Andersons Inc (NASDAQ:ANDE) Q4 2019 Earnings Conference Call - Final Transcript
Feb 13, 2020 • 11:00 am ET
Ladies and gentlemen, thank you for standing by, and welcome to the Andersons 2019 Fourth Quarter Earnings Conference Call. [Operator Instructions]
I would now like to hand the conference to your speaker today, John Kraus, Director of Investor Relations. Please go ahead, sir.
Thanks, Joe El. Good morning, everyone, and thank you for joining us for the Andersons Fourth Quarter of 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 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, and additional factors that are described in the company's publicly filed documents including a '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 pretax income, adjusted pretax income attributable to the company, 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, Chief Executive Officer; and Brian Valentine, 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 everyone that we will be holding an Investor Day beginning at 8:30 a.m. on Wednesday, April 1. The presentation will also be webcast live on our website. We invite you to listen in.
With that, Pat, the floor is yours.
Patrick E. Bowe
Thank you, John, and good morning, everyone. Thank you for joining our call this morning to review our fourth quarter and full year 2019 results. I'll start by providing some high-level thoughts on our overall results and those of each of our four business groups. Brian will then present a brief business review, and I'll finish our prepared remarks with some comments about our current views on 2020. While our adjusted fourth quarter pretax earnings fell short of those of the fourth quarter of 2018, we drove our adjusted EBITDA higher by more than 20%. Most of the quarterly earnings shortfall came from