Thank for in after joining with me President thank answering our Chief you questions Freeman, Johan and are Officer; and Hentschke, Chairman, here Officer Operating Airton and you, our remarks. CEO; will Kroner, these Chief and today brief Financial us. Grace, George our all join me
taped our used being XXXX. is will live It is website our and on webcast any and telephone replay, Other we X, on not call This have and be our website on call recording, any copyrighted may transcription not distribution and for without replay replay. the November of remain permission. this will of authorized This be available through responsibility or disclaim than call.
Before that to results representative are and materially you projected and the estimated results, we statements or any could from I on future assume will some our I caution that discuss we forward-looking only. Actual forward-looking to knowledge of today update and obligation current about statements. based making begin no differ our assumptions as results, be are
I our of political structures evolution shipments, March uncertainties that of and quarter. risks you interest some information most include, ended economic sources. conditions, in industry and the the timing our recently in XXXX For XX-K government not changes market weather taxation, and read rates, fiscal customer-mandated are and changes Form regulation Such rates exchange but to, on limited can and affect environment, and or to and consolidation for estimates, XX, the the ended factors urge year XX-Q for
to allocations financial is for may useful of non-GAAP information today include provide In and effort information measures. the an on unaudited Finally, have you investors, to comments subject to reclassification. our is some today I based
press current refer release. measures, For these the most GAAP comparable our to on to details reconciliations earnings please measures, including
Now turning to quarter XXXX. the first
with with off results We are in XXXX fiscal line year starting sales our expectations.
seasonally us America are lower large than North slow the from first XXXX volumes, quarter and Our particularly quarter a crop benefited our volumes for Africa. carryover fiscal in and is for year, year the as prior fiscal quarter
our volumes fiscal first similar quarters in However, we by shipments. those not to impacted carryover are overall large prior were when
addition, our In currency from favorable general, fiscal primarily exchange year. more selling, results variances this benefited administrative and lower from expenses,
quarter with $XX.X Reported share XXXX, income first XX, million, or fiscal per million, XXXX. for of net first which on $X.XX XXXX quarter $X.X net $X.XX of income diluted or per year year compared of million, of $XX.X share ended the June diluted fiscal the declined for
share periods per items, per included earnings in earnings non-recurring today’s year share earnings Other XXXX for by which fiscal year fiscal and certain $X.XX detailed tax XXXX. increased release, by income reduced for in $X.XX Items Both
Excluding the year fiscal and net million and $X.XX, earnings prior respectively, items, the first declined diluted $X.X the compared non-recurring to income by quarter per for quarter. share
on as earnings quarter was down year, the carryover offset crop ended mainly earnings quarter were June the XX, Tobacco and million $XXX.X volumes, Operations about for down to fewer by segment. due Revenues the of improvement XX% XXXX total Other sales. lower compared sales to Other declines operating period same in Regions North XXXX, segments Segment the the of million and $X.X were first fiscal million America income $X.X partially for last year
operating $X.X loss in on Asia In lower were of subsidiaries. distributions segment quarter, Brazil million June sales $X.X of from results to fiscal trading XXXX crop first benefits in Africa carryover ended the Regions. first greater by quarter prior than Other quarter unconsolidated $X.X higher from XXXX was from The and increased carryover and our crop lower sales offset volumes operating Turning million. the year’s loss for the the Regions XX, million
lower the income from for period, XXXX sales the on America quarter prior comparable was $X.X significantly down Operating crop year segment million mainly June the $X.X ended for carryover million, XX, volumes. North
as crop shipments year’s Carryover quarter, quarter, would reduced into availability had transportation volumes were high earlier last otherwise that calendar some delayed XXXX. in the States in fiscal which in first have United shipped year
lower In addition, volumes segment $XX.X Tobacco million in and due due results down $X higher XXXX. were XXXX in improved timing last fiscal million, shipment on quarter the current to period Mexico million crop year income this of year tobacco The sales income $X.X was segment to same operating first compared to year, Other operations wrapper of the up to compared from fiscal for largely year for tobacco Operations costs. later of fiscal this operating dark our
were Despite for on down venture fiscal fiscal remeasurement its the for gains quarter to results the volumes, first week increased foreign prior joint lower compared Oriental year. currency seasonally sales
to quarter Other first the compared selling, million, and million, In due consolidated in and decreased about Items, fiscal year. costs legal period positive by of exchange and currency foreign customer prior general the as $XX.X net same of for remeasurement mainly costs $XX.X variances professional as with $X lower well XXXX and million to administrative claim year the
year, purchases Looking and the complete supply are and flue-cured in we Brazil at tobacco Crop sizes crop are well in key larger Africa. Flue-cured exceeds several almost origins of believe the underway demand. market. in this that
pressure slower on demand and seeing movement in are we result, markets, soft a As margins. flue-cured
it have and is early opened some markets not yet. still very However,
crop we line are In contrast supply the coming in early lower sizes is to believe than and demand. that in flue-cured with expected crops, early
demand softer prices are Currently, We’re seeing tobacco also not U.S. global the U.S. tobacco. in competitive for marketplace.
purchases as to as in the from domestic Additionally, consumption declining the due consistent trade well United of there States. China by discussions, on pressure the current volumes is export suspension
off market to watching we believe that start year. some a are Although we are developments, we cautiously good this
on tobacco opportunities expenditures, we increases leaf and additional We our are modest work forecasting supply in our chain capital service continue in business. to as
also progress investment pipeline. building We steady making are on our out
global and responsibly delivering our sourced that processed leaf transparency, and fiscal In products value. maintaining while are leading forward supplier year shareholder as to we provide continuing tobacco the sustainable XXXX, look with to position
this At available take to your we time, are questions.
