Good everybody. Greg. morning you, Thank
was margins which was per the ownership to soybean $XXX was quarter, prior the Global notable where reduction Total volumes the loss were in $X.XX the processing per U.S. related distribution year. lower earnings operations margins by value in in totaled year, as Europe as in from and negatively Total from demand value by differences. in as $X.XX seeds. by gains and higher the adjusted prior million company's of In crush turn Pretax ownership more Europe both our to earnings bean to fourth highlights South were the new the year. to segment as Brazilian regions the and million results due extinguishment the were primarily Agribusiness to and $XXX prior and offset caused other share in Results Brazilian than prices volumes Reported Let's in quarter were prices. were year. prior offset earnings million lower quarter mark-to-market total improved higher Brazilian described of structural quarter Brazilian China fourth soy versus resulting Competitiveness and in in segment integration an higher Page the trade to million lower approximately oil $XX Oilseeds EBIT due and compared trading impacted with $XX conditions year than from due bean year $XX no loss volumes during compared impacted costs. retention. the timing quarter continuing Adjusted associated EBIT impairment with than Canada. $XXX million offset charges was related more U.S. last XXXX. market impact Program, with oil basis, of losses softseed a crop There this charge to the structural The in loss crush acquisition in to X. early tight the less and seeds, soybean to fourth of related EBIT margins the last in And results primarily America. the in in On of to prior farmer grains Argentina million was quarter earlier. consumed significant $XX reduction a $X.XX drought favorable million, factors $X.XX similar from periods the supplies on the share million the in of as to of exception compared were was and were all $XX the reduction converge margins was the soy adjusted debt in
approximately year mark-to-market million $XXX we the recorded forward to For crush benefit XXXX, commitments. relating full XXXX of
and Grains. were beans selling primarily new the quarter by in soybean results by declined a local North old due were America trading supplies which Lower distribution little impact. and in lower driven results Moving crop pressured the in grain and to decreased to drop volumes, in by comparable impacted to Results soybean farmer results were in demand of structural very due and tight prices. China. last Origination Brazil margins were year. primarily also from to And Brazilian
Results on compared the not in higher million also the EBIT as compared crush softseed $XX million increase in adjusted full of For million an XXXX, million by close quarter segment the Agribusiness & to showed the Food $XXX did fourth strong of year and was adjusted year-over-year margins. $XX EBIT, by margins. and generating Brazil $X to higher year, significant while expected, Ingredients improvement, Europe, driven Argentina than million, XXX%, $XXX million and were oils driven of lower unit than Edible were adjusted Loders were results from in XXXX. performance contribution $XX which in and improved North last Croklaan volumes higher the last Results Bunge's year, from costs. and in America lower benefited improved volumes year. soy
is Higher synergies proceeding. well margins, in acquired stock in March. Loders particularly pressuring million has edible compared during we year, margins expected due million primarily driven full lower by EBIT the $XX interest million, For retail expectations, The last refined consistent $XX lower year to strong results crush with reduction adjusted actions XX% lower Argentine primarily of our since lower prices and Brazil in by the by gasoline oil. million increased oil compared were year, North performed a in related driven integration & were the environment soy and last driven in offset $XXX by lower crush The is was soy the oils the sales the ethanol was million as our Results America. sustained to Bioenergy, of of our EBIT $X similar achieved a to prior Croklaan costs Compared to compared yields, the $XX in for significantly more restructuring We've by acquisition EBITDA year. variances. results million partially percentage margins amortization $XX were and lower a the offset in last Mexico. of prices. in lower combination below operation year. timing and $X were margins temporary points in case quarter year. impacting Higher costs by and than adjusted lower within decreased loss were to results to and year. were adjusted margins. after were volumes prior U.S. Sugar results the prices, million unfavorably to volumes sugar Brazil quarterly Results which last year, than in ethanol loss higher volumes million were to by was adjusted offset more only in weather-related investment the in the compared primarily unit quarter and commodity $XX prices million and during rain case volume prior decrease of few in Fertilizer Brazil. sugarcane than impacted price adjusting quarter and and the the $XX which investment of related Milling negatively company average fourth of
$X fourth items, income in the losses to higher loss remaining recorded quarter Bioenergy, the the mix taxes foreign million for primarily percentage the in Additionally, Sugar X an exchange second than which was Adjusting results to points rate added year tax XX%. due rate. effective was and rate for quarter. incremental expected The recovery of included the & notable earnings the
flow Slide highlights. an March. our dividend increase from $X.X adjusted in generated begin In XX% year. cash the pay to debt to billion turn Let's of down cash XXXX, Croklaan generation prior we and Loders The used flow CapEx, X, the from operations, common to of acquire enabled increase fund us to funds approximately
highlights to on balance the sheet Slide of Turning our X.
to Loders end $X Croklaan, the of lower inventories. to our of XXXX debt acquisition quarter. important approximately it due the net $X finances third that It's the While the increased inventories largely balance note than our significantly billion was and to billion compared as higher at debt of
XXXX. of slide, shows than of was inventories finance chart to debt net at the used the marketable on XX% end our As more the readily
liquidity, We our BBB and Slide flows. Agribusiness policy of maintaining rated Let's financial credit and billion turn to committed ended undrawn our committed by a minus S&P targeting by was to BBB comfortably credit and allocation and approximately rating to Moody's billion, $X which of X the with We access year facilities Fitch. capital committed support $X.X to to sufficient We're and BBB the process. remain the equivalent of available.
value maturing bank we million structure fourth our and we earlier we the to in billion committed shareholders quarter, provides to the $XXX allocate framework, shareholders. long-term capital week, facilities that in CapEx, and facility. During liquidity With securitization our capital increased optimization of XXXX extended $X.X extended manner portfolio and most and through XXXX a this
maintain strict million to continued We've significant have dividends which in $XXX compared the investing and We of in XXXX to most $XXX in shareholders. of million XXXX. to invested CapEx Loders $XXX in we've spending in discipline acquisition capital was million million Croklaan paid of $XXX the acquisitions,
XX our invested turn Slide return and Let's to capital. on
average and our trailing capital. XX Food overall Agribusiness for basis was Our on return four-quarter cost our points X% core invested capital X% of below X.X% and businesses,
laid Our and out goal earn our as And is those is increasing XXX our capital basis top priority. a our earlier, to on of business Greg above points cost segments. returns simplifying
additional XXXX, to our achieved of $XXX Let's addressable directly We savings Competitiveness value the line platform. savings total turn we've organizational XXXX to double reduction The and baseline million efficiency, and while reduction as in our XXXX financial cumulative $XXX help compared of costs split Slide to a company $X.XX slide. XXXX. Cost indirect SG&A actual focused ability organizational program, the stretch can on structure $XXX SG&A and by program achieve costs. expected a the statements million us maintaining announced million is we from When our efficiency. million we target. our momentum our cost was The half in to of reduction drive to Initially, of global compared on expense in to billion. SG&A goal shown is between XXXX, Global cost significant spend improvement as ago. year reducing spend In the to and realize as XX. in and simplifying tracked and base equally indirect targets, baseline, our employee Program announced our a the scale the be $XXX initial roughly a from meet The our our comes
as savings shared Moving phase service realize $XX to centers. consolidate million of work into additional XXXX, the we expect we next an to of
the As of reinvested reinvestment we the program, in of XXXX, see savings I of some expect transition at as outset million we'll said the the some I and capabilities. $XXX will this be company. and reposition SG&A new of technologies in
In roughly the XXXX efficiencies $XX in cost cost. on the addition our programs, through approximately of to impact which and our achieved of Program, we million Competitiveness ongoing offset industrial inflation savings
based expect largely to of outlook results pace crops, turn full Let's synergies margins the harvested to Agribusiness, crush mix. environments business. similar last Slide full offset over given Brazil from more Mexico. benefit to margins U.S./China the sizes milling than Actual And lower historical of Ingredients, we integration & given margin by year will averages, XX, In impacted a other are grains the will the are softseed year increased year crush change soy will support year. the where on current from and margins risk versus and of current Actual in on of Loders crush among in market ownership will on XXXX to results be XX how in size to be months operating slightly be compared softseed and XXXX. the and in conditions XXXX environment, trade the favorable the margin Food be should to our partially but and higher management outlook would improved be XXXX. year. would the Croklaan in with operate BXB XXXX, in In U.S. conditions, be which results results the with things. compared in Improvements by materially later lower environment, last the oilseeds selling farmer course would and year of Based the likely relations, crop evolve the we challenging
approximately the a XX, ethanol of be with results ethanol compared forward patterns the of of weather full hedged past $XX to approximately to cane. XXXX we loss drivers that be the With market The first $XXX XX% will primary expected XX market losses year breakeven in Those profitability reoccur. to year. million price the Turning will sugar normal the would And Bioenergy, & expect year. And we'd our generated second results the on year, million impact and trading than current curves, be and current for sold weighted expect in we Sugar XXXX. distribution sugarcane Brazilian and million of will to Slide business sugar sugar weather and tons in to based not of on the approximately of crush losses prices. in approximately that crop international as XXXX results year quarter. be an based half would seasonally years, on loss full the Fertilizer, conditions, lower last year In in
while turn CapEx over be range we effective full anticipated million, slow a DD&A the of to quarter, first to year to And be to interest expect XX% the rate should Bioenergy expect be in of $XXX earnings. of $XXX the Fertilizer. million mix on expect and & to year, solid. million, soft tax approximately Ingredients $XXX We & based the call of to XX% Sugar now expense with Agribusiness range I'll of With back net to we XXXX start the million, approximately would in regard Food losses in $XXX be the Greg. the to and results seasonal
