Andersons Inc (NASDAQ:ANDE) Q3 2019 Earnings Conference Call - Final Transcript

Nov 06, 2019 • 11:00 am ET


Andersons Inc (NASDAQ:ANDE) Q3 2019 Earnings Conference Call - Final Transcript


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Ladies and gentlemen thank you for standing by and welcome to the Andersons 2019 Third Quarter Earnings Conference Call. [Operator Instructions] I would now like to hand the conference over to Director of Investor Relations John Kraus.

John Kraus

Thanks Andrew. Good morning everyone and thank you for joining us for the Andersons Third Quarter 2019 Earnings Call. We've 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 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 and additional factors that are described in the company's publicly filed documents including '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 adjusted pretax income adjusted pretax income attributable to The Andersons EBITDA and adjusted EBITDA provide additional information to investors and others about its operations allowing an evaluation of underlying operating performance and better period-to-period comparability. Adjusted pretax income EBITDA and adjusted EBITDA 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 Senior Vice President and Chief Financial Officer. After our prepared remarks Pat Brian and I will be happy to take your questions.

Now I'll turn the floor over to Pat for his opening comments.

Patrick E. Bowe

Thank you John and good morning everyone. Thank you for joining our call this morning to review our third quarter 2019 results. I'll start by providing some thoughts on each of our 4 business groups. After Brian presents a business review I'll conclude our prepared remarks with some comments about our outlook for the remainder of the year and give you a brief look into what we're beginning to see for 2020. Our adjusted third quarter results were roughly $3 million lower than our adjusted third quarter 2018 results. But given the challenging ag markets and weather conditions that 3 of our business groups have faced we're encouraged by the outcome. I'm very proud of our team and what they have accomplished over the past year. Our ability to manage through those difficult conditions reinforced the strategy to acquire Lansing Trade Group as many of