The Andersons, Inc.

Ladies and gentlemen, thank you for standing by and welcome to the Anderson's 2021 second quarter earnings conference call. At this time, all participants are on listen only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question at that time, please press star then one on your touchstone telephone. As a reminder, today's conference call is being recorded. I would now like to hand the presentation over to your host, Mr. Mike Holter, vice president, corporate controller and investor relations. Please go ahead, sir.

Thanks, Valerie. Good morning, everyone, and thank you for joining us for the Anderson Second Quarter 2021 Earnings Call. We have provided a slide presentation that will enhance today's discussion. If you are 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 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. 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. This presentation and today's prepared remarks contain non-GAAP financial measures. Reconciliations of non-GAAP measures to the most directly comparable GAAP financial measure are included within the appendix of this presentation. 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, we will be happy to take your questions. I will now turn the call over to Pat.

Thank you, Mike, and good morning, everyone. Thank you for joining our call this morning to review our second quarter results. We're very pleased with our performance as the company recorded its best second quarter since 2014, and each of our four business segments recorded improved year-over-year results. I'm also particularly pleased to note that our trailing 12 months adjusted EBITDA was greater than $340 million, well in excess of the $300 million run rate goal we established in late 2017. I'm very proud of our Anderson's team and the outstanding results they achieved through excellent performance in merchandising, manufacturing, and providing extraordinary service to our customers. The Trade Group had another solid quarter executing well in dynamic grain markets where tightening grain stocks have provided excellent merchandising and elevation opportunities. Corn and soybean growing conditions in our key draw areas are outstanding, and we anticipate good buying opportunities into harvest. Winter wheat harvest volume was better than expected in our draw area, and we're seeing some carry return to the corn and wheat markets. In our ethanol segment, they recorded one of their best quarters ever with income generated from strong coproduct values and third-party trading results, combined with the reversal of unrealized mark-to-market losses resulting from our hedging programs. The plant nutrient group also had a strong second quarter. It's best since 2014. As anticipated, margins were up in all product lines on tight supplies and strong demand. Fertilizer prices remain high and orders for the fall are being placed. Roehl reported slightly improved second quarter results primarily on opportunistic scrapping of out of favor and end of economic life Roehl cars for higher than normal scrap prices. We continue to see benefits from cost reduction efforts that were implemented over the last several years, although the strong first half results has led to larger accruals for incentive compensation. Now I'll turn things over to Brian, and when he's finished, I'll be back to discuss our outlook for the rest of 2021.