Former Dell sales enablement leader, Tim Banks will be responsible for creating strategy and executing plans for key relationships, while laying the foundation for a team of partnership development professionals

AUSTIN, Texas--(BUSINESS WIRE)--GRC (Green Revolution Cooling), the leader in single-phase immersion cooling for data centers, today announced the appointment of Tim Banks to the role of Director of Strategic Alliances, where he will bring to GRC his well-established record of developing channel partner programs, vertical marketing strategies, and sales enablement training.

Banks brings more than a decade of experience as a sales leader, most recently as enterprise sales enablement manager at Dell Technologies, preceded by a successful stint at HPE.

“With the increased demand in data center liquid immersion cooling coupled with unlimited partnership opportunities, Tim’s breadth of experience in partnership development will help ensure GRC’s successful alliances throughout the data center industry, and we are thrilled to welcome him to the team,” said Jim Weynand, CRO of GRC. “Tim’s demonstrated success developing go-to-market initiatives and supporting partners and sales perfectly positions him to for this new role and building our partner ecosystem as we challenge the legacy orthodoxy of the data center industry.”

In his role, Banks will be responsible for identifying and supporting key alliance and partnership opportunities, creating strategy, and executing the plan for expanding GRC’s relationships with key technology partners, including OEM server manufacturers and data center infrastructure providers.

“I look forward to maximizing my experience in strategic alliances to contribute to the rapid growth and development of GRC,” said Tim Banks, Director of Strategic Alliances, GRC. “I’m thrilled to join the GRC team as it continues to meet the demand of more efficient cooling technologies while providing solutions for high-density computing environments.”

Today’s announcement follows this month’s appointment of GRC’s new Vice President of Operations and Chief Product Officer and is a prelude to further company expansion and rollout of new data center liquid immersion cooling products.

About GRC

GRC is The Immersion Cooling Authority®. The company's patented immersion-cooling technology radically simplifies deployment of data center cooling infrastructure. By eliminating the need for chillers, CRACs, air handlers, humidity controls, and other conventional cooling components, enterprises reduce their data center design, build, energy, and maintenance costs. GRC’s solutions are deployed in eighteen countries and are ideal for next-gen applications platforms, including artificial intelligence, blockchain, HPC, 5G, and other edge computing and core applications. Their systems are environmentally resilient, sustainable, and space saving, making it possible to deploy them in virtually any location with minimal lead time. Visit http://grcooling.com for more information.

Milldam Public Relations
Adam Waitkunas
978-828-8304 (mobile)
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HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE: GEL) will announce its earnings for the Fourth Quarter ended December 31, 2020 on February 18, 2021, before the market opens.

Genesis Energy, L.P.’s Fourth Quarter Earnings Conference Call will be held Thursday, February 18, 2021, at 8:30 a.m. Central time (9:30 a.m. Eastern time). This call can be accessed at www.genesisenergy.com. Choose the Investor Relations button. For those unable to attend the live broadcast, a replay will be available beginning approximately one hour after the event.

Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis’ operations include offshore pipeline transportation, sodium minerals and sulfur services, marine transportation and onshore facilities and transportation. Genesis’ operations are primarily located in the Gulf Coast region of the United States, Wyoming and the Gulf of Mexico.

Genesis Energy, L.P.
Ryan Sims
SVP – Finance and Corporate Development
(713) 860-2521

MONTREAL & QUEBEC CITY--(BUSINESS WIRE)--Northern Genesis Acquisition Corp. (NYSE: NGA) announces that its proposed business combination partner, Lion Electric (Lion), a leading manufacturer of all-electric medium and heavy-duty urban vehicles, announced today a new chapter in its collaboration with FLO and its parent company AddEnergie, with the signing of a reseller agreement. FLO is a leading North American charging network operator for electric vehicles and the provider of AddEnergie’s smart charging software and equipment. As part of the agreement, Lion will now offer its clients across North America the lineup of AddEnergie charging stations provided by FLO, including AC and DC smart chargers, as well as its associated charging and energy management cloud software services.

FLO’s charging products will be added to the portfolio of charging solutions offered by LionEnergy, a dedicated team of infrastructure and energy management specialists within Lion, whose mission is to facilitate the electric vehicle transition journey for customers by educating them and by providing complete turnkey charging infrastructure solutions, tailored to their respective needs. LionEnergy supports the customers at all steps, from equipment selection to installation and equipment management. The announcement was made during IMPULSION MTL International Fleet Forum, where representatives from both companies participated.

“Adequate energy management is an essential factor to reduce total cost of ownership of electric vehicles, and FLO’s expertise in smart charging is another opportunity for us to offer LionEnergy customers products and services that will help maximize their return on investment,” said Marc Bedard, CEO and Founder of Lion Electric. “This partnership demonstrates the shared vision of two North American leaders in transportation electrification and we are excited to see what the future brings for our two companies.”

“Our collaboration with Lion started in 2015 and has helped FLO develop innovative and relevant charging solutions for medium and heavy-duty electric transportation. As this particular segment is now ripe for accelerated growth, we are delighted to be working with an industry leader like Lion to efficiently power fleets, and ultimately put more zero-emission vehicles on the road today and into the future,” said Louis Tremblay President and CEO of FLO | AddEnergie.

Lion has over 300 zero-emission vehicles on the road in North America today, with over 6 million miles driven since 2016. All of Lion’s vehicles are built at the company’s North American facility, which has the capacity to build up to 2,500 vehicles per year.

FLO offers a comprehensive suite of charging equipment, from residential to 100 kW DC fast charging stations. Thanks to innovative software solutions, FLO has extensive experience supporting fleet electrification and smart energy management.

About Lion Electric

Lion Electric is an innovative manufacturer of zero-emission vehicles. The company creates, designs and manufactures all-electric class 5 to class 8 commercial urban trucks and all-electric buses and minibuses for the school, paratransit and mass transit segments. Lion is a North American leader in electric transportation and designs, builds and assembles all its vehicles’ components, including chassis, battery packs, truck cabins and bus bodies.

Always actively seeking new and reliable technologies, Lion vehicles have unique features that are specifically adapted to its users and their everyday needs. Lion believes that transitioning to all-electric vehicles will lead to major improvements in our society, environment and overall quality of life.

About Northern Genesis Acquisition Corp.

Northern Genesis Acquisition Corp. (NYSE: NGA) is a special purpose acquisition company formed for the purpose of effecting a merger, stock exchange, acquisition, reorganization or similar business combination with one or more businesses. The Northern Genesis management team brings a unique entrepreneurial owner-operator mindset and a proven history of creating shareholder value across the sustainable power and energy value chain. Northern Genesis is committed to helping the next great public company find its path to success; a path which will most certainly recognize the growing sensitivity of customers, employees and investors to alignment with the principles underlying sustainability.

Transaction with Northern Genesis

On December 31, 2020, Lion filed with the U.S. Securities and Exchange Commission (“SEC”) a preliminary registration statement on Form F-4 (the “Registration Statement”), which includes a preliminary proxy statement of Northern Genesis, in connection with their proposed business combination.

Upon closing of the proposed business combination, a wholly-owned subsidiary of Lion Electric will merge with and into Northern Genesis, and Lion is expected to be listed on the New York Stock Exchange (NYSE) under the new ticker symbol “LEV”.

The business combination has been unanimously approved by the Boards of Directors of both Northern Genesis and Lion Electric and is expected to close in the first quarter of 2021, subject to the Registration Statement being declared effective by the SEC, approval by Northern Genesis stockholders as well as other customary closing conditions.

Important Information and Where to Find It

The Registration Statement filed by Lion Electric with the SEC includes a preliminary prospectus relating to the registration of the securities to be issued by Lion Electric to Northern Genesis’ stockholders in connection with the transaction, and a preliminary proxy statement of Northern Genesis in connection with Northern Genesis’ solicitation of proxies for the vote by its stockholders with respect to the transaction and other matters as described in the Registration Statement. After the Registration Statement has been cleared by the SEC and declared effective, Northern Genesis will mail a definitive proxy statement to its stockholders. Investors and security holders of Northern Genesis and other interested parties are urged to read the Registration Statement, the preliminary proxy statement/prospectus and amendments thereto and the definitive proxy statement/prospectus (the “Joint Proxy Statement/Prospectus”), any amendments to the foregoing, and any other documents filed with the SEC, when available, because they will contain important information about Lion Electric, Northern Genesis and the proposed business combination. Investors and security holders of Northern Genesis may obtain free copies of the Joint Proxy Statement/Prospectus (when available) and other documents filed with the SEC by Northern Genesis and Lion Electric through the website maintained by the SEC at http://sec.report or by directing a request to: Northern Genesis Acquisition Corp., 4801 Main Street, Suite 1000, Kansas City, MO 64112 or (816) 514-0324. The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.

Participants in the Solicitation

Northern Genesis and its directors and executive officers and other persons may be deemed to be participants in the solicitations of proxies from Northern Genesis’ stockholders in respect of the proposed business combination. Lion Electric and its officers and directors may also be deemed participants in such solicitation. Information regarding Northern Genesis’ directors and executive officers is available under the heading “Management” in its final prospectus dated August 17, 2020 filed with the SEC on August 18, 2020 (the “IPO Prospectus”). Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, which may, in some cases, be different than those of their stockholders generally, are contained in the Joint Proxy Statement/Prospectus and will be contained in other relevant materials to be filed with the SEC in connection with the proposed business combination when they become available. Stockholders, potential investors and other interested persons should read the Joint Proxy Statement/Prospectus carefully when it becomes available before making any voting or investment decisions. When available, these documents can be obtained free of charge from the sources indicated above.

No Offer or Solicitation

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities or constitute a solicitation of any vote or approval. No offer of securities, other than with respect to the concurrent private placement of Lion shares as described in the Registration Statement, shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.

Forward-Looking Statements

All statements other than statements of historical facts contained in this press release constitute “forward-looking statements” (which shall include forward-looking information within the meaning of Canadian securities laws) within the meaning of Section 27A of the Securities Act. Forward-looking statements may generally be identified by the use of words such as “believe,” “may,” “will,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “could,” “plan,” “project,” “potential,” “seem,” “seek,” “future,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. These forward-looking statements include, but are not limited to, statements regarding the transaction, including with respect to timing and closing thereof and the ability to consummate the transaction. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Lion Electric’s and Northern Genesis’ management and are not predictions of actual performance. Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Lion Electric and Northern Genesis, and are based on a number of assumptions, as well as other factors that Lion Electric and Northern Genesis believe are appropriate and reasonable in the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct or that the Lion Electric’s vision, business, objectives, plans and strategies will be achieved. Many risks and uncertainties could cause Lion Electric’s actual results, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including those factors discussed in the Registration Statement and Northern Genesis’ IPO Prospectus, as well as other documents filed or to be filed by Lion Electric or Northern Genesis in accordance with applicable securities laws. These factors are not intended to represent a complete list of the factors that could affect Northern Genesis or Lion Electric, and there may be additional risks that neither Northern Genesis nor Lion Electric presently know or that Northern Genesis and Lion Electric currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Northern Genesis’ and Lion Electric’s expectations, plans or forecasts of future events and views as of the date of this press release. Northern Genesis and Lion Electric anticipate that subsequent events and developments will cause their respective assessments to change. However, while Northern Genesis and Lion Electric may elect to update these forward-looking statements at some point in the future, Northern Genesis and Lion Electric have no intention and undertake no obligation to do so except as required by applicable law. These forward-looking statements should not be relied upon as representing Northern Genesis’ and Lion Electric’s assessments as of any date subsequent to the date of this press release.

About FLO

FLO is a leading North American charging network for electric vehicles and a major provider of smart charging software and equipment. Every month, FLO and its parent company, AddEnergie, enable approximately half a million charging events and the transfer of 5.5 GWh in electricity, thanks to over 35,000 high-quality stations deployed on public networks, commercial and residential installations. FLO’s headquarters and network operations center are based in Quebec City, and AddEnergie's assembly plant is located in Shawinigan (Quebec). The company also has an office in Montreal and regional teams located in Ontario, British Columbia, California, New York and Florida. For more information, visit flo.com.

Northern Genesis:

Investor Relations
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816-514-0324

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AKRON, Ohio--(BUSINESS WIRE)--$BW--Babcock & Wilcox (B&W) (NYSE: BW) announced today that its strategic growth and expansion initiatives in Asia and the Middle East have continued to accelerate, resulting in two new contracts totaling $10 million for its B&W Environmental business segment.

“We are continuing to make progress in leveraging B&W’s industry-leading technologies and strong operational presence in Asia and the Middle East to provide advanced environmental solutions for our customers,” said B&W Chief Operating Officer Jimmy Morgan. “These two new contracts, which include the design and supply of our SPIG S.p.A. cooling system technologies, demonstrate that the actions we’ve taken to increase our business focus on these regions are already paying off.”

“As we look ahead in 2021 and beyond, we see other significant opportunities for all of our business segments – B&W Environmental, B&W Renewable and B&W Thermal – in the Asia-Pacific, Middle East and Africa regions, with a combined addressable market potential of nearly $12 billion over the next three years,” Morgan said.

Each contract calls for B&W Environmental to design and supply SPIG S.p.A. cooling technologies for industrial projects in Asia and the Middle East. The cooling systems include fiberglass reinforced plastic (FRP) cooling towers, cooling cells and other technologies designed to increase cooling efficiency, reduce environmental impact and improve safe operation under extreme weather conditions.

B&W Environmental’s cooling system experience includes wet, dry and wet/dry hybrid cooling solutions and the supply of designs for a wide range of project specifications such as high seismic loads, vibration control, corrosion, noise control, sub-freezing operation, and seawater use.

About B&W

Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc., is a global leader in energy and environmental technologies and services for the power and industrial markets. Follow us on LinkedIn and learn more at www.babcock.com.

About B&W Environmental

Babcock & Wilcox Environmental offers a full suite of best-in-class emissions control products and solutions for utility and industrial steam generation applications around the world. The segment’s broad experience includes systems for ash handling, particulate control, nitrogen oxides and sulfur dioxides removal, chemical looping for carbon control, and mercury control, along with cooling solutions.

Forward-Looking Statements

B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the company’s plan to expand its presence in Asia and the Middle East in support of the growth of its three business segments – B&W Renewable, B&W Environmental and B&W Thermal – and the execution and completion of two contracts for the design and supply of cooling systems for industrial facilities. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

Investors:
Megan Wilson
Vice President, Corporate Development & Investor Relations
Babcock & Wilcox
704.625.4944 | This email address is being protected from spambots. You need JavaScript enabled to view it.

Media:
Ryan Cornell
Public Relations
Babcock & Wilcox
330.860.1345 | This email address is being protected from spambots. You need JavaScript enabled to view it.

ANNAPOLIS, Md.--(BUSINESS WIRE)--$HASI #earnings--Hannon Armstrong Sustainable Infrastructure Capital, Inc. ("Hannon Armstrong," or the "Company") (NYSE: HASI), a leading investor in climate solutions, today announced that the Company will release its fourth quarter and full year 2020 results after market close on Thursday, February 18, 2021, to be followed by a conference call at 5:00 p.m. (Eastern Time).

The conference call can be accessed live over the phone by dialing 1-866-652-5200 or for international callers, 1-412-317-6060. Please ask to be connected to the Hannon Armstrong call. A replay will be available two hours after the call and can be accessed by dialing 1-877-344-7529, or for international callers, 1-412-317-0088. The passcode for the replay is 10151938. The replay will be available until February 25, 2021.

Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investor Relations section of the Company's website at www.hannonarmstrong.com. The online replay will be available for a limited time beginning immediately following the call.

To learn more about Hannon Armstrong, please visit the Company's website at www.hannonarmstrong.com. In addition to filing or furnishing required information to the U.S. Securities and Exchange Commission, Hannon Armstrong uses its website as a channel of distribution of material Company information. Financial and other material information regarding Hannon Armstrong is routinely posted on the Company's website and is readily accessible.

ABOUT HANNON ARMSTRONG

Hannon Armstrong (NYSE: HASI) is the first U.S. public company solely dedicated to investments in climate solutions, providing capital to leading companies in energy efficiency, renewable energy, and other sustainable infrastructure markets. With more than $6 billion in managed assets as of September 30, 2020, Hannon Armstrong’s core purpose is to make climate-positive investments with superior risk-adjusted returns. For more information, please visit www.hannonarmstrong.com. Follow Hannon Armstrong on LinkedIn and Twitter @HannonArmstrong.

HANNON ARMSTRONG
INVESTOR RELATIONS INQUIRIES:
Chad Reed
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410-571-6189

DUBLIN--(BUSINESS WIRE)--The "Turkey Midstream Oil and Gas Industry Outlook to 2025" report has been added to ResearchAndMarkets.com's offering.

Turkey Midstream Oil and Gas Industry Outlook to 2025 - Market Outlook for Liquefied Natural Gas (LNG), Liquids Storage, Pipelines, Underground Gas Storage and Gas Processing is a comprehensive report on midstream oil and gas industry in Turkey.

The report provides details such as name, type, operational status and operator for all active and planned (new build) LNG terminals, liquids storage terminals major trunk pipelines, underground gas storage sites and gas processing plants in Turkey till 2025. Further, the report also offers recent developments, financial deals as well as latest contracts awarded in the country's midstream sector, wherever available.

Scope

• Updated information related to all active, planned and announced LNG terminals, oil storage terminals, trunk pipelines, underground gas storage and gas processing plants in the country, including operator and equity details
• Key mergers and acquisitions and asset transactions in the country's midstream oil and gas industry, where available
• Latest developments, financial deals and awarded contracts related to midstream oil and gas industry in the country, wherever available

Reasons to Buy

• Gain strong understanding of the country's midstream oil and gas industry
• Facilitate decision making on the basis of strong historical and outlook of capacity/length data
• Assess your competitor's major LNG terminals, oil storage terminals, trunk pipelines, underground gas storage sites and gas processing plants in the country
• Analyze the latest developments, financial deals landscape and awarded contracts related to the country's midstream oil and gas industry

Key Topics Covered:

1. Table of Contents

1.1. List of Tables

1.2. List of Figures

2. Introduction

2.1. What is This Report About?

2.2. Market Definition

3. Turkey LNG Industry

3.1. Turkey LNG Industry, Regasification

3.1.1. Turkey LNG Industry, Regasification, Key Data

3.2. Turkey LNG Industry, Regasification, Overview

3.2.1. Turkey LNG Industry, Total Regasification Capacity

3.3. Turkey LNG Industry, Regasification Capacity by Major Companies

3.4. Turkey LNG Industry, Regasification, Capacity by Terminal

3.5. Turkey LNG Industry, Asset Details

3.5.1. Turkey LNG Industry, Regasification Active Asset Details

3.5.2. Turkey LNG Industry, Regasification Planned Asset Details

4. Turkey Oil Storage Industry

4.1. Turkey Oil Storage Industry, Key Data

4.2. Turkey Oil Storage Industry, Overview

4.3. Turkey Oil Storage Industry, Storage Operations

4.3.1. Turkey Oil Storage Industry, Total Storage Capacity

4.4. Turkey Oil Storage Industry, Storage Capacity Share by Area

4.5. Turkey Oil Storage Industry, Storage Capacity by Major Companies

4.6. Turkey Oil Storage Industry, Storage Capacity by Terminal

4.7. Turkey Oil Storage Industry, Asset Details

4.7.1. Turkey Oil Storage Industry, Active Asset Details

5. Turkey Oil and Gas Pipelines Industry

5.1. Turkey Oil Pipelines

5.1.1. Turkey Oil Pipelines, Key Data

5.1.2. Turkey Oil Pipelines, Overview

5.2. Turkey Oil and Gas Pipelines Industry, Crude Oil Pipeline Length by Major Companies

5.3. Turkey Oil and Gas Pipelines Industry, Crude Oil Pipelines

5.4. Turkey Oil and Gas Pipelines Industry, Oil Pipelines Asset Details

5.4.1. Turkey Oil and Gas Pipelines Industry, Oil Pipelines Active Asset Details

5.5. Turkey Gas Pipelines

5.5.1. Turkey Gas Pipelines, Key Data

5.5.2. Turkey Gas Pipelines, Overview

5.6. Turkey Oil and Gas Pipelines Industry, Natural Gas Pipeline Length by Major Companies

5.7. Turkey Oil and Gas Pipelines Industry, Natural Gas Pipelines

5.8. Turkey Oil and Gas Pipelines Industry, Gas Pipelines Asset Details

5.8.1. Turkey Oil and Gas Pipelines Industry, Gas Pipelines Active Asset Details

5.8.2. Turkey Oil and Gas Pipelines Industry, Gas Pipelines Planned Asset Details

6. Turkey Underground Gas Storage Industry

6.1. Turkey Underground Gas Storage Industry, Key Data

6.2. Turkey Underground Gas Storage Industry, Overview

6.3. Turkey Underground Gas Storage Industry, Gas Storage Capacity by Company

6.4. Turkey Underground Gas Storage Industry, Storage Capacity by Area

6.5. Turkey Underground Gas Storage Industry, Storage Capacity by Site

6.5.1. Turkey Underground Gas Storage Industry, Storage Capacity by Active Sites

6.5.2. Turkey Underground Gas Storage Industry, Storage Capacity by Planned Sites

6.6. Turkey Underground Gas Storage Industry, Asset Details

6.6.1. Turkey Underground Gas Storage Industry, Active Asset Details

6.6.2. Turkey Underground Gas Storage Industry, Planned Asset Details

7. Turkey Gas Processing Industry

7.1. Turkey Gas Processing Industry, Overview

7.2. Turkey Gas Processing Industry, Gas Processing Capacity by Company

7.3. Turkey Gas Processing Industry, Gas Processing Capacity

7.4. Turkey Gas Processing Industry, Asset Details

7.4.1. Turkey Gas Processing Industry, Active Asset Details

8. Recent Contracts

8.1. Detailed Contract Summary

8.1.1. Awarded Contracts

9. Financial Deals Landscape

9.1. Detailed Deal Summary

9.1.1. Acquisition

9.1.2. Asset Transactions

10. Recent Developments

10.1. Other Significant Developments

10.2. New Contracts Announcements

11. Appendix

For more information about this report visit https://www.researchandmarkets.com/r/omi1g0

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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MINNEAPOLIS--(BUSINESS WIRE)--C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (Nasdaq: CHRW) today reported financial results for the quarter ended December 31, 2020.

Fourth Quarter Key Metrics:

• Total revenues increased 19.9 percent to $4.5 billion
• Gross profits increased 10.5 percent to $636.1 million
• Adjusted gross profits⁽¹⁾ increased 10.7 percent to $640.6 million
• Income from operations increased 51.2 percent to $206.8 million
• Adjusted operating margin⁽¹⁾ increased 870 basis points to 32.3 percent
• Diluted earnings per share (EPS) increased 47.9 percent to $1.08
• Cash flow from operations decreased 23.4 percent to $162.1 million

Full-Year Key Metrics:

• Total revenues increased 5.9 percent to $16.2 billion
• Gross profits decreased 7.0 percent to $2.4 billion
• Adjusted gross profits⁽¹⁾ decreased 6.7 percent to $2.4 billion
• Income from operations decreased 14.8 percent to $673.3 million
• Adjusted operating margin⁽¹⁾ decreased 260 basis points to 27.9 percent
• Diluted earnings per share (EPS) decreased 11.2 percent to $3.72
• Cash flow from operations decreased 40.2 percent to $499.2 million

⁽¹⁾ Adjusted gross profits and adjusted operating margin are Non-GAAP financial measures. The same factors described in this release that impacted the Non-GAAP measures also impacted the comparable GAAP measures. Refer to page 10 for further discussion and a GAAP to Non-GAAP reconciliation.

“Our fourth quarter was marked by solid performance across our broad service portfolio, continued progress on repricing our truckload business to reflect the changing market conditions, and further advancements in our technology and transformation efforts that are providing meaningful improvements,” said Bob Biesterfeld, Chief Executive Officer of C.H. Robinson. "Our enterprise portfolio that allows us to offer end-to-end solutions for our customers is unique to the logistics industry, and shippers continue to rely on Robinson's global supply chain expertise and our data and scale advantages to ensure critical goods are moved as quickly and as inexpensively as possible."

Fourth Quarter Results Summary

• Total revenues increased 19.9 percent to $4.5 billion, driven primarily by higher pricing and higher volume across most of our service lines.
• Gross profits increased 10.5 percent to $636.1 million. Adjusted gross profits increased 10.7 percent to $640.6 million, primarily driven by higher pricing and higher volume in our Global Forwarding business segment and contributions from the acquisition of Prime Distribution Services ("Prime").
• Operating expenses decreased 1.9 percent to $433.8 million, primarily due to cost savings initiatives. Personnel expenses increased 3.4 percent to $309.3 million, compared to the fourth quarter of 2019, which included a reduction in incentive compensation. Average headcount decreased 4.8 percent, despite headcount additions from Prime that added approximately 2.0 percentage points. Selling, general and administrative (“SG&A”) expenses of $124.5 million decreased 13.0 percent, primarily due to cost savings initiatives including lower travel expenses.
• Income from operations totaled $206.8 million, up 51.2 percent due to the increase in adjusted gross profits. Adjusted operating margin of 32.3 percent increased 870 basis points.
• Interest and other expenses totaled $12.0 million, consisting primarily of $12.3 million of interest expense, which decreased $0.1 million versus last year due to a lower average debt balance. The fourth quarter also included a $1.1 million favorable impact from foreign currency revaluation and realized foreign currency gains and losses.
• The effective tax rate in the quarter was 24.1 percent compared to 21.4 percent in the fourth quarter last year. The increase was primarily due to one-time items related to the tax provision in Mexico, which were favorable in the fourth quarter of 2019 and unfavorable in the fourth quarter of 2020.
• Net income totaled $147.8 million, up 49.1 percent from a year ago. Diluted EPS of $1.08 increased 47.9 percent.

Full Year Results Summary

• Total revenues increased 5.9 percent to $16.2 billion, driven primarily by higher pricing in ocean and air services and contributions from the Prime acquisition.
• Gross profits decreased 7.0 percent to $2.4 billion. Adjusted gross profits decreased 6.7 percent to $2.4 billion, primarily driven by lower adjusted gross profit margins in truckload services, partially offset by contributions from the Prime acquisition and higher adjusted gross profits in air and ocean services.
• Operating expenses decreased 3.2 percent to $1.7 billion. Personnel expenses decreased 4.3 percent to $1.2 billion, driven primarily by cost savings initiatives, including a 2.8 percent decrease in average headcount, and a decline in benefits expenses and incentive compensation. SG&A expenses decreased 0.3 percent to $496.1 million, primarily due to significantly lower travel expenses, partially offset by the ongoing expenses from the Prime acquisition.
• Income from operations totaled $673.3 million, down 14.8 percent from last year due to a decline in adjusted gross profits. Adjusted operating margin of 27.9 percent decreased 260 basis points.
• Interest and other expenses totaled $44.9 million, which primarily consists of $49.1 million of interest expense. The twelve-month period also included a $3.3 million favorable impact from foreign currency revaluation and realized foreign currency gains and losses.
• The effective tax rate for the full year was 19.4 percent compared to 22.3 percent in the year-ago period. The lower effective tax rate was due primarily to the tax benefit related to stock-based compensation, including delivery of a one-time deferred stock award that was granted to the company's prior Chief Executive Officer in 2000, and due to tax planning initiatives.
• Net income totaled $506.4 million, down 12.2 percent from a year ago. Diluted EPS of $3.72 decreased 11.2 percent.

North American Surface Transportation Results

Summarized financial results of our NAST segment are as follows (dollars in thousands):

____________________________________________

⁽¹⁾ Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.

Fourth quarter total revenues for C.H. Robinson's NAST segment totaled $3.1 billion, an increase of 10.8 percent over the prior year, primarily driven by higher truckload pricing and an increase in less than truckload ("LTL") shipments. NAST adjusted gross profits increased 1.6 percent in the quarter to $396.8 million, with the March 2020 acquisition of Prime contributing 4.0 percentage points of adjusted gross profit growth in the quarter. Adjusted gross profits in truckload decreased 2.1 percent and LTL adjusted gross profits increased 4.0 percent versus the year-ago period. Our average truckload linehaul rate per mile charged to our customers, which excludes fuel surcharges, increased approximately 29 percent in the quarter, while truckload linehaul cost per mile, excluding fuel surcharges, increased approximately 32.5 percent. Truckload volume declined 3.5 percent in the quarter, and LTL volumes grew 20.0 percent, representing an overall market share gain for NAST in the quarter when compared to a 4 percent increase in industry volumes, as measured by the Cass Freight Index. Operating expenses decreased 5.3 percent primarily due to cost savings initiatives. Income from operations increased 15.3 percent to $150.6 million, and adjusted operating margin expanded 450 basis points to 37.9 percent. NAST average headcount was down 8.4 percent in the quarter, with Prime contributing 4.0 percentage points of growth.

Global Forwarding Results

Summarized financial results of our Global Forwarding segment are as follows (dollars in thousands):

____________________________________________

⁽¹⁾ Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.

Fourth quarter total revenues for the Global Forwarding segment increased 71.7 percent to $1.0 billion, primarily driven by higher pricing in ocean across the industry driven by higher demand and higher pricing in air due to reduced air cargo capacity, increased charter flights and larger shipment sizes. Adjusted gross profits increased 39.6 percent in the quarter to $180.1 million. Ocean adjusted gross profits increased 53.1 percent, driven by higher pricing and a 12.0 percent increase in volumes. Adjusted gross profits in air increased 38.3 percent driven by higher pricing, partially offset by a 7.5 percent decline in shipments. Customs adjusted gross profits increased 4.5 percent, primarily driven by an 8.0 percent increase in transaction volume. Operating expenses increased 6.7 percent, primarily driven by increased incentive compensation in personnel expenses and partially offset by cost savings initiatives. Fourth quarter average headcount decreased 4.1 percent. Income from operations increased 289.1 percent to $58.5 million, and adjusted operating margin expanded 2,080 basis points to 32.5 percent in the quarter.

All Other and Corporate Results

Total revenues and adjusted gross profits for Robinson Fresh, Managed Services and Other Surface Transportation are summarized as follows (dollars in thousands):

____________________________________________

⁽¹⁾ Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.

Fourth quarter Robinson Fresh adjusted gross profits increased 3.0 percent to $23.6 million, primarily due to volume growth and margin expansion in our retail vertical. Managed Services adjusted gross profits increased 15.7 percent in the quarter, primarily due to a 27.0 percent increase in volume. Other Surface Transportation adjusted gross profits increased 2.9 percent to $15.4 million. Europe truckload adjusted gross profit was up 1.7 percent in the quarter due to a 7.0 percent volume increase and strength of the Euro.

Other Income Statement Items

The fourth quarter effective tax rate was 24.1 percent, up from 21.4 percent last year. The increase in effective tax rate was due primarily to benefits from foreign tax credits recognized in the fourth quarter of 2019. We expect our 2021 full-year effective tax rate to be 20 to 22 percent.

Interest and other expenses totaled $12.0 million, consisting primarily of $12.3 million of interest expense, which decreased $0.1 million versus last year due to a lower average debt balance. The fourth quarter also included a $1.1 million favorable impact from foreign currency revaluation and realized foreign currency gains and losses.

Diluted weighted average shares outstanding in the quarter were up 0.4 percent due primarily to a higher share price that created a higher dilutive effect from stock options.

Cash Flow Generation and Capital Distribution

Cash from operations totaled $162.1 million in the fourth quarter, compared to $211.6 million in the fourth quarter of 2019. The $49.5 million decrease in cash flow was driven by a $112 million sequential increase in accounts receivable and contract assets that coincided with an increase in gross sales.

In the fourth quarter, $112.8 million was returned to shareholders, with $110.3 million in total repurchases of common stock, as the company resumed its opportunistic share repurchase program in the fourth quarter, and $2.5 million in cash dividends. The quarterly dividend that was declared in the fourth quarter was paid on January 4, 2021 rather than in December, which defers the tax obligation of our shareholders into 2021.

Capital expenditures totaled $13.7 million in the quarter and $54.0 million for 2020. Capital expenditures for 2021 are expected to be $55 million to $65 million, with the majority dedicated to technology.

Outlook

“Due to several factors, including shortages in the number of drivers and available carrier capacity, freight markets remain tight, and we anticipate this will continue for much of 2021. We're committed to creating better outcomes for our customers and carriers, by delivering industry leading technology that is built by and for supply chain experts and by leveraging our broad service portfolio and our unmatched combination of experience, scale and information advantage to meet their ever-changing needs,” Biesterfeld stated. "We're also firmly committed to the focus areas of our investors, including profitable market share growth, investing in technology to unlock growth and efficiency, being a responsible corporate citizen, and driving the transformation of C.H. Robinson, so that we can deliver industry-leading margins and enhance shareholder value."

About C.H. Robinson

C.H. Robinson solves logistics problems for companies across the globe and across industries, from the simple to the most complex. With $21 billion in freight under management and 19 million shipments annually, we are one of the world’s largest logistics platforms. Our global suite of services accelerates trade to seamlessly deliver the products and goods that drive the world’s economy. With the combination of our multimodal transportation management system and expertise, we use our information advantage to deliver smarter solutions for our 105,000 customers and 73,000 contract carriers. Our technology is built by and for supply chain experts to bring faster, more meaningful improvements to our customers’ businesses. As a responsible global citizen, we are also proud to contribute millions of dollars to support causes that matter to our company, our Foundation and our employees. For more information, visit us at www.chrobinson.com (Nasdaq: CHRW).

Except for the historical information contained herein, the matters set forth in this release are forward-looking statements that represent our expectations, beliefs, intentions or strategies concerning future events. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience or our present expectations, including, but not limited to, such factors such as changes in economic conditions, including uncertain consumer demand; changes in market demand and pressures on the pricing for our services; competition and growth rates within the third party logistics industry; freight levels and increasing costs and availability of truck capacity or alternative means of transporting freight; changes in relationships with existing contracted truck, rail, ocean, and air carriers; changes in our customer base due to possible consolidation among our customers; our ability to successfully integrate the operations of acquired companies with our historic operations; risks associated with litigation, including contingent auto liability and insurance coverage; risks associated with operations outside of the United States; risks associated with the potential impact of changes in government regulations; risks associated with the produce industry, including food safety and contamination issues; fuel price increases or decreases, or fuel shortages; cyber-security related risks; the impact of war on the economy; changes to our capital structure; risks related to the elimination of LIBOR; changes due to catastrophic events including pandemics such as COVID-19; and other risks and uncertainties detailed in our Annual and Quarterly Reports.

Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update such statement to reflect events or circumstances arising after such date. All remarks made during our financial results conference call will be current at the time of the call, and we undertake no obligation to update the replay.

Conference Call Information:
C.H. Robinson Worldwide Fourth Quarter 2020 Earnings Conference Call
Wednesday, January 27, 2021; 8:30 a.m. Eastern Time
Presentation slides and a simultaneous live audio webcast of the conference call may be accessed through the Investor Relations link on C.H. Robinson’s website at www.chrobinson.com.
To participate in the conference call by telephone, please call ten minutes early by dialing: 877-269-7756
International callers dial +1-201-689-7817

We invite call participants to submit questions in advance of the conference call, and we will respond to as many of the questions as we can in the time allowed. To submit your question(s) in advance of the call, please email This email address is being protected from spambots. You need JavaScript enabled to view it..

Adjusted Gross Profit by Service Line
(in thousands)

This table of summary results presents our service line adjusted gross profits on an enterprise basis. The service line adjusted gross profits in the table differ from the service line adjusted gross profits discussed within the segments as our segments have revenues from multiple service lines.

____________________________________________

⁽¹⁾ Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.

GAAP to Non-GAAP Reconciliation
(unaudited, in thousands)

Our adjusted gross profit is a non-GAAP financial measure. Adjusted gross profit is calculated as gross profit excluding amortization of internally developed software utilized to directly serve our customers and contracted carriers. We believe adjusted gross profit is a useful measure of our ability to source, add value, and sell services and products that are provided by third parties, and we consider adjusted gross profit to be a primary performance measurement. Accordingly, the discussion of our results of operations often focuses on the changes in our adjusted gross profit. The reconciliation of gross profit to adjusted gross profit is presented below (in thousands):

Our adjusted operating margin is a non-GAAP financial measure calculated as operating income divided by adjusted gross profit. We believe adjusted operating margin is a useful measure of our profitability in comparison to our adjusted gross profit which we consider a primary performance metric as discussed above. The comparison of operating margin to adjusted operating margin is presented below:

Chuck Ives, Director of Investor Relations
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

NEW YORK--(BUSINESS WIRE)--International Seaways, Inc. (NYSE: INSW) (the “Company” or “INSW”), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets, today announced that it has signed the Neptune Declaration on Seafarer Wellbeing and Crew Change in a worldwide call to action to end the unprecedented crew change crisis caused by COVID-19.

Developed by a taskforce of stakeholders from across the maritime value chain, the Neptune Declaration is a commitment signed by more than 300 companies and organizations to work together to ensure that the crew change crisis is resolved as soon as possible. It defines four main actions to facilitate crew changes and keep global supply chains functioning:

• Recognize seafarers as key workers and give them priority access to COVID-19 vaccines
• Establish and implement gold standard health protocols based on existing best practice
• Increase collaboration between ship operators and charterers to facilitate crew changes
• Ensure air connectivity between key maritime hubs for seafarers

“The world’s seafarers have continued to provide an essential service, facilitating global trade throughout the COVID-19 pandemic, and we are proud to support this critical initiative to help resolve the current humanitarian crisis at sea,” said Lois K. Zabrocky, International Seaways’ President and CEO. “Seaways continues to prioritize the well-being of our crews and we thank them for their dedication and commitment to maintaining the highest level of professional standards amidst extremely challenging circumstances. This declaration is a crucial step toward getting seafarers home to their families safely and on time.”

About International Seaways, Inc.

International Seaways, Inc. (NYSE: INSW) is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. International Seaways owns and operates a fleet of 36 vessels, including 11 VLCCs, two Suezmaxes, four Aframaxes/LR2s, 13 Panamaxes/LR1s and 4 MR tankers. Through joint ventures, it has ownership interests in two floating storage and offloading service vessels. International Seaways has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency. International Seaways is headquartered in New York City, NY. Additional information is available at https://www.intlseas.com.

Forward-Looking Statements

This release contains forward-looking statements. In addition, the Company may make or approve certain statements in future filings with the Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to the Company’s plans to issue dividends, its prospects, including statements regarding vessel acquisitions, trends in the tanker markets, and possibilities of strategic alliances and investments. Forward-looking statements are based on the Company’s current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for 2019 for the Company, the Quarterly Report on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020, and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by the Company with the SEC.

David Siever, International Seaways, Inc.
(212) 578-1635
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HOUSTON--(BUSINESS WIRE)--Sunnova Energy International Inc. (“Sunnova”) (NYSE: NOVA), a leading U.S. residential solar and energy storage service provider, announced today it will release its fourth quarter and full year 2020 results after the markets close on February 24, 2021, to be followed by a conference call to discuss the results at 8:30 a.m. Eastern Time on February 25, 2021.

To register for this conference call, please use this link http://www.directeventreg.com/registration/event/5276028. After registering, a confirmation will be sent through email, including dial-in details and unique conference call codes for entry. To ensure you are connected for the full call we suggest registering a day in advance or at a minimum 10 minutes before the start of the call. A replay will be available two hours after the call and can be accessed by dialing 800-585-8367, or for international callers, 416-621-4642. The conference ID for the live call and the replay is 5276028. The replay will be available until March 4, 2021.

Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investor Relations section of Sunnova’s website at www.sunnova.com.

About Sunnova

Sunnova Energy International Inc. (NYSE: NOVA) is a leading residential solar and energy storage service provider with customers across the U.S. states and its territories. Sunnova’s goal is to be the source of clean, affordable and reliable energy with a simple mission: to power energy independence so that homeowners have the freedom to live life uninterrupted^TM.

For more information, visit www.sunnova.com, follow us on Twitter @Sunnova_Solar and connect with us on Facebook.

Investor & Analyst Contact
Rodney McMahan
Sunnova Energy International Inc.
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(281) 971-3323

Press & Media Contact
Kelsey Hultberg
Sunnova Energy International Inc.
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Results reveal exciting insights about the vegetation condition alongside nearly 574,000 miles of overhead lines. LiveEO's further analysis helps utilities to improve management processes and to decrease wildfire and storm damage risks.

BERLIN & NEW YORK--(BUSINESS WIRE)--For the first time in history, vegetation encroachment risk to the entire publicly available U.S. transmission grid has been analyzed from space by the Berlin-based startup LiveEO.

The goal of this large-scale analysis was to demonstrate LiveEO’s market-leading analytic capabilities to a North American audience. In total, over 15,000 public satellite images were used to evaluate risk to 574,000 miles of electricity lines. (Details about the analysis can be found at www.live-eo.com/us-power-transmission-grid-analysis).

The analysis covers the detection of vegetation along the transmission grid, as well as the identification of grid segments that are exposed at dangerously close distances. These are some of the biggest challenges and operational cost factors for utility companies in maintaining their assets. Proven by studies vegetation is one of the main challenges for utilities globally, causing up to 56% of externally triggered power interruptions. In the United States alone, approximately US$ 6 billion is spent on vegetation management by utility companies annually.

"The scale combined with the detail of the analysis represents a milestone in satellite data analytics for utility companies and proves that satellite data represents a viable alternative for vegetation management to Lidar or foot patrols." says LiveEO's Co-Founder Daniel Seidel. "Additionally, these insights can be made actionable directly via our tool set of mobile and web apps, and API integrations to improve workforce efficiency in the field and to realize OPEX saving" adds LiveEO's other Co-Founder Sven Przywarra.

Besides the sole detection of vegetation distance from transmission grids, LiveEO is experienced in highly accurate and efficient investigations of vegetation height, condition, and species determination to improve cycle trimming activities and dangerous tree removal while reducing vegetation management costs on transmission and distribution levels.

LiveEO offers a sample analysis using commercial satellite data of their network free of charge for utility customers.

About LiveEO
LiveEO offers the world-leading satellite-based monitoring solution for infrastructure operators in the utility industry for vegetation management, ground deformation, and monitoring of third-party interactions. The company was founded in 2018 in Berlin, Germany, and has been continually growing, currently counting 40 employees with exceptional expertise in their respective field. The application of state-of-the-art machine learning algorithms to investigate satellite imagery ensures the accuracy and reliability of the results. Currently, LiveEO’s product helps different customers in more than ten countries- among them, Australia, the United States, and various European countries- to monitor their assets and decrease operational expenses. Find out more at www.live-eo.com

###

LiveEO
Sven Przywarra
This email address is being protected from spambots. You need JavaScript enabled to view it.
Phone
USA: +1 614 697 4417
EU: +49 162 3414693

TULSA, Okla.--(BUSINESS WIRE)--Blueknight Energy Partners, L.P. (“Blueknight” or the “Partnership”) (Nasdaq: BKEP and BKEPP), announced today that the board of directors of its general partner has declared a quarterly cash distribution on the Partnership’s common units of $0.04 per common unit, as well as a cash distribution of $0.17875 per unit on the Partnership’s preferred units for the quarter ended December 31, 2020. The fourth quarter 2020 distributions for both the common and preferred units remain unchanged from those paid for the third quarter of 2020. The distributions are payable on February 12, 2021, on all outstanding common and preferred units to unitholders of record as of the close of business on February 5, 2021.

Forward-Looking Statements and Treasury Regulation Notice

This release may include forward-looking statements. Statements included in this release that are not historical facts are forward-looking statements. Such forward-looking statements are subject to various risks and uncertainties. These risks and uncertainties include, among other things, uncertainties relating to the Partnership’s future cash flows and operations, the Partnership’s ability to pay future distributions, future market conditions, current and future governmental regulation, future taxation and other factors discussed in the Partnership’s filings with the Securities and Exchange Commission. If any of these risks or uncertainties materializes, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those expected. The Partnership undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b) (4) and (d). Brokers and nominees should treat one hundred percent (100.0%) of Blueknight’s distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Blueknight’s distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate. Nominees, and not Blueknight, are treated as withholding agents responsible for withholding on the distributions received by them on behalf of foreign investors.

About Blueknight

Blueknight owns and operates a diversified portfolio of complementary midstream energy assets consisting of:

• 8.8 million barrels of liquid asphalt storage located at 53 terminals in 26 states;
• 6.9 million barrels of above-ground crude oil storage capacity located primarily in Oklahoma, approximately 6.6 million barrels of which are located at the Cushing Interchange terminalling facility in Cushing, Oklahoma;
• 604 miles of crude oil pipeline located primarily in Oklahoma; and
• 63 crude oil transportation vehicles deployed primarily in Oklahoma and Texas.

Blueknight provides integrated terminalling, gathering and transportation services for companies engaged in the production, distribution and marketing of liquid asphalt and crude oil. Blueknight is headquartered in Tulsa, Oklahoma. For more information, visit the Partnership’s website at www.bkep.com.

Blueknight Investor Relations
Chase Jacobson, (918) 237-4032
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BÉCANCOUR, Quebec--(BUSINESS WIRE)--Global technology and power solutions leader Cummins Inc. (NYSE: CMI) has provided a 20-megawatt PEM electrolyzer system to generate green hydrogen, making it the largest in operation in the world. The Cummins electrolyzer system is installed at the Air Liquide hydrogen production facility in Bécancour, Quebec and began commercial operation in late 2020. The Cummins PEM Electrolyzer can produce over 3,000 tons of hydrogen annually using clean hydropower.

“Creating hydrogen technologies at scale is paramount to growing low-carbon solutions,” said Amy Davis, Cummins Vice President and President of New Power, the company’s alternative power business. “We have successfully developed our technology from 1MW to 5MW, and now have the largest PEM electrolyzer in operation in the world. It will continue to take enterprises, governments, forward-thinking customers and utilities all working together to make alternative power a reality. Here we are seeing how green hydrogen can improve sustainability for industrial manufacturing and how the demand for decarbonized hydrogen solutions will grow.”

The HyLYZER® PEM electrolyzer technology is the result of more than 20 years of development by Hydrogenics, a Canadian company that was acquired by Cummins in September of 2019. This installation in Quebec features four compact pressurized electrolyzer skids that were fitted inside an existing building. This is a modular and scalable electrolyzer platform designed to address utility-scale hydrogen production.

Electrolyzers provide a means to address one of the largest dilemmas in the renewable energy industry, which is how to store the energy when it is not in demand. Cummins’ PEM electrolyzers enable the storage of excess energy that would typically be sold off to the market at a financial loss, or not harnessed at all, and instead store that energy to sell into a new green hydrogen market. They can also be used to decarbonize multiple sectors including zero emission transportation, industrial processes and the green chemicals sector.

Already a leader in advanced diesel, natural gas and battery technologies, Cummins is rapidly growing its capabilities to support the overall hydrogen economy. Cummins uses fuel cell technologies to power a variety of applications, including transit buses, semi-trucks, delivery trucks, refuse trucks and passenger trains and has made several recent investments to support the overall fuel cell ecosystem. This includes acquiring Hydrogenics, which provided Cummins with PEM fuel cells and both PEM and alkaline electrolyzers, forming a joint venture with NPROXX to produce hydrogen storage tanks, and investing in the development of solid oxide fuel cells.

For more examples of how Cummins is leading new firsts in the fuel cell and hydrogen industry and for more information about Cummins Fuel Cell and Hydrogen Technologies, visit www.cummins.com/hydrogen.

About Cummins Inc.

Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, batteries, electrified power systems, hydrogen generation and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 61,600 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $2.3 billion on sales of $23.6 billion in 2019. See how Cummins is powering a world that’s always on by accessing news releases and more information at https://www.cummins.com/always-on.

Jon Mills
Cummins Inc.
Phone: 317-658-4540
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

LONDON--(BUSINESS WIRE)--#AI--Kooling, a technology start-up that helps leading businesses to reduce their impact on Climate Change, welcomes Walter Susini, Senior Vice President of Marketing EMEA at The Coca Cola Company, as Senior Advisor of the Board. He brings strategic marketing, branding and innovation experience to the business, gained in the largest and most successful companies worldwide.

Walter has inspired the world’s leading brands on the importance of purpose and stakeholder value in order to drive sustainable growth.

In his current role at The Coca-Cola Company, Walter is leading an ambitious transformation of its EMEA marketing and innovation agenda and capabilities. During his 28 years career he has been working in consultancy, marketing and advertising in four continents. He led the global creative strategy, content and design function at Unilever as VP of Global Marketing, after starting his career at JW Thompson in strategic planning.

Walter also has successful experience as an entrepreneur, founding and running his own branding and innovation consultant firm with offices in Brazil, Mexico and Argentina.

David Falconi, Founder and CEO of Kooling, said: “We could not be more excited to welcome Walter to the Kooling family. It’s striking how closely the values Walter promotes match the mission, vision and purpose of Kooling. I have full confidence he’ll bring invaluable insight and direction on how we support our stakeholders and fulfill our mission.”

Walter Susini, SVP Marketing of The Coca Cola Company said: “In all my career I’ve always been a strong believer that being a good business is good for the business. When we talk about sustainable practices, companies need to be part of the solution as they have been part of the problem and Kooling is the perfect platform for those companies that want to have a positive impact on the planet.”

About Kooling: Kooling uses Big Data and AI to empower every business to reduce its impact on Climate Change. In 2020, the UK Government invested in Kooling innovation with an R&D Grant. Kooling was founded in London in 2019.

David Falconi | 020 7846 0119 | This email address is being protected from spambots. You need JavaScript enabled to view it.

• Q4 net earnings of $687 million; adjusted net earnings of $684 million
• Q4 adjusted EPS up 49 percent excluding prior-year impact of retroactive biodiesel tax credit
• Full-year reported EPS of $3.15; record adjusted EPS of $3.59
• Expect growth in operating profit and EPS in 2021

CHICAGO--(BUSINESS WIRE)--ADM (NYSE: ADM) today reported financial results for the quarter and fiscal year ended December 31, 2020.

“I want to thank our team, which performed exceptionally well during truly unprecedented times to deliver four straight quarters of year-over-year adjusted segment operating profit growth in 2020, along with solid returns and record full-year adjusted EPS of $3.59,” said Chairman and CEO Juan Luciano. “Around the globe, ADM colleagues demonstrated their resourcefulness, creativity and commitment by keeping our work environment safe from COVID-19, maintaining our operations and serving our customers. The team delivered on our strategic objectives, maintained a solid balance sheet, managed a wide variety of risks superbly, and showed the strength of our diversified and global value chain.

“Our Ag Services and Oilseeds team delivered outstanding results in 2020, crossing the $2 billion profit mark by capitalizing on our unparalleled and flexible global footprint to meet strong demand. With continued strong global demand for grains and oilseeds as well as meal and oils, we are confident in another outstanding performance from Ag Services & Oilseeds in 2021.

“In Carbohydrate Solutions,” Luciano continued, “the team achieved higher full-year results, demonstrating the power of our diversified product portfolio by pivoting quickly and effectively to meet incremental demand for industrial starches, retail flour and high-grade alcohol. The Carbohydrate Solutions business is well positioned to generate solid profit growth in 2021 as lockdown impacts dissipate.

“Our Nutrition business continued to harvest investments, lead in consumer growth trend areas, and partner with customers to deliver new products and solutions in 2020, driving 37 percent annual operating profit growth. Based on our current organic growth plans, we expect the Nutrition team to deliver solid revenue expansion and profit growth in 2021.

“For ADM, based on the continued delivery of drivers under our control and improving market conditions as the year progresses, we expect strong growth in segment operating profit and another record year of EPS in 2021. I am extremely proud of our team’s performance: Our momentum is strong, and our future is bright.”

• Q4 2019 results included $270 million segment operating profit ($0.61 per share) impact of the retroactive biodiesel tax credit.
• Q4 2020 EPS as reported of $1.22 includes a $0.03 per share charge related to asset impairment, restructuring and settlement; a $0.01 per share charge for acquisition-related expenses; a $0.01 per share credit related to gains on the sale of certain assets; and a $0.04 per share credit related to tax discrete items. Adjusted EPS, which excludes these items, was $1.21.¹

Quarterly Results of Operations

Ag Services & Oilseeds achieved substantially higher results year over year, setting a Q4 record for adjusted operating profit.

• Ag Services results were significantly higher than the prior-year period, driven by great execution in North America, where the business capitalized on strong global demand, particularly from China, to deliver higher export volumes and margins. As expected, South American origination was lower year over year after significantly accelerated farmer selling in the first half of 2020. Global Trade contributed to the higher year-over-year results as it continued to utilize its global network and manage risk well to meet customer demand. As anticipated, negative timing impacts from the prior quarter reversed.

• Crushing delivered substantially higher results versus the prior-year period. The business captured significantly higher margins in all regions, driven by tight soybean supplies and strong global demand for both meal and vegetable oils. There was approximately $125 million in net negative timing in the quarter, driven by basis impacts and improving softseed margins.

• Refined Products and Other results were higher year over year absent the recognition of the retroactive biodiesel tax credit in Q4 of 2019, with good results driven primarily by solid South American margins.

• Equity earnings from Wilmar were higher versus the prior-year period.

¹ Non-GAAP financial measures; see pages 5, 10, 11 and 13 for explanations and reconciliations, including after-tax amounts.

Carbohydrate Solutions results were higher than the fourth quarter of 2019.

• Starches and Sweeteners achieved significantly higher results versus the prior-year period, driven by lower net corn costs and intra-company insurance settlements. Earnings were partially offset by lower results from corn oil and wet mill ethanol margins.

• Vantage Corn Processors results were better versus the prior-year period, though they continued to reflect the challenged ethanol industry environment. The business delivered higher year-over-year margins as it met increased demand for USP-grade alcohol, partially offset by fixed costs from the two temporarily idled dry mills.

Nutrition delivered 24 percent year-over-year operating profit growth.

• Human Nutrition results were higher versus the prior-year quarter. Flavors delivered a strong quarter, driven by good sales and product mix in North America and EMEAI. Continued strength in plant proteins drove higher results in Specialty Ingredients. Health & Wellness delivered higher sales in probiotics and natural health and nutrition; prior-year results included revenue and income related to the launch of the strategic Spiber relationship. Results for the quarter also included an intra-company insurance settlement.

• Animal Nutrition results were significantly higher year over year, driven by strong performances in Asia and EMEAI and improvement in amino acid results, partially offset by currency effects in Latin America.

Other Business results were substantially lower, driven by lower ADM Investor Services earnings and Captive Insurance underwriting results, including intra-company settlements referenced above in Carbohydrate Solutions and Nutrition results.

Other Items of Note

As additional information to help clarify underlying business performance, the table on page 10 includes reported earnings and EPS as well as adjusted earnings and EPS.

Segment operating profit of $1.1 billion for the quarter includes charges related to asset impairment, restructuring, and settlement activities of $16 million ($0.02 per share) and gains on the sale of certain assets of $3 million ($0.00 per share).

In Corporate results, unallocated corporate costs for the quarter were higher year over year due primarily to increased variable performance-related compensation expense accruals, and increased IT and project-related expenses. Other charges decreased due to lower railroad maintenance expenses partially offset by the absence of prior year investment gains. Corporate results also included restructuring charges of $11 million ($0.01 per share).

The effective tax rate for the quarter was approximately 8 percent compared to a positive 1 percent in the prior year. The calendar year 2020 effective tax rate was approximately 5 percent, down from approximately 13 percent in 2019. The decrease for the calendar year was due primarily to changes in the geographic mix of earnings and the impact of U.S. tax credits, mainly the railroad tax credits, which have an offsetting expense in cost of products sold. Absent the effect of EPS adjusting items, the effective tax rate for calendar year 2020 was approximately 9 percent.

Note: Additional Facts and Explanations

Additional facts and explanations about results and industry environment can be found at the end of the ADM Q4 Earnings Presentation at www.adm.com/webcast.

Conference Call Information

ADM will host a webcast on January 26, 2021, at 8 a.m. Central Time to discuss financial results and provide a company update. To listen to the webcast, go to www.adm.com/webcast. A replay of the webcast will also be available for an extended period of time at www.adm.com/webcast.

Forward-Looking Statements

Some of our comments and materials in this presentation constitute forward-looking statements that reflect management’s current views and estimates of future economic circumstances, industry conditions, Company performance and financial results. These statements and materials are based on many assumptions and factors that are subject to risk and uncertainties. ADM has provided additional information in its reports on file with the SEC concerning assumptions and factors that could cause actual results to differ materially from those in this presentation, and you should carefully review the assumptions and factors in our SEC reports. To the extent permitted under applicable law, ADM assumes no obligation to update any forward-looking statements as a result of new information or future events.

About ADM

At ADM, we unlock the power of nature to provide access to nutrition worldwide. With industry-advancing innovations, a complete portfolio of ingredients and solutions to meet any taste, and a commitment to sustainability, we give customers an edge in solving the nutritional challenges of today and tomorrow. We’re a global leader in human and animal nutrition and the world’s premier agricultural origination and processing company. Our breadth, depth, insights, facilities and logistical expertise give us unparalleled capabilities to meet needs for food, beverages, health and wellness, and more. From the seed of the idea to the outcome of the solution, we enrich the quality of life the world over. Learn more at www.adm.com.

Source: Corporate Release

Segment operating profit is ADM’s consolidated income from operations before income tax excluding corporate items. Adjusted segment operating profit, a non-GAAP financial measure, is segment operating profit excluding specified items. Management believes that segment operating profit and adjusted segment operating profit are useful measures of ADM’s performance because they provide investors information about ADM’s business unit performance excluding corporate overhead costs as well as specified items. Segment operating profit and adjusted segment operating profit are not measures of consolidated operating results under U.S. GAAP and should not be considered alternatives to income before income taxes, the most directly comparable GAAP financial measure, or any other measure of consolidated operating results under U.S. GAAP.

⁽¹⁾ Includes a charge (credit) related to changes in the Company’s LIFO reserves of $(91) million in the current YTD and $27 and $37 million in the prior quarter and YTD, respectively.
⁽²⁾ Includes acquisition-related expenses of $4 million in the current quarter, acquisition-related expenses and a settlement charge totaling $8 million in the current YTD, and acquisition-related expenses of $3 million and $17 million in the prior quarter and YTD, respectively.
⁽³⁾ Includes charges related to impairment of certain assets and restructuring of $19 million and $80 million in the current quarter and YTD, respectively, and charges related to impairment of certain assets, restructuring, and pension settlement of $103 million and $303 million in the prior quarter and YTD, respectively.
⁽⁴⁾ Includes a (gain) loss on debt extinguishment of ($1 million) in the current quarter and $409 million in the current YTD primarily related to the early repurchase of certain of the Company’s debentures.
⁽⁵⁾ Includes charges related to the mark-to-market adjustment of the conversion option of the exchangeable bond issued in August 2020 of $2 million and $17 million in the current quarter and YTD, respectively. Includes tax interest related to the sale of an equity investment of $12 million in the prior quarter and YTD.
⁽⁶⁾ Includes gains related to the sale of certain assets in the current quarter of $10 million in the current quarter, gains related to the sale of Wilmar shares and certain other assets of $90 million in the current YTD, a loss on sale of an equity investment of $101 million in the prior quarter and YTD, and gains related to the sale of certain assets and a step-up gain on an equity investment of $12 million in the prior YTD.
⁽⁷⁾ Includes a settlement charge of $8 million in the current quarter and YTD and $2 million in the prior YTD.
⁽⁸⁾ Includes the tax expense (benefit) impact of the above specified items and certain discrete items totaling $(25) million and $(94) million, in the current quarter and YTD, respectively, and $60 million and $3 million in the prior quarter and YTD, respectively.