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Archer Daniels Midland (ADM) Q4 2018 Earnings Conference Call Transcript

Together We Grow, the consortium ADM began in 2016 to focus on educating, recruiting and retaining a more diverse workforce in the agricultural sector, was recently recognized with the 2018 Innovations in Diversity Award by Profiles in Diversity Journal. And just last week, we announced our membership in Paradigm for Parity, a global coalition of business leaders dedicated to addressing the gender gap in corporate leadership. These projects represent investments in our future that will create shareholder value for years to come. Therefore, we're projecting net interest expense of about $100 million per quarter, higher than 2018, attributable to the higher interest rate environment and the incremental debt issued. Crush volumes for the quarter were among the highest ever as the business continue to leverage its global asset footprint to capitalize on solid demand for soybean meal and strong Crush margins. South American Origination results were solid as the team did a great job managing a more conservative risk position on soybeans in a very volatile market. Just so -- and so for clarification, so the $1 billion run rate by the end of 2020 is a run rate, right? And as we've talked out, not necessarily everything on the run rate will flow through the bottom line because there's going to be some offsets in terms of either inflation or just reinvestment of some of the savings. What Juan indicated in terms of $200 million, $250 million savings in 2019 represents the year-over-year improvement from Readiness. So therefore, this would be additive toward the 2018 results, and that reflects the combination of the run rate savings that we're going to generate this year, but also some of the run rate savings that we generate at the end of 2018 flowing through and net of inflation here. So this is a net number that we're talking about in terms of improvements in '19 compared to '18 from Readiness, just for clarification.

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