Western New York Energy Sees Major Oil Recovery Gains with Installation of ICM's FOT Oil Recovery™ System
Following a smooth, quick startup, WNYE reported an increase of nearly 80 percent in corn oil yield, going from 0.67 to as much as 1.20 pounds per bushel. This represents a significant performance gain, particularly in a region where the fat content of incoming corn is typically lower than the national average. Additional benefits include a 4 percent reduction in natural gas usage, improved distillers grain quality, and a rise in fermentation yield.
'In my 18-year career, this was probably the quickest and most successful project I've been a part of,' said Isahia Schoolcraft, Vice President of Operations at WNYE. 'We completed construction, started up the system, and the very next day we saw the results we were promised.'
'We evaluated multiple technologies and felt this was the best fit for us,' added Timothy Winters, President and CEO of WNYE. 'The system integrated smoothly with our existing operations, and the ICM team was flexible and collaborative throughout the process. They designed around our plant, trained our operators, and made sure we were set up for success.'
ICM's FOT Oil Recovery™ System is a mechanical solution that does not require the use of chemicals or demulsifiers. It helps ethanol producers recover more corn oil while offering flexible configurations to meet plant-specific goals and budget.
'Western New York Energy continues to be a strong partner, and we're proud to help them achieve this level of performance,' said Chris Mitchell, President and CEO of ICM, Inc. 'The results speak for themselves. Greater yield, less energy use, smooth startup, and a very happy customer. That's the kind of impact we aim to deliver.'
About ICM, Inc.
Established in 1995 and headquartered in Colwich, Kansas, with a regional office in Brazil, ICM provides innovative technologies, solutions, and services to sustain agriculture and to advance renewable energy, including ethanol and feed technologies that will increase the supply of world protein. By providing proprietary process technologies to over 110 facilities globally with a combined annual production of approximately 8.8 billion gallons of ethanol and 25 million tons of distiller grains, ICM has become a world leader in biorefining technologies. For additional information, visit www.icminc.com.
About Western New York Energy, LLC
Western New York Energy, LLC, is a locally owned company founded in 2004 to develop the full potential of Western New York's renewable energy resources. Production at our $90 million facility began immediately after the completion of construction in November 2007. WNYE was the first biofuel plant in the Northeast United States and is currently the only large-scale facility in New York, producing over 60 million gallons of ethanol annually. For more information, visit www.wnyenergy.com.
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Adjusted results in 2024 exclude charges for inventory write-downs associated with large-scale abandonment of product lines. (b) Adjusted results exclude certain third-party expenses, principally transaction/integration costs related to recent acquisitions and charges/credits for changes in estimates of contingent acquisition consideration. (c) Adjusted results exclude restructuring and other costs consisting principally of severance, impairments of long-lived assets, net charges/credits for pre-acquisition litigation and other matters, and abandoned facility and other expenses of headcount reductions and real estate consolidations. (d) Adjusted results exclude net gains/losses on investments. Adjusted results in 2025 exclude $5 of charges for settlement of pension plans. (e) Adjusted results exclude incremental tax impacts for the reconciling items between GAAP and adjusted net income, incremental tax impacts as a result of tax rate/law changes and the tax impacts from audit settlements. Note: Consolidated depreciation expense is $256 and $276 in 2025 and 2024, respectively. Expand Note: For more information related to non-GAAP financial measures, refer to the section titled 'Supplemental Information Regarding Non-GAAP Financial Measures' of this release. Expand Condensed Consolidated Statements of Income (unaudited) Six months ended June 28, % of June 29, % of (Dollars in millions except per share amounts) 2025 Revenues 2024 Revenues Revenues $ 21,219 $ 20,886 Costs and operating expenses: Cost of revenues (a) 12,435 58.6 % 12,146 58.2 % Selling, general and administrative expenses (b) 3,500 16.5 % 3,417 16.4 % Amortization of acquisition-related intangible assets 859 4.0 % 1,065 5.1 % Research and development expenses 695 3.3 % 670 3.2 % Restructuring and other costs (c) 180 0.9 % 106 0.5 % Total costs and operating expenses 17,668 83.3 % 17,404 83.3 % Operating income 3,551 16.7 % 3,483 16.7 % Interest income 501 574 Interest expense (707 ) (717 ) Other income/(expense) (d) (16 ) 14 Income before income taxes 3,329 3,354 Benefit from/(provision for) income taxes (e) (187 ) (408 ) Equity in earnings/(losses) of unconsolidated entities (12 ) (61 ) Net income 3,130 2,885 Less: net income/(losses) attributable to noncontrolling interests and redeemable noncontrolling interest (f) 6 9 Net income attributable to Thermo Fisher Scientific Inc. $ 3,124 14.7 % $ 2,875 13.8 % Earnings per share attributable to Thermo Fisher Scientific Inc.: Basic $ 8.27 $ 7.53 Diluted $ 8.26 $ 7.50 Weighted average shares: Basic 378 382 Diluted 378 383 Reconciliation of adjusted operating income and adjusted operating margin GAAP operating income $ 3,551 16.7 % $ 3,483 16.7 % Cost of revenues adjustments (a) 21 0.1 % 17 0.1 % Selling, general and administrative expenses adjustments (b) 34 0.2 % (45 ) -0.2 % Restructuring and other costs (c) 180 0.9 % 106 0.5 % Amortization of acquisition-related intangible assets 859 4.0 % 1,065 5.1 % Adjusted operating income (non-GAAP measure) $ 4,644 21.9 % $ 4,625 22.1 % Reconciliation of adjusted net income GAAP net income attributable to Thermo Fisher Scientific Inc. $ 3,124 $ 2,875 Cost of revenues adjustments (a) 21 17 Selling, general and administrative expenses adjustments (b) 34 (45 ) Restructuring and other costs (c) 180 106 Amortization of acquisition-related intangible assets 859 1,065 Other income/expense adjustments (d) 4 (11 ) Income taxes adjustments (e) (256 ) (51 ) Equity in earnings/losses of unconsolidated entities 12 61 Noncontrolling interests adjustments (f) (1 ) (1 ) Adjusted net income (non-GAAP measure) $ 3,976 $ 4,016 Reconciliation of adjusted earnings per share GAAP diluted EPS attributable to Thermo Fisher Scientific Inc. $ 8.26 $ 7.50 Cost of revenues adjustments (a) 0.06 0.04 Selling, general and administrative expenses adjustments (b) 0.09 (0.12 ) Restructuring and other costs (c) 0.48 0.28 Amortization of acquisition-related intangible assets 2.27 2.78 Other income/expense adjustments (d) 0.01 (0.03 ) Income taxes adjustments (e) (0.68 ) (0.13 ) Equity in earnings/losses of unconsolidated entities 0.03 0.16 Noncontrolling interests adjustments (f) 0.00 0.00 Adjusted EPS (non-GAAP measure) $ 10.51 $ 10.47 Reconciliation of free cash flow GAAP net cash provided by operating activities $ 2,122 $ 3,211 Purchases of property, plant and equipment (656 ) (648 ) Proceeds from sale of property, plant and equipment 13 20 Free cash flow (non-GAAP measure) $ 1,479 $ 2,583 Expand Business Segment Information Six months ended June 28, % of June 29, % of (Dollars in millions) 2025 Revenues 2024 Revenues Revenues Life Sciences Solutions $ 4,840 22.8 % $ 4,640 22.2 % Analytical Instruments 3,446 16.2 % 3,469 16.6 % Specialty Diagnostics 2,282 10.8 % 2,227 10.7 % Laboratory Products and Biopharma Services 11,635 54.8 % 11,480 55.0 % Eliminations (983 ) -4.6 % (930 ) -4.5 % Consolidated revenues $ 21,219 100.0 % $ 20,886 100.0 % Segment income and segment income margin Life Sciences Solutions $ 1,753 36.2 % $ 1,705 36.7 % Analytical Instruments 724 21.0 % 838 24.2 % Specialty Diagnostics 610 26.7 % 593 26.6 % Laboratory Products and Biopharma Services 1,557 13.4 % 1,489 13.0 % Subtotal reportable segments 4,644 21.9 % 4,625 22.1 % Cost of revenues adjustments (a) (21 ) -0.1 % (17 ) -0.1 % Selling, general and administrative expenses adjustments (b) (34 ) -0.2 % 45 0.2 % Restructuring and other costs (c) (180 ) -0.9 % (106 ) -0.5 % Amortization of acquisition-related intangible assets (859 ) -4.0 % (1,065 ) -5.1 % Consolidated GAAP operating income $ 3,551 16.7 % $ 3,483 16.7 % Expand (a) Adjusted results exclude accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations. 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Expand Condensed Consolidated Balance Sheets (unaudited) June 28, December 31, (In millions) 2025 2024 Assets Current assets: Cash and cash equivalents $ 4,576 $ 4,009 Short-term investments 1,814 1,561 Accounts receivable, net 8,594 8,191 Inventories 5,559 4,978 Other current assets 4,040 3,399 Total current assets 24,584 22,137 Property, plant and equipment, net 9,635 9,306 Acquisition-related intangible assets, net 15,148 15,533 Other assets 4,615 4,492 Goodwill 47,249 45,853 Total assets $ 101,230 $ 97,321 Liabilities, redeemable noncontrolling interest and equity Current liabilities: Short-term obligations and current maturities of long-term obligations $ 2,214 $ 2,214 Other current liabilities 10,504 11,118 Total current liabilities 12,718 13,332 Other long-term liabilities 4,894 5,257 Long-term obligations 33,015 29,061 Redeemable noncontrolling interest 126 120 Total equity 50,476 49,551 Total liabilities, redeemable noncontrolling interest and equity $ 101,230 $ 97,321 Expand Condensed Consolidated Statements of Cash Flows (unaudited) Six months ended June 28, June 29, (In millions) 2025 2024 Operating activities Net income $ 3,130 $ 2,885 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 1,391 1,626 Change in deferred income taxes (601 ) (607 ) Other non-cash expenses, net 354 311 Changes in assets and liabilities, excluding the effects of acquisitions (2,151 ) (1,003 ) Net cash provided by operating activities 2,122 3,211 Investing activities Purchases of property, plant and equipment (656 ) (648 ) Proceeds from sale of property, plant and equipment 13 20 Proceeds from cross-currency interest rate swap interest settlements 134 111 Purchases of investments (311 ) (1,778 ) Other investing activities, net 6 12 Net cash used in investing activities (815 ) (2,283 ) Financing activities Net proceeds from issuance of debt 2,840 1,204 Repayment of debt (1,625 ) — Purchases of company common stock (2,000 ) (3,000 ) Dividends paid (311 ) (284 ) Other financing activities, net 3 145 Net cash used in financing activities (1,093 ) (1,936 ) Exchange rate effect on cash 348 7 Increase (decrease) in cash, cash equivalents and restricted cash 563 (1,000 ) Cash, cash equivalents and restricted cash at beginning of period 4,040 8,097 Cash, cash equivalents and restricted cash at end of period $ 4,603 $ 7,097 Free cash flow (non-GAAP measure) $ 1,479 $ 2,583 Expand Supplemental Information Regarding Non-GAAP Financial Measures In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use certain non-GAAP financial measures such as organic revenue growth, which is reported revenue growth, excluding the impacts of acquisitions/divestitures and the effects of currency translation. We report these measures because Thermo Fisher management believes that in order to understand the company's short-term and long-term financial trends, investors may wish to consider the impact of acquisitions/divestitures, and/or foreign currency translation on revenues. Thermo Fisher management uses these measures to forecast and evaluate the operational performance of the company as well as to compare revenues of current periods to prior periods. We report adjusted operating income, adjusted operating margin, adjusted net income, and adjusted EPS. We believe that the use of these non-GAAP financial measures, in addition to GAAP financial measures, helps investors to gain a better understanding of our core operating results and future prospects, consistent with how management measures and forecasts the company's core operating performance, especially when comparing such results to previous periods, forecasts, and to the performance of our competitors. Such measures are also used by management in their financial and operating decision-making and for compensation purposes. To calculate these measures we exclude, as applicable: Certain acquisition-related costs, including charges for the sale of inventories revalued at the date of acquisition, significant transaction/acquisition-related costs, including changes in estimates of contingent acquisition-related consideration, and other costs associated with obtaining short-term financing commitments for pending/recent acquisitions. We exclude these costs because we do not believe they are indicative of our normal operating costs. Costs/income associated with restructuring activities and large-scale abandonments of product lines, such as reducing overhead and consolidating facilities. We exclude these costs because we believe that the costs related to restructuring activities are not indicative of our normal operating costs. Equity in earnings/losses of unconsolidated entities; impairments of long-lived assets; and certain other gains and losses that are either isolated or cannot be expected to occur again with any predictability, including gains/losses on investments, the sale of businesses, product lines, and real estate, significant litigation-related matters, curtailments/settlements of pension plans, and the early retirement of debt. We exclude these items because they are outside of our normal operations and/or, in certain cases, are difficult to forecast accurately for future periods. The expense associated with the amortization of acquisition-related intangible assets because a significant portion of the purchase price for acquisitions may be allocated to intangible assets that have lives of up to 20 years. Exclusion of the amortization expense allows comparisons of operating results that are consistent over time for both our newly acquired and long-held businesses and with both acquisitive and non-acquisitive peer companies. The noncontrolling interest and tax impacts of the above items and the impact of significant tax audits or events (such as changes in deferred taxes from enacted tax rate/law changes), the latter of which we exclude because they are outside of our normal operations and difficult to forecast accurately for future periods. We report free cash flow, which is operating cash flow less net capital expenditures, to provide a view of the continuing operations' ability to generate cash for use in acquisitions and other investing and financing activities. The company also uses this measure as an indication of the strength of the company. Free cash flow is not a measure of cash available for discretionary expenditures since we have certain non-discretionary obligations such as debt service that are not deducted from the measure. Thermo Fisher Scientific does not provide GAAP financial measures on a forward-looking basis because we are unable to predict with reasonable certainty and without unreasonable effort items such as the timing and amount of future restructuring actions and acquisition-related charges as well as gains or losses from sales of real estate and businesses, the early retirement of debt and the outcome of legal proceedings. The timing and amount of these items are uncertain and could be material to Thermo Fisher Scientific's results computed in accordance with GAAP. The non-GAAP financial measures of Thermo Fisher Scientific's results of operations and cash flows included in this press release are not meant to be considered superior to or a substitute for Thermo Fisher Scientific's results of operations prepared in accordance with GAAP. Reconciliations of such non-GAAP financial measures to the most directly comparable GAAP financial measures are set forth in the tables above.
