thanks for and afternoon. us Jim you, to joining everyone this Thank
cause materially a statements contained SEC forward-looking. including may could the some in Relevant XX-K. our to during that As and of filings, call our made earnings reminder, in statements those from forward-looking this release conference factors most results are Form differ our be recent
Please found towards I in was out also significantly middle the included the the performance we to on be take We XXXX our financial the February. may discuss It release. which to company. referring non-GAAP can measures non-GAAP release call, that to intend a and the review it, the be release. more XX-K earnings comparable will the time and includes included details on The website measure. the in will contain reconciliation data earnings During financial operations file GAAP night's of our financial to our last of of measure
on results. fourth quarter the Now, to
before tax Our before decrease to X.X% compared $XX.X XXXX a $XX.X million, profit was quarter million. the the of fourth for tax of profit
the quarterly share this a earning's before affecting Act numbers is Tax compare good tax per number periods. to Reform profit way With the
was The XX quarter XXXX with share Reform per lower of Reform recorded the $XX.X numbers, for impact $X.X million, million income benefits fourth million, in to was of million fourth the Act. share to the of Act. tax next the one-time XXXX $X.XX quarter to XXXX fourth I'll expense $XX.X Income XXXX. Tax net the rate of set due or compared of Tax associated of or Net XXXX XXXX. The the for of the the $XX.X quarter fourth was mention include for for does quarter income compared – for $X.XX a
same XXXX. period down in petroleum for and X% to operating additives The last million, were by $XX.X quarter the of profit to changes sales primarily $XXX fourth foreign year. was for quarter lower partially raw the prices Sales additives decrease was compared currency on rates, offset due X.X% million, down to for Petroleum versus costs. Now, performance. material the quarter selling the fourth
X.X% increases since shipments offset the for in additives additive additive shipments by Latin the in of with second were partially between The between in since drivers increased seen driven was the Shipments primary first an increase periods we The increases, additive shipments. in that partially fuel and the America. fuel decreases decrease America periods Pacific. offset quarter lubricant XXXX decreases North quarter Asia by the Europe in shipments by time ever primarily fourth increase. have lubricant
in on in past we of plan. to long-term expenditures addition capital of quarter our During $XX capital funding $XX this million dividends, million spent of support
is reform more to of up full XX.X% year, versus our Turning net for X.X%. the and consistent year additives up income up XXXX the tax $XXX environment. profit prior XX.X% XXXX profit operating management's rate our income in petroleum the before versus million, $XXX.X million, was of tax The expectations million, post-tax with $XXX with
an Full shipments America, across shipments with North in fuel additive increase shipments an in all Pacific, both which regions additive shipments Asia-Pacific, which all lubricant in Asia an shipments additive additive increase versus additive shipments. and additive North an reported in lubricant which which and America, across increase reported additives regions X.X% year and fuel except reported XXXX petroleum decreases fuel reported except in decreased increase lubricant
in narrowed each in of with increase year-on-year ending We progressed shipments. versus in XXXX, saw improvement XXXX, gap weakness market year we shipments quarters QX it as with in with steady easing XXXX, throughout a as the the the reflected
the petroleum to as economic materials. XXXX, impacted of see to a marked began year. compared the we years the environment prior to XXXX, were In additives a turnaround raw by operations In by prior in operating segment performance our increase a challenging the two in sustained
improved operating that will While margin XXXX, continue this priority. we've to make a in trend stability we seen evidence
operating December the for rolling Petroleum our four the profit to with in is XX, additives more which was historical XXXX ended quarters ranges have come shareholders line XX.X%, expect.
very Along million. in a sheet with returned and R&D healthy to X.X additives net debt-to-EBITDA We from with through $XX at with ended investments times. and our substantial of the both dividends we value petroleum capital shareholders our year perspective, a balance
to outside stated range. times to As before, in range at range. two capital to comfortable will we see have XXXX, are and we X.X million million In expect investments go the in that it times $XX the debt-to-EBITDA $XX net maintaining we
additives extend its the we steady and as continued Petroleum across of to reach our services the products continued performance globe.
network to solutions all for passion regions supply global is Our our model. growth suited in our continue through geographic
the maintained have internal cost-to-serve enterprise. and across We measured to cost our control efficiencies continue progress on make
remain We challenges to making long we'll excellence term strategy global our additives petroleum economic the committed continue business. for the see and the through of to consistent decisions in
amounts same, dividends stock in buybacks. continues business for growth, the reward to we for and using acquisitions find as petroleum in and additives and generate our our significant shareholders our can position cash reinvest of priorities Our competitive that cash business through remain strengthen the
margins. the and year expect year to emphasis segment will look well successes the of are build additives be for positioned and our should on the for last forward company, as to we we petroleum we a As It long-term. on continue XXXX, the solid
continue focus clarification. quality We continue serving your the to our support. I to effectively market. to efforts cost make one We products and more and be higher-value appreciate improve will need research will customers and to to development bring to our
misspoke said additives quarter were million. million, for and sales petroleum fourth the $XXX I For that. $XXX apologize
directly get and planned you are questions, expeditiously via via our will concludes that a us an Jim, to e-mail comments. and there or answer. any phone response please we back contact with If
talk to all you quarter. and our quarter we'll Now that conference the concludes call next for
