprint kind the integrated little expanding those a assets, more footprint. and become your as within they focus color

through that kind a Just great. take -- more, that'd us little bit be of and

Patrick Bowe

is This Scott. Sure, Pat.

physical and the Milo those [ Panhandle, wheat grains. growing for into presence a I think, Idaho belt far original here grain up down Southeast eastern have big we 'XX, and in Michigan, are with into [Indiscernible] Andersons' and Louisiana. Illinois, South demand we for a acquisition was and western But of where the have footprint we the so know, feedlot Lansing country as demand with state belt, dairy And the as hard don't Indiana sizably the quite Texas belt. assets ] grain corn big a in as bit into moved an and you and that footprint Kansas Eastern

for expand that attractive. very region be country part a to us geographically and to of would active it's So, the

We mentioned overall comment a perfect diligence, of really Andersons. little with more geographically, really we due but fit think it's for strategically with on fit company direction portfolio. Bill a it, our from earlier, our can't and the As the nice

Scott Fortune

to opportunity, kind we and across just ethanol industry just switching kind little ethanol of kind head of And bit opportunity. then and just an and versus of the ethanol jet of levels to on And the crush then kind But the production on into update Perfect. as business, there. fuel outlook margins the inventory there turn demand? update on a fall follow-up,

timing of Just that a the towards farmers on Your sense implement the the side. of focus to of ethanol initiatives kind of as various kind sense we starting opportunity? overall

Patrick Bowe

is Bill I and else, on This I have I before said. correction let The about, get there ] go, that. said Southwest apologize about Kansas, Southeast Southwest Kansas. started, wasn't on I was something said which ] a [ I taking Before I Texas should Kansas and what just [ I California panel

get that X want I of yields to yield production at industry part industry. And [Indiscernible] So, We of on you of see script, with performance and the we ago. At to here, But plans Scott, a we it our correct my and of in how efficiency, ethanol power working one we do plants, to more here. growers, that. put level, carbon a our is run have in make leaders working top have and of and what us it's about minutes profitability the quartile understanding said to I'm ag. you performance only the look want that those future heat can looking on and I plants, I the ethanol your sequestration mentioned our in and continue of a to those plants, continued few renewable on the big we life geography and in I both line intensity, investments the better in not how continue high get which projects productivity. think at And our our combined just we're is think we commitment if our been thought really

in So, scale modern, we as make to efficient most them large we're can. as those as as low going invest and to to well continue CR plants

other doing that's more So our comment little in you're and about ethanol parts the brining out. of continue Bill let of capital ethanol bit going to a bolt-on projects focus a plants. I'm

William Krueger

question. the for Scott, Thanks, Yes.

several to like perspective, really to road. with, operate around in to I very the until from that believe over in alcohol ethanol. to wait want this specifically we're ethanol quarters jet the grow a is we not the able I'd First, demonstrated plants, years renewable down now. last start to the Andersons' clarity And think we few and profitably. We're going efficiently space SAF space, more have our from we We

footprint advantage looking And so DCO, the from to take And core that other at that comes and and DDGs we're of just corn, really plants, current selling opportunities originating we our the opportunities to not an company. our it's selling feel from ethanol. growing selling of ethanol is to area running acquisitions understanding the

from than get ethanol want So, we opportunities we sooner really SAF it advantage and see there before a to to that. of product take

Patrick Bowe

to very that's is our kind we're X.XX We in Pat estimates of to, ethanol has overall, inexpensive X.X But margin, We year. boosted some co-product X.X. at X.X mostly this again value an our and a Scott, the year-to-date reduction want for volumes. for I here, finished are I global you in for has high shape the outlook year. Last think market, year ethanol. exports. balance year. really year. of year. last in industry of And be impacted boost really all about corn range it at U.S. that were ethanol been demand the comment, with XXX this exports. Year-to-date, we're good exports, and strong think had This of it's very we The asking ethanol by margins the for been And outlook could as

see balance we demand the into year. and And margins thus so upside bullish the going of ethanol strong

results think through will continue year-end. for year and that solid ethanol So, it's been a we

Scott Fortune

on as the is second we earnings And trade into trade here kind crops Appreciate see kind if half U.S. large half of of 'XX. with kind carry on a the pretax the and in second possible, the the little along contribution the of business on last just update lines, in more the kind color just then one one, of color. that those market

expectations from of Just more, bit of little kind guidance your [ ]? there

Brian Valentine

Sure, one. I'll take that

and see it's assets, assets. then, As income little will from a than to the has large that out are that of I you forward. going opportunity merchandising, the the benefit us us. grain elevation users capturing expectations coming a earlier, of which lot to we're space crop, margins mentioned we All And our going grain our have a to at our be buy the slower going historically. it we when look is end been opportunities fact consider in But want thing always from

So, the we're last But opportunity. offset will just how by It from higher than volatility. opportunities with merchandise. the going our in It's have the be are some to we to I question margins assumed create we half. and elevation much likely lower opportunity going the be think

Scott Fortune

jump Appreciate I'll color. back in the Thanks. the queue.

Operator

Mayhew from BMO question next comes of Markets. Ben Capital Our

Benjamin Mayhew

seeing food get about wondering channels? feed could trying value the talk shift premium Just what of pet sense the about terms demand. between you're and demand to was I if can the seeing talk you you you're a animal from in side? And also of

Brian Valentine

bit was 'XX second the Thank you, question? the belt, probably half have of about Beef from we first we're your beef start and western ben. part kettle And struggles. is expect of the in Ben. think demand see pork. in there. And little I specific -- what so the markets in a pork the seeing doing Sorry to had our And has real good with I definite areas, on opportunity dairy a animal a very industry well. pickup let's Obviously, talk numbers. corn industry of will

Benjamin Mayhew

Yes.

trying premium a model? shift to channels. of just to translate demand that your we value Like, between and and a seeing the value, business also, or sense does a are So to the how food see do pet shift get we to premium

Brian Valentine

need Yes, that the I that the our for to ingredients those actually fits to ones. a premium feed premium. the that. the some products Yes, a hit are model of able the the products with than shift better premium for from from And the value Andersons We're customers definitely continued products. seeing they apologize special we value -- premium shift versus

Patrick Bowe

think -- Pat I again. Ben, And this is

accentuates demand the beef a we've company. sort prices of of Just, focus ethanol, are and on swine, those or is of as cattle, what with very poultry very pet really flour and decades domestic individual as and the customers ingredient merchandisers these it of margin as but supply kind do low that for food we worked and grains, board those in milling that customers, on We're or are customers, relationships we whether high strong. robust domestic for level, kind well

that's to supply those to critical So, they need. what continue customers

Benjamin Mayhew

I to but I Great. sort to I was could before, believe just asked one more. ask And And if of it return want just it.

on just in I'm So, for higher wondering waiting instance? to exogenous have to we can wherewithal shock prices. industry corn, itself Are correct ways can an of oversupply this really industry sort happen? market correct the various the just that ag does or the Like, the just the -- does

Patrick Bowe

is buyer global XX scale, I'm and being Mother saw your on increased global curveball increase the under started, another. elevated a always to which shock in period and I this of some the a us continually in for $X we've will season, on has skyrocketed, it demand Ben. senior was throw part This when production with income, [ in scale. And business, years continued here we prices the interesting, the we've demand 'XXs. always It's where globally, and the one And off U.S. of imbalance farmer and the Ukraine prices year crops parts we X or elevated on coming a world with a the world And merchant ] farmer. globally. great over last war had Nature we've had though in corn actions good

abundant where on I production crop can and abundant fall, market think people to with address price. And time, though if anything [ one going and no how in for by It I crops. itself at a have that It's can the a demand customers work if the into that looks change ] to is all the we risk market like or make and merchandising stocks big is, to high focus low is. us, and our in Midwest. Now have it's the do It's the going manage price as correct our will regard. we big be corn think we're market the as going where in a

should to, muted going sense it 'XX. prices corn So, very especially keep into

now, the that's more in commodity right softer price. we're environment overall So

Benjamin Klieve

Great. in back queue. hop the I'm going to

Operator

Bloomberg The Intelligence. next comes of from question Jason Miner

Jason Miner

sort First, if just could know just on of your the wondering diesel building just pounds. to pop X of to sort path the mean pounds? that on? we're I'm the give-and-take billion trading, I feedstock billion we of Or on the about some X pent-up thoughts I up activity path were wonder sort a renewable And here. later on the

Brian Valentine

Yes, Thank you that. I'll take the question. for

confident better that as achieve is to are getting will going to even million X and to increases run we to that we're able now it. to indicate closer continue going see likely ever, increase get in max pounds. opportunities what as I'm be to going that quarter-over-quarter and having to are utilization we those at that plants. exceed shift to renewable we But times volume would We say The is capacity as diesel, today

Jason Miner

unrelated? a your action would on There's or counterfeit cooking some stick bit maybe used for trading underway or those, even of it opportunities a of some looks if like some little it imports. was on second. there's against some just wondering feedstock I is hinder I'll investigation, Great. oil that create possible of taken that just

Brian Valentine

on restriction there, tell but UCO, I with I into us on there you benefit our think the effect, prices what also feedstock and us plant is it's business, help The will which higher our net put that it'll profitability only place unrelated. would referencing a level. is at ethanol if DCO that RD should drive you're not one

Andersons think see that And ethanol likely don't against yes, So, down, does that come UCO, our way we feedstock if comes whichever results. business. we increase affects The the it RD will down

Patrick Bowe

importation any this this alleged in. used come Jason, involved oil not with Pat. that under And is oil We're have any cooking imports of

that at So, feed products do renewable of something domestic it's all. our But we diesel in suppliers and UCO participate other we customers. don't can support the

overall probably thing is a So, for having market. get that straightened good the out

Jason Miner

clear. Very it. Got

stepping of kind one, other one back. just So

this I'm the of there look feeling targets? the this buckets the kind are EBITDA touched about result, around, you think how you a get second XXXX I but and at look? on of M&A, half you hearing what's like And at you look How this already, when lot path that you sounds year. more say, the but us moving do it to of

Brian Valentine

don't I So, if know, or anything. Pat you to want add Bill,

Patrick Bowe

just mentioned correctly this very as coming Jason, that's early, in prices, that, is our market in high year. with it volatility came commodity and Yes,

thereof. surprise to You've other heard no that There's from companies that.

and market for in as opportunities some we and we things well. commented want strategy to to us fit has supply ag maybe environment that And see play this chain Our now, grow. the could consistent remains very interest Brian for brought where to earlier, rate us

we've And the improve X over well deploy earlier. good grow as opportunity ethanol to generated cash company so, the this the we last investments to have, we that see talked assets years into plants as the about

opportunity we by that. can good really chain want ag continue supply investing America So, targets to to a the we that is long that and in see against term and our EBITDA reach growth think we invest for North

dipped million long before. $XXX but in ago. We came still goal price $XXX environment can as commodity optimistic million now, the It's our we the that this year somewhat is lower think So, we're term we a about up over we're achieve.

can about investment. capital make good and returns positive for So, we we're how deploy that pretty

Jason Miner

Great.

forward hop Looking materializes. very much. seeing I'll to what back in Thanks queue.

Operator

for question-and-answer call our turn This Hoelter session. would back closing Mike like concludes the to I to remarks. over

Michael Hoelter

you want all morning. We thank Alan. for to this us Thanks, joining

earnings at is we Time Eastern our will call XXXX review when November next third Our quarter results. Tuesday, XX:XX for conference X, scheduled a.m.

and As you in speaking soon. forward your to look you with thank we again The Andersons, for always, interest

Operator

Thank The attending you conference now today's presentation. for has concluded.

may You disconnect. now

The Andersons, Inc. (ANDE) 7 Aug 242024 Q2 Earnings call transcript