Ethanol Plant Ownership and Tax Credits
Completed the purchase of the minority share in ethanol plants, supporting strategic growth in renewable fuels. Recognized income for 45Z tax credits on gallons produced and sold.
Renewables Segment Performance
Renewables had a solid quarter, generating adjusted pretax income of $46 million compared to $26 million in the third quarter of 2024. Ethanol plants performed well with increased yields for both ethanol and corn oil.
Increased Agribusiness Fertilizer Results
Improved year-over-year fertilizer results with increased volume and margin. This quarter typically sees quiet activity, indicating strong performance relative to expectations.
Strategic Growth Investments
Investments to improve plant production efficiency for ethanol and co-products, lower carbon intensity, and grow renewable feedstocks merchandising. Key facility expansions in Houston and New Mexico are expected to be operational in 2026.
Strong Balance Sheet and Cash Flow
Generated cash flow from operations of $68 million. Ended the quarter with a cash balance of $82 million and a long-term debt-to-EBITDA ratio of 2x, indicating significant capacity for further growth investments.