The Andersons, Inc. (NASDAQ:ANDE) Q3 2023 Earnings Conference Call November 8, 2023 11:00 AM ET

Company Participants

Mike Hoelter – Vice President, Corporate Controller and Investor Relations

Pat Bowe – President and Chief Executive Officer

Brian Valentine – Executive Vice President and Chief Financial Officer

Conference Call Participants

Ben Bienvenu – Stephens

Brian Wright – ROTH MKM

Ben Klieve – Lake Street Capital

Operator

Good morning, ladies and gentlemen, and welcome to The Andersons' 2023 Third Quarter Earnings Conference Call. My name is Joe, and I will be your coordinator for today. At this time all participants are in listen-only mode. [Operator Instructions] Later we will facilitate a question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded for replay purposes.

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

Mike Hoelter

Thanks, Joe. Good morning, everyone, and thank you for joining us for The Andersons' third 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.

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. 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.

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.

Pat Bowe

Thank you, Mike, and good morning, everyone. Thank you for joining our call this morning. Third quarter results were solid for the company compared against last year's best ever third quarter. Our Renewables segment had a record third quarter and was significantly ahead of last year. Trade results were down against last year's best ever Trade Q3 and included some atypical charges. Nutrient and Industrial results in this seasonally quiet quarter were improved from 2022. Trade results for the quarter include improved results in our North American assets and in the recent investments and acquisitions in premium food and pet food ingredients. Our merchandising results were solid in the quarter, but were negatively impacted by a currency-related loss in Egypt.