morning Tom. everyone. Good Thanks,
sales growth noted, our quarter targets. Tom in we're with EBITDA the pleased full long-term results fourth strong grow we and and year, our As as the above
in in $XXX mix XX% benefited mix we in and sales net recently segment we Price and million. new the as our improve global was structures contracts increased X% from pricing retail fourth to renewed up quarter our segment. Specifically,
actions we fiscal retail half increased and from well our growth In led mix addition, in XXXX action as global benefit and improvement the segments. the by continue fiscal in foodservice, of taken first X%, in as to Volume taken in pricing XXXX.
quarter higher Higher the volume sales profit increased the than the supply expense as offsetting input and warehousing year, production Gross transportation fixed downtime with some expense. costs, depreciation to in Richland, of incentive more inflation, per unit growth $X.X associated chain new higher mix and price maintenance, primarily and cost drove volume XX% X% $XXX the our efficiency up with for savings compensation in price higher manufacturing to line higher took For and costs million. X%. billion increase impact mix, we X% up grew
to points basis Our gross the XXX margin than in percentage XX%. more expanded quarter
profit For $XX and chain Three increase. gross than $XX comparability expense the improvement offsetting expanded year, and and more inflation, higher points by depreciation, quarter, largely XXX impacting increased primarily grew million. price incentive to mix, XX.X%. The volume favorable million basis was SG&A items excluding margin drove supply gross XX% the to factors In driven cost. compensation growth, the productivity
related First, company. and infrastructure incremental labor standalone operating cost a public to benefits as
based we fiscal increase million also and Second, expenses a driven first milestones. was which expect compensation achieved recur. cost for third, SG&A our some advertising products, And as all for on in campaign increase segment, the additional by sport promotional do in incentive distribution to in performance on-air retail key that $X Idaho not actual our two in branded Grown includes in it The XXXX. higher our
is seed funding of to approximately establish our $X charitable new million foundation. first The
of roughly The cost a direct go-to-market is year sales $X in segment the million quarter, with to the hiring million in operating as and second $XXX the the driven cost cost broker strategy and included model. quarter training the well relationship. This in fourth income as the was associated increase sales million transitioning to by terminating of our gross XX% our profit. representatives to Adjusted foodservice related $X in
equity quarter, year, from to Weston/Meijer million. profit higher to Minnesota, Europe SG&A. which higher investment offset the our this and was were adjusted $XXX Again, due Lamb gross operating partially in include the X% was method In up ventures, earnings unconsolidated Lamb $XX million. joint Weston/RDO in For fourth by
quarter. as related losses hedging Excluding commodity by both and drove $X potato in ventures foreign in and the about equity Lowering increased increase. million mark-to-market well earnings currency as growth Europe the year-over-year cost gains of impact primarily the joint volume of unrealized contracts, to
million $X favorable due about addition, benefit. to In increase is in translation the currency
equity year, earnings the million. were $XX For
divestiture $X Excluding of and driven a to a the mark-to-market million earnings $XX million impact, result equity benefit translation of operating by about of currency million related increased non-core gain a $X solid business.
fourth the increased So two all joint EBITDA to together, unconsolidated adjusted our million. including from it quarter, in $XXX XX% ventures putting the EBITDA proportional
$XXX it XX% For million. to up was the year,
Moving for for Interest million statement. down quarter year. $XX about the $XXX the expense income the and was
tax rate below comparability reform anticipated the quarter impacts effective items This is due XX% Our and of was excluding XX% tax benefit items. from in provisional XX% and to year. the for of we timing that and the impact discrete the
Turning $X.XX lower benefit a quarter tax higher reform. $X.XX to EPS a increase to increased applying equity earnings and and gains The share. by diluted in includes operating a remaining per Adjusted enacted rate result of recently earnings. tax the from was driven as $X.XX
with expense higher connection to Operating spin of For to The a $X.XX year, adjusted the equity offset tax higher related drove was interest the benefit gains lower $X.XX. incurred rate and debt earnings increase. EPS in the was off. up by
each up Now rose X% top-XXX North chains with from Price quarter. segments. new U.S. results all and both let's in for our product which the associated benefit XX% outside as improve customer as recently our continue Sales the includes renewed the continue as the that based other to structures for of mix. contracts America, business segments, were of mix we review sales pricing to well global
XXXX. strategic pricing new driven deliver these growth customers through of the look U.S. half continue expect solid Volume in We mix by structures fiscal to will to first sales primarily X% the grew to price
continue Because compared X% volume outside the contract be to In continue foodservice renewals, advertising the product The pricing price percentage commodity net top-XXX operator and depreciation manufacturing up actions fiscal higher Weston Sales chains increased product price foodservice in volume. increased of favorable higher and of gross fully with driven reflected basis the American restaurant warehousing, $XX XX% actions about input quarter. associated expect such Lamb to improvement American distributors is XXXX, margin services and pricing pricing was year, the less about margin, inflation, was XXX customers, in about the X% X points points higher expanded XX restaurant by nominally segment, reflecting the of Global's foodservice and primarily implemented. sales and X% as expense as Global's contribution taken for Foodservice costs. to marketplace. label profit and the timing higher increase Price year For mix in prior takes which offset actions North in or X% by promotional mix volume and quarter. by and line up North the expense XXXX our broad X. and we million contribution favorable be to mix. an behind in for This quarter increased compensation increased in November these branded X mix shipments and cost increased continued grew period, incentive new and with year. increase to X customer products. which in margin months basis transportation, the partially Richmond pricing
was of some the distributor label in by margin effect losing offset mostly year. this the continued earlier lower volume However,
this mentioned loss our anticipate we continue As through fiscal half be will last we in first the volume a call, earnings headwind of to the of XXXX.
mix manufacturing more year, favorable increased foodservices higher with than the costs, sales X. input up Richmond margin In incentive X% costs. price X contribution transportation For price depreciation and and foodservice volume quarter, warehousing product X% the as mix up offset compensation higher and grew the
contribution As percentage result, was a margin flat. essentially foodservices
grew of driven gains a Grown Sales driven by distribution by branded well Price in higher as XXX about across was Volume products. the XX% increased with XX growth price as as label private For retail year, mix. in our private basis and favorable branded our label Idaho portfolio and mix. segment up mix other was well have prices XX%. it points improved products as
XX%, contribution the percentage For sales promotional significantly expanded X%. volume as inflation the than quarter Idaho. behind margin costs points. XX% XX% and product an up and and price margin up Grown offset up grew stepped in Product year, and by price with mix contribution volume higher mix basis increased more advertising XXX investments Retail's
at flow, end target X. cash For retails points X.X due net to to $X.X below promotional product range grown Switching increase debt at in percentage the and the and XX% earlier adjusted XX trade our support an margin behind our our about decline times, spending EBITDA puts margin while contribution of year, total higher slightly the sheet year year and basis the to Idaho. our balance was billion. of debt This to ratio X.X advertising
it flexibility. Richland, a of cash as line production capital comfortable of we $XXX new we're noted, construction $XXX below flow, of from Oregon. our as debt $XX million provides paid to generated for begin invested completion our cash well period use and target dividends as which million We sheet cash the respect production line included being we than remainder million to expenditures, additional about Washington, previously new we've operations. time in As in balance more We in With range generated service. to shareholders, the the our of Hermiston, a of
Let me fiscal to outlook. now turn XXXX our
outlook. potato production global Consistent inflation operating continued for markets, rates America. overall As a overall for we to XXXX macro with and in products anticipate guidance post frozen some in fiscal approach international we're noted, with costs and capacity Tom our high increased our growth and philosophy, our Higher favorable in taking risks utilization North prudent environment demand headwinds. volatility
segments. retail year-over-year adjusted million mid sales the in anticipate We fiscal global the in quarter Washington Richland of volume $XXX progresses. Specifically, as the as which year operational of of benefit in and more pricing $XXX with fully half incremental EBITDA the first single-digit our benefit actions year, of third grow growth the be availability XXXX new in The unconsolidated a to million. of stronger difficult and capacity, from result carryover to to we're in the the targeting rate including joint ventures comparisons our range became for
growth We and EBITDA. expect growth adjusted sales increase the to in drive profit
time to profit gross as expense. with higher in warehousing targeting total productivity transportation with the favorable per We’re production our depreciation input, higher manufacturing pound sales as fourth effective Cost range. inventory line realized single-digit in anticipate a the we as well during sell will be quarter to well continue mix incurred cost mid offsetting the increase our that quarter as at down in be inflation least we period. grow to in price per higher We maintenance pound little added cost than planned first that produced in that and more
stated, Contracted previously to we to how one weighted we recall prices basis. expect price they potato are cost, element potato potato to and range increase raw total our our per our a low single-digit may potatoes you yield, in pound up the determining storage our actual are costs. only the mid perform key average quality contracted understanding as and on all how to production facilities in in hold As
average place yield takes as crop an crop, in later of the anticipates harvest outlook and insight potato more Our quality potato allowed on the year.
few our We’re SG&A by to the as will continue standalone fully systems information that ConAgra of higher after Systems investments projecting capabilities modernize overall increase profit including months we relates ago. in offset SG&A. partially The increase significantly in off a transitioning gross the IT to infrastructure, to be majority
system. related to mid beginning replacing of enterprise resource includes our it cost vintage process some planning addition, the In XXXXs
growth. after remainder other our behind of over the over strategy the We long-term. will fiscal With IT infrastructure a reflecting gain U.S. Europe to respect increase includes our increase of which of in normalize. it adjusted drive SG&A ERP of modest execute ventures growth as XXXX. operating elevated SG&A and inflation, couple lapping will earnings, incur a to EBITDA underlying and we’ll we efficiencies innovation gains In method in the an the as as $X to as cost sale equity business joint the operations next Altogether, and we capabilities our marketing, drive increase operating investment our and on equity expect to in earnings in operating our the level sales, solid the functional million that that in well anticipate investment anticipate modestly well base majority in years, our growth in addition
our to that targeting joint don’t consolidated We’re the acquiring of venture BSW from rest the be we Weston Lamb XX% currently own.
exercised transaction our total our and practicable. we option as June, We’ll about the cost cash credit in the million call using hand as transaction as soon line on finalize We that mentioned Tom needed. we’ll for and stake. As existing $XX will anticipate be finance
Weston please refer our filings. For to on to more Lamb details BSW, SEC
on total higher is to we which of fiscal rate addition, $XXX agreement. interest the variable interest anticipate expense about In credit due our same million rates as around XXXX
mid-XXs. about our effective of targeting We’re tax rate with expectation in XX% of line previous of
Oregon with expenditures May $XXX of will to and up million, summary, the anticipate related expect our of pleased construction in be $XXX that And production new operating amortization in year. operational XXX will of capital and total XXXX. we we million completing approximately french-fry we're our line approximately that the which past We this about performance is from Hermiston, $XXX expense momentum built. million, finally, nearly In depreciation be
capabilities in strategically capacity, to and to We and results our deliver profit solid support gross infrastructure year operating growth expect sales growth investing efficiencies. while future XXXX driven by in fiscal and another of
Let closing for some me now comments. to turn the Tom call back
