thank for and us. Grace, you, you joining all Thank
here Airton President Chief our George these and brief are questions Chairman, in CEO; join Chief me Hentschke, me will Officer, remarks. Kroner, Freeman, our after Johan and our answering today and Operating Financial with Officer;
available replay. This call be is and website live webcast our being on will and on telephone taped
website remain November X, on our through will It XXXX.
not any Other replay authorized of replay, than have and recording, of we for or responsibility call. distribution transcription disclaim this any the
This copyrighted permission. is and call used may without not our be
or I Before forward-looking pandemic I could assume differ begin estimated update current today caution economic on some to difficult are you so projected are and statements. from This obligation during the that to a materially the the predict. business we discuss any impacts and our when making ongoing of our of length forward-looking to are the results, be particular severity crisis about Actual knowledge as note and results, assumptions we only. is will results COVID-XX and based current no that and statements resultant future and representative
the quarter. urge changes of or pandemic, industry government timing rates, exchange COVID-XX but evolution and regulation in Such can ongoing structure changes sources. XX, risks shipments, and XX-K fiscal factors conditions, some our and include, estimates, the are taxation, rates affect political Form I and XXXX, consolidation For market on the year information not most to, limited the you ended recently of our economic and and read customer-mandated weather March and environment, to that for ended XX-Q for uncertainties the in interest
In based may have our effort for today the an comments investors, subject of to include reclassification. on to information is measures. non-GAAP some Finally, useful provide to and allocations is information unaudited today you I financial
our to comparable the these refer measures, release. including GAAP reconciliations please current on measures, earnings to details most press For
year origins fiscal and XXXX a is various in slow of start processing to to our but good continue their off progress respectable all growing through Our make tobacco activities. as nearly moving
quarter of distancing shipping as fiscal pandemic, we later fiscal government COVID-XX timing. and our or local of year, result processing are tobacco social instructions a and We’ve orders. had This also slower slower seasonal first openings customer is the other fiscal the also buying year COVID, receipts The the generally due of seasons of and safety requirements. weakest to some experiencing given
to slowdowns, March seasonal to However, requirements. a exceeded planting in year or Despite XXXX of not quarter Volumes the quarter ended first year quarter inventory of XXXX, harvesting overall date, our at impact we of that have fiscal out supply material uncommitted those or XX, had chain COVID-related seen the XX, inventory been the of uncommitted included Brazil tobacco our volumes June first reducing levels. XXXX, shipped fiscal XXXX. in
tax volume, for June our now inventory acquisition tax year-end dividends matter however, including our were of A and Results paid foreign tax large for impacted Brazilian was foreign items, an the final disputed of target of for fiscal had interest benefit from subsidiaries. the portion are range. significantly carryover declined As XX.X% which by regulations at consideration XXXX, ended levels levels nonrecurring just quarter. the XX, the issuance impacted of shipped to lower-margin with a crop, XX, quarter XXXX an adjustment results outside uncommitted for from associated contingent also June several expense the and XXXX, income by FruitSmart,
diluted of for ended to compared $X.X $X.X fiscal were first net XX, per the per year the with up XXXX. share million details. first net million year $X.XX Turning which of $X.X XXXX, quarter $X.XX of results XXXX. for fiscal the Reported or income June income share on was Those million quarter or diluted
the per Other volumes, by nonrecurring income XXXX, in XX, XXXX items earnings Items June respectively, compared release, to $X.X earnings million, diluted and certain net June $XXX.X offset prior XX, sales ended $X.X the mix. leaf $X.X Operating income In well quarter million compared XXXX June XXXX, a quarter as $X.X by $X.X quarter detailed greater to $X.X increased for million Revenues of quarter loss for today’s declined of for income year. million the regions, $XX.X the operating prior million lower XX, the total the higher other for share fiscal million on the million loss by $X quarter than X% of and in XXXX. first was ended prices million. Excluding and increased in operating million XX, XX, favorable ended quarter ended June segment by June as ended regions operating $X.XX, for of or the year’s part less sales
of large consisted the year a compared lower-margin fiscal year, Although of to tobacco. of crop previously in inventories volumes quarter first the portion increased XXXX prior uncommitted Brazil carryover in sales of the
were limited the in port to COVID due expected the availability shipped quarter pandemic. vessel In in to were at Brazil that be some addition, volumes delayed on
the to and volumes For lower Guatemala, same as XXXX segment partly Philippines year Asia, Africa in on Brazil United processing Mexico to due in offset North compared fiscal partially in ended higher volumes carryover in increases volumes XXXX. in higher from the expenses XX, of for the crop restrictions. lower XXXX, first of quarter delayed lower COVID due higher offset volumes from resulting first States $X to million largely the income delays to quarter of America quarter to the year, the the timing due fiscal into for compared the in first results quarter flat June in was and Operating carryover the prior by shipments of fiscal prior quarter the were fiscal year
primarily positive $X.X benefits remeasurement variances, year, the non-recurring million to associated same interest in selling, million same In in increased the lower foreign were compared Results a administrative year. the the FruitSmart, for and subsidiary. and from to XX, operating foreign uncertain for in flat, segment new of with fiscal and The quarter at fiscal expense tax June year. volumes reduced Indonesia expense period in business on due by administrative other $X.X to the declined fiscal joint on lower income for of the by compared venture by $X.X costs travel income business of to for results XXXX. matter of interest the year Selling, And XXXX, tobacco the XXXX the quarter benefited other exchange the this income in the for compared COVID of Oriental tobacco year. dark fourth million acquired FruitSmart XXXX largely an the quarter quarter costs the from from operations a million item general while net year, costs segment January the were prior the ended first and XXXX vegetable the part, with of lower quarter last same offset, year XXXX delays for $XX.X XX, $X.X part costs operating fruit our were our to and from prior prior acquisition decreased operating first segment same for ended currency in and operations period at as in in general year quarter million the in compared quarter processing last June items,
position market forward, to we that crop tobacco and conditions a for burley adjustment tobaccos have in reflect and positive and year some XXXX. sizes in believe in seen Burley flue-cured slight global for remains Looking is reductions now oversupply a that position. these both that tobacco supply projected balanced crop flue-cured a We
continuing We wrapper see also for to natural strong are demand very tobaccos.
are that to year later around XXXX of shipment customer year, our part, sales COVID the be world COVID related fiscal monitoring prudently slowdowns volumes to will fiscal projecting the processing in are mandated the due back and We timing. developments weighted and half for
experienced also which the is we from to increased COVID. foreign We rates, related volatility have believe uncertainties some in currency
operating proud react a unprecedented in to time these new believe challenges. our success achieve operating XX to world, quickly we disparate to us areas of effectively countries of the and during has our our key and We in conditions. is the management local more are to key than around continue enabled strong while commitment safely We –
on make the Having to Our allowed these business work new relationships also strong built is with suppliers remote us has relationships. interactions well. our and customers
the work of We’re times. thankful support the customers, for partners, hard challenging during of employees other continued our and and growers, these our
employees we focused tobacco are we in our efficiently, keeping business and businesses on both fiscal our while As running success. safe for future positioning and our year non-tobacco forward XXXX, move
will available in to be both allocation At I part we strategy, As this Grace. to your will to disciplined that back we to questions. businesses you, we our believe and have are shareholder capital explore deliver opportunities, take non-tobacco call time, tobacco investments you. value. continue Thank made able of turn the and
