Thank you, Ali, and thanks to everyone for joining me this afternoon.
of forward-looking. made some call this reminder, be may a the during statements conference As
that cause our factors most forward-looking in Relevant could SEC recent statements from differ our are those Form materially XX-K. contained including in filings, earnings and actual release our results to
the night's to During we February. a it. file performance financial found more the be middle referring included on discuss our XXXX release. website, includes review will GAAP XX-K last data and the will included I non-GAAP in financial details It measures comparable can the this our release, of the of earnings We operations to Please which of was measures. call, to reconciliation significantly will measures the in company. be our contain release. that on in also intend non-GAAP The financial earnings our
fourth Net the or income $X.XX to in million share, $XX.XX compared or share income of XXXX $X.XX was net $XXX compared per for for per share income million of for or the or was XXXX. million to $XX $XXX Net per quarter million of $XX.XX per income XXXX. quarter net XXXX of share $XX fourth for
XXXX decrease in raw and million was the to $XXX compared profit lower of fourth of additives fourth same lower offset $XXX Petroleum for quarter million operating partially material by million The for sales $XXX XXXX compared due were XXXX. million operating shipments, to of in Petroleum mainly costs. higher costs the was quarter the additives quarter for fourth $XXX XXXX. to period the for operating profit
product experienced lower also selling We favorable offset by mix. prices
compared fourth operating for the operating strong were It's fourth quarter results. also worth historical our very results quarter both to periods that noting when
of profit compared XX.X% partially selling to fuel 'XX XXXX. all material and result XXXX, in product favorable additives small operating decreases lower was shipments. The decreased increase million $X.X Sales were with which regions in for Petroleum higher billion comparing additives profit operating when XXXX in offset Additives XXXX XXXX. $XXX was Shipments additives $XXX billion lubricant for Europe, costs. million to additives in segment except compared prices, $X.X a including for by to Petroleum a raw reported shipments fuel both increase mix, shipments and and operating for in
shipments inventory operating environment During in inflationary rationalization, and by the challenged XXXX, global industry. remain weakness our experience to We were overall costs. which continue economic persists impacted the chemical increased by the ongoing and
inventory and We while focus levels are maintaining our our profitability technology. our continuing our portfolio on investment costs, our in operating managing
pleased very of We achieve Petroleum our year. are generated done solid with operating our to by profit. quarters XXXX the performance throughout the work Additives strong We team of cash flows in business the and X
payments credit we million dividends $XX million revolving our We Our made of to on million by returned and repurchases working share facility. improved $XX $XXX million. shareholders $XXX of of and through million capital $XXX our
significant December As net X.X, X.X last ratio over of debt-to-EBITDA year. was of improvement XX, our ratio which a was the XXXX, December
Pacific American Corporation for revolving approximately and and our military launch manufacturer acquisition by was is performance space leading American credit The in XX, hand January the on for funded used North completed under motors facility. of critical borrowings defense rocket million. XXXX, acquisition additives we solid $XXX On applications. the AMPAC cash of
borrowing X.X. increased X.X our remain acquisition operating within to the to We expect associated The AMPAC our in but that of AMPAC net will additional our range net we debt-to-EBITDA ratio, with income target XXXX. be accretive
our revolving unsecured a also repay flexibility us our This business $XXX additional new entered million X-year, On January gave XX, into to we million facility term $XXX $XXX borrowings revolving and entered support and our credit million X-year, facility replaced term prior a under needs. loan. that into loan facility credit
ahead look XXXX continued and to segment. Additives our we beyond, we in As strength Petroleum anticipate
look the new of of family market to companies. We into forward the AMPAC integration also
to continue business, make objectives. a of long-term focused value believe how our for the world-class all we We to view, offerings remain promote run continue capability be our customer-focused We fundamentals customers, will technology-driven for long-term to safety-first decisions on long-term shareholders our and culture, and supply we chain beneficial product and stakeholders. our solutions,
our concludes that Ali, planned comments.
for We by or via questions e-mail are phone. available
So please directly. me free to feel contact
and you next talk will we again, all you Thank quarter. to
