MIAMI--(BUSINESS WIRE)--Ryder System, Inc. (NYSE: R), a leader in supply chain, dedicated transportation, and commercial fleet management solutions, today announces it has been named by FORTUNE magazine as one of the World's Most Admired Companies® for 2022. This is the 10^th consecutive year Ryder has made the annual listing of companies with the strongest reputations and ranked as one of the top companies within the trucking, transportation, and logistics industry category.

“After nearly 90 years in business, our employees are still the greatest asset at Ryder. This recognition of their dedication and commitment to our company, customers, and the communities they serve is very rewarding,” says Ryder Chairman and CEO Robert Sanchez. “For a decade, Ryder has proven that being a responsible corporate citizen is rewarded and the consistent acknowledgment by FORTUNE is an honor. It’s an accolade we intend to continue to achieve for many years to come.”

FORTUNE World's Most Admired Companies list, a ranking of the world’s most respected and reputable companies, was based on a survey of some 3,700 corporate executives, directors, and analysts. Each company was evaluated based on a variety of attributes, including investment value and quality of management and products to social responsibility and ability to attract talent.

Ryder’s commitment to being a responsible corporate citizen extends into every aspect of its business. A commitment to sustainability is critical to Ryder’s long-term interests financially, operationally, and ethically. Ryder drives operational advancements around energy efficiency, reduced reliance on natural resources, world-class safety programs, the hiring of a diverse workforce, and through community involvement of its nearly 40,000 employees.

Information about Ryder’s Corporate Sustainability Report and ESG initiatives can be found at www.RyderCSR.com.

For more information about the complete list of the 2022 World's Most Admired Companies, visit https://fortune.com/worlds-most-admired-companies/2022/.

About Ryder System, Inc.

Ryder System, Inc. (NYSE: R) is a leading logistics and transportation company. It provides supply chain, dedicated transportation, and fleet management solutions, including full service leasing, rental, and maintenance, used vehicle sales, professional drivers, transportation services, freight brokerage, warehousing and distribution, e-commerce fulfillment, and last mile delivery services, to some world’s most-recognized brands. Ryder provides services throughout the United States, Mexico, Canada, and the United Kingdom. In addition, Ryder manages nearly 235,000 commercial vehicles and operates more than 300 warehouses, encompassing approximately 64 million square feet. Ryder is regularly recognized for its industry-leading practices in third-party logistics, technology-driven innovations, commercial vehicle maintenance, environmentally friendly solutions, corporate social responsibility, world-class safety and security programs, military veteran recruitment initiatives, and the hiring of a diverse workforce. www.ryder.com

Note Regarding Forward-Looking Statements: Certain statements and information included in this news release are "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current plans and expectations and are subject to risks, uncertainties and assumptions. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties that could cause actual results and events to differ materially from those in the forward-looking statements including those risks set forth in our periodic filings with the Securities and Exchange Commission. New risks emerge from time to time. It is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

ryder-ar

ryder-usa

Jonathan Mayor
(305) 500-3161
This email address is being protected from spambots. You need JavaScript enabled to view it.

Amy Federman
(305) 500-4989
This email address is being protected from spambots. You need JavaScript enabled to view it.

SAN JOSE, Calif.--(BUSINESS WIRE)--QuantumScape Corporation (NYSE: QS), a leader in the development of next-generation solid-state lithium-metal batteries for electric vehicles, today announced it will release 2021 fourth quarter financial results after market close on Wednesday, February 16, 2022. This will be followed by a conference call at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). Participating on the call will be Jagdeep Singh, co-founder and chief executive officer, and Kevin Hettrich, chief financial officer, of QuantumScape.

Starting February 8^th, retail and institutional shareholders can submit and upvote questions they would like addressed on the earnings call. QuantumScape management will respond to a selection of the most upvoted questions. To submit questions, please visit the Say online platform; shareholders at brokers with Say can participate directly in their investing app or broker website. We will accept questions on the Q&A platform until Friday, February 11, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time).

The earnings call will be accessible live via a webcast on QuantumScape’s IR Events Calendar page. An archive of the webcast will be available shortly after the call for 12 months.

About QuantumScape Corporation

QuantumScape is a leader in developing next-generation solid-state lithium-metal batteries for electric vehicles. The company is on a mission is to revolutionize energy storage to enable a sustainable future. For more information, please visit www.quantumscape.com.

For Investors
John Saager, CFA
Head of Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.

For Media
This email address is being protected from spambots. You need JavaScript enabled to view it.

FirePower Capital provides C$10M in financing to cleantech company CleanDesign Income Corp. to increase cash flowing asset purchasing power.

TORONTO--(BUSINESS WIRE)--FirePower Capital (“FirePower”), Canada’s entrepreneurial lender, investor and M&A advisor, today announced the closing of a $10M credit facility for Toronto-based CleanDesign Income Corp. (“CleanDesign”).

CleanDesign purchases hybrid Energy Management System (hEMS) lithium-ion battery units from CleanDesign Power Systems once they are installed and running on drilling rigs. This hEMS technology significantly reduces fuel consumption and CO₂ emissions.

Each hEMS generates ongoing cash flow throughout the life of the unit. This financing allows CleanDesign to fulfill contracts for additional hEMS units throughout North America.

“The electrification of drilling rigs and the impact on decarbonization initiatives in drilling operations across North America is accelerating the demand for hEMS units,” says Mark Lerohl, President and CEO of CleanDesign. “This credit facility will allow CleanDesign to aggressively ramp up purchasing power to meet the growing demand for our technology, which now leads the industry in the decarbonization of drilling rigs. With ninety-nine percent of CleanDesign’s revenue coming from the deployment of hEMS units, CleanDesign continues to positively impact environmental sustainability while providing an income-generating investment for our shareholders.”

“Cleantech is one of Canada’s fastest-growing sectors. FirePower is committed to understanding the demands and putting creative growth financing solutions to work, supporting the global potential of Canadian cleantech companies like CleanDesign,” commented Trevor Simpson, Associate Partner, Private Debt at FirePower.

About CleanDesign Income Corp.

CleanDesign Income Corp. is a dividend-paying company. On an exclusive basis, CleanDesign acquires hybrid Energy Management Systems (hEMS) from CleanDesign Power Systems, a related company. These purchases are realized only when the equipment is installed on the oil and gas company’s or rig operator’s equipment and is fully operational. The equipment then becomes a cash-flowing asset generating monthly revenue for CleanDesign. For more information, please visit: www.cleandesignic.com

About FirePower Capital

FirePower Capital is a private capital and M&A advisory firm built for Canada’s entrepreneurs. Its team of 50+ deal professionals helps mid-market entrepreneurs complete mission-critical transactions by advising them or by investing in their companies directly. For more information, please visit www.firepowercapital.com.

Media:
Mark Lerohl
Chief Executive Officer
Tel: (416) 800-6733
This email address is being protected from spambots. You need JavaScript enabled to view it.

Rieshdah Gabier
VP, Marketing
FirePower Capital
This email address is being protected from spambots. You need JavaScript enabled to view it.

SAN FRANCISCO--(BUSINESS WIRE)--#STEM--Stem, Inc. (“Stem” or “the Company”) (NYSE: STEM), a global leader in artificial intelligence (AI)-driven energy storage software and services, will hold a conference call on Thursday, February 24, 2022 to discuss its financial results for the fourth quarter and full year ended December 31, 2021.

The conference call is scheduled to begin at 5:00 p.m. Eastern Time. A press release regarding the results will be issued prior to the call at approximately 4:05 p.m. Eastern Time. During the conference call, Stem will provide guidance for full year 2022, inclusive of its recently completed acquisition of AlsoEnergy.

The conference call may be accessed via a live webcast on a listen-only basis on the Events & Presentations page of the Investor Relations section of the Company’s website at https://investors.stem.com/events-and-presentations. The call can also be accessed live over the telephone by dialing (855) 327-6837 or for international callers by dialing (631) 891-4304 and referencing Stem.

A replay of the webcast will be available shortly after the call and can be accessed by dialing (844) 512-2921 or for international callers by dialing (412) 317-6671. The passcode for the replay is 10018011. The replay will be available until March 24, 2022. An archive of the webcast will be available shortly after the call on the Company’s website at https://investors.stem.com/overview for twelve months following the call.

About Stem

Stem (NYSE: STEM) provides solutions that address the challenges of today’s dynamic energy market. By combining advanced energy storage solutions with Athena^®, a world-class AI-powered analytics platform, Stem enables customers and partners to optimize energy use by automatically switching between battery power, onsite generation and grid power. Stem’s solutions help enterprise customers benefit from a clean, adaptive energy infrastructure and achieve a wide variety of goals, including expense reduction, resilience, sustainability, environmental and corporate responsibility and innovation. Stem also offers full support for solar partners interested in adding storage to standalone, community or commercial solar projects – both behind and in front of the meter. With the acquisition of AlsoEnergy, Stem is a leader in clean energy intelligence and optimization, bringing project developers, asset owners and commercial customers an integrated solution to maximize the value of solar and energy storage. For more information, visit www.stem.com.

Stem Investor Contacts
Ted Durbin, Stem
Marc Silverberg, ICR
This email address is being protected from spambots. You need JavaScript enabled to view it.

Stem Media Contact
Cory Ziskind, ICR
This email address is being protected from spambots. You need JavaScript enabled to view it.

HARTFORD, Conn. & BOSTON--(BUSINESS WIRE)--The Board of Trustees of Eversource Energy (NYSE:ES) today approved a quarterly dividend of $0.6375 per share, payable on March 31, 2022, to shareholders of record as of the close of business on March 3, 2022.

Eversource Energy operates New England’s largest energy delivery company and is committed to safety, reliability, environmental leadership and stewardship, as well as expanding energy and sustainability options for approximately 4.4 million electric, natural gas and water customers in Connecticut, Massachusetts and New Hampshire. It has approximately 344 million common shares outstanding.

MEDIA:
Jeffrey R. Kotkin
(860) 665-5154

HOUSTON--(BUSINESS WIRE)--Black Stone Minerals, L.P. (NYSE: BSM) (“Black Stone,” “BSM,” or “the Company”) today declared the distribution attributable to the fourth quarter of 2021. Additionally, the Partnership announced the date of its fourth quarter and full-year 2021 earnings call.

Common Distribution

The Board of Directors of the general partner has approved a cash distribution for common units attributable to the fourth quarter of 2021 of $0.270 per unit. This represents an increase of approximately 8% over the common distribution paid with respect to the prior quarter and a 54% increase relative to the distribution paid with respect to the fourth quarter of 2020. Distributions will be payable on February 23, 2022 to unitholders of record on February 16, 2022.

Earnings Conference Call

The Partnership is scheduled to release details regarding its results for the fourth quarter and full-year 2021 after the close of trading on February 21, 2022. A conference call to discuss these results is scheduled for February 22, 2022 at 9:00 a.m. Central time (10:00 a.m. Eastern time). The conference call will be broadcast live in listen-only mode on the company’s investor relations website at www.blackstoneminerals.com. If you would like to ask a question, the dial-in number for the conference call is 877-447-4732 for domestic participants and 615-247-0077 for international participants. The conference ID for the call is 3336347. Call participants are advised to call in 10 minutes in advance of the call start time.

A telephonic replay of the conference call will be available approximately two hours after the call through March 24, 2022, at 855-859-2056 for domestic replay and 404-537-3406 for international replay. The conference ID for the replay is 3336347.

About Black Stone Minerals, L.P.

Black Stone Minerals is one of the largest owners of oil and natural gas mineral interests in the United States. The Company owns mineral interests and royalty interests in 41 states in the continental United States. Black Stone believes its large, diversified asset base and long-lived, non-cost-bearing mineral and royalty interests provide for stable to growing production and reserves over time, allowing the majority of generated cash flow to be distributed to unitholders.

Information for Non-U.S. Investors

This press release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Although a portion of Black Stone Minerals’ income may not be effectively connected income and may be subject to alternative withholding procedures, brokers and nominees should treat 100% of Black Stone Minerals’ distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Black Stone Minerals’ distributions to non-U.S. investors are subject to federal income tax withholding at the highest marginal rate, currently 37.0% for individuals.

Black Stone Minerals, L.P. Contacts

Jeff Wood
President and Chief Financial Officer

Evan Kiefer
Vice President, Finance and Investor Relations
Telephone: (713) 445-3200
This email address is being protected from spambots. You need JavaScript enabled to view it.

DULUTH, Minn.--(BUSINESS WIRE)--ALLETE, Inc. (NYSE:ALE) announced today that Susan K. Nestegard was selected as lead director by the independent members of its board of directors and also announced the retirement of two longtime board members.

Nestegard has served on the ALLETE board since 2018. As lead director, Nestegard is an ex officio member of the corporate governance and nominating committee, the audit committee, and the executive compensation committee.

“Susan’s strategic acumen and her years of experience in a variety of executive leadership roles at multinational companies and entrepreneurial startups bring insight and perspective to ALLETE as we advance our sustainability in action strategy and drive continued growth by transforming the nation’s energy landscape,” said Bethany Owen, ALLETE chair, president and CEO. “The valuable expertise she provided during the profitable divestiture of U.S. Water Services reflects her extensive experience with successful acquisitions. She also is deeply committed to sustainability in all its forms. We welcome Susan to her new role.”

Nestegard also serves on the Hormel Foods Corporation’s board of directors. She was president of global healthcare of Ecolab, Inc. from 2010 to 2012; executive vice president, global healthcare from 2008 to 2010; and senior vice president, research, development, and engineering, and chief technical officer from 2003 to 2008. Nestegard has more than 20 years of experience with 3M Company in product development and business unit management, driving revenue expansion through innovation. Also an individual innovator, Nestegard holds 26 patents in her name. Nestegard currently serves as an advisory board member of Contec, Inc. and is an advisor at True Wealth Ventures.

Throughout her career, Nestegard has been passionate about supporting women in reaching their full potential, particularly through science, technology, engineering and math (STEM) education and careers.

Two board members to retire

Nestegard succeeds Heidi E. Jimmerson who will retire from the board following the election of directors at ALLETE’s 2022 annual meeting of shareholders scheduled for May 10. Jimmerson has served on the board since 2004 and was named lead director in 2014. She has served on the executive compensation committee, the corporate governance and nominating committee, and the audit committee at various times during her tenure.

“We deeply appreciate Heidi’s distinguished service on the ALLETE board. During her nearly-18-year tenure, best practice governance has been a hallmark of her leadership. She has led the board through three planned CEO transitions, helped guide the company’s evolution and successful growth during a time of great industry change, and presided over an expansion of diversity of the board. Her service and leadership have made us a better company, and we wish her the very best,” Owen said.

“It has been a great honor and privilege to serve ALLETE over these many years,” Jimmerson said. “I am proud to be a part of ALLETE’s long-standing commitment to thoughtful succession planning that provides opportunities for others to lead and ensures a diverse, best-practices governance board. I have full confidence in Susan as lead director, all my colleagues, and the company’s executive team to chart ALLETE’s continued growth and success.”

Also retiring from the board in May, consistent with the board’s governance policies, is Kathryn W. Dindo. Dindo has been a director since 2009 and a member of the audit committee, having recently served as chair of that committee.

“Kitty’s expertise and experience in risk management and financial reporting and oversight along with her broad business perspective have served ALLETE very well,” Owen said. “We thank Kitty for her many contributions to ALLETE’s success over the past 13 years and congratulate her on her well-deserved retirement.”

ALLETE, Inc. is an energy company headquartered in Duluth, Minnesota. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth, BNI Energy in Bismarck, North Dakota, and has an 8% equity interest in the American Transmission Co. More information about ALLETE is available at www.allete.com. ALE-CORP

The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission.

Amy Rutledge
218-723-7400
This email address is being protected from spambots. You need JavaScript enabled to view it.

• Full Year Net Income of $190.9 Million and Earnings Per Share of $17.71
• Petroleum Additives Full Year Shipments Strong, Up 11.7%
• 566,671 Shares Repurchased in 2021

RICHMOND, Va.--(BUSINESS WIRE)--NewMarket Corporation (NYSE:NEU) Chairman and Chief Executive Officer, Thomas E. Gottwald, released the following earnings report of the Company’s operations for the fourth quarter and full year 2021.

Net income for the fourth quarter of 2021 was $17.2 million, or $1.65 per share, compared to net income of $66.9 million, or $6.12 per share, for the fourth quarter of 2020. Net income for 2021 was $190.9 million, or $17.71 per share, compared to $270.6 million or $24.64 per share, for 2020. Prior year net income includes a gain of $16.5 million related to the sale of a non-operating parcel of real estate.

Sales for the petroleum additives segment for the fourth quarter of 2021 were $573.4 million, up from $525.2 million in the fourth quarter of 2020. Shipments decreased 1.6% between periods, with decreases in both lubricant additives and fuel additives shipments. Petroleum additives operating profit for the fourth quarter of 2021 was $40.7 million, compared to $84.3 million for the same period last year. The decrease was mainly due to higher raw material and operating costs, partially offset by increased selling prices.

For the year, petroleum additives sales were $2.3 billion compared to sales in 2020 of $2.0 billion. The increase was mainly due to higher shipments, increased selling prices and changes in foreign currency. Shipments increased 11.7% between periods, with increases in both lubricant additives and fuel additives shipments across all regions except Europe, which reported a decrease in fuel additives shipments. Petroleum additives operating profit for 2021 was $281.1 million compared to $333.2 million for 2020. The decrease was due mainly to higher raw material and operating costs, partially offset by increased selling prices and higher shipments. Petroleum additives operating margin for 2021 was 12.0% compared to 16.7% in 2020.

Throughout the year, we have continued to see our operating margins decline mainly due to the prolonged period of escalating raw material costs. While we have made some progress in adjusting our selling prices to offset the effects of the higher costs, we have not been able to adjust sufficiently to offset the cost increases. We continue to see a lag between when price increases go into effect and when we begin to see margin recovery. This lag will continue until we see a period where raw material prices stabilize. We have also seen significant increases in many elements of our operating costs such as utilities, logistics, insurance, and third-party manufacturing services. In addition, the worldwide supply chain disruptions continue to negatively impact our business. Margin recovery and cost control will be priorities throughout 2022 so that we will return to our historical profit margin range. We will also be working hard to resolve continuing supply chain issues to meet our customers’ growing needs, and we expect to see improvement in the supply chain and in our performance as the year unfolds.

During 2021, we paid dividends of $85.9 million, repurchased 566,671 shares of our common stock for a total of $196.2 million and funded capital expenditures of $78.9 million.

As we look forward to 2022 and beyond, we expect continued strength in our petroleum additives sales and shipments. Our views toward the fundamentals of our industry remain unchanged with the petroleum additives market growing at 1% to 2% for the foreseeable future, and we expect to exceed that growth rate.

We continue to make decisions to promote long-term value for our shareholders and customers, and we remain focused on our long-term objectives. This is evidenced by our ongoing investments in supply capability and our technology- driven initiatives. We believe the fundamentals of how we run our business - a long-term view, safety-first culture, customer-focused solutions, technology-driven product offerings, and world-class supply chain capability - will continue to be beneficial for all our stakeholders.

Sincerely,

Thomas E. Gottwald

The petroleum additives segment consists of the North America (the United States and Canada), Latin America (Mexico, Central America, and South America), Asia Pacific, and Europe/Middle East/Africa/India (Europe or EMEAI) regions.

The Company has disclosed the non-GAAP financial measure EBITDA and the related calculation in the schedules included with this earnings release. EBITDA is defined as income from continuing operations before the deduction of interest and financing expenses, income taxes, depreciation (on property, plant and equipment) and amortization (on intangibles and lease right-of-use assets). The Company believes that even though this item is not required by or presented in accordance with United States generally accepted accounting principles (GAAP), this additional measure enhances understanding of the Company’s performance and period to period comparability. The Company believes that this item should not be considered an alternative to net income determined under GAAP.

As a reminder, a conference call and Internet webcast is scheduled for 3:00 p.m. EST on Thursday, February 3, 2022 to review fourth quarter and full year 2021 financial results. You can access the conference call live by dialing 1-888-506-0062 (domestic) or 1-973-528-0011 (international) and requesting the NewMarket conference call. To avoid delays, callers should dial in five minutes early. A teleconference replay of the call will be available until February 10, 2022 at 3:00 p.m. EST by dialing 1-877-481-4010 (domestic) or 1-919-882-2331 (international). The replay passcode number is 44141. The call will also be broadcast via the Internet and can be accessed through the Company’s website at www.NewMarket.com or www.webcaster4.com/Webcast/Page/2001/44141. A webcast replay will be available for 30 days.

NewMarket Corporation, through its subsidiaries Afton Chemical Corporation and Ethyl Corporation, develops, manufactures, blends, and delivers chemical additives that enhance the performance of petroleum products. From custom-formulated additive packages to market-general additives, the NewMarket family of companies provides the world with the technology to make engines run smoother, machines last longer, and fuels burn cleaner.

Some of the information contained in this press release constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although NewMarket’s management believes its expectations are based on reasonable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results will not differ materially from expectations.

Factors that could cause actual results to differ materially from expectations include, but are not limited to, the availability of raw materials and distribution systems; disruptions at production facilities, including single-sourced facilities; hazards common to chemical businesses; the ability to respond effectively to technological changes in our industry; failure to protect our intellectual property rights; sudden, sharp or prolonged raw material price increases; competition from other manufacturers; current and future governmental regulations; the gain or loss of significant customers; failure to attract and retain a highly-qualified workforce; an information technology system failure or security breach; the occurrence or threat of extraordinary events, including natural disasters; terrorist attacks and health-related epidemics such as the COVID-19 pandemic; risks related to operating outside of the United States; political, economic, and regulatory factors concerning our products; the impact of substantial indebtedness on our operational and financial flexibility; the impact of fluctuations in foreign exchange rates; resolution of environmental liabilities or legal proceedings; limitation of our insurance coverage; our inability to realize expected benefits from investment in our infrastructure or from recent or future acquisitions, or our inability to successfully integrate recent or future acquisitions into our business; the underperformance of our pension assets resulting in additional cash contributions to our pension plans; and other factors detailed from time to time in the reports that NewMarket files with the Securities and Exchange Commission, including the risk factors in Item 1A. “Risk Factors” of our 2020 Annual Report on Form 10-K, which is available to shareholders upon request.

You should keep in mind that any forward-looking statement made by NewMarket in the foregoing discussion speaks only as of the date on which such forward-looking statement is made. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect the Company. We have no duty to, and do not intend to, update or revise the forward-looking statements in this discussion after the date hereof, except as may be required by law. In light of these risks and uncertainties, you should keep in mind that the events described in any forward-looking statement made in this discussion, or elsewhere, might not occur.

FOR INVESTOR INFORMATION:
Brian D. Paliotti
Investor Relations
Phone: 804.788.5555
Fax: 804.788.5688
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

VALLEY FORGE, Pa.--(BUSINESS WIRE)--#Dividend--The Board of Directors of UGI Corporation (NYSE: UGI) has declared a quarterly dividend of $0.345 per share of the company’s common stock. The dividend is payable April 1, 2022 to shareholders of record as of March 15, 2022. UGI has paid common dividends for 137 consecutive years and raised its dividend in each of the last 34 years.

UGI’s Board of Directors also declared a quarterly dividend of 0.125% per annum, payable in cash, on the company’s convertible preferred stock. The dividend is payable March 1, 2022.

About UGI

UGI Corporation is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, natural gas utilities in West Virginia, distributes LPG both domestically (through AmeriGas) and internationally (through UGI International), manages midstream energy assets in Pennsylvania, Ohio, and West Virginia and electric generation assets in Pennsylvania, and engages in energy marketing, including renewable natural gas, in the Mid-Atlantic region of the United States and California, and internationally in France, Belgium, the Netherlands and the UK.

Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.

CONTACT INVESTOR RELATIONS
610-337-1000
Tameka Morris, ext. 6297
Arnab Mukherjee, ext. 7498

• For the first time ever, CEMEX and Synhelion successfully connected the clinker production process with the Synhelion solar receiver, producing solar clinker.
• This revolutionary innovation is an initial step to develop fully solar-driven cement plants.

MONTERREY, Mexico & LUGANO, Switzerland--(BUSINESS WIRE)--$CEMEX #CEMEX--CEMEX, S.A.B. de C.V. (“CEMEX”) and Synhelion announced today the successful production of the world’s first solar clinker, the key component of cement, a significant step towards developing fully solar-driven cement plants.

Clinker is produced by fusing together limestone, clay, and other materials in a rotary kiln at temperatures nearing 1,500°C. Fossil fuels are typically used to heat the kiln and they are responsible for approximately 40% of direct CO₂ emissions of the process. Replacing fossil fuels entirely with solar energy is a gamechanger in the industry’s efforts to achieve carbon neutrality by 2050.

“The production of the first solar clinker is an exciting milestone for this transformational technology. It is proof of our commitment to deliver tangible outcomes through innovation to achieve our goal of delivering only net-zero CO₂ concrete by 2050,” said Fernando A. Gonzalez, CEO of CEMEX. “CEMEX is building a better future, and that future must be sustainable.”

The Synhelion and CEMEX R&D teams set up a pilot batch production unit to produce clinker from concentrated solar radiation by connecting the clinker production process with the Synhelion solar receiver. The pilot was installed at the Very High Concentration Solar Tower of IMDEA Energy, located in Spain. Synhelion’s solar receiver delivers record-breaking temperatures reaching beyond 1,500°C. The solar receiver heats a gaseous heat transfer fluid and thus provides the necessary process heat for clinker production.

“Our technology converts concentrated sunlight into the hottest existing solar process heat – beyond 1,500°C – on the market,” said Dr. Gianluca Ambrosetti, CEO and Co-Founder of Synhelion. “We are proud to demonstrate together with CEMEX one specific industrially relevant application of our fully renewable, high-temperature solar heat.”

The pilot is the first successful calcination and, more importantly, the first successful clinkerization ever achieved using only solar energy. The clinker was used to produce cement and was then further processed to produce concrete. In the next phase of their joint research and development project, CEMEX and Synhelion aim to produce solar clinker in larger quantities as they work towards an industrial scale pilot at a cement plant.

This initiative is part of CEMEX’s Future in Action program, which focuses on reducing the carbon footprint of its operations and products to deliver globally net-zero CO2 concrete by 2050. An essential part of this strategy is CEMEX Ventures and its R&D Center in Switzerland. Through them, CEMEX is discovering and investing in the companies they believe will provide the proven, scalable technologies to achieve carbon neutrality.

About Synhelion

Synhelion is a global pioneer in the field of sustainable solar fuels. The clean energy company evolved from the Swiss Federal Institute of Technology (ETH Zurich) in 2016 to decarbonize transportation. Solar fuels can replace all types of fossil fuels as they are economically viable and fully compatible with existing global infrastructure. Synhelion’s unique technology converts concentrated solar heat into the hottest existing process heat on the market, making it possible to drive an unprecedented number of industrial processes such as fuel production and cement manufacturing with solar heat. The company already works with international partners such as Lufthansa Group, Wood, Eni, CEMEX, and Zurich Airport. For more information, please visit: www.synhelion.com.

About CEMEX

CEMEX (NYSE: CX) is a global construction materials company that is building a better future through sustainable products and solutions. CEMEX is committed to achieving carbon neutrality through relentless innovation and industry-leading research and development. CEMEX is at the forefront of the circular economy in the construction value chain and is pioneering ways to increase the use of waste and residues as alternative raw materials and fuels in its operations with the use of new technologies. CEMEX offers cement, ready-mix concrete, aggregates, and urbanization solutions in growing markets around the world, powered by a multinational workforce focused on providing a superior customer experience, enabled by digital technologies. For more information, please visit: www.cemex.com.

CEMEX assumes no obligation to update or correct the information contained in this press release. This press release contains forward-looking statements within the meaning of the U.S. federal securities laws. CEMEX intends these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These forward-looking statements reflect CEMEX’s current expectations and projections about future events based on CEMEX’s knowledge of present facts and circumstances and assumptions about future events, as well as CEMEX’s current plans based on such facts and circumstances. These statements necessarily involve risks and uncertainties that could cause actual results to differ materially from CEMEX’s expectations. The content of this press release is for informational purposes only, and you should not construe any such information or other material as legal, tax, investment, financial, or other advice. CEMEX is not responsible for the content of any third-party website or webpage referenced to or accessible through this press release.

Media Relations
CEMEX
Jorge Pérez
+52 (81) 8259-6666
This email address is being protected from spambots. You need JavaScript enabled to view it.

Media Contact
Synhelion
Carmen Murer
+41 79 619 52 11
This email address is being protected from spambots. You need JavaScript enabled to view it.

TULSA, Okla.--(BUSINESS WIRE)--Williams (NYSE: WMB) plans to announce its fourth-quarter and full-year 2021 financial results after the market closes on Monday, Feb. 21, 2022. The company is scheduled to host its 2022 Analyst Day event on Tuesday, Feb. 22, 2022 beginning at 8:30 a.m. Eastern Time (7:30 a.m. Central Time). During the event, Williams' management will give in-depth presentations covering the company's natural gas infrastructure strategy to meet growing clean energy demands. These presentations will highlight the company’s efficient operations, disciplined project execution, strong financial position and 2022 financial guidance.

Presentation slides and earnings materials will be accessible on the Williams’ Investor Relations website after market close on Feb. 21. Participants who wish to view the live presentation can access the webcast here: https://event.on24.com/wcc/r/3631895/2D57BA768B960ACF8BA9532EE4911350

A replay of the 2022 Analyst Day webcast will also be available on the website for at least 90 days following the event.

About Williams

Williams (NYSE: WMB) is committed to being the leader in providing infrastructure that safely delivers natural gas products to reliably fuel the clean energy economy. Headquartered in Tulsa, Oklahoma, Williams is an industry-leading, investment grade C-Corp with operations across the natural gas value chain including gathering, processing, interstate transportation and storage of natural gas and natural gas liquids. With major positions in top U.S. supply basins, Williams connects the best supplies with the growing demand for clean energy. Williams owns and operates more than 30,000 miles of pipelines system wide – including Transco, the nation’s largest volume and fastest growing pipeline – and handles approximately 30 percent of the natural gas in the United States that is used every day for clean-power generation, heating and industrial use.

MEDIA:
This email address is being protected from spambots. You need JavaScript enabled to view it.
(800) 945-8723

INVESTOR CONTACT:
Danilo Juvane
(918) 573-5075

Grace Scott
(918) 573-1092

SAN ANTONIO--(BUSINESS WIRE)--Valero Energy Corporation (NYSE: VLO, “Valero”) announced today that it has priced a public offering of $650,000,000 aggregate principal amount of 4.000% Senior Notes due 2052 (the “Notes”).

The offering is expected to close on February 7, 2022, subject to customary closing conditions. Valero intends to use the net proceeds from the offering, together with cash on hand, to finance its cash tender offers (the “Tender Offers”) to repurchase its outstanding 3.650% Senior Notes due 2025, 2.850% Senior Notes due 2025, 3.400% Senior Notes due 2026, 2.150% Senior Notes due 2027 and 4.350% Senior Notes due 2028, and the 4.375% Senior Notes due 2026 and 4.500% Senior Notes due 2028 issued by Valero Energy Partners LP and guaranteed by Valero. In the event that there are any net proceeds from this offering that are not used to finance the Tender Offers, Valero anticipates using such net proceeds for general corporate purposes.

J.P. Morgan Securities LLC, BofA Securities, Inc., Scotia Capital (USA) Inc. and Wells Fargo Securities, LLC acted as joint book-running managers for the offering.

Copies of the prospectus supplement and accompanying base prospectus relating to the offering may be obtained from J.P. Morgan Securities LLC collect at 1 (212) 834-4533, BofA Securities, Inc. at 1 (800) 294-1322, Scotia Capital (USA) Inc. at 1 (800) 372-3930 and Wells Fargo Securities, LLC at 1 (800) 645-3751 and online at www.sec.gov.

About Valero
Valero Energy Corporation, through its subsidiaries (collectively, “Valero”), is an international manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products, and sells its products primarily in the United States (“U.S.”), Canada, the United Kingdom (“U.K.”), Ireland and Latin America. Valero owns 15 petroleum refineries located in the U.S., Canada and the U.K. with a combined throughput capacity of approximately 3.2 million barrels per day. Valero is a joint venture member in Diamond Green Diesel Holdings LLC, which owns a renewable diesel plant in Norco, Louisiana with a production capacity of 700 million gallons per year, and Valero owns 12 ethanol plants located in the Mid-Continent region of the U.S. with a combined production capacity of approximately 1.6 billion gallons per year. Valero manages its operations through its Refining, Renewable Diesel, and Ethanol segments.

The Notes were offered and will be sold pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission, and only by means of a prospectus supplement and accompanying base prospectus. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Investors:

Homer Bhullar, Vice President – Investor Relations and Finance, 210-345-1982
Eric Herbort, Senior Manager – Investor Relations, 210-345-3331
Gautam Srivastava, Senior Manager – Investor Relations, 210-345-3992

Media:

Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002

Prizes award weekly at Circle K branded fuel locations nationwide

CHARLOTTE, N.C.--(BUSINESS WIRE)--Starting today, Circle K, the global convenience store chain, is giving customers a chance to Win Free Fuel for a Year when they fuel up at Circle K branded fuel locations nationwide. Circle K customers can enter to win beginning February 2 through April 25 with customers winning once a week, every Wednesday, in all locations. The Win Free Fuel for a Year contest provides Circle K’s valued customers a chance to save big on fuel and feel good about getting back on the road.

“We’re very excited about bringing Circle K brand fuel to more locations across the country,” said Melissa Lessard, Head of North American Marketing at Circle K. “At Circle K, we are always looking for ways to make life a little easier for our customers, both in our stores and under our fuel canopies – and the chance to win free fuel for a year is a great way to do that.”

Now in more than half of Circle K’s fueling locations across America, Circle K brand fuel makes choosing high-quality fuel easy and fast. Customers can trust Circle K to fuel their journey with Circle K Premium gas with double the cleaning detergents, meaning lower vehicle emissions and less maintenance for optimal engine performance.

To enter the sweepstakes, guests must fuel up at a store offering Circle K fuel and provide proof of purchase at winfuel.circlek.com. Customers are limited to one entry per day.

For more information including official rules visit winfuel.circlek.com.

About Alimentation Couche-Tard, Inc.

Couche-Tard is a global leader in convenience and fuel retail, operating in 26 countries and territories, with close to 14,200 stores, of which approximately 10,800 offer road transportation fuel. With its well-known Couche-Tard and Circle K banners, it is one of the largest independent convenience store operators in the United States and it is a leader in the convenience store industry and road transportation fuel retail in Canada, Scandinavia, the Baltics, as well as in Ireland. It also has an important presence in Poland and Hong Kong SAR. Approximately 124,000 people are employed throughout its network.

Nicole Pampe
BCW Global for Circle K
This email address is being protected from spambots. You need JavaScript enabled to view it.

AUSTIN, Texas--(BUSINESS WIRE)--Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion,”) a leader in electrified powertrain solutions for Class 8 semi-trucks, today announced it will host a conference call and accompanying webcast at 11:00 a.m. EST / 10:00 a.m. CST on Thursday, February 24, 2022, to discuss its financial results, the Company's business, and outlook.

Hyliion Fourth-Quarter and Full-Year 2021 Results Conference Call

Date: Thursday, February 24, 2022

Time: 11:00 a.m. EST / 10:00 a.m. CST

Conference Call Online Registration: http://www.directeventreg.com/registration/event/9738028

Access the Webcast: https://investors.hyliion.com/events-and-presentations/default.aspx

An archived webcast of the conference call will be accessible on the Investor Relations section of the Hyliion website.

About Hyliion
Hyliion’s mission is to reduce the carbon intensity and greenhouse gas (GHG) emissions of Class 8 commercial trucks by being a leading provider of electrified powertrain solutions. Leveraging advanced software algorithms and data analytics capabilities, Hyliion offers fleets an easy, efficient system to decrease fuel and operating expenses while seamlessly integrating with their existing fleet operations. Headquartered in Austin, Texas, Hyliion designs, develops, and sells electrified powertrain solutions that are designed to be installed on most major Class 8 commercial trucks, with the goal of transforming the commercial transportation industry’s environmental impact at scale. For more information, visit www.hyliion.com.

Hyliion Holdings Corp.
Ryann Malone
This email address is being protected from spambots. You need JavaScript enabled to view it.
(833) 495-4466

Sharon Merrill Associates, Inc.
Nicholas Manganaro
This email address is being protected from spambots. You need JavaScript enabled to view it.
(617) 542-5300

EL DORADO, Ark.--(BUSINESS WIRE)--$MUSA #earnings--Murphy USA Inc. (NYSE: MUSA), a leading marketer of retail motor fuel products and convenience merchandise, today announced financial results for the three and twelve months ended December 31, 2021.

Key Highlights:

• Net income was $108.8 million, or $4.23 per diluted share, in Q4 2021 compared to net income of $61.0 million, or $2.16 per diluted share, in Q4 2020. For the year 2021, net income was $396.9 million, or $14.92 per diluted share, compared to 2020 net income of $386.1 million, or $13.08 per diluted share.

• Total fuel contribution (retail fuel margin plus product supply and wholesale ("PS&W") results including RINs) for Q4 2021 was 27.5 cpg, compared to 19.8 cpg in Q4 2020. For the year, total fuel contribution was 26.3 cpg, compared to 25.2 in 2020.

• Total retail gallons increased 10.5% to 1.1 billion gallons in Q4 2021 compared to Q4 2020, while volumes on a same store sales ("SSS") basis increased 1.4%. For the year, total retail gallons increased 11.6% to 4.4 billion gallons and increased 3.0% on an SSS basis.

• Merchandise contribution dollars increased 57.2% to $181.4 million compared to the prior-year quarter. Average unit margins were 19.6% in the current quarter compared to 15.5% in the prior-year quarter. For the full year, merchandise contribution dollars increased 52.7% to $701.6 million on average unit margins of 19.1% in 2021. Increases in both contribution dollars and unit margins were primarily attributable to the QuickChek acquisition in 2021.

• Food and beverage contribution margin increased significantly to 15.2% of total merchandise contribution dollars in Q4 2021 compared to 0.8% in Q4 2020, and for the year was 14.3% compared to 0.8% in 2020, primarily due to the acquisition of QuickChek.

• During Q4 2021, the Company opened 10 new Murphy Express stores and 2 QuickChek stores, reopened 9 raze-and-rebuilds, and closed 2 QuickChek stores. The year-end store count was 1,679. There are 13 new Murphy Express sites, 1 new QuickChek site, and 3 raze-and-rebuild Murphy USA sites currently under construction in addition to the 2 stores already placed in service in January.

• The Company repurchased approximately 0.7 million common shares during Q4 2021 for $123.5 million at an average price of $176.62 per share. For the year 2021, the Company repurchased 2.4 million shares for $355.0 million at an average of $148.00 per share. In December 2021, the Company announced an additional authorization to repurchase shares of up to $1 billion in value by December 31, 2026 once the current program is complete.

• The Company paid a quarterly cash dividend in December 2021 of $0.29 per Common share, $1.16 on an annualized basis, for a total of approximately $7.4 million.

“We are proud to report a second consecutive year of record EBITDA and earnings, as our advantaged everyday low price business model enables us to grow market share in the current environment," said President and CEO Andrew Clyde. “We achieved new milestones as the fuels business generated over $1 billion in margin and merchandise sales and margin eclipsed $3 billion and $700 million, respectively. These results were partially driven by QuickChek, where we surpassed our year-one target for synergy realization, even as we uncover additional potential beyond our $28 million of targeted synergies. While 2021 was not without its challenges that drove costs higher and impacted new store activity, we believe our position as a low-cost leader enables us to thrive in an environment in which consumers are increasingly price sensitive. We are focused on driving further process efficiencies in the core business to maintain our cost discipline. Our ability to return more than $130 million in capital to shareholders last quarter while continuing to invest in growth initiatives that will enable long-term value creation for our shareholders is testament to our strong free cash flow generation."

Net income and Adjusted EBITDA for Q4 and year 2021 were higher versus the prior periods, primarily due to higher all-in fuel contribution, combined with higher merchandise margin contribution, and in each period was partially offset by higher store operating expenses and higher payment fees. Net income was further impacted by higher interest, depreciation, and income tax expense for Q4 and the full year. All amounts reported for the quarter and full year 2021 periods include the consolidated results of QuickChek from January 29, 2021.

Total fuel contribution dollars increased 53.1%, or $106.6 million, in Q4 of 2021 compared to Q4 of 2020 and for the full year 2021 increased 16.5%, or $162.2 million. Retail fuel margins in Q4 2021 increased to 25.5 cpg, or 65.6% above Q4 2020 despite a dynamic fuel pricing environment. Consequently, total retail fuel contribution dollars increased $129.8 million, or 83.5%, compared to the prior-year quarter and for the year increased $56.3 million, or 6.3% due to both higher retail fuel margins and volumes. PS&W margin (including RINs) decreased by $23.2 million when compared to Q4 2020 primarily due to a lower impact from timing and inventory pricing adjustments.

Total merchandise contribution increased 57.2% to $181.4 million in Q4 2021 from $115.4 million in the prior year quarter and increased 52.7% to $701.6 million for the year 2021 due primarily to the inclusion of QuickChek. Food and beverage contribution, a subset of non-tobacco, experienced a significant increase to 15.2% of the total merchandise contribution for Q4 2021 compared to 0.8% in Q4 2020 and was 14.3% for the year 2021 compared to 0.8% in 2020, primarily due to the effects of QuickChek's prepared food offering.

Store OPEX excluding payment fees and rent was an aggregate $54.7 million higher in Q4 2021 versus Q4 2020 and was $191.3 million higher for the year 2021, primarily attributable to the addition of QuickChek. While QuickChek locations have higher per store operating costs due to the larger format and prepared food offering, the MUSA network also experienced higher operating expenses, primarily due to higher employee-related expenses and higher maintenance costs, combined with more stores in the network. Total SG&A costs for Q4 2021 were $12.5 million higher than in Q4 2020 and for the year were $22.5 million higher, primarily due to increased professional fees and the inclusion of QuickChek in 2021 results.

Store Openings

The Company opened 12 new-to-industry retail locations while closing 2 stores in Q4 2021, bringing the network total to 1,679. This total consists of 1,151 Murphy USA stores, 370 Murphy Express stores, and 158 QuickChek stores. There are a total of 17 stores currently under construction, including 13 new 2,800 sq. foot Murphy Express stores, 1 QuickChek store, and 3 raze-and-rebuilds. In addition, 2 new Murphy Express sites have opened in January 2022.

Cash balances as of December 31, 2021 totaled $256.4 million. Long-term debt of $1.8 billion consisted of approximately $493 million in carrying value of 3.75% senior notes due in 2031, $494 million in carrying value of 4.75% senior notes due in 2029, $297 million in carrying value of 5.625% senior notes due in 2027, $385 million of term debt, and approximately $131 million in long-term capital leases. The cash flow revolving facility remained undrawn as of December 31, 2021.

At December 31, 2021, the Company had common shares outstanding of 24,935,260. Common shares repurchased under the $500 million share repurchase program approved in November 2020 were approximately 0.7 million shares for $123.5 million in the current quarter. Common shares purchased for the year ended December 31, 2021, were 2.4 million shares for a total of $355.0 million. Approximately $20.0 million remains in the current share repurchase plan at December 31, 2021. In December 2021, the Company announced a new repurchase authorization of up to $1 billion by December 31, 2026 once the current program is complete.

The effective income tax rate for Q4 2021 was 22.8% compared to 24.4% in Q4 2020, and the decrease is due primarily to discrete tax events attributable to the QuickChek acquisition. For the year 2021, the effective income tax rate was 24.0% compared to 24.2% in 2020.

The Company paid a quarterly dividend of $0.29 per share, or $1.16 per share on an annualized basis, on December 1, 2021, for a total cash payment of $7.4 million. Total cash dividends paid in 2021 were $27.3 million compared to dividends paid of $6.9 million in 2020.

Management's annual guidance for 2022 reflects the Company's economic and market environment assessment, business improvement initiatives and known potential headwinds. Key 2022 guidance ranges include the following assumptions and are subject to the uncertainties noted below:

Organic Growth:

• New store additions and raze-and-rebuild sites reflect continuation of a disciplined capital approach to the highest return opportunities and may be split between the Murphy USA, Murphy Express, or QuickChek brands

Fuel Contribution:

• Per store fuel volumes are expected to recover slightly from 2021 levels that were impacted by COVID-19

Store Profitability:

• Merchandise contribution represents a range of outcomes based on management's expectations around higher merchandise sales and the enhanced QuickChek brand capabilities

• Store operating expenses per site, before credit card fees and rent, will continue to be reflected as an APSM dollars metric to better reflect the ongoing shift in format mix and higher costs for the larger format QuickChek stores with a greater food and beverage offering

Corporate Costs:

• SG&A costs reflect continued investments in IT related productivity enhancements, QuickChek integration and other corporate initiatives to help drive profitability, reduce costs where able, and improve the company's long-term competitive position, subject to timing and allocation of resources

• The effective tax rate in 2022 is expected to be in a range of 24% to 26%

Capital Allocation:

• Capital expenditures reflect new store growth, raze-and-rebuild activity, store maintenance and improvements, land acquisition, and continued implementation of various corporate infrastructure projects

The Company does not provide a projected range of all-in fuel margin, Adjusted EBITDA, or Net income. However, for modeling purposes only, if all-in fuel margin approximates 21.0 cpg, management would expect the business to generate net income of $238 million and Adjusted EBITDA of about $630 million using the midpoint of the provided guided ranges above.

Earnings Call Information

The Company will host a conference call on February 3, 2022 at 10:00 a.m. Central Time to discuss fourth quarter 2021 results. The conference call number is 1 (888) 330-2384 and the conference number is 6680883. The earnings and investor related materials, including reconciliations of any non-GAAP financial measures to GAAP financial measures and any other applicable disclosures, will be available on that same day on the investor section of the Murphy USA website (http://ir.corporate.murphyusa.com). Approximately one hour after the conclusion of the conference, the webcast will be available for replay. Shortly thereafter, a transcript will be available.

Source: Murphy USA Inc. (NYSE: MUSA)

Forward-Looking Statements

Certain statements in this news release contain or may suggest “forward-looking” information (as defined in the Private Securities Litigation Reform Act of 1995) that involve risk and uncertainties, including, but not limited to our M&A activity, anticipated store openings, fuel margins, merchandise margins, sales of RINs, trends in our operations, dividends, and share repurchases. Such statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual future results may differ materially from historical results or current expectations depending upon factors including, but not limited to: The Company's ability to realize projected synergies from the acquisition of QuickChek and successfully expand our food and beverage offerings; our ability to continue to maintain a good business relationship with Walmart; successful execution of our growth strategy, including our ability to realize the anticipated benefits from such growth initiatives, and the timely completion of construction associated with our newly planned stores which may be impacted by the financial health of third parties; our ability to effectively manage our inventory, disruptions in our supply chain and our ability to control costs; the impact of severe weather events, such as hurricanes, floods and earthquakes; the impact of a global health pandemic, such as COVID-19, including the impact on the Company's fuel volumes if the gradual recoveries experienced throughout 2020 and 2021 stall or reverse as a result of any resurgence in COVID-19 infection rates and government reaction in response thereof; the impact of any systems failures, cybersecurity and/or security breaches of the company or its vendor partners, including any security breach that results in theft, transfer or unauthorized disclosure of customer, employee or company information or our compliance with information security and privacy laws and regulations in the event of such an incident; successful execution of our information technology strategy; reduced demand for our products due to the implementation of more stringent fuel economy and greenhouse gas reduction requirements, or increasingly widespread adoption of electric vehicle technology; future tobacco or e-cigarette legislation and any other efforts that make purchasing tobacco products more costly or difficult could hurt our revenues and impact gross margins; changes to the Company's capital allocation, including the timing, declaration, amount and payment of any future dividends or levels of the Company's share repurchases, or management of operating cash; the market price of the Company's stock prevailing from time to time, the nature of other investment opportunities presented to the Company from time to time, the Company's cash flows from operations, and general economic conditions; compliance with debt covenants; availability and cost of credit; and changes in interest rates. Our SEC reports, including our most recent annual Report on Form 10-K and quarterly report on Form 10-Q, contain other information on these and other factors that could affect our financial results and cause actual results to differ materially from any forward-looking information we may provide. The Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events, new information or future circumstances.

Investor Contact:
Christian Pikul
Vice President, Investor Relations and Financial Planning and Analysis
This email address is being protected from spambots. You need JavaScript enabled to view it.

EDEN PRAIRIE, Minn.--(BUSINESS WIRE)--#CHRobinson--C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (Nasdaq: CHRW) today reported financial results for the quarter ended December 31, 2021.

Fourth Quarter Key Metrics:

• Total revenues increased 42.9% to $6.5 billion
• Gross profits increased 33.7% to $850.7 million
• Adjusted gross profits⁽¹⁾ increased 33.7% to $856.3 million
• Income from operations increased 39.0% to $287.4 million
• Adjusted operating margin⁽¹⁾ increased 130 basis points to 33.6%
• Diluted earnings per share (EPS) increased 61.1% to $1.74
• Cash generated by operations decreased by $86.3 million to $75.9 million

Full-Year Key Metrics:

• Total revenues increased 42.5% to $23.1 billion
• Gross profits increased 30.7% to $3.1 billion
• Adjusted gross profits⁽¹⁾ increased 30.7% to $3.2 billion
• Income from operations increased 60.7% to $1.1 billion
• Adjusted operating margin⁽¹⁾ increased 640 basis points to 34.3 percent
• Diluted earnings per share (EPS) increased 69.6% to $6.31
• Cash flow from operations decreased 81.0% to $95.0 million

⁽¹⁾ Adjusted gross profits and adjusted operating margin are Non-GAAP financial measures. The same factors described in this release that impacted these Non-GAAP measures also impacted the comparable GAAP measures. Refer to page 11 for further discussion and a GAAP to Non-GAAP reconciliation.

"In the face of some of the greatest disruption and tightest capacity the logistics industry has ever seen, C.H. Robinson demonstrated strength, resilience and commitment to our global customers in 2021," said Bob Biesterfeld, President and Chief Executive Officer of C.H. Robinson. As a result of strategic planning and investments, as well as outstanding operational performance, we delivered record financial results for the year and strong results for the fourth quarter. Our tech-plus strategy continued to be a key differentiator for our company, enabling us to help our customers and carriers navigate the unprecedented level of supply chain disruption, while maintaining the superior service that our global customers have come to expect from C.H. Robinson. Looking ahead, we will continue capitalizing on opportunities to integrate our advanced innovation and technology to deliver best-in-class, comprehensive solutions across our combination of modes, services and geographies. The positive momentum of our business remains strong as demand for our global suite of services and for our digital freight platform continues to grow. We believe our strategies and competitive advantages will enable us to create more value for customers and in turn, win more business and increase our market share, while delivering higher profitability and return on invested capital."

Summary of Fourth Quarter Results Compared to the Fourth Quarter of 2020

• Total revenues increased 42.9% to $6.5 billion, driven primarily by higher pricing and higher volume across most of our services.
• Gross profits increased 33.7% to $850.7 million. Adjusted gross profits increased 33.7% to $856.3 million, primarily driven by higher adjusted gross profit per transaction and higher volume across most of our services.
• Operating expenses increased 31.2% to $568.9 million. Personnel expenses increased 35.8% to $420.0 million, primarily due to higher incentive compensation costs and higher headcount, and also due to the benefit realized in the fourth quarter of 2020 from our short-term, pandemic-related cost reductions. Average headcount increased 11.9%. Selling, general and administrative ("SG&A") expenses of $148.9 million increased 19.6%, primarily due to higher purchased services and travel expenses, both of which were reduced in the fourth quarter of 2020 by short-term, pandemic-related cost reductions.
• Income from operations totaled $287.4 million, up 39.0% due to the increase in adjusted gross profits, partially offset by the increase in operating expenses. Adjusted operating margin of 33.6% increased 130 basis points.
• Interest and other expenses totaled $18.4 million, consisting primarily of $14.1 million of interest expense, which increased $1.8 million versus last year due to a higher average debt balance. The fourth quarter also included a $6.5 million unfavorable impact from foreign currency revaluation and realized foreign currency gains and losses.
• The effective tax rate in the quarter was 14.5% compared to 24.1% in the fourth quarter last year. The rate decrease was due primarily to a favorable mix of foreign earnings and an increased benefit related to U.S. tax credits and incentives.
• Net income totaled $230.1 million, up 55.7% from a year ago. Diluted EPS of $1.74 increased 61.1%.

Summary of Full Year Results Compared to 2020

• Total revenues increased 42.5% to $23.1 billion, driven primarily by higher pricing and higher volume across most of our services.
• Gross profits increased 30.7% to $3.1 billion. Adjusted gross profits increased 30.7% to $3.2 billion, primarily driven by higher adjusted gross profit per transaction and higher volume across most of our services.
• Operating expenses increased 19.0% to $2.1 billion. Personnel expenses increased 24.2% to $1.5 billion, primarily due to higher incentive compensation costs and higher headcount, and also due to the benefit realized in 2020 from our short-term, pandemic-related cost reduction initiatives. SG&A expenses increased 6.1% to $526.4 million, primarily due to increases in purchased services and warehouse expenses, partially offset by decreases in amortization and bad debt expenses and by an $11.5 million loss on the sale-leaseback of a company-owned data center in 2020.
• Income from operations totaled $1.1 billion, up 60.7% from last year, primarily due to the increase in adjusted gross profits, partially offset by the increase in operating expenses. Adjusted operating margin of 34.3% increased 640 basis points.
• Interest and other expenses totaled $59.8 million, which primarily consists of $52.1 million of interest expense, which increased $3.0 million versus last year due to a higher average debt balance. The full year also included a $15.1 million unfavorable impact from foreign currency revaluation and realized foreign currency gains and losses. These expenses were partially offset by a $2.9 million local government subsidy in Asia for achieving specified performance criteria that was almost entirely offset by a reduction in foreign tax credits within the provision for income taxes.
• The effective tax rate for the full year was 17.4% compared to 19.4% in the year-ago period. The rate decrease was due primarily to a favorable mix of foreign earnings and an increased benefit related to U.S. tax credits and incentives.
• Net income totaled $844.2 million, up 66.7% from a year ago. Diluted EPS of $6.31 increased 69.6%.

North American Surface Transportation Results

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

Fourth quarter total revenues for C.H. Robinson's NAST segment totaled $3.9 billion, an increase of 26.1% over the prior year, primarily driven by higher truckload and less-than truckload ("LTL") pricing and an increase in truckload shipments. NAST adjusted gross profits increased 19.7% in the quarter to $475.1 million. Adjusted gross profits in truckload increased 22.2% due to a 15.0% increase in adjusted gross profit per load and a 6.0% increase in shipments. Our average truckload linehaul rate per mile charged to our customers, which excludes fuel surcharges, increased approximately 18.5% in the quarter, while truckload linehaul cost per mile, excluding fuel surcharges, increased approximately 18.0%. LTL adjusted gross profits increased 18.3% versus the year-ago period, as adjusted gross profit per order increased 23.5% and LTL volumes declined 4.0%. NAST overall volume growth was flat for the quarter. The fourth quarter of 2021 had one less business day than the fourth quarter of 2020. Truckload volume per business day increased 7.5% in the quarter, and LTL volume per business day declined 2.5%, resulting in overall NAST volume growth per business day of 1.5%. Operating expenses increased 32.7% primarily due to higher incentive compensation and higher headcount, and also due to the benefit realized in 2020 from our short-term, pandemic-related cost reduction initiatives. Income from operations decreased 1.4% to $148.4 million, and adjusted operating margin declined 670 basis points to 31.2%. NAST average headcount was up 7.5% in the quarter.

Global Forwarding Results

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

Fourth quarter total revenues for the Global Forwarding segment increased 108.1% to $2.1 billion, primarily driven by higher pricing and higher volume in both our ocean and air services, reflecting the strong demand environment, market share gains, and strained capacity. Adjusted gross profits increased 71.9% in the quarter to $309.6 million. Ocean adjusted gross profits increased 86.5%, driven by a 78.0% increase in adjusted gross profit per shipment and a 5.0% increase in volumes. Adjusted gross profits in air increased 91.9% driven by a 37.5% increase in metric tons shipped and a 39.5% increase in adjusted gross profit per metric ton. Customs adjusted gross profits increased 5.7%, primarily driven by a 0.5% increase in transaction volume. Operating expenses increased 33.9%, primarily driven by increased salaries, incentive compensation and technology expenses. Fourth quarter average headcount increased 17.4%. Income from operations increased 151.0% to $146.8 million, and adjusted operating margin expanded 1,490 basis points to 47.4% 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):

Fourth quarter Robinson Fresh adjusted gross profits increased 10.2% to $26.0 million, due to an 11.5% increase in case volume. Managed Services adjusted gross profits increased 7.3% in the quarter, primarily due to a 2.5% increase in volume. Other Surface Transportation adjusted gross profits increased 24.2% to $19.1 million, primarily due to a 25.4% increase in Europe truckload adjusted gross profits, with the acquisition of Combinex Holding B.V. contributing 10.3 percentage points of growth to truckload adjusted gross profits.

Other Income Statement Items

The fourth quarter effective tax rate was 14.5%, down from 24.1% last year, and lower than our expectations, primarily due to a favorable mix of foreign earnings and an increased benefit from U.S. tax credits and incentives. We expect our 2022 full-year effective tax rate to be 19 to 21 percent.

Interest and other expenses totaled $18.4 million, consisting primarily of $14.1 million of interest expense, which increased $1.8 million versus last year due to a higher average debt balance. The fourth quarter also included a $6.5 million unfavorable impact from foreign currency revaluation and realized foreign currency gains and losses.

Diluted weighted average shares outstanding in the quarter were down 3.3% due primarily to share repurchases over the past twelve months.

Cash Flow Generation and Capital Distribution

Cash from operations totaled $75.9 million in the fourth quarter, compared to $162.1 million of cash from operations in the fourth quarter of 2020. The $86.3 million decrease in cash flow was primarily due to a $199.9 million sequential increase in net operating working capital in the fourth quarter of 2021, compared to a $92.0 million sequential increase in the fourth quarter of 2020. The increase in net operating working capital in the fourth quarter of 2021 resulted primarily from a $278.6 million sequential increase in accounts receivable and contract assets, compared to a $78.7 million sequential increase in total accounts payable.

In the fourth quarter of 2021, $222.8 million of cash was returned to shareholders, with $154.4 million in total repurchases of common stock and $68.4 million in cash dividends.

Capital expenditures totaled $18.4 million in the quarter. Capital expenditures for 2022 are expected to be $90 million to $100 million, primarily driven by technology investments in our digital platform.

Subsequent to the end of the fourth quarter of 2021, the borrowing capacity on our accounts receivable securitization facility was expanded by an additional $200 million, bringing its total borrowing capacity to $500 million.

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 $28 billion in freight under management and 20 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 100,000 customers and 85,000 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 2021 Earnings Conference Call
Wednesday, February 2, 2022; 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