It and David President authorized will Thank all you, me any X, is recording, questions our replay. CEO; today, used on Chairman, responsibility in and our join the call February here taped website distribution transcription This call after on any through for remain you on Chief XXXX. live and and answering This be call. joining us. without and replay, is being website telephone Officer our Trisha, of for George will Freeman, this or replay with we and copyrighted and are permission. available than Moore, of our not thank these be me Other and remarks. have not Financial will our disclaim may webcast brief
to be as obligation some materially we begin the or I only. knowledge projected discuss and and you assumptions I statements caution could results no Actual and on today current estimated from based to representative are forward-looking assume Before update are forward-looking future any statements. making results we our results, will of about our differ that that
for in sources. consolidation and conditions, limited in industry regulations, and and that government customer-mandated of For changes XX, March XXXX, urge factors economic changes factors XXXX. on second timing our information some estimates, of quarter the are of our fiscal Such political market year shipments, ended as XX-Q can weather I but XX-K Form our affect to, the include, or the you as for to read not currency, well structure evolution environment,
today information reclassification. measures. an comments today the have to of include to to allocations unaudited based is non-GAAP and some investors, effort provide our In is may information financial subject you useful on for Finally, I
to refer measures, press the reconciliations our most release. comparable For please these to including measures, on current details GAAP earnings
for continued reflected the In months September from factory six and we and in volumes XX, expectations in Brazil. our current ended higher and XXXX, sales slightly recovery processing general results volumes higher leaf of were our costs. selling, lower Our costs total administrative second line this with unit volumes and quarter, to the and the year crop production fiscal see benefits in sales lower
levels modestly expected, our crop year, and timing as well of quarter funds seasonal as utilized some first-half the the stock, our XXXX mid-year shift, evidenced continued in the to to shipment cash ratings fiscal by certain S&P capital As regions in recovery of in needs credit increasing our of in borrowing This those typical by the earlier fourth seasonal maintain working increased balance fiscal Global the Brazilian Ratings. this requirements. preferred remaining Despite more sheet reserves requirements, redeem we levels. shares announced a October to upgrade strong our XXXX as have our our reduced of
the managed, second uncommitted remaining our fiscal have range for quarter. of prettily been XX% at the Our inventories target end within
$XXX.X September million, fiscal ended income for year same the the $XX.X with share compared the about first-half of quarter million, higher for diluted income share up prior XXXX volumes quarter were share, diluted XX, per Net $XX.X $XXX.X to higher for fiscal Segment prior higher September net for quarter. improved for income million Those last of operating revenues year. million, sales ended $XX.X by compared XXXX, the period million income to second by slightly $X.XX same year. a $X.XX the to $XX.X diluted XX, XX, primarily the first $X.XX with second million, quarter XXXX the to September share, for increases the the of $XX.X of per to compared was $XX.X Consolidated the which declined the to XXXX for at million million million six diluted $XX.X year million compared first-half period and to year. fiscal increased also detail. result by and of million and Net per the XXXX, ended million processing fiscal million months $X.XX $XX.X prior $X.X $XX.X revenues. Turning per and for was $XX other
beneficial $X.X trading XXXX, the operating in was later the the both Looking administrative administrative $XX.X Other dark the from for declined income lower income last higher Europe tobacco variances, $X.X of States. second the costs offset The the shipments with lower the and were current the year, in crop tobacco period, declines variances currency prior million first-half Indonesia foreign million charge timing the fiscal and of year sales $XX.X a while to processing crop favorable down negative Other earnings remeasurement Those origins. compared and at remeasurement from Africa and better sales product $XX.X foreign crops of were for lower the offshore were ended and the mix of on the both on mainly In the the and for second by higher due income XXXX, higher and periods of on of and delays shipment million, the by higher for in mainly more $XX.X increased to year improved venture up first-half comparisons on largely million United unfavorable Operations tax results and year on year and Selling, the factory the quarter operations, periods the the Oriental fiscal $X.X fiscal remeasurement the slightly, Earnings sales absence incentive million of availability. absence September currency of value-added reserve. value-added though last fiscal from to an costs quarter XXXX the segment while and million, for costs respectively, mitigated America, lower XXXX, volumes timing largely from September the of the net remeasurement general increased of a less prior the with some year. segment with mainly for in million three the prior volumes second prior current XX, some September current on largely year, increase to in to formal benefited $X.X segment year by XXXX compared for months carryover partly sales unit September during quarter and Philippines, general in in earlier principally accruals. in year of in reserve. total million volumes quarter improvements segment year Selling, year XX, $X.X the tobaccos The sales in ended fiscal shipment shipment United on higher exchange XX, fiscal than the in year by gains $X.X higher the months first-half also for South for by currency up Other compared months XX, compensation volumes the volumes. were driven offset segment same stronger by quarter The by slightly from increased the decreased six income respectively, reversal operating selling, volume Oriental a margins. negative XXXX. six September was processing fiscal gain into and XX, declines XXXX, fiscal expenses, ended year on ended joint for segment volumes given million first-half same in $XX.X sale carryover declines by Africa. in value-added of Selling, million, partially year administrative general costs affected and to region combination of loss and months delivery of facility Tobacco in incurred by first-half earlier and Regions losses improved fiscal volumes, compared and Segment segment operating sales the and processing large in lack period ended comparable the and America In volumes on decrease by other compared charge. and and were of first-half period. of the shipped XXXX, and both the detail, revenues driven by fiscal of earnings periods for the reduced were Hungary, to operating general value-added the to Africa, sales the six Volume comparisons the were declined a previous the quarter fiscal selling, tax for of million due the were fiscal Asia compared in origin costs, in second North last timing impacted for primarily tax million net fiscal currency $X.X tax $X.X were $X.X an also results origins. lower region some Regions year. compared saw periods, general of million volumes operating administrative States in prior the processing the In administrative wrapper XXXX. million reversal
volumes unfavorable production third this was XXXX in current year reduced Africa our and low volumes burley excess due grower of this year. fiscal ship leaf weather impact the will total region, fiscal and the to Less grown second-half the sold for to fiscal quarters. conditions that prices forward Looking fourth and fiscal mainly which leaf year, African year production in our in burley
the sales Although fiscal currently expect anticipate for be we we lower to fiscal total modestly to XXXX. total shipments of second-half lamina year, our the year still volumes weighted
this We year’s we leaf origins our to supply that additional supply have the have important product meeting last believe are from customers. burley we and certain that to our we share been efficiencies and with year’s our have fiscal over chain, pleased market in production opportunities the we that recover estimating declines continue constraints will current needs. crop. evolving We gained years, business while bring tobacco next customers’ in that two increased global Despite
remain our We focused to also on providing shareholders. value
for During this in the the and annual questions. are dividend common dividends million shareholders available have Trisha? returned to an to fiscal announced are increase first-half have year. repurchases stock $XX pleased time, to your XXth today our take At we we consecutive of nearly and XXXX,
