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Operator
Ladies and gentlemen, thank you for standing by, and welcome to the Anderson's Third Quarter 2020 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you'll need to press star 1 on your telephone. As a reminder, today's program may be recorded. I would now like to introduce your host for today's program, John Krause, Director of Investor Relations. Please go ahead, sir.
Anderson
Thanks, Jonathan. Good morning, everyone, and thank you for joining us for the Anderson's third quarter 2020 earnings call. We have provided a slide presentation that will enhance today's discussion. If you're viewing this presentation via our webcast, the slides and commentary will be in sync. This webcast is being recorded, and the recording and the supporting slides will be made available on the investors' page of our website at andersonsinc.com shortly. Certain information discussed today constitutes forward-looking statements and actual results could differ materially from those presented in the forward-looking statements as a result of many factors, including general economic conditions, weather, competitive conditions, conditions in the company's industries, both in the United States and internationally, the COVID-19 pandemic, and additional factors that are described in the company's publicly filed documents, including its 34-act filings, and the prospectuses prepared in connection with the company's offerings. Today's call includes financial information which the company's independent auditors have not completely reviewed. Although the company believes that the assumptions upon which the financial information and its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be accurate. This presentation and today's prepared remarks contain non-GAAP financial measures. The company believes that adjusted pre-tax income, adjusted pre-tax income attributable to the company, adjusted net income attributable to the company, adjusted diluted EPS, EBITDA, adjusted EBITDA attributable to the company, and adjusted effective tax rate provide additional information to investors and others about its operations, allowing an evaluation of underlying operating performance and better period to period comparability. These measures do not and should not be considered as alternatives to net income or income before income taxes as determined by generally accepted accounting principles. On the call with me today are Pat Bowe, President and Chief Executive Officer, and Brian Valentine, Executive Vice President and Chief Financial Officer. After our prepared remarks, Pat, Brian, and I will be happy to take your questions. Before Pat makes his opening comments, I want to remind you that we'll present an investor day in a virtual format on Tuesday, December 8, 2020, beginning at 9 a.m. Eastern Time. I want to also let you know that we have just completed a sustainability review. That document may be found in the investor section of our website. With that, Pat, the floor is yours.
Jonathan
Thank you, John, and good morning, everyone. Thank you for joining our call this morning to review our third quarter results. Three of our four business segments recorded improved year over year results. The trade business led the way by earning a much improved third quarter pre-tax profit year over year. Merchandising results and grain elevations were strong. Income earned by the group's assets was positive despite the final lingering effects of the small 2019 harvest in the east. We're seeing much improved grain production in the east this harvest. The ethanol business recorded pre-tax income that was slightly better than its third quarter of 2019. Though margins were stronger year over year, the corn futures price rally led to a large non-cash mark to market charge on our corn and DDGs that we did not face in 2019. The plant nutrient business achieved its sixth consecutive quarterly year-over-year improvement in the third quarter. Margins were up slightly on similar volumes and the business continued to manage expenses and working capital effectively. Roehl reported nearly break-even results as continued lower Roehl traffic negatively impacted lease rates. Cars in service fleet utilization and demand for rail services were all lower. A recent strategic combination of those four business segments into two groups is creating the commercial and cost synergies we anticipated. We also completed the related strategic cost takeout, which should result in run rate savings of approximately $10 million beginning early next year. We expect that these actions, along with the moves made earlier in the year, should result in more than $25 million in permanent cost reductions when comparing 2019 and 2021 results. We're continuing our evolution towards becoming a much leaner company that's poised to grow. I'm now going to turn things over to Brian, and when he's finished, I'll be back to discuss our outlook for the rest of 2020 and into 2021. Brian?
John
Thanks, Pat, and good morning, everyone. We're now turning to our third quarter results on slide number five. In the third quarter of 2020, the company reported a net loss attributable to the Andersons of $1.1 million, or 3 cents per diluted share, and an adjusted net loss of $2.4 million, or 7 cents per diluted share, on revenues of $1.9 billion. In the third quarter of 2019, we reported a net loss attributable to the company of $4.2 million, or 13 cents per diluted share, and an adjusted net loss of $2.3 million, or 7 cents per diluted share, on revenues of $2 billion. The benefits of our cost reduction initiatives continued to be evident in the third quarter as operating, general, and administrative expenses declined $8.9 million or 8 percent year-over-year. Adjusted pre-tax income attributable to the company increased $7.3 million year-over-year, with the trade group accounting for almost 90 percent of the improvement. These operating results were offset by lower income tax benefits, as we recorded an adjusted benefit of $200,000 in the third quarter of 2020, compared to a benefit of $7.2 million in the third quarter of 2019. Adjusted EBITDA attributable to the company was $46.2 million in the third quarter of 2020, compared to $38.2 million in the third quarter of 2019, an increase of 21%. Adjusted EBITDA for the quarter was higher for the trade, ethanol, and plant nutrient segments. Our effective tax rate continues to change considerably each quarter based on the amount of income or loss attributable to the non-controlling interest. As in the first two quarters of the year, the adjusted rate also removes the benefits we expect to receive from the CARES Act. These benefits had an impact of 14 cents per share for the quarter and have had a 45 cent per share impact year to date. We generated strong cash flow from operations and continued to focus on working capital management. We have also taken a disciplined approach to capital spending, which we expect to be about $100 million for the full year. Long-term debt decreased approximately $100 million compared to the beginning of the year. Long-term debt reduction remains a priority. In late October, we refinanced a portion of the debt supporting the rail business. This decision will reduce borrowing costs going forward. However, it will result in the recognition of approximately $2.5 million of non-cash interest charges to the rail business in the fourth quarter relating to interest rate swaps and debt issuance fees on the prior debt agreement. The refinancing accelerated the recognition of these expenses which would have otherwise been amortized into interest expense through the third quarter of 2021. Now we'll move on to a review of each of our four business segments, beginning with trade on slide six. Trade reported pre-tax income of $5.9 million and adjusted pre-tax income of $6.9 million compared to a pre-tax loss of $2.1 million an adjusted pre-tax income of $400,000 in the same period of 2019. The difference between reported and adjusted results in both periods was stock compensation expense relating to the Lansing Trade Group acquisition. Income from merchandising grains, feed products, and all other commodities was strong compared to the third quarter 2019 results due to increased market volatility. Income from the segment's asset portfolio was positive due to improved results from our Ohio and Louisiana assets. Synergy capture and other cost-cutting efforts continued to provide benefits. Trade's adjusted EBITDA for the quarter was $22.3 million compared to adjusted EBITDA of $20.7 million in the third quarter of 2019. Moving to slide number seven, ethanol's third quarter pre-tax income attributable to the company of $1.1 million was up slightly from the third quarter 2019 result. Margins were much improved despite increasing corn costs as industry supply and demand remained relatively balanced. Third party ethanol trading results were also higher year over year. Offsetting those improvements was a $6.2 million non-cash mark-to-market adjustment, as Pat mentioned earlier. Ethanol recorded EBITDA attributable to the company of $11.1 million in the third quarter of 2020, up from $3.9 million in the third quarter of last year. I also want to remind everyone that year-over-year comparisons are difficult, as 2020 includes the consolidated results of all five ethanol plants whereas 2019 results included equity earnings for three of those plants. Results will be more comparable beginning next quarter. Turning to slide eight, the plant nutrient business recorded a pre-tax loss of $5.4 million in the third quarter, which was a $2 million improvement from the third quarter 2019 loss of $7.4 million. The third quarter marked the segment's sixth consecutive year-over-year quarterly improvement. Margins per ton were slightly higher on similar volumes. Operating and interest expenses continued to move lower year-over-year due to cost reduction initiatives and effective working capital management. Plant nutrients EBITDA for the quarter was $2.2 million, an increase of $1.3 million from the third quarter of 2019. Turning to slide number nine, the rail business was essentially breakeven in the third quarter compared with pre-tax earnings of $3.1 million last year. The year-over-year change was primarily driven by lower results from its lease sleep, as lease rates, cars on lease, and utilization each declined year-over-year. Rail generated $12.5 million in EBITDA for the quarter, compared with EBITDA of $16.1 million for the third quarter of 2019. I'd now like to turn things back to Pat for some thoughts about the remainder of this year and some early views about 2021. Thanks, Brian.
Jonathan
We are very pleased to see the 2020 corn and soybean harvest very much improved from the short crop in the eastern corn belt that hurt us last year. This puts us in a strong position for a year with robust grain demand. Nationwide, this year's crop is smaller and drier than we anticipated just three months ago. Export demand has been very robust, especially from China, which we expect to run well into the first quarter. These conditions have led to a significant increase in basis, strong elevation margins, and considerable volatility. which creates good merchandising opportunities for the Andersons. Nearby grain futures prices have rallied, creating an inverse in corn and soybean and wheat markets. If those conditions persist, they'll impact the opportunity to earn storage income through the first part of 2021. As a result of those conditions, our current outlook for the trading business in the next four quarters is strong overall. with solid merchandising opportunities, yet a softer outlook on income from carrying grain than we thought it'd be 90 days ago. We expect the results in 2021 to exceed 2020 in the trade group. Spot ethanol crush margins continue to be very positive, but similar to grain markets are inverted. We completed all planned fall maintenance outages on schedule at the four plants owned by the Andersons Marathon Ethanol, and they're all running well. We continue to line out some of the new technologies we're using in the Element plant and are excited about a new high protein feed product that we're already producing both there and at our Denison, Iowa facility. While spot margins are strong, how we finish 2020 and begin 2021 will depend on the balance between gasoline demand and the ethanol industry supply. We expect our plant nutrient business to finish the year well. We appear to be having a good fall application season, and we expect improvement in 2021, assuming continued higher commodity prices and another strong planting season. While railcar demand has been soft, and as we look into 2021, without any significant shutdowns, we think the bottom of the trough in railcar demand and lease prices may be behind us. However, we continue to see a challenging demand picture for rail cars and rail repair services through much of 21, and the results should remain flat going into next year. So in summary, we've made good progress on reducing long-term debt, put in place a more effective cost structure, and we're seeing the benefits of the Lansing acquisition and a stronger trading platform. U.S. ag fundamentals have dramatically improved, which bodes well for the U.S. farmer, and for the Andersons. I'm very encouraged by the resilience of our workforce this past year. We feel we have a leaner and stronger company going into 2021 and are excited about our future prospects. With that, I'd like to hand the call back to Jonathan, and we'll be happy to entertain your questions.
Operator
Certainly. Ladies and gentlemen, once again, if you have a question at this time, please press star then 1 on your touchtone telephone. Our first question comes from the line of Ken Zaslow from Bank of Montreal. Your question, please.
Ken Zaslow
Good morning, everyone.
Jonathan
Good morning, Ken.
Ken Zaslow
I want to touch base on the bigger picture first. You guys have a $300 million EBITDA target. Can you talk about that and where that kind of stands for 2021 and how everything plays out in that?
Jonathan
Sure, and thanks for asking that question, Ken. We're currently working on our long-term strategy and our budgets for 2021. And we'll be sharing in more detail at our investor day about that outlook in December. We have had in place a long-term goal of $300 million EBITDA for 21, and we're encouraged by the improvement we've seen in ag markets, especially here the last 90 days going into next year. Okay.
Ken Zaslow
And then on top of that, when you think about the crop being restored in the eastern Corn Belt area, How do you frame how that would actually impact, you know, the Andersons? It seems like, you know, you're talking about crops that could be, you know, 20%, 25% bigger than a year ago levels. Demand seems strong. Can you talk about what that actually translates to? And, you know, is that something that you would expect to see in 2021?
Jonathan
Yeah, sure, Ken. I mean, a year ago, having a really wet planting season, which hurt our PN business, and then going to the grain harvest that was really low volumes in the east, A lot of those crops tributary to our eastern assets. It was tough, that 19 harvest. Coming into the current harvest here, we're just wrapping up maybe 20% of corn still to finish. We've got a beautiful sunny 70 degree outlook here for the next five days. Harvest shall finish really strong in the east. Production has been restored. We've been taking in really good volumes of grain in all of our facilities. Again, a strong basis, strong export market, strong elevations. So it's a much improved outlook. And so we're on a level playing field. In fact, maybe eastern crops in some cases have been better than some of the western crops in the improvement year to year. So we're in a much better position than we were last year at the harvest time.
Ken Zaslow
And then my last question on cost savings. You know, I think you mentioned that it's $25 million from 19 to – What would it be just incremental from 20 to 21? And I'm assuming there's still, you know, that does contribute to your $300 million of EVTA.
John
Yeah, Ken, this is Brian. I think that's fair. I'd put it into kind of three buckets. You know, at the beginning of the year, we talked about an incremental 10 coming from a combination of synergies and productivity improvements. And then when we were talking COVID and some of the actions we were taking on cost containment, we talked about another 20-ish, call it in the May timeframe, and we said about half of that was sustainable. And then probably another 10 for some of the actions that we took with the RE-ORG and some of the G&A side. That gave us kind of a 40 number in total, about 30 of which we thought was sustainable, and there was some offsets for cost to achieve. So as we enter next year, probably think about an incremental 5 to 10 is probably how I'd frame it, off of 20.
Ken Zaslow
Thank you, guys.
Operator
Thank you. Our next question comes from the line at Bambi Avenue from Stevens. Your question, please.
Stevens
Hey, thanks for morning us.
Jonathan
Morning, man.
Stevens
I want to ask with respect to the commentary around the carry. We can see what's going on across corn, soybeans, wheat carries. Historically, I know when you've had outsized carry opportunities in wheat, that has given you an opportunity to capture outside storage income. When you think across those three primary grain categories and oilseeds, I guess wheat historically has been most important How would you rank order, if there is a rank order today, which matters most to you in terms of having a carry in the market?
Jonathan
I'm glad you brought up the comment of carry. And the reason we pointed it out was just really because of the big change in 90 days. So, I mean, 90 days ago, the markets have had a remarkable rally. So we're up $1 in corn to $4 and $1 in wheat to $6 today. and $2 in beans to $10.50, $10.75. So we've had a really big bull run here off an aggressive China export program, which is fantastic. And we're starting to hear some early signs of dryness in Argentina and Brazil at planting. So if that were to continue or to persist, this bull run could continue to move up. So farmers are in a much stronger position, have received some government payments, and now getting the benefit of higher commodity prices. So that's kind of a macro backdrop. With that bull move, all corn, bean, and wheat markets inverted. So carries went out of those markets. And that's true for everybody. I mean, this is not an Anderson thing. That's for everybody in the grain business, farmer, elevator, processor, exporter. So the reason we pointed that out was just this is the current condition of the market. Those can change. Spreads move quite dramatically sometimes. It's just unusual to have a crop harvest with a big crop and have such a bull rally and inverted markets and high premiums in a harvest time. So this is 2020 is an unusual year for lots of things in this country, and ag is no different. So now specifically to us, as you mentioned, Ben, we tend to historically have made steady wheat markets carries on soft red wheat, storing it mostly in the Toledo area. This year, the wheat crop was good quality, but not big in size. We're optimistic about plantings with good fall conditions and good high prices for wheat. We'll see a bigger crop next year in wheat, so that's encouraging when it comes to wheat. But corn overall is, you know, you say corn is king. Corn, total volume of corn is the biggest impact to everyone in ag. So when you have big carries in corn, that generates probably the most income when it comes to total dollars and probably has probably a little more volatility too with the corn spread. So answer your question is, is seeing carries return in corn will be good for storage income across the ag sector. And right now, farmers have been selling beans at high prices and sitting on corn, it's not good to sit on corn when you don't have much of a carry in it, right? It's going to be an interesting market as we go into the first quarter and second quarter of next year and see how spreads play out.
Stevens
That's a great, really helpful color. Thank you for the detail. Switching to the ethanol business, you know, industry SMB is much improved. You guys have always run, you know, best-in-class assets. I'm curious, you know, in addition to kind of SMB on the traditional ethanol product, corn ethanol product, You know, a number of producers have had a shot in the arm on USP-grade alcohol. I just don't know to what extent you guys participate in that market today, if at all. And if not, you know, is there an avenue by which you think there's enough sustainable demand to enter that market with the assets that you have?
Jonathan
Yeah, I think you pointed out some good comments, Ben, that the, you know, ethanol margins, when it comes to crushed, With the corn market rally and soybean and soybean meal rally, DDGs have really improved as well. Also, corn oil outlook, especially in the long term, is attractive with renewable biodiesel demand for corn oil. So the coproducts in long term in ethanol look pretty friendly. We're also seeing our ability to make high protein new feed streams that create much higher margins and values on our feed products. We are now selling those out of our Iowa plant and our Kansas plant. So those are encouraging across the coproduct side. We've looked at the USP-grade market and to invest the capital necessary to build a true portable alcohol plant and didn't feel the returns or having the contracts in place with users were there for us. I think some people who have that capability today are enjoying that margin, but we didn't see that as a good place to deploy capital today for our company.
Stevens
Perfect. Thanks for the color and best of luck.
Jonathan
Thank you.
Operator
Thank you. Our next question comes from the line. I have Eric Larson from Seaport Global. Your question, please.
Eric Larson
Yeah, good morning. Thanks for the question, guys. I want to just focus a few minutes on rail. I mean, that was, I think, a break-even quarter. I think that was probably one of your poor performances, I think, in that rail division in some time. So I think, Brian, you mentioned that there's going to be, I think, a one-time – interest charge adjustment in Q4, but you earned, I think, on an adjusted basis, $4.5 million in pre-tax profits in the fourth quarter a year ago. Can you talk about what the impact is on fourth quarter, given the current environment? And then I think, Pat, you said that, you know, flattish for 2021. I may have misheard that. So can you help us with the rail side of it?
John
Yeah, I think as we think about 2021, I think you're right. Thinking about it on a flattish, on kind of an EBITDA basis makes sense. I think if we think about our rail business on the whole for the kind of the full year of this year, I would think of it in the context of a few million dollars positive, but before that non-cash charge. John, anything, you look like you want to add something, John.
Anderson
Yeah, I think you said flattish on an EBITDA basis. I think we wanted to say EBT basis.
Jonathan
And Eric, I think on a macro level, as you know, loadings, utilization, and even shop volumes have really been weak. So the rail economy has continued to struggle all year, and we're no different than anyone else. We have seen some pickups in some types of cars. Grain cars, for example, are starting to look a little better. intermodal has been good in the industry, but still a lot of segments that are really pretty tough and a lot of cars parked. So, you know, the question is what's the economy going to look like? Could there be other COVID shutdowns next year that impact, you know, what drives the rail traffic? We'll have to see how that plays out. We think this might be the bottom, but to get excited about a real robust turnaround in rail demand, we don't see that in the cards for next year.
Eric
Okay.
Jonathan
So of our four business groups, that's the one that's flat. The other three are all going to be improved in 21.
Eric Larson
Okay. So when you kind of look at just the very near term right now, you said in eastern Cornville you've got about 20% of the harvest, I think, left in corn. We are having fantastic weather right now. It's just unusual. Of course, it was a pretty poor October, though, too, but. With what could come to the market, you know, in a pretty rapid fashion for, let's say, the remaining 20% of harvest, you know, can that give you maybe an opportunity on a more favorable basis on a near term as some of that supply comes in pretty quickly?
Jonathan
Yeah, I think they're laying it out pretty well, Eric. I mean, we've been buying beans aggressively all through harvest. Farmers liking the high level of flat price in beans over $10 a So, and we've been putting through those beans just as fast with robust demand for exports. So it's been a really good season for bean elevations. Corn, the farm has been holding a little bit that's been early harvested. So we'll see at the end of harvest if they're going to be moving more corn. We expect to see more corn movement here the next few weeks. So overall, we've been pleased with harvest progress and quality of harvest as well as quantity at our facilities. We're feeling very good about harvest in general. So it's been a good season for everybody so far, so really pleased.
Eric Larson
Okay. So just my final question, Pat, and this is more of kind of a general observation, but it's a question that I get all the time, and I think in the investment community it lingers as kind of one of the overall maybe overhanging questions So we talk about the sustainability of this particular ag recovery. As you know, we've had several sort of false starts over the past several years, right? But this time around does seem a lot different. And I'm just curious how you are looking at sustainability. What could be the driving factors that have changed that? across the sector, and you participate in most of those sectors. So can you just – and, you know, on the other side, we've seen some pretty disappointing – well, we've seen disappointing fertilizer results. Those are all looking backward, not forward, obviously. And I think that the sentiment here is trying to find, you know, an answer to what the outlook might be, sustainability of this particular, you know, ag recovery. Okay.
Jonathan
Yeah, and I think the best part about an ag recovery is being demand-led, right? So China coming in for just record offtake this year is super encouraging to everyone. So, you know, sure, to the exporters at the Gulf and the PNW, the Texas Gulf, even stuff we're doing out of lakes, I mean, the whole export program impacts everybody. So that's a really good sign when it's the demand pull. If you coupled that with some domestic demand lift, which probably would come from ethanol. So ethanol, let's call it 90% right now. If driving starts to pick up as we get the new year and we get past a COVID situation where demand for gasoline improves, we'll see a pickup in ethanol. Already, protein demand is solid. So demand side of ag is good. Farmers' balance sheets are better now, getting some government payments as well as having higher commodity prices. So people are in a much better position. Looking forward to the conditions of South America, if we had some dryness in South America, we're really going to have kind of a bullish environment for commodity prices. And that's a little bit why I was surprised candidly this morning. to see the reaction in our stock price, because we had a beat on the quarter and, you know, solid earnings for the quarter, and our outlook is good as part of a stronger ag market. I think maybe our comments about carry might have concerned people, and that applies to everybody, so we're just kind of pointing it out, what changed in the last 90 days, and markets inverting in the last 90 days has been a big factor in ag, so the reason we brought that up, but Your answer to your long-term question is an ag recovery being driven by Asian demand, and specifically China, can be sustainable, and that's encouraging.
Eric Larson
Okay. And then you mentioned it looks like we're going to have new sources of demand for oil. You mentioned it in your corn oil comments. We have pretty significant capacity increases coming in renewable diesel oil. and that could be more than a one-year benefit to the ag industry. Would that be part of your sustainable recovery comments as well?
Jonathan
Yes. Yeah, renewable diesel is just another lift to the veg oil complex here in the U.S. It's a good thing for our corn oil production business, but also we trade those feedstocks, so it's an opportunity that I think is going to be good for the ag sector in general.
Eric Larson
All right, thank you.
Operator
Thank you. Our next question comes in the line of Ben Cleave from National Securities. Your question, please.
Ben Cleave
All right. Thanks for taking my questions. I really just have one question here within the ethanol segment and the element plant specifically. Can you just kind of give us an update here really where this facility stands in terms of ramping towards full production, both either from utilization rate, from integration of new technology, perspective and, you know, kind of upcoming milestones, you know, relating to getting final approval for tax credits? And where really do we stand in the, you know, the ramp of that facility overall?
Jonathan
Great question, Ben. So, you know, we had hoped pre-COVID that we were going to be in a much better position than we were now. Given the impact of the ethanol plant shutdowns that happened earlier this year, right when we were in the middle of kind of a ramp up and start up of the element facility kind of delayed our prospects for that plant to put us behind the trajectory we wanted to be on. So plant has been running at full capacity in producing ethanol. We don't have our California CARB approval yet Because we're waiting to have our gasifiers, this is our front-end wood-burning system, recertified. We had a big maintenance shutdown we're doing here this fall. And then when we bring the plant back up, we'll be working on getting that California CARB approval. You have to have a 90% they run to get that proper certification of your carbon score. We feel really good about that carbon score. We've been producing our high-pro DDGs and having really good market acceptance of our feed products. So, really, we're just behind schedule. And I think we're talking about, Brian, what did we put in the calendar?
John
I think, Ben, I would think of that as kind of a second-half 21, you know, type impact, starting to have impact of the California approval.
Ben Cleave
Sorry, can I ask a clarifying question on this? So the timeline here, the 90-day track record, has that 90-day process started yet or is that still waiting as you bring that facility back after the maintenance?
Jonathan
Thanks for clarifying. No, we haven't done that. We're bringing up the new folders back online, and then we'll plan to make the 90-day run, submit it to CARB. You've got to get approval. And we're talking about, like Brian said, mid-year or summer of 21 for having full approval and shipments to California, gaining the California. Now, the plant's running, running full. We're just not getting that additional California premium at this time.
Ben Cleave
Roger that. Okay, very good. Well, thanks for the clarification, and I appreciate that. I'll get back in queue now.
Operator
Okay. Thank you. Once again, if you have a question at this time, please press star then 1. And this does conclude the question and answer session of today's program. I'd like to hand the program back to John Koss for any further remarks.
Anderson
Thank you, Jonathan. We want to thank you all for joining us this morning. I also want to mention again that this presentation and slides with additional supporting information are available on the investors page of our website at andersonsinc.com. Our next earnings conference call is scheduled for Wednesday, February 17, 2021 at 11 a.m. Eastern Time when we will review our fourth quarter 2020 results. We hope you can join us again at that time. Until then, be well.
Operator
Thank you, ladies and gentlemen, for your participation at today's conference. This does conclude the program. You may now disconnect. Good day.
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