Thanks, and Greg, everyone. morning, good
Let’s highlights turn on X. to Slide earnings the
reported Our was quarter per compared XXXX. the $X.XX in of earnings second $X.XX quarter second share to
demand results results EBIT included difference results the benefited benefited quarter which second $X.XX America from strong before $XXX America performance results of joint earnings from million results contribution were Agribusiness to joint impacted per global driven Our foreign venture approximately which last refining, increased which selling driven mix. our Adjusted to was program. in record the was allocated related Refined oils were partially corn results lower service performance done higher milling. by offsetting real. by quarter compensation execution chain the performances In greater in losses year. product Europe driven drivers $X.XX volumes. Specialty strong a higher from in segment, higher performance in refined expenses of performance related from interest and in by freight volumes, exchange and ocean South and captive were quarter U.S. the pace offset volumes depreciation a year. share. reflecting and margins. the food were by $XX due due wheat million the The out in renewable and the North America Prior America increased was farmer from increased capacity increase margins costs value in comparable higher lower a In on results for mark-to-market margins Improved our dollar-denominated portion accruals, than versus primarily was North specialty North improved in the margins and in chains, $X.XX more reflected in core bioenergy which translation as million lower higher than timing primarily processing, Brazil, in Improved segment were Europe In reported was of the and Brazilian an volumes in South in and Oils, the based ethanol lower supply during in years. was due to the quarter offset venture to negatively versus sector. from and The demand of extent milling, more growing capacity last previous in outstanding by taxes non-core due good in higher combination in insurance and the other higher prior not largely was corporate negative utilization execution quarter. diesel utilization to In and margins. costs, in in benefited and of positioning were sugar last in Adjusted American EPS Results primary and significant was by $XXX decreased improved year year, primarily lower or to and of to year. accelerated our of increase to volume results improved merchandising, soybean Argentina debt in and origination a
estimated income months to tax an QX, year-to-date partially pretax to higher tax in expense a expense increased year. interest million compared The expense prior last six million of of primarily ended below increase tax driven $XXX by XXXX. by the partially capital. by income expense interest is was due rate offset average For income, average $XXX lower $XX the debt income higher lower working rates, year, variable offset levels tax million due effective was for to Net in
Let’s turn to Slide X.
alignment model. better and environment, see also coordination positive the management of This past commercial, improved recent a year-to-date four prior global adjusted industrial with X performance the to Slide teams years, the operating most and period. and can not risk only our differences our items new our SG&A increased along operating earnings over trend but fiscal continued XX-month the you trailing timing notable to year. for Here, our compares reflects due
compared to the addressable spending. able lower reduce to on million, the of We year, savings is Through as was costs, continue which have our XX% SG&A and we result to were costs. of achieved even related approximately achieve pandemic savings to when which took of actions a to underlying team’s focus disciplined indirect we already last $XX
ahead, we impact markets, Looking in offset making working people, our processes inflation will where to while cost this we necessary technology. in be and especially in can the Brazil, monitoring investments and are many still we
Moving to Slide X.
another proceeds our grain from to over Of in XX-months, we capital. For of additional safety our the our on notable year-to-date paid million $XXX of past approximately in interior from operations. and generation CapEx, closed cash leaving excess million differences, $XX of mark-to-market for trailing invested cash of cash obligations discretionary well adjusted includes our health we we million dividends, adjusted sustaining common recent U.S. to flow. operations. the strengthen retained Shortly of X $X sale was generation, After our flow the had million excluding environmental, approximately This most $XX to flow XX-month timing end, in and $XXX and preferred receiving was dividends $XXX and million net funds period, cash available. million of million working over growth amount, with cash items quarter maintenance, sheet. approximately allocating CapEx, which balance million billion us strong $XXX $XXX productivity funds cash details this and allocation after Slide capital allowing of $XX elevators, in
with equity. our of inventories balance turn Please can Slide to funded As you net on see Slide the being readily RMI with now XX, XX. marketable exceed debt
trailing XX-months, spread we was target percentage between profit. and seven X% stated was operations average percentage XX.X capital over to generate of weighted reflects return RMI points our X%. X.X%. average The how capital ROIC adjusted of weighted of in XX%, use these tool as a of RMI ROIC above XX.X%, our the our cost For over of metrics our cost incremental well points adjusted
Slide Moving to XX.
XXXX a For Please XX the $X.X for turn Slide and flow cash of to discretionary flow trailing our XX-months, yield cash billion we of produced outlook. nearly approximately XX%.
year’s in record our $X.XX outlook, we EPS remarks, our mentioned As and results to $X.XX. increased QX our last from of taking $X.XX, have at least strong adjusted his Greg into above account full-year
previous Oils, the and America. and to our Our outlook are be full-year up to outlook on modestly XXXX. full-year still In strong higher down be from up a strong compared Specialty positive in to the expected demand results In we is but results year based from Agribusiness, following trends Refining due expect to very from North expectations our half expectations. results last first significantly previous
We full-year Other non-core, In continue our contributor. generally to Corporate to Bioenergy year. & be and and in-line expect positive in to venture be Sugar results results are Milling a expected in joint with last
mid-cycle in effective million, Additionally, of which to the to of the from XX%; depreciation down to expense and driven waterfall XXX demand in result company which is the XXX previous change our a and capital XX the a primarily of XX% vegetable and model tax earnings million, to from as approach. our following the annual net the approximately expectation; range and amortization of chain interest previous of of is is forecast; to oilseed XXX adjusted benefits by for in we market global by improvement operating increased down updated Slide our fundamentals. an value Shifting outlook range baseline. XX This which renewable XX areas magnitude from the increased greater range XX% to XXX rate million as see due to the expects industry and oil previous what diesel million XXX on a our in chart is our structural of million. shows The expenditures XX%, the in million million up being XXXX:
margin $XX range our these approach oilseed introduced with were defining the Slide the June XX margin weighted when our footprint by plus the drivers in our and of Consistent we long-term we a XX-months. crush behind over $X increases. to XXXX, trailing our $X our of more range demand This We our which ton more soy metric environment. using increases baseline, by average is past increases years four to crush $XX average feel the Turning average more in normalized crush a sensitive range of about go-forward by to ranges $XX ton the softseed these metric it metric a to numbers to market to $XX oil significantly, per per ton. ton margin, and structural $XX average reasonable reflect metric a
the The approximate coordinated the American from from XX% refining Specialty by also to that merchandising increased in within utilization improvement capacity in a model. and oilseed of businesses driven Refined specialty and more and have normalized due We operating earnings distribution chains is oils our our the are Oils North contribution initiatives and underway. value increase sub-segment, increased higher our reflecting approach origination new aligned earnings
increase we as will in primarily facilities. pretreatment that that we expect There are back Other and American Corporate margins milling. to changes higher the their from to normalize time our industry to baseline, compensation diesel the prior no down Net in averages historical no assume $X capabilities in strong is million reduced baseline are North flow approximately add Importantly, pay in interest renewable XXXX due refining to debt and our performance-based baseline. expenses reflecting capital. from compared Bioenergy $XX normalized by in cash & contribution the from our down the change JV. Sugar working in from There assumed
power. in not we important our are our potential tax baseline changes future, note by tax points. is policy two It estimated $X the that percentage effective Given earnings rate to is earnings of increasing
of Specialty opportunities to of are is that serve priority. differentiated Expanding we pursuing we Aside as targeted higher-margin Refined with earnings our services from summarized Strengthening environment, number XX. come from a new a Slide can on drive oilseeds existing area that upside and Oils products is and upside platform have that may acquisitions an our customers position top industry-leading opportunity. with
efficiency plant-based feedstocks that operations. we global will are growth and renewable and about to also throughout And the proteins. drive excited continuing We demand finally, are for increased technology in invest our
This over comments. to $X Slide CapEx have common from about million in will some the is of reinvestment increase from preferred or of allocating operations. million Greg for XX. annually $X.X $X funds that, dividends per $XXX we for to generate available billion I cash turn per shareholders. share an things of With At shareholders, cash approximately approximately Turning adjusted a business and sustaining year returns to discretionary to we baseline, back of to After should and should our XXX closing baseline. capital
