Latest news with #Renewables
Yahoo
14-05-2025
- Business
- Yahoo
ROCK Q1 Earnings Call: Revenue Misses Expectations, Profitability Exceeds Estimates Amid Industry Uncertainty
Renewable energy and infrastructure solutions provider Gibraltar Industries (NASDAQ:ROCK) fell short of the market's revenue expectations in Q1 CY2025, with sales flat year on year at $290 million. On the other hand, the company's outlook for the full year was close to analysts' estimates with revenue guided to $1.43 billion at the midpoint. Its non-GAAP profit of $0.95 per share was 17.8% above analysts' consensus estimates. Is now the time to buy ROCK? Find out in our full research report (it's free). Revenue: $290 million vs analyst estimates of $296.8 million (flat year on year, 2.3% miss) Adjusted EPS: $0.95 vs analyst estimates of $0.81 (17.8% beat) Adjusted EBITDA: $46.17 million vs analyst estimates of $40.3 million (15.9% margin, 14.6% beat) The company reconfirmed its revenue guidance for the full year of $1.43 billion at the midpoint Management reiterated its full-year Adjusted EPS guidance of $4.93 at the midpoint Operating Margin: 11.7%, in line with the same quarter last year Free Cash Flow Margin: 0.8%, down from 16.7% in the same quarter last year Market Capitalization: $1.86 billion Gibraltar's first quarter was shaped by steady execution in core businesses and continued momentum in participation gains in its Residential and Agtech segments. Management pointed to solid project backlogs, new market entries through recent acquisitions, and resilience in end market demand as key drivers. CEO Bill Bosway cited strong margin performance across most segments, which offset a challenging environment in Renewables. 'Our demand remains solid, with new bookings for all project-based businesses increasing during the quarter,' Bosway noted, highlighting record backlog levels and recent investments to expand the company's presence in Agtech and residential metal roofing. Management detailed how steady demand across most segments and proactive portfolio moves helped offset Renewables softness. Key insights include: Residential participation gains: The Residential segment benefited from local market expansion and new product launches in building accessories, with participation gains helping Gibraltar outpace flat end-market demand. Agtech backlog surge: Agtech bookings jumped 226%, driven by both organic wins and the Lane Supply acquisition, giving management better visibility and predictability for the segment's revenue as larger projects move forward. Renewables project delays: The Renewables segment faced lower sales due to industry uncertainty and regulatory changes, notably new tariffs and AD/CVD (anti-dumping/countervailing duties) measures. Management expects the segment to recover in the second half as customers gain clarity on policy impacts. M&A activity: The company completed two acquisitions in metal roofing and the Lane Supply acquisition in Agtech, expanding its footprint in attractive local markets and diversifying sources of growth. Tariff mitigation efforts: Management has prepared for potential cost impacts from tariffs by securing pre-tariff inventory, restructuring supply chains, and leveraging productivity and pricing actions, aiming to limit material cost increases to about 5%. Looking ahead, Gibraltar's outlook is anchored by backlog strength, recent acquisitions, and strategic tariff mitigation, but tempered by uncertainty in Renewables. Backlog-driven execution: Record backlog levels in Agtech, Infrastructure, and Renewables are expected to underpin project execution and revenue in the coming quarters, with Agtech in particular set for late Q2 acceleration. Acquisitions integration: Management sees continued growth from integrating Lane Supply and recent metal roofing businesses, with incremental revenue and margin contributions expected through 2025. Tariff and regulatory risks: While management believes tariff-related cost increases are manageable, ongoing regulatory shifts and project delays in Renewables remain a risk to near-term performance. Daniel Moore (CJS Securities): Asked about real-time demand cadence and participation gains in Residential. Management noted steady demand and momentum in market expansion, supported by investments and acquisitions. Daniel Moore (CJS Securities): Inquired about pro forma metal roofing revenue and total addressable market. CEO Bill Bosway described the market as exceeding $3 billion, with Gibraltar's revenue approaching $200 million after recent deals. Walt Liptak (Seaport Research): Sought details on Renewables guidance reduction and long-term outlook. Management stated a 15-20% revenue adjustment was modeled, with recovery contingent on policy clarity and project timing. Walt Liptak (Seaport Research): Asked about supply chain exposure to China and tariff mitigation. Management explained they have shifted sourcing to reduce China dependence, with localized supply chains and playbooks for mitigating tariff costs. Justin Mechetti (Sidoti & Company): Queried about Agtech project schedules and backlog visibility. Management detailed how larger projects can shift quarter-to-quarter, but the mix with Lane Supply brings more predictability for sequential results. In the quarters ahead, the StockStory team will be watching (1) how quickly Gibraltar converts its record backlog in Agtech and Infrastructure into revenue, (2) the impact of recent metal roofing and Agtech acquisitions on margin and sales growth, and (3) whether Renewables project delays abate as regulatory uncertainty around tariffs and trade cases is resolved. Tariff mitigation effectiveness and further supply chain localization will also be important markers of execution. Gibraltar currently trades at a forward P/E ratio of 13.1×. Should you load up, cash out, or stay put? See for yourself in our free research report. The market surged in 2024 and reached record highs after Donald Trump's presidential victory in November, but questions about new economic policies are adding much uncertainty for 2025. While the crowd speculates what might happen next, we're homing in on the companies that can succeed regardless of the political or macroeconomic environment. Put yourself in the driver's seat and build a durable portfolio by checking out our Top 5 Strong Momentum Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 176% over the last five years. Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-small-cap company Comfort Systems (+782% five-year return). Find your next big winner with StockStory today. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
06-05-2025
- Business
- Globe and Mail
The Andersons, Inc. Reports First Quarter Results
MAUMEE, Ohio , /CNW/ -- The Andersons, Inc. (Nasdaq: ANDE) announces financial results for the first quarter ended March 31, 2025. First Quarter Highlights: "We had mixed results in a turbulent first quarter. The Renewables segment performed well and our ethanol plants had strong operating efficiency and financial results. Coupled with the performance of our ethanol and renewable diesel feedstock merchandising, the segment produced one of its best first quarters. In Agribusiness, we faced challenging markets as global trade uncertainties disrupted typical grain flows and caused many of our commercial customers to focus on just-in-time purchasing. Our agronomy team is off to a good start with product well-positioned for the upcoming planting season," said President and CEO Bill Krueger . "As planting progresses, we see ample second quarter opportunities for our agronomy teams with the expected increase in corn acres this year. Strong system-wide corn and wheat production should provide a good environment for storage and handling in our assets later in the year. We also expect continued demand for our ethanol products, both domestic and export, as we enter the spring maintenance and driving season. We remain pleased with our overall asset and merchandising footprint. With the combination of the former Trade and Nutrient businesses, we are reviewing the portfolio to find synergies and process improvements." "We continue to pursue growth opportunities. Our longer lead time capital projects in Agribusiness are progressing well and are expected to be completed by mid-2026," continued Krueger. "Our Renewables projects are focused on improving efficiency, co-product yields and lowering the carbon intensity of our high-performing ethanol plants." $ in millions, except per share amounts Q1 2025 Q1 2024 Variance Pretax Income $ 3.2 $ 14.0 $ (10.8) Pretax Income (Loss) Attributable to the Company 1 (1.8) 6.9 (8.7) Adjusted Pretax Income (Loss) Attributable to the Company 1 3.2 6.6 (3.4) Agribusiness 1 (0.1) 5.4 (5.5) Renewables 1 15.3 14.1 1.2 Other (12.0) (12.9) 0.9 Net Income Attributable to the Company 0.3 5.6 (5.3) Adjusted Net Income Attributable to the Company 1 4.1 5.6 (1.5) Diluted Earnings Per Share ("EPS") 0.01 0.16 (0.15) Adjusted EPS 1 0.12 0.16 (0.04) EBITDA 1 50.6 51.4 (0.8) Adjusted EBITDA 1 $ 57.3 $ 51.2 $ 6.1 1 Non-GAAP financial measures; see appendix for explanations and reconciliations. Cash, Liquidity, and Long-Term Debt Management "Our businesses continue to generate strong cash flows, although working capital needs in the first quarter typically require significant funding leading to a use of cash from operations. However, our debt remains at a modest level," said Executive Vice President and CFO Brian Valentine . "We remain well below our long-term debt to EBITDA target of less than 2.5 times and are pleased with the strength of our balance sheet. For 2025, we anticipate increased spending on growth projects for previously announced long-term opportunities." The company used cash from operating activities of $350 million and $240 million in the first quarter of 2025 and 2024, respectively. Cash from operations before working capital changes in the same periods was $57 million and $48 million , respectively. Cash spent on capital projects in the quarter totaled $47 million , a $20 million increase from 2024. First Quarter Segment Overview Agribusiness Challenged in Changing Markets Agribusiness recorded a pretax loss of $10 million and breakeven adjusted pretax income attributable to the company for the quarter compared to pretax income of $3 million and adjusted pretax income of $5 million in the first quarter of 2024. Results from our ag supply chain businesses were lower with limited trade flows due to market uncertainty. Assets were significantly impacted as basis levels were challenged in our western locations, including those recently acquired as part of the Skyland Grain, LLC investment. The nutrient business showed year-over-year improvement with good fertilizer volume and positioning in advance of an expected increase in corn acres. The portfolio mix of assets, ingredients, and merchandising businesses provides a solid foundation to navigate challenging market conditions. Sizeable corn planting intentions are favorable, allowing for higher nutrient volumes as well as providing opportunities for storage and handling at harvest. In addition, lower corn stocks entering the year should allow for merchandising opportunities and good early harvest margins in the last half of 2025. Agribusiness's first quarter adjusted EBITDA was $31 million , compared to $29 million in 2024. Renewables has Strong Quarter on Efficient Operations and Favorable Ethanol Margins The Renewables segment reported pretax income of $25 million and pretax income attributable to the company of $15 million in the first quarter. For the same period in 2024, the segment reported pretax income of $24 million and adjusted pretax income attributable to the company of $14 million . Results from the ethanol production facilities improved year-over-year on efficient operations and higher yields, also benefiting from better year-over-year board crush margins. Plant co-product values were lower, with corn-based feed ingredients competing against an oversupply of alternative protein sources. Ethanol demand is expected to strengthen into the summer with some concerns about cost of inputs. Values of feed ingredient co-products are expected to remain challenged. Renewables had first quarter EBITDA of $37 million in 2025, compared to adjusted EBITDA of $34 million in 2024. Income Taxes The company recorded an income tax benefit for the quarter of $2.1 million , resulting in an effective rate of (66)% for the period. This rate was impacted by a discrete adjustment for a decrease in unrecognized tax benefits related to prior period tax positions. We anticipate a full-year adjusted effective rate of approximately 18% - 22%. Conference Call The company will host a webcast on Wednesday, May 7, 2025 , at 8:30 a.m. ET , to discuss its performance and provide its outlook for the remainder of 2025. To access the call, please dial 888-317-6003 or 412-317-6061 (elite entry number is 2480571). It is recommended that you call 10 minutes before the conference call begins. To access the webcast, click on the link: and submit the requested information as directed. A replay of the call can also be accessed under the heading "Investors" on the company's website at Forward-Looking Statements This release contains forward-looking statements. These statements involve risks and uncertainties that could cause actual results to differ materially. Without limitation, these risks include economic, weather and regulatory conditions, competition, geopolitical risk, and the risk factors set forth from time to time in the company's filings with the Securities and Exchange Commission. 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 correct. Non-GAAP Measures This release contains non-GAAP financial measures. The company believes that pretax income (loss) attributable to the company; adjusted pretax income (loss) attributable to the company; adjusted pretax income (loss); adjusted net income attributable to the company; adjusted diluted earnings per share; earnings before interest, taxes, depreciation, and amortization (or EBITDA); adjusted EBITDA; and cash from operations before working capital changes provide additional information to investors and others about its operations, allowing an evaluation of underlying operating performance and liquidity and better period-to-period comparability. The above measures are not and should not be considered as alternatives to pretax income (loss) or income (loss) before income taxes, net income (loss), diluted earnings (loss) per share attributable to The Andersons, Inc. common shareholders and cash provided by (used in) operating activities as determined by generally accepted accounting principles. Reconciliations of the GAAP to non-GAAP measures may be found within this press release and the financial tables provided herein. Company Description The Andersons, Inc., is a diversified company rooted in agriculture that conducts business in the agribusiness and renewables sectors. Guided by its Statement of Principles, The Andersons is committed to providing extraordinary service to its customers, helping its employees improve, supporting its communities, and increasing the value of the company. For more information, please visit The Andersons, Inc. Condensed Consolidated Balance Sheets (unaudited) (in thousands) March 31, 2025 December 31, 2024 March 31, 2024 Assets Current assets: Cash and cash equivalents $ 219,219 $ 561,771 $ 283,902 Accounts receivable, net 812,482 764,550 701,706 Inventories 1,249,047 1,286,811 994,543 Commodity derivative assets – current 155,028 148,801 178,623 Other current assets 92,968 88,344 55,134 Total current assets 2,528,744 2,850,277 2,213,908 Property, plant and equipment, net 860,246 868,151 689,113 Other assets, net 408,692 402,886 358,052 Total assets $ 3,797,682 $ 4,121,314 $ 3,261,073 Liabilities and equity Current liabilities: Short-term debt $ 222,691 $ 166,614 $ 10,148 Trade and other payables 661,202 1,047,436 625,836 Customer prepayments and deferred revenue 223,702 194,025 174,651 Commodity derivative liabilities – current 69,648 59,766 67,079 Current maturities of long-term debt 62,675 36,139 27,617 Accrued expenses and other current liabilities 194,390 227,192 177,953 Total current liabilities 1,434,308 1,731,172 1,083,284 Long-term debt, less current maturities 588,087 608,151 556,174 Other long-term liabilities 180,853 182,155 145,965 Total liabilities 2,203,248 2,521,478 1,785,423 Total equity 1,594,434 1,599,836 1,475,650 Total liabilities and equity $ 3,797,682 $ 4,121,314 $ 3,261,073 The Andersons, Inc. Condensed Consolidated Statements of Cash Flows (unaudited) Three months ended March 31, (in thousands) 2025 2024 Operating Activities Net income $ 5,331 $ 12,665 Adjustments to reconcile net income to cash used in operating activities: Depreciation and amortization 34,340 30,949 Other 17,303 4,795 Changes in operating assets and liabilities: Accounts receivable (53,268) 57,725 Inventories 38,531 169,083 Commodity derivatives 1,076 (28,498) Other current and non-current assets (8,558) 1,923 Payables and other current and non-current liabilities (384,775) (488,269) Net cash used in operating activities (350,020) (239,627) Investing Activities Purchases of property, plant and equipment and capitalized software (46,548) (26,775) Other 2,717 4,723 Net cash used in investing activities (43,831) (22,052) Financing Activities Net proceeds (payments) under short-term lines of credit 56,044 (31,913) Proceeds from issuance of long-term debt 14,700 — Payments of long-term debt (8,416) (6,870) Dividends paid (6,693) (6,516) Value of shares withheld for taxes (3,837) (8,071) Distributions to noncontrolling interest owner — (44,910) Other (1,353) — Net cash provided by (used in) financing activities 50,445 (98,280) Effect of exchange rates on cash and cash equivalents 854 7 Decrease in cash and cash equivalents (342,552) (359,952) Cash and cash equivalents at beginning of period 561,771 643,854 Cash and cash equivalents at end of period $ 219,219 $ 283,902 The Andersons, Inc. Adjusted Net Income Attributable to The Andersons, Inc. A non-GAAP financial measure (unaudited) Three months ended March 31, (in thousands, except per share data) 2025 2024 Net income $ 5,331 $ 12,665 Net income attributable to noncontrolling interests 5,047 7,084 Net income attributable to The Andersons, Inc. 284 5,581 Adjustments: Transaction related compensation 2,103 2,852 Insured inventory and property damage 2,926 — Gain on deconsolidation of joint venture — (3,117) Income tax impact of adjustments 1 (1,257) 279 Total adjusting items, net of tax 3,772 14 Adjusted net income attributable to The Andersons, Inc. $ 4,056 $ 5,595 Diluted earnings per share attributable to The Andersons, Inc. common shareholders $ 0.01 $ 0.16 Impact on diluted earnings per share $ 0.11 $ — Adjusted diluted earnings per share $ 0.12 $ 0.16 1 The income tax impact of adjustments is taken at the blended federal, state, and local tax rate of 25% with the exception of certain transaction related compensation in 2024. Adjusted net income (loss) attributable to The Andersons, Inc. reflects reported net income (loss) available to The Andersons, Inc. common shareholders after the removal of specified items described above. Adjusted diluted earnings (loss) per share reflects the fully diluted EPS of The Andersons, Inc. after removal of the effect on EPS as reported of specified items described above. Management believes that Adjusted net income (loss) attributable to The Andersons, Inc. and Adjusted diluted earnings (loss) per share are useful measures of The Andersons, Inc. performance as they provide investors additional information about the operations of the company allowing better evaluation of underlying business performance and better comparability to previous periods. These non-GAAP financial measures are not intended to replace or be alternatives to Net income attributable to The Andersons, Inc. and Diluted earnings per share attributable to The Andersons, Inc. common shareholders as reported, the most directly comparable GAAP financial measures, or any other measures of operating results under GAAP. Earnings amounts described above have been divided by the company's average number of diluted shares outstanding for each respective period in order to arrive at an adjusted diluted earnings (loss) per share amount for each specified item. The Andersons, Inc. Segment Data (unaudited) (in thousands) Agribusiness Renewables Other Total Three months ended March 31, 2025 Sales and merchandising revenues $ 1,993,287 $ 665,811 $ — $ 2,659,098 Gross profit 118,598 34,274 — 152,872 Operating, administrative and general expenses 124,489 9,783 11,482 145,754 Other income (loss), net 9,041 1,088 (938) 9,191 Income (loss) before income taxes (9,676) 24,881 (11,992) 3,213 Income (loss) attributable to noncontrolling interests (4,522) 9,569 — 5,047 Income (loss) before income taxes attributable to The Andersons, Inc. 1 $ (5,154) $ 15,312 $ (11,992) $ (1,834) Adjustments to income (loss) before income taxes 2 5,029 — — 5,029 Adjusted income (loss) before income taxes attributable to The Andersons, Inc. 1 $ (125) $ 15,312 $ (11,992) $ 3,195 Three months ended March 31, 2024 Sales and merchandising revenues $ 2,061,439 $ 656,778 $ — $ 2,718,217 Gross profit 99,519 28,801 — 128,320 Operating, administrative and general expenses 96,921 8,777 13,660 119,358 Other income, net 6,571 4,760 197 11,528 Income (loss) before income taxes 2,538 24,327 (12,897) 13,968 Income attributable to noncontrolling interests — 7,084 — 7,084 Income (loss) before income taxes attributable to The Andersons, Inc. 1 $ 2,538 $ 17,243 $ (12,897) $ 6,884 Adjustments to income (loss) before income taxes 2 2,852 (3,117) — (265) Adjusted income (loss) before income taxes attributable to The Andersons, Inc. 1 $ 5,390 $ 14,126 $ (12,897) $ 6,619 1 Income (loss) before income taxes attributable to The Andersons, Inc. for each operating segment is defined as net sales and merchandising revenues plus identifiable other income less all identifiable operating expenses, including interest expense for carrying working capital and long-term assets and is reported net of the noncontrolling interest share of income. 2 Additional information on the individual adjustments that are included in the adjustments to income (loss) before income taxes can be found in the Reconciliation to EBITDA and Adjusted EBITDA table. All adjustments are consistent with the EBITDA reconciliation with the exception of items where a portion of the expense is attributable to the noncontrolling interest and is represented in Income attributable to the noncontrolling interest within the reconciliation above. These adjustments include a $1.6 million difference in insured inventory and property damages in the Agribusiness segment for the three months ended March 31, 2025. The Andersons, Inc. A non-GAAP financial measure (unaudited) (in thousands) Agribusiness Renewables Other Total Three months ended March 31, 2025 Net income (loss) $ (9,676) $ 24,881 $ (9,874) $ 5,331 Interest expense (income) 12,826 698 (428) 13,096 Tax provision (benefit) — — (2,118) (2,118) Depreciation and amortization 21,685 11,891 764 34,340 EBITDA 24,835 37,470 (11,656) 50,649 Adjusting items impacting EBITDA: Transaction related compensation 2,103 — — 2,103 Insured inventory and property damage 4,502 — — 4,502 Total adjusting items 6,605 — — 6,605 Adjusted EBITDA $ 31,440 $ 37,470 $ (11,656) $ 57,254 Three months ended March 31, 2024 Net income (loss) $ 2,538 $ 24,327 $ (14,200) $ 12,665 Interest expense (income) 6,631 457 (566) 6,522 Tax provision — — 1,303 1,303 Depreciation and amortization 17,048 11,965 1,936 30,949 EBITDA 26,217 36,749 (11,527) 51,439 Adjusting items impacting EBITDA: Transaction related compensation 2,852 — — 2,852 Gain on deconsolidation of joint venture — (3,117) — (3,117) Total adjusting items 2,852 (3,117) — (265) Adjusted EBITDA $ 29,069 $ 33,632 $ (11,527) $ 51,174 Adjusted EBITDA is defined as earnings before interest, taxes and depreciation and amortization, adjusted for specified items. The company calculates adjusted EBITDA by removing the impact of specified items and adding back the amounts of interest expense, tax expense and depreciation and amortization to net income (loss). Management believes that adjusted EBITDA is a useful measure of the company's performance as it provides investors additional information about the company's operations allowing better evaluation of underlying business performance and improved comparability to prior periods. Adjusted EBITDA is a non-GAAP financial measure and is not intended to replace or be an alternative to net income (loss), the most directly comparable GAAP financial measure. Three Months Ended, Twelve months ended March 31, 2025 (in thousands) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 Net income $ 52,470 $ 51,461 $ 54,104 $ 5,331 $ 163,366 Interest expense 6,611 8,361 10,266 13,096 38,334 Tax provision (benefit) 4,876 10,731 13,146 (2,118) 26,635 Depreciation and amortization 30,269 30,408 36,178 34,340 131,195 EBITDA 94,226 100,961 113,694 50,649 359,530 Adjusting items impacting EBITDA: Transaction related compensation 4,049 1,668 2,536 2,103 10,356 Insured inventory and property damage (recoveries) — (5,204) (4,446) 4,502 (5,148) Acquisition costs — — 3,193 — 3,193 Loss on cost method investment — — 1,535 — 1,535 Total adjusting items 4,049 (3,536) 2,818 6,605 9,936 Adjusted EBITDA $ 98,275 $ 97,425 $ 116,512 $ 57,254 $ 369,466 Three Months Ended, Twelve months ended March 31, 2024 June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 Net income $ 82,686 $ 30,523 $ 78,437 $ 12,665 $ 204,311 Interest expense 13,953 8,188 8,101 6,522 36,764 Tax provision 21,732 7,862 13,324 1,303 44,221 Depreciation and amortization 30,365 31,215 31,306 30,949 123,835 EBITDA 148,736 77,788 131,168 51,439 409,131 Adjusting items impacting EBITDA: Transaction related compensation 939 1,999 3,212 2,852 9,002 Gain on deconsolidation of joint venture (6,544) — — (3,117) (9,661) Goodwill impairment — — 686 — 686 Gain on sale of assets — (5,643) — — (5,643) Gain on cost method investment — (4,798) — — (4,798) Impairment on equity method investments — 963 — — 963 Insured inventory expenses 1,310 — — — 1,310 Total adjusting items (4,295) (7,479) 3,898 (265) (8,141) Adjusted EBITDA $ 144,441 $ 70,309 $ 135,066 $ 51,174 $ 400,990 Cash from operations before working capital changes is defined as cash provided by (used in) operating activities before the impact of changes in working capital within the statement of cash flows. The Company calculates cash from operations by eliminating the effect of changes in accounts receivable, inventories, commodity derivatives, other assets, and payables and accrued expenses from the cash provided by (used in) operating activities. Management believes that cash from operations before working capital changes is a useful measure of the company's performance as it provides investors additional information about the company's operations allowing better evaluation of underlying business performance and improved comparability to prior periods. Cash from operations before working capital changes is a non-GAAP financial measure and is not intended to replace or be an alternative to cash provided by (used in) operating activities, the most directly comparable GAAP financial measure.
Irish Independent
24-04-2025
- Science
- Irish Independent
World Earth Day: Wicklow pupils showcase commitment
Having secured funding for a second time under the SSE Renewables Arklow Bank Wind Park 2 Sponsorship Fund, teacher Anna Fox highlighted the learning opportunities and resources facilitated through the funding provided, including extra bird houses and a new polytunnel. 'As a junior school, it's so important that the pupils learn in an age-appropriate way about how they can make a difference to our environment,' Ms Fox said. 'This year, our school focused in on biodiversity learning and skills development. We used the funding to repurpose and install extra bird houses and purchased a new polytunnel where the pupils can grow flowers, plants, fruit and vegetables. 'We created creature-friendly spaces, encouraging birds and insects into our play area. Armed with brightly coloured new learning equipment, the children can partake in regular 'mini beast' adventures, helping them identify and learn about the role of insects, birds and pollinators in our world. 'We're very grateful to SSE Renewables for helping to make this possible and want to thank them for their support.' Delighted to have spent such a positive morning with Ms Fox's students, Deirdre Keogh said: 'The children were full of pride and enthusiasm as they showed me around the outdoor learning classroom explaining how they each contributed to the enhancements and planting in the outdoor classroom. 'The school's application ticked the boxes aligning with our social value commitments on education and sustainability. 'With World Earth Day, we're reminded of the responsibility of safeguarding our planet for future generations. This year's Earth Day theme is 'Our Power, Our Planet' and calls on the global community to unite around renewable energy, aiming to triple clean electricity by 2030. 'Our Arklow Bank Wind Park 2 offshore project can play a critical role in meeting national renewables' targets for offshore wind whilst benefitting local communities through investment, jobs, skills enhancement and future community funding. 'We wish Ms Fox, school principal Ms Dempsey and all the staff and students every success with the rollout of their biodiversity plan at the school.'
Associated Press
07-03-2025
- Business
- Associated Press
Algonquin Power & Utilities Corp. Announces 2024 Fourth Quarter and Full Year Financial Results
Algonquin Power & Utilities Corp. (TSX/NYSE: AQN) ('AQN', 'Algonquin' or the 'Company') announced today financial results for the fourth quarter and full year ended December 31, 2024. All amounts are shown in United States dollars ('U.S. $' or '$'), unless otherwise noted. 'The Company continued to make strides in its transition to a pure-play utility. Over the last 90 days, we successfully completed our Renewables and Atlantica sales, and we enter 2025 with a recapitalized balance sheet and significant opportunity for improvement,' said Chris Huskilson, Chief Executive Officer of AQN. 'It has been a privilege to lead Algonquin during this momentous period of transformation, and I look forward to seeing positive developments at the Company under Rod West's direction as he looks to accelerate our progress in 2025.' Fourth Quarter and Full Year Financial Results for Continuing Operations 1 Fourth Quarter Net Utility Sales 2 of $426.0 million, an increase of 8%; Fourth Quarter Adjusted EBITDA 2 of $248.6 million, a decrease of (5)%; Fourth Quarter Adjusted EBITDA 2 for the Regulated Services Group of $234.4 million, an increase of 2%; Fourth Quarter Adjusted Net Earnings 2 of $45.2 million, a decrease of (44)%; Fourth Quarter Adjusted Net Earnings 2 per common share of $0.06, a decrease of (50)%; Annual Net Utility Sales 2 of $1,687.9 million, an increase of 4%; Annual Adjusted EBITDA 2 of $1,039.3 million, an increase of 3%; Annual Adjusted EBITDA 2 for the Regulated Services Group of $940.2 million, an increase of 4%; Annual Adjusted Net Earnings 2 of $232.1 million, a decrease of (17)%; Annual Adjusted Net Earnings 2 per common share of $0.30, a decrease of (23)%, in each case on a year-over-year basis. All amounts in U.S. $ millions except per share information Three months ended December 31 Twelve months ended December 31 2024 2023 Change 2024 2023 Change Revenue 3 $ 584.8 $ 588.2 (1 )% $ 2,319.5 $ 2,403.9 (4 )% Regulated Services Group Revenue 576.2 576.4 — 2,282.0 2,366.9 (4 )% Hydro Group Revenue 8.1 8.9 (9 )% 36.1 35.6 1 % Corporate Group Revenue 0.4 0.5 (20 )% 1.4 1.4 — % Net earnings (loss) attributable to shareholders from continuing operations (107.5 ) 169.8 (163 )% 65.3 (14.4 ) 553 % Per common share from continuing operations (0.14 ) 0.24 (160 )% 0.07 (0.03 ) 333 % Net earnings (loss) attributable to shareholders including discontinued operations (189.1 ) 184.2 (203 )% (1,391.0 ) 20.3 N/A Per common share including discontinued operations (0.24 ) 0.26 (192 )% (1.90 ) 0.03 N/A Cash provided by operating activities 48.1 200.7 (76 )% 481.7 628.0 (23 )% Adjusted Net Earnings 2 45.2 81.3 (44 )% 232.1 279.4 (17 )% Per common share 0.06 0.12 (50 )% 0.30 0.39 (23 )% Adjusted EBITDA 2 248.6 262.1 (5 )% 1,039.3 1,013.2 3 % Adjusted EBITDA 2 for Regulated Services Group 234.4 229.0 2 % 940.2 902.7 4 % Adjusted EBITDA 2 for Hydro Group 6.1 7.0 (13 )% 27.1 26.5 2 % Adjusted EBITDA 2 for Corporate Group 8.1 26.1 (69 )% 72.0 84.0 (14 )% Adjusted Funds from Operations 2 81.7 151.6 (46 )% 515.7 586.2 (12 )% Dividends per common share 0.0650 0.1085 (40 )% 0.3470 0.4340 (20 )% Long-term Debt, continuing operations 6,698.8 7,500.2 (11 )% 6,698.8 7,500.2 (11 )% 1 AQN's operations are organized across two business units consisting of: 1) the Regulated Services Group, which primarily owns and operates a portfolio of regulated electric, water distribution and wastewater systems, and natural gas utility systems and transmission operations in the United States, Canada, Bermuda and Chile; and 2) the Hydro Group, which consists of hydroelectric generation facilities located in Canada that were not sold as part of the sale of the Company's renewable energy business. Additionally, the Company has a corporate function, the Corporate Group, consisting of corporate and shared services that primarily support the Regulated Services Group and the Hydro Group, in addition to holding certain ancillary investments. 2 Please refer to 'Non-GAAP Measures' below for further details. 3 Discontinued Operations Revenue for the three months and twelve months ended December 31, 2024 totaled $99.2 million and $339.7 million, respectively, versus $81.1 million and $294.1 million for the three months and twelve months ended December 31, 2023. Fourth Quarter and Full Year 2024 Operational Results and Corporate Actions Regulated Services Group saw growth from implementation of new rates, offset primarily by higher operating expenses – The Regulated Services Group recorded fourth quarter and full year 2024 year-over-year growth in Adjusted EBITDA of 2% and 4%, respectively (see 'Non-GAAP Measures' below), primarily due to the implementation of new rates at several of the Company's electric, water and gas utilities. Rate increases were partially offset by higher operating expenses including expenses related to systems conversion, residual costs to support the renewable energy business. Fourth quarter and full year operating costs were negatively impacted by $3.6 million and $18.0 million in non-recurring costs, respectively. Earnings per share reduced as Company repositions for pure-play regulated utility strategy – In addition to the factors described above, year over year Adjusted Net Earnings per common share (see 'Non-GAAP Measures' below) were also negatively affected by the sale of the Company's 42.2% ownership stake in Atlantica Sustainable Infrastructure plc ('Atlantica'), higher borrowing costs to fund growth, higher effective tax rates, and the settlement of the purchase contracts underlying the Company's green equity units. Midstates Gas Illinois, Midstates Gas Missouri, New Brunswick Gas, Missouri Water and Arkansas Water receive conclusive orders – During the fourth quarter and shortly after year end, the Company reached or substantially reached conclusions in five separate rate cases, primarily via approved settlements. Authorized revenue increases for these cases in aggregate total approximately $21.2 million. Active rate case calendar continues – In the fourth quarter of 2024, the Company filed for new rates at its Empire Electric Missouri and St. Lawrence Gas utilities. The Empire Electric Missouri application, refiled on February 26, 2025, seeks a net increase in revenues of $92.1 million based on a return on equity ('ROE') of 10% and an equity ratio of 53.1%. The St. Lawrence Gas application, filed on November 27, 2024, seeks an increase in revenues of $2.2 million based on an ROE of 9.9% and an equity ratio of 48%. Sale of investment in Atlantica – On December 12, 2024, Liberty (AY Holdings) B.V., a wholly-owned subsidiary of AQN, sold its 42.2% equity interest in Atlantica for $22.00 per share in cash. The Company used the approximately $1.1 billion in net proceeds from the sale to reduce debt. Subsequent Events Sale of the Renewable Energy Business marks key achievement in strategic transition to pure-play regulated utility – On January 8, 2025, the Company completed the sale of its renewable energy business (excluding its hydro fleet) to a wholly-owned subsidiary of LS Power for proceeds of approximately $2.1 billion, after subtracting taxes, transaction fees and other preliminary closing adjustments, including an adjustment for estimated remaining completion costs for in-construction assets. Approximately $1.95 billion of such proceeds were received upon the closing of the transaction and approximately $150 million of such proceeds are currently expected to be received at a later date in 2025 upon monetization of tax attributes on certain in-construction projects. Additionally, the Company can receive up to $220 million in cash pursuant to an earn out agreement relating to certain wind assets. AQN expects to use the net proceeds received in 2025 to pay down existing debt and strengthen its balance sheet. Leadership transition supports AQN's ongoing transformation – On January 31, 2025, the Company announced that Roderick (Rod) West will join the Company as Chief Executive Officer. Mr. West's appointment will be effective as of 12:00 p.m. (Eastern time) on March 7, 2025. Chris Huskilson will step down as Chief Executive Officer and will continue in his role as a director of the Company. In addition, on January 14, 2025, the Company announced that Darren Myers will resign as Chief Financial Officer following the reporting of the Company's fourth quarter 2024 results. The Company has commenced a search for a permanent Chief Financial Officer. In the meantime, on February 14, 2025, the Company announced that Brian Chin, the Company's Vice President, Investor Relations, will be appointed as Interim Chief Financial Officer, effective March 7, 2025. AQN will file its annual consolidated financial statements, annual management discussion & analysis (the 'Annual MD&A'), and annual information form, each for the year ended December 31, 2024, with the applicable Canadian securities regulatory authorities. Copies of these documents and other supplemental information on AQN is made available on its website at and in its corporate filings on SEDAR+ at (for Canadian filings) and EDGAR at (for U.S. filings). A hard copy of AQN's annual consolidated financial statements for the year ended December 31, 2024 can be obtained free of charge upon request to [email protected]. AQN will also file its Form 40-F for the year ended December 31, 2024 with the U.S. Securities and Exchange Commission. AQN will hold an earnings conference call at 8:30 a.m. eastern time on Friday, March 7, 2025, hosted by Chief Executive Officer, Chris Huskilson, incoming Chief Executive Officer, Rod West, and Chief Financial Officer, Darren Myers. About Algonquin Power & Utilities Corp. and Liberty Algonquin Power & Utilities Corp., parent company of Liberty, is a diversified international generation, transmission, and distribution utility. AQN is committed to providing safe, secure, reliable, cost-effective, and sustainable energy and water solutions through its portfolio of generation, transmission, and distribution utility investments to over one million customer connections, largely in the United States and Canada. AQN's common shares, preferred shares, Series A, and preferred shares, Series D are listed on the Toronto Stock Exchange under the symbols AQN, and respectively. AQN's common shares and Series 2019-A subordinated notes are listed on the New York Stock Exchange under the symbols AQN and AQNB, respectively. Visit AQN at and follow us on @AQN_Utilities. Caution Regarding Forward-Looking Information Certain statements included in this news release constitute 'forward-looking information' within the meaning of applicable securities laws in each of the provinces and territories of Canada and the respective policies, regulations and rules under such laws and 'forward-looking statements' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, 'forward-looking statements'). The words 'will', 'intends', 'expects', 'looks', and 'seeks' (and grammatical variations of such terms) and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements in this news release include, but are not limited to, statements regarding: expectations regarding rate cases, including the expected outcomes thereof; and expectations regarding the proceeds from the sale of the Company's renewable energy business and the expected use thereof. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. AQN cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Forward-looking statements contained herein are provided for the purposes of assisting in understanding the Company and its business, operations, risks, financial performance, financial position and cash flows as at and for the periods indicated and to present information about management's current expectations and plans relating to the future and such information may not be appropriate for other purposes. Material risk factors and assumptions include those set out in AQN's Annual Information Form and Annual MD&A for the year ended December 31, 2024, each of which is or will be available on SEDAR+ and EDGAR. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, AQN undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise. Non-GAAP Measures AQN uses a number of financial measures to assess the performance of its business lines. Some measures are calculated in accordance with generally accepted accounting principles in the United States ('U.S. GAAP'), while other measures do not have a standardized meaning under U.S. GAAP. These non-GAAP measures include non-GAAP financial measures and non-GAAP ratios, each as defined in Canadian National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure. AQN's method of calculating these measures may differ from methods used by other companies and therefore may not be comparable to similar measures presented by other companies. The terms 'Adjusted Net Earnings', 'Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization' (or 'Adjusted EBITDA'), 'Adjusted Funds from Operations', and 'Net Utility Sales', which are used in this news release, are non-GAAP financial measures. An explanation of each of these non-GAAP financial measures can be found in the section titled 'Caution Concerning Non-GAAP Measures' in the Annual MD&A, which section is incorporated by reference into this news release, and a reconciliation to the most directly comparable U.S. GAAP measure, in each case, can be found below. In addition, 'Adjusted Net Earnings' is presented in this news release on a per common share basis. Adjusted Net Earnings per common share is a non-GAAP ratio and is calculated by dividing Adjusted Net Earnings by the weighted average number of common shares outstanding during the applicable period. The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related to AQN Adjusted EBITDA and provides additional information related to the operating performance of AQN. Investors are cautioned that this measure should not be construed as an alternative to U.S. GAAP consolidated net earnings. Three months ended Twelve months ended December 31 December 31 (all dollar amounts in $ millions) 2024 2023 2024 2023 Net earnings (loss) attributable to shareholders $ (186.4 ) $ 186.3 $ (1,380.5 ) $ 28.7 Add (deduct): Net earnings attributable to the non-controlling interest, exclusive of HLBV 1.5 8.6 5.7 34.7 Loss from discontinued operations, net of tax 78.9 (16.5 ) 1,445.9 (43.1 ) Income tax expense (recovery) 153.5 13.0 186.8 (37.1 ) Interest expense 89.4 75.8 363.6 308.4 Other net losses 1 7.1 10.3 27.0 121.7 Asset impairment charge — 1.5 — 1.5 Pension and post-employment non-service costs 3.7 4.7 14.1 19.9 Change in value of investments carried at fair value 2 2.0 (117.5 ) (21.7 ) 215.3 Gain on derivative financial instruments (0.4 ) (0.6 ) (0.8 ) (4.6 ) Loss on foreign exchange (0.3 ) 5.4 3.5 13.7 Depreciation and amortization 99.6 91.1 395.7 354.1 Adjusted EBITDA $ 248.6 $ 262.1 $ 1,039.3 $ 1,013.2 1 See Note 18 in the audited consolidated financial statements. 2 See Note 8 in the audited consolidated financial statements. Reconciliation of Adjusted Net Earnings to Net Earnings The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related to Adjusted Net Earnings and provides additional information related to the operating performance of AQN. Investors are cautioned that this measure should not be construed as an alternative to consolidated net earnings in accordance with U.S. GAAP. The following table shows the reconciliation of net earnings to Adjusted Net Earnings exclusive of these items: Three months ended Twelve months ended December 31 December 31 (all dollar amounts in $ millions except per share information) 2024 2023 2024 2023 Net earnings (loss) attributable to shareholders $ (186.4 ) $ 186.3 $ (1,380.5 ) $ 28.7 Add (deduct): Loss (Earnings) from discontinued operations 78.9 (16.5 ) 1,445.9 (43.1 ) Gain on derivative financial instruments (0.4 ) (0.6 ) (0.8 ) (4.6 ) Other net losses 1 7.1 10.3 27.0 121.7 Asset impairment charge — 1.5 — 1.5 Loss on foreign exchange (0.3 ) 5.4 3.5 13.7 Change in value of investments carried at fair value 2 2.0 (117.5 ) (21.7 ) 215.3 Adjustment for taxes related to above 144.3 12.4 158.7 (53.8 ) Adjusted Net Earnings $ 45.2 $ 81.3 $ 232.1 $ 279.4 Adjusted Net Earnings per common share $ 0.06 $ 0.12 $ 0.30 $ 0.39 1 See Note 18 in the audited consolidated financial statements. 2 See Note 8 in the audited consolidated financial statements. Reconciliation of Adjusted Funds from Operations to Cash Provided by Operating Activities The following table is derived from and should be read in conjunction with the consolidated statement of operations and consolidated statement of cash flows. This supplementary disclosure is intended to more fully explain disclosures related to Adjusted Funds from Operations and provides additional information related to the operating performance of AQN. Investors are cautioned that this measure should not be construed as an alternative to cash provided by operating activities in accordance with U.S GAAP. The following table shows the reconciliation of cash provided by operating activities to Adjusted Funds from Operations exclusive of these items: Three months ended Twelve months ended December 31 December 31 (all dollar amounts in $ millions) 2024 2023 2024 2023 Cash provided by operating activities $ 48.1 $ 200.7 $ 481.7 $ 628.0 Add (deduct): Cash provided by operating activities of discontinued operations (41.8 ) (49.8 ) (121.3 ) (128.5 ) Changes in non-cash operating items for continuing operations 84.9 (1.8 ) 139.4 86.3 Changes in non-cash operating items from discontinued operations (9.5 ) 2.5 13.9 (0.8 ) Production based cash contribution from non-controlling interest for continuing operations — — 2.0 — Costs related to tax equity financing — — — 1.2 Adjusted Funds from Operations $ 81.7 $ 151.6 $ 515.7 $ 586.2 Reconciliation of Regulated Services Group Adjusted EBITDA to Revenue The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related to Regulated Services Group Adjusted EBITDA and provides additional information related to the operating performance of AQN. Investors are cautioned that this measure should not be construed as an alternative to U.S. GAAP consolidated net earnings. 1 See Caution Concerning Non-GAAP Measures. 2 See Note 20 in the audited consolidated financial statements. 3 This table contains a reconciliation of Net Utility Sales to revenue. The relevant sections of the table are derived from and should be read in conjunction with the consolidated statement of operations and Note 20 in the audited consolidated financial statements, 'Segmented Information'. This supplementary disclosure is intended to more fully explain disclosures related to Net Utility Sales and provides additional information related to the operating performance of the Regulated Services Group. Investors are cautioned that Net Utility Sales should not be construed as an alternative to revenue. 4 HLBV income represents the value of net tax attributes monetized by the Regulated Services Group in the period at the Luning and Turquoise Solar Facilities and the Neosho Ridge, Kings Point and North Fork Ridge Wind Facilities. 5 This table contains a reconciliation of Adjusted EBITDA to revenue for the Regulated Services Group. The relevant sections of the table are derived from and should be read in conjunction with the audited consolidated statement of operations and Note 20 in the audited consolidated financial statements, 'Segmented Information'. This supplementary disclosure is intended to more fully explain disclosures related to Adjusted EBITDA and provides additional information related to the operating performance of the Regulated Services Group. Investors are cautioned that Adjusted EBITDA should not be construed as an alternative to revenue. Reconciliation of Hydro Group Adjusted EBITDA to Revenue The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related to Hydro Group Adjusted EBITDA and provides additional information related to the operating performance of AQN. Investors are cautioned that this measure should not be construed as an alternative to U.S. GAAP consolidated net earnings. Three months ended Twelve months ended December 31 December 31 (all dollar amounts in $ millions) 2024 2023 2024 2023 Revenue $ 8.1 $ 8.6 $ 35.3 $ 34.3 Less: Cost of Sales - Hydro — 0.1 0.2 0.5 Add: Other income — 0.3 0.8 1.3 Less: Operating expenses 2.0 1.8 8.8 8.6 Hydro Group Adjusted EBITDA 1,2 $ 6.1 $ 7.0 $ 27.1 $ 26.5 1 See Caution Concerning Non-GAAP Measures. 2 This table contains a reconciliation of Adjusted EBITDA to revenue for the Hydro Group. The relevant sections of the table are derived from and should be read in conjunction with the consolidated statement of operations and Note 20 in the audited consolidated financial statements, 'Segmented Information'. This supplementary disclosure is intended to more fully explain disclosures related to Adjusted EBITDA and provides additional information related to the operating performance of the Hydro Group. Investors are cautioned that Adjusted EBITDA should not be construed as an alternative to revenue. Reconciliation of Corporate Group Adjusted EBITDA to Revenue The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related to Corporate Group Adjusted EBITDA and provides additional information related to the operating performance of AQN. Investors are cautioned that this measure should not be construed as an alternative to U.S. GAAP consolidated net earnings. Three months ended Twelve months ended December 31 December 31 (all dollar amounts in $ millions) 2024 2023 2024 2023 Revenue 0.4 0.5 1.4 1.4 Add: Interest, dividend, equity, and other income 11.7 29.3 80.0 86.6 Less: Operating expenses 4.0 3.7 9.4 4.0 Corporate Group Adjusted EBITDA 1,2 8.1 26.1 72.0 84.0 1 See Caution Concerning Non-GAAP Measures. 2 This table contains a reconciliation of Adjusted EBITDA to revenue for the Corporate Group. The relevant sections of the table are derived from and should be read in conjunction with the unaudited interim condensed consolidated statement of operations and Note 20 in the audited consolidated financial statements, 'Segmented Information'. This supplementary disclosure is intended to more fully explain disclosures related to Adjusted EBITDA and provides additional information related to the operating performance of the Corporate Group. Investors are cautioned that Adjusted EBITDA should not be construed as an alternative to revenue. View source version on CONTACT: Investor Inquiries:Brian Chin Vice President, Investor Relations Algonquin Power & Utilities Corp. E-mail: [email protected] Telephone: (905) 465-4500Media Inquiries:Stephanie Bose Senior Director, Corporate Communications Liberty Telephone: (905) 465-4500 KEYWORD: NORTH AMERICA CANADA INDUSTRY KEYWORD: ENERGY OTHER ENERGY UTILITIES OIL/GAS SOURCE: Algonquin Power & Utilities Corp. Copyright Business Wire 2025. PUB: 03/07/2025 06:30 AM/DISC: 03/07/2025 06:30 AM
BBC News
28-02-2025
- Business
- BBC News
Work begins on community campus in Tain
Work has started on a £1.6m community hub in Tain in Easter Gro For You Community Innovation Campus is expected to create 24 full-time jobs as well as apprenticeship roles when it opens in site will offer space for training in food technologies and will also have facilities for visitors travelling the Highlands' North Coast 500 tourist route, including waste disposal for campervans and electric vehicle charging points. The Scottish government, Social Investment Scotland, SSE Renewables and Glenmorangie distillery company are among organisations backing the and chief executive Sarah MacKenzie said: "What this offers is a catalogue of community and economic benefits that will provide solutions to challenges Highland rural communities face."She said it was hoped the campus would provide opportunities for young people in terms of jobs and training.
