Q4 2024 The Andersons Inc Earnings Call
Good morning, ladies and gentlemen. Welcome to the Anderson's 2024 Fourth Quarter Earnings Conference Call. My name is Rock Hill, and I will be your coordinator for today.
At this time, all participants are in listen-only mode. Later, we will facilitate a question-and-answer session. To ask a question, please press star, then 1 on your telephone keypad, and to remove yourself from queue, please press star, then 2. If you need any operator assistance, please press star, 0 to reach the operator.
As a reminder, this conference call is being recorded for replay purposes.
Speaker Change: I will now hand the presentation to your host for today, Mr. Mike Hoelter, Vice President, Corporate Controller, and Investor Relations. Please proceed.
Speaker Change: Thanks, Rocco. Good morning, everyone, and thank you for joining us for the Anderson's fourth quarter earnings call. We have provided a slide presentation that will enhance today's discussion. If you are viewing this presentation on our webcast, the slides and commentary will be in sync.
Speaker Change: This webcast is being recorded, and the recording and the supporting slides will be made available on our investors page at AndersonsInc.com shortly.
Speaker Change: Please direct your attention to the disclosure statement on slide 2 of the presentation, as well as the disclaimers in the press release related to forward-looking statements.
Speaker Change: Certain information discussed today constitutes forward-looking statements that reflect the company's current views with respect to future events, financial performance, and industry conditions.
These forward-looking statements are subject to various risks and uncertainties.
Speaker Change: Actual results could differ materially as a result of many factors which are described in the company's reports on file with the SEC. We encourage you to review these factors.
Speaker Change: This presentation and today's prepared remarks contain non-GAAP financial measures. Reconciliations of the non-GAAP measures to the most directly comparable GAAP financial measure are included within the appendix of this presentation.
Speaker Change: On the call with me today are Bill Krueger, President and Chief Executive Officer, and Brian Valentine, Executive Vice President and Chief Financial Officer.
Brian Valentine: After our prepared remarks, we will be happy to take your questions. I will now turn the call over to Bill.
Speaker Change: and many more. Thank you for watching. I hope you enjoyed this video. If you did, please click the thumbs up button, subscribe, and hit the notification bell.
Bill Krueger: Thanks, Mike, and good morning, everyone. Thank you for joining our call today to discuss our fourth quarter results and initial outlook for 2025.
Bill Krueger: and many more. Thank you for watching. We hope you enjoyed this video. If you did, please click the Like button and subscribe to our channel. See you next time.
Bill Krueger: Record fourth quarter results in our trade group propelled us to another very solid year.
Renewables also contributed significantly to the quarter.
Bill Krueger: setting ethanol production records for the quarter and for the full year. Our nutrient and industrial results were also up slightly in the quarter compared to last year.
Bill Krueger: We ended 2024 with adjusted pre-tax income of $147 million and adjusted EBITDA of $363 million.
Bill Krueger: This solid return is notable given the oversupplied ag markets with relatively low prices and limited volatility.
Bill Krueger: We are pleased with the team's tenacity and execution through the market shifts.
Bill Krueger: Trade reported a strong fourth quarter driven primarily by a strong harvest execution in our eastern grain assets and stable elevation margins.
Bill Krueger: Our premium ingredients business continued to show earnings growth during the quarter.
Bill Krueger: The merchandising businesses had steady and improved results over last year.
Bill Krueger: Our mid-fourth quarter investment in Skyland Grain also contributed positively to Trade's bottom line.
Bill Krueger: During the fourth quarter, our renewables business set a production record.
Despite this, we could not match last year's record results.
Bill Krueger: but are still pleased with the strong performance driven by improved yields and lower controllable costs per gallon in a period where ethanol bored crush was down 16 cents per gallon.
Additionally, Renewables Merchandising Experience
Bill Krueger: Renewables merchandising experienced another strong year bolstering the results within our renewables business.
Bill Krueger: Nutrient and industrial results improved slightly over last year on higher manufactured products volume.
Bill Krueger: The agricultural businesses were lower on soft industry fundamentals, including limited grower engagement.
Bill Krueger: Our overall financial performance confirms our portfolio's versatility and resilience in various market conditions.
Bill Krueger: We continue to demonstrate strength in asset management and renewable fuels production combined with commodity merchandising.
Bill Krueger: Our recent geographic expansion with Skyland will further solidify our presence in the North American Ag supply chain, connecting grain originations to production both domestically and in export markets.
Bill Krueger: The company's performance and the efforts of the management team and employees have contributed to these outcomes.
Bill Krueger: I'm now going to turn things over to Brian to cover some key financial data. When he's finished, I'll be back to discuss our early outlook for 2025.
Thanks, Bill, and good morning, everyone.
Bill Krueger: We're now turning to our fourth quarter results on slide number five.
Bill Krueger: In the fourth quarter of 2024, the company reported net income attributable to the Andersons of $45 million, or $1.31 per diluted share, and adjusted net income of $47 million, or $1.36 per diluted share.
Bill Krueger: This compares to adjusted net income of $55 million, or $1.59 per diluted share, in the fourth quarter of 2023.
Bill Krueger: Overall, fourth quarter gross profit of $213 million was just below the $218 million of gross profit we recognized in 2023.
Trade and Nutrient in Industrial showed increases.
Bill Krueger: offset by a 30 million dollar reduction in renewables arising primarily from lower board crush margins.
Bill Krueger: For the full year, gross profit of $694 million decreased 7% from $745 million in 2023, also primarily due to lower ethanol margins.
Bill Krueger: Adjusted EBITDA for the fourth quarter was $117 million compared to $135 million in the fourth quarter of 2023.
Bill Krueger: Full year adjusted EBITDA was $363 million compared to $405 million in 2023.
Bill Krueger: We recorded taxes for the quarter at a 20% effective tax rate and for the full year at 15%.
Bill Krueger: Our effective tax rate varies each quarter, based primarily on the amount of income attributable to non-controlling interests.
Bill Krueger: In addition, in 2024, we received the benefit of federal tax credits, a significant portion of which related to the production of cellulosic ethanol.
Bill Krueger: Now we'll move to slide 6 to review our cash flows and liquidity.
Bill Krueger: Full year cash flow was $323 million compared to $330 million in 2023.
Bill Krueger: This strong cash flow generation and our continued focus on working capital management, combined with lower commodity prices, resulted in a year-end cash position of $562 million.
Bill Krueger: Our short-term debt reflects a modest increase due to the consolidation of Skyland Grain on our balance sheet.
Bill Krueger: Next, let's turn to slide 7 to review capital spending and long-term debt.
Bill Krueger: We continue to take a disciplined and practical approach to capital spending and investments.
Bill Krueger: which were in line with our expectations at $149 million for the year.
Our long-term debt to EBITDA ratio is 1.8 times.
Bill Krueger: still well below our stated target of less than two and a half times, even with the addition of long-term debt held by Skyland Grain.
Bill Krueger: We continue to evaluate various acquisitions and internal growth projects and have a strong balance sheet that will support investments that meet our strategic and financial criteria.
Bill Krueger: Now, we'll move on to a review of each of our segments, beginning with trade on slide number 8.
Bill Krueger: Trade reported record fourth quarter pre-tax income and adjusted pre-tax income of $54 million compared to adjusted pre-tax income of $47 million in 2023.
Bill Krueger: Our eastern grain assets had a good fourth quarter with strong elevation margins and space income after an early and robust harvest.
Bill Krueger: Because of the good quality of the grain we received, we weren't able to benefit as much from mixing and blending.
Bill Krueger: The premium ingredients business, where we have invested recently, had a solid quarter with increased year-over-year earnings.
Bill Krueger: Our merchandising portfolio also delivered improved performance despite limited volatility in the grain markets.
Bill Krueger: From a growth perspective, we completed the 65% investment in Skyland mid-quarter and integration activities are progressing well.
Bill Krueger: Trades adjusted EBITDA for the quarter was $76 million compared to adjusted EBITDA of $62 million in the fourth quarter of 2023.
Bill Krueger: Adjusted EBITDA for the full year was 161 million dollars in 2024 compared to 155 million dollars in 2023.
Moving to slide 9.
Bill Krueger: Renewables generated fourth quarter pre-tax income attributable to the company of $16 million compared to $33 million in 2023.
Bill Krueger: Outstanding operating performance in our four ethanol plants resulted in another quarter of record ethanol production.
Bill Krueger: However, the impact of lower market values of ethanol and co-products resulted in lower earnings.
Bill Krueger: Volumes of co-products merchandised increased for both the quarter and full year, but could not offset the lower values.
Bill Krueger: Renewables had EBITDA of $40 million in the fourth quarter of 2024, compared to $73 million in the fourth quarter of 2023.
Bill Krueger: For the full year, renewables generated adjusted EBITDA of $189 million in 2024 compared to $230 million in 2023.
Speaker Change: Turning to slide 10, the nutrient and industrial business reported fourth quarter adjusted pre-tax income of three million dollars, which was a slight increase from the fourth quarter of 2023.
Bill Krueger: Manufactured products volume and margin increased in the quarter, while agricultural product sales volumes declined due to limited farmer engagement.
Bill Krueger: Nutrient and Industrials adjusted EBITDA for the quarter was $13 million, just above the fourth quarter of 2023.
Bill Krueger: For the full year, Nutrient and Industrial recorded EBITDA of $57 million compared to adjusted EBITDA of $62 million in 2023.
Bill Krueger: Next, we'll look at what our 2024 results would have been under our new segment reporting format that we will use beginning in 2025.
Bill Krueger: In early December, we announced a change in the way we are organized and have shifted to two operating and reporting segments.
Bill Krueger: This move was designed to streamline operational efficiency, enhance cross-functional collaboration, and further align the businesses to achieve growth.
Bill Krueger: This structure will support the company's focus on unlocking value across the trade and nutrient businesses in a new agribusiness segment.
Bill Krueger: The renewable segment will continue to substantially operate as currently reported, with an enhanced focus on growth.
Bill Krueger: We will begin reporting our results under this new structure starting in the first quarter of this year.
Bill Krueger: As a preview to these changes, slide 11 provides pro forma results as if that structure had been in place for the full year of 2024.
Bill Krueger: And with that, I'll turn things back over to Bill for some comments about our early 2025 outlook.
Thanks, Brian.
Bill Krueger: As 2024 proved to be another strong year, we are strategically prepared for the potential challenges that 2025 may bring.
We remain committed to safe and reliable operations.
Bill Krueger: including enhancing operational efficiencies and seizing new opportunities by consolidating our farmer facing entities into the new agribusiness segment.
Bill Krueger: Furthermore, we intend to integrate the Skyland operations more thoroughly to optimize outcomes for all stakeholders.
Bill Krueger: We will also continue to assess and refine businesses within our portfolio that have not aligned with our internal benchmarks.
Bill Krueger: We remain dedicated to pursuing growth opportunities within our core agribusiness and renewables segments.
Bill Krueger: Our agribusiness outlook remains optimistic but will continue to face challenges due to lower relative grain prices and reduced farmer engagement at these price levels.
Aren't we?
Bill Krueger: We anticipate an increase in U.S. corn planted acres, which is the most significant crop that we merchandise.
Bill Krueger: An increase in corn acreage is expected to benefit our nutrient and agronomy business, as well as our extensive North American asset network and merchandising operations.
Bill Krueger: Higher yields during the 2024 harvest are also anticipated to necessitate additional nutrient applications for the 2025 growing season.
Bill Krueger: Our fertilizer and related product offerings are essential for maximizing production for farmers in the regions we serve.
Bill Krueger: including the new area covered by the Skyland investment. We believe that we are well positioned to serve our customers when spring applications commence.
Bill Krueger: We continue to assess various internal growth projects and acquisition opportunities that align with our growth strategy.
one of our recently announced long-term growth projects.
Bill Krueger: The expansion of our facility at the Port of Houston to support anticipated increased soybean meal exports is progressing well, although it will limit capacity through that facility for 2025.
Bill Krueger: In renewables, seasonally weak demand has reduced ethanol crush margins as is typical during the first quarter.
Bill Krueger: Industry maintenance shutdowns and spring driving miles could positively influence crush margins beginning in the second quarter.
Bill Krueger: Co-product values were negatively impacted in 2024, but recent activity suggests some strengthening in 2025.
Bill Krueger: Ethanol export demand is expected to remain strong, supporting ethanol values and board crush.
Bill Krueger: We continue to invest in our plants and consider our assets to be among the best in the industry.
both in operations and geographic location.
Bill Krueger: Potential growth investments include improving efficiency and increasing both the quality and yield of distillers corn oil.
Bill Krueger: We are actively pursuing investments aimed at reducing the carbon intensity of our ethanol production, although we acknowledge there remains some uncertainty around the regulatory environment.
Bill Krueger: These potential projects include carbon sequestration and utilization, opportunities at our eastern plants where geological conditions are favorable.
Bill Krueger: as well as implementing additional combined heat and power generation to enhance plant efficiency.
Bill Krueger: Furthermore, we continue to assess opportunities to expand our renewable diesel feedstock merchandising through offtake and supply agreements.
Bill Krueger: Lastly, we are diligently evaluating acquisitions of additional ethanol production facilities that align with our criteria.
Bill Krueger: We continue to demonstrate our capacity to generate positive returns and cash flow.
even during the lower range of the egg cycle.
Bill Krueger: Our balance sheet remains robust and is well positioned to support future growth.
Bill Krueger: We will maintain responsible decision-making to benefit our customers and optimize shareholder value while implementing our growth strategy.
And now, we are happy to take your questions.
Speaker Change: Thank you. If you would like to ask a question, please press star then 1 on your telephone keypad. If you are using a speakerphone, we ask that you please pick up your handset before pressing the keys.
Bill Krueger: If at any time your question has been addressed and you'd like to remove yourself from queue, please press star then 2.
Speaker Change: Today's first question comes from Ben Kleeb with Lake Street Capital Markets. Please go ahead.
Speaker Change: Okay, thanks for taking my question. Congratulations on a really nice quarter here to end a good year. Bill, I'd like to start with the comments you just made at the end of your prepared remarks regarding
Speaker Change: the Renewable Segment and investments into that space around lowering the carbon intensity of those locations. Can you elaborate a bit on...
Speaker Change: kind of how your thought process has evolved over the last several months on those investment opportunities, kind of how the return profile of those potential investments is changing in your mind, and then also comment on the degree to which those type of investments are included within your CapEx expectations this year.
Good morning, Ben.
Excellent question.
Speaker Change: Obviously, we're still waiting and as I mentioned, we do need to have some more clarity on the regulatory environment.
Speaker Change: and we're watching and trying to understand what those decisions are going to be. The one thing that we do feel comfortable with is the 45Q has been around for a long time.
Speaker Change: and we believe that the 45Q will remain intact. We also believe that there's progress being made to where we'll be able to see the 45Z at least through 2027.
Speaker Change: And then in terms of our CapEx spending for 2025, Brian will dive into this.
Speaker Change: a little bit more later, but we are continuing to deploy capital as we need it in order to get ourselves prepared to make final decisions once we have a little bit more clarity around the RA.
Got it. Very good. Thank you.
Regarding the...
Speaker Change: The consolidation of the NNI and trade group, those businesses seem to be operating, you know, relatively, you know, efficiently. So I wouldn't expect there's a lot of expense synergies that are going to come out of this. But can you just comment on a high level regarding kind of a magnitude of
Speaker Change: of Synergy on the expense side, or even on the revenue side, as you guys see fit.
Speaker Change: And then probably the most important reason that we're looking at doing this is simply as we get the climate smart ag portion tied into the farm bill.
Speaker Change: and assuming that that will get tied into the Inflation Reduction Act and the CSA program will tie into being able to reduce the
Speaker Change: carbon intensity of the ethanol that we produce. We feel like having one solution to the producer all the way through the ethanol plant makes a lot more sense for us.
Speaker Change: And then there's a number of other areas that we think the future may hold around being able to capitalize on controlling the crop inputs through the production cycle.
Got it, got it, that makes plenty of sense.
throughout the quarter.
yeah you know it's it's really been more
Speaker Change: towards what we've been talking about for the last few years. You know, for us, there's a lot more.
than just the four walls of the ethanol plant.
Speaker Change: We talk about our operations, we talk about reducing our controllable costs when board crush
Speaker Change: drop $0.16 quarter over year over year for the fourth quarter, but really the maximizing of our corn originations, our co-product sales, and our ethanol marketing, when we put that those all together
Speaker Change: We feel like we can consistently have a strong performance, even if Board Crush is not as strong as it had been the previous year.
Speaker Change: So, I really think it's just the execution of our business model that we've been working on ever since we combined trade and ethanol a number of years ago. And that's really what we hope to see the outcome of bringing.
Speaker Change: A&I and Trade Together also is to repeat what we did with the ethanol business.
Speaker Change: Very good. Well, clearly worked in the period. Congratulations again to all for a great quarter. Thanks for taking my questions and I'll get back in queue.
Speaker Change: Thank you. And our next question comes from Peran Sharma with Stevens. Please go ahead.
Thank you and congrats on the quarter.
Peran Sharma: I just wanted to get a sense of the potential outcomes that you're thinking about for trade tariffs. I think in the release you mentioned
Peran Sharma: You know, you face challenges and opportunities. So just from a trade tariff backdrop, just want to get a sense of maybe what are the top outcomes that you're planning for and how this would impact your business.
Morning, Perrine.
for the Andersons.
We are not as susceptible.
to major swings in our results due to tariffs.
Obviously, they will affect different pieces of our business.
But being more of a domestic-focused company,
Peran Sharma: We should be able to find some opportunities that tariffs may or may not
delivered to the market.
Peran Sharma: Obviously, we are very focused on any tariffs between the U.S. and Canada, the U.S. and Mexico.
Peran Sharma: And it's really too early to say what tariffs on imported products...
Peran Sharma: from those two countries would entail. Thankfully, they were delayed for a while. But we feel like we have a really good feel on the different aspects of our business.
Okay, great. Now, I appreciate that, caller.
Speaker Change: I'm just just wondering if maybe we could talk about Skyland a little bit more. I know you provided some color in the commentary but just just seeing if we could flush out any more any more details on the progress of integration what's left and you know how's this
Speaker Change: How's this been versus your expectations? Are you still on track to achieve the, I believe it's 30 to 40 million in EBITDA contribution?
Speaker Change: And I will tell you that the commercial aspect of having the Andersons merchants work with the Skyland originators has went better than expected.
Speaker Change: The team knew each other pretty well going into the transaction, so you're always kind of curious how that's going to turn out, and it's turned out great on the commercial aspect. In terms of...
Speaker Change: The accounting, the finance, and working through those aspects of it, I would tell you that we're on track. And, you know, we have a little bit of heavy lifting to be completed.
Speaker Change: But with that, I'll let Brian address the finance and some of the other areas. Yeah, I mean, I would say, Pran, with regard to some color, I would say that $30 to $40 million range that we talked about previously remains intact. That would kind of be our expectation for the year in 2025. Kind of orders of magnitude for context.
Speaker Change: November, December, I would say it contributed EBITDA in the range of five to ten million dollars and that's before taking into account any synergies and things like that. So I would say off to a good start, the teams are working really well together and are energized and getting to know each other and we're excited about it.
Speaker Change: and many more. Thank you. Thank you. Thank you. Thank you.
Speaker Change: This is Bill again. One other item that it has been really exciting for us to see is, and we talked about this in the October call, is this is going to be
Speaker Change: the first time that we've really been able to test bringing our agronomy business and our grain business together at scale.
Speaker Change: You know, we have a lot of projects or smaller investments where we're able to do this, but doubling the size of our farm centers.
Speaker Change: and being able to do it inside a business where we have the opportunities for trade, specifically the grain and feed ingredients, is really something we're looking forward to over the next 60 days.
Speaker Change: I appreciate the color there and though it sounds like it's progressing well. I guess on that if I could just squeeze one more in before I jump back in the queue but just on the the nutrient and industrial side of the business I think you mentioned an increase in corn acres and how that could potentially result in increased volumes. Could you remind us
Speaker Change: which crop kind of requires more inputs? And if you can maybe just give us a sense, either qualitatively or quantitatively, the magnitude difference in input requirements between, let's say like corn and soybeans.
All right, yeah.
corn requires substantially more nutrient input and so we
Speaker Change: We feel like our margin coming out of the corn is quite a bit higher.
Speaker Change: than any of the other crops, really, that we provide nutrients or other products to. So it can be pretty substantial in terms of what we see for the agronomy.
Speaker Change: and Plant Nutrient Group, both wholesale and retail, with the number of corn acres that we're expecting to see, right? We still have a ways to go, but it's substantial.
Speaker Change: Great, well I appreciate the color and again congrats on the quarter.
Thank you.
Speaker Change: Thank you. And our next question comes from Ben Mayhew at BMO Capital Markets. Please go ahead.
Speaker Change: and many more. Thank you for watching. I'm your host, Michael Krueger. And I'll see you next time.
Hey guys, good morning. My first question is just around
Speaker Change: The momentum you're seeing in the renewable diesel feedstock trading since 45 Z guidelines were finalized Do you think transacting is back to more normal levels or is the market still cautious To transact, you know with with the Trump risk out there. Thank you
Speaker Change: That's an excellent question. I will tell you that it started with some hesitancy by the trade on
Speaker Change: where to head and what to go and what transactions to enter into. The market has freed up over the past few weeks but there's there's still that concern of
Speaker Change: Are we gonna be using the Blender's tax credit? Are we gonna be using the producer's tax credit? There were articles out as late as yesterday trying to decipher that. So there's still...
Speaker Change: Quite a bit of caution by the plants, especially the what I would say is the smaller
plants that are more restricted by the need of the
the tax credit.
Speaker Change: which, you know, we all know that the Blender's tax credit is traditionally going to be better than the producer's tax credit. So yeah, I think you're seeing a little bit more activity, but not back to what it was pre-concerns after the election.
Speaker Change: That makes sense. And my second question is around, I mean also has to do with 45Z, but it's around ethanol.
Speaker Change: And I'm just wondering, does the market environment for acquiring ethanol plants, has that become more attractive now that 45Z guidelines are in place?
Speaker Change: and like what are some of the characteristics that would make certain ethanol plants more valuable than others? Thanks.
Good question. So, the second part of that question...
Speaker Change: is substantially easier to answer for us. I'll take that first and then kind of slide over into the 45 Z questions.
We believe that larger scale plants with good technology
in geographic locations.
Speaker Change: that we have a competitive advantage in originating corn and selling the co-products.
is what we are looking for.
and, you know,
Speaker Change: staying with what we're good at. Now, you know, obviously you add Skyland into the equation. Well, now we've added a large geographic region where we have even stronger origination capabilities.
Speaker Change: So, hopefully that answered your question, but we have a, we're very strict on the criteria that we're going to use in order to make an investment in plants, especially to your point. The first point is
The price, the cost of plants
Speaker Change: has elevated for plants that have access to carbon sequestration or utilization.
Speaker Change: And naturally, those are going to be the plants that we're going to tend to look at the most. And with that, we want to be even more focused and disciplined on the criteria that we quite honestly believe has made us successful.
Speaker Change: Thank you, that's great. And then I'm just going to sneak one more in here, and this is more of just a general question about the U.S. farmer and how they're approaching 2025. I mean, certainly, you know, there's a lot of just unknowns. There are a lot of unknowns out there.
But it would seem like.
Speaker Change: So, like, how do you think about the merchandising environment for corn in 25?
Is the outlook generally better? I mean, that's my perception.
Speaker Change: What are the farmers thinking? Put us in the mind of the U.S. farmer and what is their game plan for this year? And I'll leave it there. Thanks.
Speaker Change: and many more. I hope you enjoyed this video. If you did, please give it a thumbs up and subscribe to my channel. I'll see you next time.
That's a pretty complex question, Ben.
Speaker Change: But you are correct, and the recent rally that we've seen since
mid-January has been very beneficial to the U.S. farmer.
Now, the U.S. farmer also has
had a little bit of a snafu in selling
Speaker Change: earlier when they were expecting a much larger carryout. So, I will tell you that not all farmers are created equal in their marketing capabilities, and quite honestly, some producers probably sold their current crop a little early into this rally. But if you think about the payments,
that were just distributed.
You look at
Speaker Change: For the most part, the U.S. is in really good planting conditions. I know it's only February, but we've had a lot of moisture where it's been dry. So I think that the U.S. farmer as a whole is pretty optimistic.
And, you know, you start to think through...
Speaker Change: What will the Farm Bill look like? How will Climate Smart ag?
tie in to the ability to reduce
Speaker Change: the CI scores of corn, the potential of other opportunities, you know, obviously we've had a lot of crush capacity for the soybean farmer. And so, yeah, I think compared to where the farmer was a year ago,
Speaker Change: And I think any of the surveys that you read, optimism is quite a bit higher than it was a year ago.
and many more. Thank you. Thank you.
Speaker Change: Thank you. And ladies and gentlemen, this concludes the question and answer session. I'd like to turn the conference back over to Mike Hoelter for closing remarks.
Speaker Change: Thanks, Rocco. We want to thank you all for joining us this morning. Our next Earnings Conference Call is scheduled for Wednesday, May 7, 2025 at 8.30 a.m. Eastern Time, when we will review our first quarter results. As always, thank you for your interest in the Andersons, and we look forward to speaking with you again soon.
Speaker Change: Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.