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New words:
biopolymer, breakdown, Canada, categorized, CODM, corruption, decision, domestic, Exact, exiting, favorable, fluid, fulfillment, heat, infrastructure, maintenance, Maker, mix, uncertain, variance
Removed:
accessible, acid, acquirer, advance, alleging, allocated, amendment, America, animal, applying, April, architectural, ASC, ASR, assessed, auto, automotive, borrowed, buyer, calculation, caring, civil, Codification, competitive, conform, Consent, consumer, Dalian, dated, deceleration, Decree, delivered, Department, description, difficulty, discount, ECRI, efficiency, EPA, executed, Exhibit, existed, existing, expect, experiencing, expiring, feedback, film, final, goodwill, incremental, industrial, Interbank, Jefferson, layer, LIBOR, London, mainstreaming, manufacturer, met, mitigating, moved, North, nutrition, Offered, Office, organic, originated, origination, Overnight, PADEP, paint, penalty, Pennsylvania, premium, proposed, reassigned, recast, receipt, released, replaced, rollforward, Secured, security, shift, shown, Singapore, society, SOFR, specialty, Tennessee, transparency, troubled, unfavorable, vigorously, vintage, violated, weighted, window
Financial report summary
?Management Discussion
- Sales revenue decreased in first quarter 2024 compared to first quarter 2023 primarily as a result of decreases in the CI and AFP segments, partially offset by increases in the Fibers and AM segments. Further discussion by operating segment is presented in "Summary by Operating Segment" in this MD&A.
- Gross profit in first quarter 2023 included insurance proceeds from the steam line incident and accelerated depreciation resulting from the previously reported closure of an acetate yarn manufacturing facility in Europe in the Fibers segment. Excluding these non-core and unusual items, gross profit decreased in first quarter 2024 compared to first quarter 2023 as a result of decreases in the CI and AFP segments, partially offset by increases in the Fibers and AM segments. Further discussion of sales revenue and EBIT changes is presented in "Summary by Operating Segment" in this MD&A.
- Selling, general and administrative expenses remained unchanged in first quarter 2024 compared to first quarter 2023 as higher variable compensation costs were offset by lower spend due to cost reduction initiatives.