The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Benjamin Mayhew - BMO Capital Markets - Analyst
: So my first question has to do with the Fertilizer business. So it sounds like you have some good visibility on second quarter fertilizer profits, given
the strong corn plant. So I'm just wondering if you can frame it against maybe the last two years' second quarter performance, do you expect it to
maybe be a little bit higher from a profit standpoint? And that'll be my first question. Thanks.
Question: Benjamin Mayhew - BMO Capital Markets - Analyst
: And so my second question has to do with the ethanol business. So I think the first quarter came in probably stronger than, at least, I expected,
and it seems like most others expected. Had another major competitor yesterday post a pretty strong result and give a stronger outlook.
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MAY 07, 2025 / 12:30PM, ANDE.OQ - Q1 2025 Andersons Inc Earnings Call
You mentioned the difference in corn bases between the Eastern and Western Belt, which I thought was pretty interesting for this year because
the last couple of years, the Eastern Belt has been cheaper. So I was hoping you could just dive into that difference this year and what's causing
the Eastern Belt to be a little more expensive on basis versus the Western Belt.
Question: Benjamin Mayhew - BMO Capital Markets - Analyst
: Cool. And then if I could sneak in one more. I saw in the press release that you called out the renewable diesel feedstock trading desk as having a
better performance. So I'm wondering, are you seeing improved transacting ahead of, maybe, an expected RVO announcement in May?
It would seem like we're starting to see more plants step into the market, have a little more confidence, and start buying some seed stocks ahead
of this. So I'm just wondering what your internal visibility is on this, and how it might pretend to the rest of the year.
Question: Benjamin Mayhew - BMO Capital Markets - Analyst
: Okay. Thank you so much. I'm going to step back in the queue.
Question: Ben Klieve - Lake Street Capital Markets - Analyst
: First question around the Skyland's acquisition, there's a lot of converging factors here. It seems like the macro condition in that it seems like the
macro conditions has deteriorated over the last six months relative to what you guys have considered. But maybe this business performed relatively
well against that macro backdrop.
I'm wondering if you can just talk about its performance relative to your expectations. And then if you're able, to isolate the level of EBITDA generated
by that business here in the first quarter. That'd be great, too.
Question: Ben Klieve - Lake Street Capital Markets - Analyst
: Okay. That's fair enough and not all tracks. Last one for me and then I'll get back in queue. It seems like the investments that you are making are
continuing without much change. And I'm curious, the degree to which that's an accurate assessment on the investments, especially in Houston
location explicitly focused around international trade flows. Those investments, it seems like, are going on without any change, even against this
uncertain macro backdrop. Is that a fair characterization?
Question: Ben Klieve - Lake Street Capital Markets - Analyst
: Got it. Very good. Well, I appreciate the color from both of you. Thanks for taking my questions and I'll get back in queue.
Question: Pooran Sharma - Stephens - Analyst
: I just wanted to start out and ask about the Renewables business. Been seeing ethanol exports meaningfully up here to date through March to
Canada. I know we had a little bit of back and forth in terms of trade tariff discussions.
But just wanted to ask if you think some of the momentum that we're seeing thus far is a little bit of pull forward or do you expect this type of
momentum to carry for the whole year? Would just love to hear your thoughts on ethanol exports to Canada.
Question: Pooran Sharma - Stephens - Analyst
: Great. I appreciate that. And wanted to just hone in about grain here and, A, just ask -- I think you addressed it in your prepared comments, but
with perspective planning, there's 95 million acres and then we've just been hearing reports that planting paid ahead of schedule. So wanted to
see what this means for your ability to store for storage income within your grain business.
Question: Pooran Sharma - Stephens - Analyst
: Great. Appreciate the color.
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