Andersons Inc (ANDE) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Anderson's 2025 first-quarter earnings conference call. My name is Joe and I'll be your coordinator for today. (Operator Instructions) And as a reminder, this conference is being recorded for replay purposes.

女士們、先生們，早安，歡迎參加安德森 2025 年第一季財報電話會議。我叫喬，今天我將擔任你們的協調員。（操作員指示）另外提醒一下，本次會議將會被錄音以供重播。

I will now hand the presentation to your host for today, Mr. Mike Hoelter, Vice President, Corporate Controller, and Investor Relations. Please proceed.

現在，我將演講稿交給今天的主持人、公司財務總監兼投資者關係副總裁 Mike Hoelter 先生。請繼續。

Thanks, Joe. Good morning, everyone, and thank you for joining us for the Anderson's first quarter earnings call. We have provided a slide presentation that will enhance today's discussion. If you are viewing this presentation from 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.

謝謝喬。大家早安，感謝大家參加安德森第一季財報電話會議。我們提供了幻燈片演示，以增強今天的討論。如果您透過我們的網路廣播觀看此簡報，投影片和評論將同步。這次網路廣播正在錄製中，錄音和支援幻燈片很快就會在我們的網站 andersonsinc.com 的投資者頁面上發布。

Please direct your attention to the disclosure statement on slide 2, as well as the disclaimers in the press release related to forward-looking statements. 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.

請務必注意投影片 2 上的揭露聲明以及新聞稿中與前瞻性陳述相關的免責聲明。今天討論的某些資訊構成前瞻性陳述，反映了公司對未來事件、財務表現和行業狀況的當前看法。

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 the GAAP to non-GAAP measures are included within the appendix of this presentation.

這些前瞻性陳述受到各種風險和不確定性的影響。由於多種因素，實際結果可能會有重大差異，這些因素在公司提交給美國證券交易委員會的報告中有所描述。我們鼓勵您仔細考慮這些因素。本簡報和今天的準備發言稿均包含非公認會計準則 (GAAP) 財務指標。本簡報的附錄中包含了 GAAP 指標與非 GAAP 指標的對帳。

On the call with me today are Bill Krueger, 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.

今天與我一起通話的有總裁兼執行長比爾·克魯格 (Bill Krueger) 和執行副總裁兼財務長布萊恩·瓦倫丁 (Brian Valentine)。在我們準備好發言之後，我們將很樂意回答您的問題。

I will now turn the call over to Bill.

現在我將把電話轉給比爾。

Thanks, Mike, and good morning, everyone. Thank you for joining the call to discuss our first quarter results and outlook for the remainder of 2025.

謝謝，麥克，大家早安。感謝您參加電話會議討論我們的第一季業績以及 2025 年剩餘時間的展望。

We had mixed results in the first quarter with a strong performance from Renewables while Agribusiness was weaker than expected. Global trade uncertainty resulting from threatened tariffs and port fees disrupted typical grain flows and negatively impacted commodity values. This resulted in limited merchandizing activity beyond immediate customer needs.

我們第一季的業績好壞參半，再生能源表現強勁，而農業綜合企業表現弱於預期。關稅和港口費用的威脅導致全球貿易不確定性，擾亂了正常的糧食流通，並對商品價值產生了負面影響。這導致除了滿足客戶迫切需求之外的商品銷售活動受到限制。

The Nutrient and Agronomy teams had a solid start to the planting season and are well positioned to support the expected increase in corn acres. At the same time, our Renewables group had one of its best first quarters with improved yields and solid margins from ethanol production, coupled with contributions from ethanol and renewable diesel feedstock merchandise.

營養和農業團隊在種植季節有一個良好的開端，並已做好準備支持玉米種植面積的預期成長。同時，我們的再生能源集團經歷了表現最好的第一季之一，乙醇生產的產量提高，利潤率穩定，再加上乙醇和再生柴油原料商品的貢獻。

Results in Agribusiness were down as our AG supply chain assets were hit particularly hard by domestic demand challenges and the overall trade flow uncertainties, reducing exports of wheat and sorghum. These broad market conditions, which we believe are temporary and unusual, impacted the entire network but were amplified in the Western Corn Belt. A bright spot for the group was our Agronomy business where we experienced increased volumes and margins.

農業綜合企業的表現下降，因為我們的農業供應鏈資產受到國內需求挑戰和整體貿易流不確定性的嚴重打擊，導緻小麥和高粱的出口減少。我們認為這些普遍的市場狀況只是暫時且異常，影響了整個網絡，但在西部玉米帶的影響被放大了。集團的一大亮點是農學業務，我們的產量和利潤均有所成長。

We remain pleased with our operating performance in Renewables. We again had increased year-over-year production, including higher ethanol and corn yields. Increased board crush margins also positively impacted our results, and our ethanol and co-product merchandizing provided comparable uplift. Contributions from dry distillers grains were lower year-over-year on reduced values, considering an oversupply of alternative protein sources.

我們對再生能源業務的營運表現依然感到滿意。我們的產量再次較去年同期成長，包括乙醇和玉米產量的提高。板材壓榨利潤的增加也對我們的業績產生了正面影響，我們的乙醇和副產品商品銷售也提供了類似的提升。由於替代蛋白質來源供應過剩，乾酒糟的貢獻因價值下降而較去年同期下降。

Brian will now cover some key financial data. After that, I'll be back to discuss our outlook.

布萊恩現在將介紹一些關鍵的財務數據。之後，我會回來討論我們的前景。

Thanks, Bill, and good morning, everyone. We're now turning to our first quarter results on slide 5. In the first quarter of 2025, the company reported net income attributable to the Andersons of $300,000 or $0.01 per diluted share, an adjusted net income of $4 million or $0.12 per diluted share. This compares to net income of $6 million or $0.16 per diluted share in the first quarter of 2024.

謝謝，比爾，大家早安。我們現在來看投影片 5 上的第一季業績。 2025 年第一季度，該公司報告歸屬於安德森家族的淨收入為 30 萬美元或每股攤薄收益 0.01 美元，調整後淨收入為 400 萬美元或每股攤薄收益 0.12 美元。相比之下，2024 年第一季的淨收入為 600 萬美元，即每股攤薄收益 0.16 美元。

Revenues declined slightly on overall lower commodity prices. Gross profit improved while expenses increased, with a large portion resulting from the addition of Skyland's results. Adjusted pre-tax earnings were $3 million for the quarter compared to $7 million in 2024, with the decline coming from the Agribusiness segment.

由於整體商品價格下跌，收入略有下降。毛利有所改善，但支出增加，其中很大一部分是由於Skyland業績的增加。本季調整後稅前利潤為300萬美元，而2024年為700萬美元，下降主要來自農業綜合企業部門。

Adjusted EBITDA for the first quarter of 2025 was $57 million compared to $51 million in 2024. Trailing 12 months adjusted EBITDA totaled $369 million. Our effective tax rate varies each quarter based primarily on the amount of income or loss attributable to non-controlling interests. We recorded a $2 million tax benefit for the quarter, which was impacted by a discrete adjustment for research and development tax credits related to prior periods. We continue to expect a full year adjusted effective tax rate between 18% and 22%.

2025 年第一季調整後 EBITDA 為 5,700 萬美元，而 2024 年為 5,100 萬美元。過去12個月調整後EBITDA總計3.69億美元。我們的有效稅率每季都會有所不同，主要取決於歸屬於非控制權益的損益金額。我們本季記錄了 200 萬美元的稅收優惠，這是受到與前期相關的研發稅收抵免的單獨調整的影響。我們繼續預計全年調整後有效稅率在 18% 至 22% 之間。

Next we'll move to slide 6 to discuss cash, liquidity, and debt. We generated cash flow from operations before changes in working capital of $57 million in the first quarter of 2025, an increase of more than $8 million from 2024.

接下來我們轉到投影片 6 討論現金、流動性和債務。2025 年第一季度，我們在營運資本變動前的營運現金流量為 5,700 萬美元，比 2024 年增加 800 多萬美元。

This continues to demonstrate our ability to generate strong cash flows throughout the AG cycle. This strong cash flow generation combined with continuing lower commodity prices resulted in a cash position of $219 million at the end of the quarter.

這繼續證明了我們在整個 AG 週期中產生強勁現金流的能力。強勁的現金流加上持續走低的商品價格，使得本季末的現金狀況達到 2.19 億美元。

Next we'll take a look at capital spending and long-term debt on slide 7. First quarter capital spending was $47 million compared to $27 million in 2024, with the increase attributable to spending on long-term growth projects as well as normal maintenance capital on the addition of the Skyland Grain assets. We continue to take a disciplined, responsible approach to capital spending and investments, which we expect could reach $200 million for the year.

接下來我們來看看第 7 張投影片上的資本支出和長期債務。第一季的資本支出為 4,700 萬美元，而 2024 年為 2,700 萬美元，成長歸因於長期成長項目的支出以及增加 Skyland Grain 資產的正常維護資本。我們將繼續採取嚴謹、負責的態度對待資本支出和投資，預計今年的支出和投資將達到 2 億美元。

Our long-term debt to EBITDA is approximately 1.8 times, which is well below our stated target of less than 2.5 times. We continue to have a balance sheet with significant capacity to support growth investments that meet our strategic and financial criteria. We are evaluating additional capital projects in our pipeline, including projects to improve efficiency and add capacity at our existing facilities, as well as M&A opportunities that align with our growth strategy.

我們的長期債務與 EBITDA 比率約為 1.8 倍，遠低於我們設定的低於 2.5 倍的目標。我們的資產負債表繼續具有強大的能力來支持符合我們的策略和財務標準的成長投資。我們正在評估我們計劃中的其他資本項目，包括提高效率和增加現有設施產能的項目，以及符合我們成長策略的併購機會。

Now we'll move on to a review of each of our businesses beginning with Agribusiness on slide 8. The Agribusiness segment reported a pre-tax loss attributable to the company of $5 million and break even adjusted pre-tax income compared to adjusted pre-tax income of $5 million in the same period of 2024.

現在，我們將開始回顧我們的每項業務，從幻燈片 8 上的農業綜合企業開始。農業綜合企業部門報告稱，公司稅前虧損為 500 萬美元，調整後稅前收入為損益平衡，而 2024 年同期調整後稅前收入為 500 萬美元。

As Bill mentioned, the threat of tariffs and additional port fees had a dampening impact on the commodity markets in the first quarter. This resulted in stagnant conditions across much of our asset footprint. Our Western asset supply chain assets, including Skyland, were faced with declining grain bases. Cross country commodity merchandizing and the premium ingredients portfolio were also impacted by the overall market conditions.

正如比爾所提到的，關稅和額外港口費用的威脅對第一季的大宗商品市場產生了抑製作用。這導致我們大部分資產陷入停滯狀態。包括Skyland在內的西部資產供應鏈資產面臨糧食基礎萎縮的局面。跨國商品銷售和優質原料組合也受到整體市場狀況的影響。

On the Agronomy front, we saw improved volumes and margins as customers prepare for potential record corn acres. Agribusiness adjusted EBITDA for the quarter was $31 million compared to $29 million for the first quarter of 2024.

在農業方面，隨著客戶為潛在的創紀錄玉米種植面積做準備，我們看到產量和利潤率有所提高。本季農業綜合企業調整後的 EBITDA 為 3,100 萬美元，而 2024 年第一季為 2,900 萬美元。

Moving to slide 9. Renewables had an outstanding first quarter, generating pre-tax income attributable to the company of $15 million compared to adjusted pre-tax income of $14 million in the first quarter of 2024. Ethanol margins remained favorable in the quarter on higher yields and board crush.

移至幻燈片 9。再生能源部門第一季表現出色，公司稅前收入為 1,500 萬美元，而 2024 年第一季調整後稅前收入為 1,400 萬美元。由於產量增加和板材壓榨量增加，本季乙醇利潤率依然保持良好。

Plant production remained high and gallons produced exceeded last year. As Bill noted, feed values were lower and are expected to remain challenged. Overall, ethanol and RD feedstock merchandizing were up year over year. Renewables had EBITDA of $37 million in the first quarter compared to adjusted EBITDA of $34 million last year.

植物產量維持高位，產量超過去年。正如比爾所指出的，飼料價值較低，預計仍將面臨挑戰。整體而言，乙醇和研發原料的商品化較去年同期成長。再生能源第一季的 EBITDA 為 3,700 萬美元，而去年調整後的 EBITDA 為 3,400 萬美元。

And with that, I'll turn things back over to Bill for some comments about our outlook for the remainder of 2025.

說完這些，我將把話題轉回給比爾，請他談談我們對 2025 年剩餘時間的展望。

Thanks, Brian. Overall, we remain positive about our outlook despite the near-term market challenges we've noted in our Agribusiness segment. With this being the first quarter reporting in our new segment structure of Agribusiness and Renewables, I want to acknowledge the work that is occurring to bring together the Nutrient and Trade groups.

謝謝，布萊恩。總體而言，儘管我們注意到農業綜合企業領域近期面臨市場挑戰，但我們對前景仍然持樂觀態度。這是我們新的農業綜合企業和再生能源部門結構中的第一季報告，我想對正在進行的將營養和貿易部門整合在一起的工作表示感謝。

We're working very hard on this and we will continue to focus on it through 2025 as we anticipate additional commercial, operational, and functional synergies. We are also continuing to invest in our safety culture, particularly around assets new to our portfolio.

我們正在為此努力，並將在 2025 年之前繼續關注此事，因為我們預計會有更多商業、營運和功能協同效應。我們也將繼續投資於我們的安全文化，特別是圍繞我們投資組合中的新資產。

Our Agribusiness outlook remains optimistic, and we expect that the additional clarity recently provided on tariffs and port fee regulations will reduce some of the market uncertainties that we experience throughout the first quarter. Farmers are in the fields and planning progress is above the five-year average.

我們對農業綜合企業的前景依然樂觀，我們預計最近對關稅和港口費用規定的進一步明確將減少我們在第一季度遇到的一些市場不確定性。農民正在田間勞動，規劃進度高於五年平均。

With a solid growing season, we anticipate additional storage and handling opportunities in the last half of the year. The upcoming wheat harvest is being closely watched as both soft red and hard red wheat contracts will receive increased variable storage rates.

隨著生長季節的穩定，我們預計下半年將有更多的儲存和處理機會。即將到來的小麥收穫受到密切關注，因為軟紅小麥和硬紅小麥合約都將獲得提高的可變儲存率。

Outlook for the Fertilizer and Agronomy business for the second quarter is strong, as we were well positioned prior to the start of the planting season, and the large expected corn plantings require higher levels of nutrients. We continue to evaluate additional growth projects and acquisition opportunities while staying focused on execution of previous previously approved projects.

第二季肥料和農業業務的前景強勁，因為我們在種植季節開始之前做好了充分的準備，而且預計大量的玉米種植需要更高水平的營養。我們將繼續評估額外的成長項目和收購機會，同時專注於執行先前批准的項目。

In addition to the integration of Skyland, this includes the improvements and expansion at the Port of Houston to support soybean meal exports. We have several other organic growth capital projects that are in process to support key customer contracts at various stages of completion.

除了整合Skyland之外，這還包括對休士頓港進行改進和擴建，以支援豆粕出口。我們還有其他幾個正在進行的有機成長資本項目，以支援處於不同完成階段的關鍵客戶合約。

In our Renewables segment, we have now successfully completed our spring maintenance shutdowns and expect our plants to continue their highly efficient production. Demand remains solid for ethanol and co-products used in production of renewable diesel, which should benefit from the expected change in the RVO requirements.

在再生能源領域，我們現已成功完成春季維護停工，並預計我們的工廠將繼續高效生產。用於生產再生柴油的乙醇和副產品的需求仍然強勁，這應該會受益於 RVO 要求的預期變化。

Since quarter-end, there has been a drawdown of US ethanol supply corresponding to the industry-wide spring maintenance season. We believe export demand will remain strong. However, we expect higher Eastern corn bases and natural gas costs. We're very focused on maintaining and improving our floor production facilities for optimal efficiency.

自本季末以來，由於全行業春季維護季節的到來，美國乙醇供應量有所下降。我們相信出口需求將維持強勁。然而，我們預計東部玉米基數和天然氣成本將上漲。我們非常注重維護和改進我們的地板生產設施，以實現最佳效率。

The Renewables business is an important part of our long-term growth strategy. We continue to make progress on plans to increase ethanol production efficiency and capacity and to lower the carbon intensity of our ethanol. We are implementing process enhancements at two of our plants to improve the yield of distillers corn oil.

再生能源業務是我們長期成長策略的重要組成部分。我們持續推動提高乙醇生產效率和產能以及降低乙醇碳強度的計畫。我們正在兩家工廠實施製程改進，以提高玉米蒸餾油的產量。

Also, as we have previously disclosed, we are evaluating potential acquisitions of ethanol production facilities that align with our strategy. I am proud of our team's resilience in this dynamic environment. We increase our cash flow from operations before changes in working capital, and our balance sheet is strong.

此外，正如我們先前所揭露的，我們正在評估符合我們策略的乙醇生產設施的潛在收購機會。我為我們團隊在這種動態環境中的韌性感到自豪。在營運資本變動之前，我們的營運現金流有所增加，而且我們的資產負債表表現強勁。

With our growth projects and potential acquisition opportunities, we remain very excited about our future. We will continue to make responsible decisions that benefit our customers and maximize shareholder value as we execute our strategy.

憑藉我們的成長項目和潛在的收購機會，我們對我們的未來仍然感到非常興奮。在執行我們的策略時，我們將繼續做出負責任的決策，使我們的客戶受益並實現股東價值最大化。

And with that, we are happy to answer your questions.

我們很樂意回答您的問題。

(Operator Instructions) Ben Mayhew, BMO Capital Markets.

（操作員指示）Ben Mayhew，BMO 資本市場。

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.

我的第一個問題與化肥業務有關。因此，考慮到玉米種植的強勁成長，你對第二季化肥利潤的預期似乎很好。所以我只是想知道，您是否可以將其與過去兩年第二季度的表現進行比較，從利潤的角度來看，您是否預計它可能會更高一些？這是我的第一個問題。謝謝。

Yeah, this year's planting season compared to the last two has really started off well. We are obviously looking at a much larger geographic area with the addition of the Skyland farm centers doubling our size. But compared to last year, we've seen the opportunities in the Fertilizer and Nutrient business expand, not only due to increased corn acres, but also we just had a solid plan working with our suppliers coming into this planting season, which has really benefited us.

是的，與前兩年相比，今年的種植季節開局確實不錯。顯然，我們正在考慮更大的地理區域，隨著 Skyland 農場中心的加入，我們的規模將擴大一倍。但與去年相比，我們看到肥料和營養業務的機會有所擴大，這不僅是因為玉米種植面積增加，而且我們剛剛與供應商制定了一個堅實的計劃，以迎接這個種植季節，這確實使我們受益匪淺。

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.

我的第二個問題與乙醇業務有關。因此我認為第一季的表現可能比至少我預期的要強勁，而且似乎也符合大多數人的預期。昨天，另一個主要競爭對手發布了相當強勁的業績，並給出了更強勁的前景。

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.

您提到了東部和西部地帶玉米基礎的差異，我認為今年這一點非常有趣，因為過去幾年，東部地帶的玉米價格更便宜。所以我希望您今年可以深入了解這種差異，以及是什麼原因導致東部地帶的基礎成本比西部地帶略高一些。

Yeah, that relates back to a couple of the comments that I made. So the Western Corn Belt has had less demand this year than it has the past couple of years. With the port fees and the looming tariff discussions, we had substantially less sorghum and wheat exports.

是的，這與我之前發表的幾條評論有關。因此，今年西部玉米帶的需求量比過去幾年低。由於港口費用和迫在眉睫的關稅談判，我們的高粱和小麥出口大幅減少。

Sorghum was down materially year over year, so you had a lot more grain fighting for the demand in the Western Corn Belt than we've had the last couple of years. Also, we've had a substantial drop in the catalog feed numbers in the West, which is also a competing demand.

高粱產量較去年大幅下降，因此西部玉米帶面臨的糧食爭奪戰比過去幾年更加激烈。此外，西方的目錄供稿數量也大幅下降，這也是一種競爭需求。

So those would be the two largest reasons that I would tell you that we've seen a little higher basis in the East than the West versus the last couple of years. Freight has also been a little easier to get in the West, again, because of the lack of exports. But those would be the three reasons that I would tell you that we've seen a shift this year versus the last two years.

因此，我想說，這兩個最大的原因是，與過去幾年相比，東部地區的基數略高於西部地區。由於出口不足，西方國家的貨運也變得更容易一些。但我想告訴你們的是，由於這三個原因，我們今年的情況與過去兩年相比發生了變化。

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?

涼爽的。然後如果我可以再偷偷溜進去一次。我在新聞稿中看到，您稱再生柴油原料交易部門的表現更佳。所以我想知道，在預計 5 月發布 RVO 公告之前，您是否看到交易有所改善？

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.

看起來我們開始看到更多的植物進入市場，有了更多的信心，並開始提前購買一些種子庫存。所以我只是想知道你對此的內部看法是什麼，以及它對今年剩餘時間的影響如何。

I think in short, our internal visibility is about as clear as anyone else's in the industry. There's a lot of conversation around the AG and refiners working together on setting the RVO. There's a wide varying range of numbers.

簡而言之，我認為我們的內部可見度與業內其他任何人的一樣清晰。關於總檢察長和煉油廠合作制定 RVO 的討論有很多。數字的範圍變化很大。

A lot of people want to say, over the next two years, we'll get north of $5 billion. We'll wait and see what the number comes out. We have heard that we'll likely have more information by the end of May.

很多人想說，在未來兩年內，我們的收入將超過 50 億美元。我們將拭目以待，看看最終結果如何。我們聽說我們可能會在五月底獲得更多資訊。

But I agree with you. You are spot on when we've talked a lot about both the RVOs and trying to understand the outlook on soybeans and corn. And so there has been a focus or a feeling of more positive results potentially for the renewable diesel processing plants.

但我同意你的看法。當我們對 RVO 進行大量討論並試圖了解大豆和玉米的前景時，您說得非常對。因此，人們開始注意或感覺到再生柴油加工廠可能會取得更積極的成果。

Okay. Thank you so much. I'm going to step back in the queue.

好的。太感謝了。我要回到隊列中。

Ben Klieve, Lake Street Capital Markets.

Ben Klieve，Lake Street Capital Markets。

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.

關於 Skyland 收購的第一個問題，這裡有許多共同的因素。看起來宏觀條件——相對於你們所考慮的情況，過去六個月的宏觀條件似乎已經惡化。但也許在宏觀背景下這項業務表現相對較好。

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.

我想知道您是否可以談談它相對於您的期望的表現。然後，如果可以的話，請分離出該業務在第一季產生的 EBITDA 水準。那也太好了吧。

As we mentioned, the entire network was hit by -- in Q1, we had a sharp run up in the board early in the quarter, so we saw a second wave of a lot of farmers selling, which put pressure on the basis. Generally, that is exactly what we're looking for after the first of the year. But then, February 21, you have the announcement by the USTR of the port fees that just absolutely put the brakes on any forward activity.

正如我們所提到的，整個網路受到了打擊——在第一季度，我們的板塊在本季度初大幅上漲，因此我們看到第二波大量農民拋售，這給基礎帶來了壓力。總的來說，這正是我們在年初後所期待的。但隨後，2月21日，美國貿易代表辦公室宣布了港口費用，徹底扼殺了任何後續活動。

And you can look at that, as I mentioned, on the export. So all of our Western Corn Belt operations struggled just with the lack of trade flow. Skyland in particular is more of an asset-based business versus some of our merchandizing businesses. So yes, they did have that the same issue with their business as -- or that portion of our business did, as anyone else in the Western Corn Belt did.

正如我所提到的，你可以看看出口情況。我們西部玉米帶的所有業務都因貿易流量不足而陷入困境。與我們的一些商品銷售業務相比，Skyland 更是一種基於資產的業務。所以是的，他們的業務確實存在同樣的問題——或者說我們的那部分業務存在同樣的問題，就像西部玉米帶的其他人一樣。

In terms of thinking through the investment, we're actually doing a very good job on integrating the business into the Andersons. And we continue to find synergies and opportunities that look very positive for the long-term investment in Skyland.

從投資考慮角度來看，我們在將業務整合到安德森家族方面實際上做得非常好。我們不斷發現對 Skyland 的長期投資非常有利的綜效和機會。

I think when we talked in our conference call at the end of the year, we said the first couple of months, November, December, we're in the $5 million to $10 million range of EBITDA. And we talked about a $30 million to $40 million expected annual run rate.

我想，當我們在年底的電話會議上談到時，我們說過，頭幾個月，11 月、12 月，我們的 EBITDA 在 500 萬至 1000 萬美元之間。我們談到了預期年運行率 3,000 萬至 4,000 萬美元。

Bill said, I mean, we remain positive about the long-term fundamentals. The first quarter was tough. It was positively EBITDA, but just slightly positive. And so I would say if we think about the full year for that business, it's probably, I would say, we're still comfortable with that $30 million to $40 million range, but I would lean it towards the low end of that range as opposed to the high side.

比爾說，我的意思是，我們對長期基本面仍然持樂觀態度。第一季非常艱難。EBITDA 為正值，但只是略為正值。因此，如果我們考慮該業務的全年業績，我想說，我們可能仍然對 3000 萬至 4000 萬美元的範圍感到滿意，但我會傾向於該範圍的低端，而不是高端。

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?

好的。這很公平，但並非所有曲目都是如此。對我來說這是最後一個，然後我會回到隊列中。看起來您所做的投資仍在繼續，沒有太大變化。我很好奇，這對投資的評估有多準確，尤其是明確關注國際貿易流動的休士頓地區。即使在這種不確定的宏觀背景下，這些投資似乎仍在繼續，沒有任何變化。這是一個公正的描述嗎？

Yeah, it's a very fair characterization. And if you think through the net effect of an increase in RVOs, that's going to generate more demand for soybean oil, which will create more supply of soybean meal exports.

是的，這是一個非常公正的描述。如果你考慮 RVO 增加的淨效應，這將產生對大豆油的更多需求，從而創造更多的豆粕出口供應。

So we feel very confident in the strategy and the investments that we are, as we talked about in the press release, are long lead item investments, as still being very strategic. And quite honestly, today, may feel more comfortable than they had previously.

因此，我們對該策略和投資非常有信心，正如我們在新聞稿中談到的那樣，這些投資是長期專案投資，仍然具有很強的策略性。坦白說，今天他們可能比以前感覺更舒服。

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.

知道了。非常好。好吧，我很欣賞你們兩位的態度。感謝您回答我的問題，我會繼續回答。

Pooran Sharma, Stephens.

普蘭夏爾馬，史蒂芬斯。

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.

我只是想先詢問有關再生能源業務的問題。截至三月份，我國對加拿大的乙醇出口量顯著增加。我知道我們在貿易關稅討論方面有一些爭論。

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.

但我只是想問一下，您是否認為我們迄今為止看到的一些勢頭只是一點點向前發展，還是您預計這種勢頭會持續一整年？我很想聽聽您對向加拿大出口乙醇的看法。

It's a good observation in looking at the Q1 exports year over year. As we look at the market today, we would tend to agree with you that it is a little bit of a pull forward. Our thoughts are we're at 1.9 billion gallons of exports last year.

觀察第一季出口年比情況，這是一個很好的觀察。當我們觀察今天的市場時，我們傾向於同意你的觀點，即市場有一點向前發展。我們估計去年我們的出口量是 19 億加侖。

It feels like the tariff potential is out there, so we're not materially lower, nor are we materially higher than that. If you wanted to say 1.85 billion to 1.9 billion, that's about as solid a guess as we would have. Obviously, there are a lot of outstanding variables and the tariffs are the one item that we have to be monitored. But exports have been very strong in Q1 and feel like they're going to at least keep pace with last year in Q2.

感覺關稅潛力是存在的，所以我們的關稅既沒有實質的降低，也沒有實質的上升。如果你想說18.5億到19億，那我們估計的差不多了。顯然，還有很多未決變量，關稅是我們必須關注的項目。但第一季的出口非常強勁，感覺至少在第二季將與去年同步。

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?

偉大的。我很感激。我想在這裡深入討論穀物，答：我想您在準備好的評論中已經提到了這一點，但根據遠景規劃，有 9500 萬英畝的土地，然後我們剛剛聽到報告說種植已經提前獲得了回報。那麼想看看這對您在穀物業務中儲存收入的能力意味著什麼嗎？

Yeah, first quarter, as we stated, was hit with a lot of headwinds. Simultaneously, we're looking at the potential of a relatively large wheat crop with substantial carries, and we're looking at north of 95 million to 95.5 million acres. There is a small area of the country in the Ohio River valley that that is struggling to get corn in, but that's not going to be material. We don't think.

是的，正如我們所說，第一季遭遇了很多阻力。同時，我們正在關注小麥產量相對較大、產量可觀的潛力，預計種植面積將達到 9,500 萬至 9,550 萬英畝。俄亥俄河流域有一小塊地區正在努力種植玉米，但這並不重要。我們不這麼認為。

So yeah, we are hopeful that we have the opportunity in the last half of the year to make up any shortfalls that we had in the first quarter. Now, that is going to vary on the size and quality of both the wheat crop and the fall harvest, and the assumption that we will see this recent increase in wheat exports coming out of the US maintained.

所以，是的，我們希望我們有機會在下半年彌補第一季的不足。現在，這將取決於小麥產量和秋季收成的規模和質量，我們仍然假設美國小麥出口將在近期增加。

So there's a lot of variables. We like to think that most of them are positive as we look at the market today.

因此存在很多變數。當我們觀察今天的市場時，我們認為大多數觀點都是正面的。

Great. Appreciate the color.

偉大的。欣賞色彩。

And this concludes our question-and-answer session. I'd like to turn the conference back over to Mike Hoelter for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Mike Hoelter 並請他做最後發言。

Thanks, Joe. We want to thank you all for joining us this morning. Our next earnings conference call is scheduled for Tuesday, August 5, at 8:30 AM, Eastern Time, when we will review our second quarter results. As always, thank you for your interest in the Andersons, and we look forward to speaking with you again soon.

謝謝喬。感謝大家今天上午的參與。我們的下一次財報電話會議定於美國東部時間 8 月 5 日星期二上午 8:30 舉行，屆時我們將回顧第二季的業績。像往常一樣，感謝您對安德森一家的關注，我們期待很快再次與您交談。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

會議現已結束。感謝您參加今天的演講。現在您可以斷開線路了。