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This temporary volume deleveraging and related operating inefficiencies, in addition to continued inflationary pressures negatively impacted our margins for the quarter.
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2022 Q3
24 Oct 22
volume deleveraging alongside continued elevated logistics and energy costs drove a 325 basis point impact in net cost. Raw material inflation was as expected and negatively impacted margins by 750 basis points
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2022 Q3
24 Oct 22
inflation peaked in the quarter and will remain elevated. We do expect cost inflation to persist throughout the first half of 2023 and costs moderating in the second half of 2023.
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2022 Q3
24 Oct 22
Over the last two years, we've absorbed $2.7 billion of inflation across our entire value chain, thus increasing our cost of goods sold by well over 10%.
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2022 Q3
24 Oct 22
we are also experiencing elevated and persistent levels of inflation
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2022 Q3
24 Oct 22
In response, we aggressively reduced our inventories by $300 million compared to the second quarter with a 35% reduction in global production.
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2022 Q3
24 Oct 22
In key countries across the globe, we saw double-digit demand declines.
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2022 Q3
24 Oct 22
Our performance this quarter was impacted by significant industry declines and elevated cost inflation that is now leveling off.
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2022 Q3
24 Oct 22