Thanks, Tom morning and everyone. good
year are quarter we first with As and in outlook. remain our Tom results confident noted, our pleased full
chain production second profit than drove transportation the inflation, which XX% warehousing our and increase primarily million. expense, well by in X% as net $XXX quarter, Volume started Gross offsetting in million. increased with was improvement increased in benefit cost our mix in impact up from continue X% pricing and line from associated renewed growth to segments. Higher manufacturing more and depreciation of Richland, Global input increased efficiency and our to segment fiscal segments. and growth, and the higher savings to structures Retail $XXX XXXX. price Price volume Specifically the Global mix quarter of last XX% actions sales in new higher carryover as as our supply mix, the and year, led Retail contracts we in up pricing Foodservice costs,
$X adjustments includes the realized in opposed unrealized current profit about In commodity associated the hedging million settlements $X and quarter to in loss the gain period. related with addition, related prior-year as to a mark-to-market to contracts gross million contracts
million. more driven points than basis Our that to percentage increased $XX comparability About items impacting was XX%. to expanded a gross $XX XXX million by margin of expense excluding few increase items. million SG&A $XX
transaction was intercompany some related normal translation million to about due most revaluation balances. foreign First, was that related, exchange was $X of while to unfavorable of
reflecting products. relates awards promotional was $X cost, million, outstanding by our increased majority compensation higher related about of as post-spin million in the our support Idaho about branded share-based was share-based number price, And we stock behind Second, incentive most to third, to well of due $X as segment increase and grants. absolute in this advertising the to of Retail the expense that Grown in equity while compensation
include spending in of and year, benefits and continue the last remainder the increase expenses year. of to in income The and technology expect the to company. due distributed information fourth investments in Equity and Europe the was increase million This investment operating of quarter fiscal the as unconsolidated spending milestones. ventures, related distribution labor for last our X% marketing, sales same as joint Idaho spending Lamb SG&A was evenly includes same more much to the public and driven in in well to achieved essentially over the standalone were year. quarter by gross to Grown some from essentially key That’s In as Minnesota A&P be infrastructure, in XXXX, are for and total we the as $XXX all Weston/RDO largely profit. and XXXX in but incremental higher capabilities. Lamb was We in earnings Weston/Meijer operating fiscal as $XX Adjusted infrastructure inflation method operating our sales, up cost million. which services
associated prior the current $XXX,XXX nearly a $X and unrealized year mark-to-market to quarter gain in related amounts contracts these quarter. with and However the commodity adjustment gain million include in hedging a currency
offset volume in by earnings price lower by these This reflecting mix. was equity Excluding partially driven adjustments, growth lower increased results million. costs, and $X solid production operating Europe
So our the essentially growth EBITDA, driven the in joint all including to putting increased it by $XXX together, unconsolidated ventures XX% proportional EBITDA increase was million, two our all adjusted business. from base earnings of
million XX.X%. rate, the expense was down comparability interest about impact of and the $XX about tax was items statement, Moving our income effective excluding
was Turning operating rate XX%. diluted lower of About business. increase in up a was base enacted by about to driven was result The a as EPS of a $X.XX or earnings benefit Adjusted tax recently $X.XX from tax that our share. $X.XX reform. increase remaining per gains applying
all which for let's Sales last our for X% contract the of put pricing chains, we Global XX%. segments. North of outside of business the segment, America each sales were structures benefit Now to up includes as as results review Price from Top-XXX continue the middle place well in U.S. in based as rose other mix our year.
will remainder Its primarily X% expense, which depreciation profit, advertising driven warehousing, with both Richland and Global's American expense to XXXX. margin than Price headwind expanded $XX transportation, driven more the grew in higher our restaurant million Sales the in than increased basis associated volume middle branded cost was by The restaurant fiscal XX% product of as volume in U.S. higher manufacturing the The this launch to well driven in a is Idaho input and higher the volume. transportation, foodservice its private-label driven Foodservice Trade international margin, of of inflation, product as in increased portfolio or by be the well Idaho million The higher for inflation. offset services which North segment were expanded also points. were contribution percentage X%. Foodservice’s improve input American less offset XX%. contribution part percentage other with was and Richland Grown the some and mix. XXX Retail that mix of to by manufacturing Sales points. increases the and the lower by product driven favorable XX%. and increased chains quarter. and outside growth volume products. also North which associated by customers the increased in was the we XX% in basis margin sales fiscal and $XX Idaho Grown in million lapse new price reflecting branded depreciation. of margins Volume percentage across were spending U.S. by and gains margin Lamb $X early as products contribution mix Price contribution markets. customer gross partially impact increased half up branded line. continue distribution increased XXX operator by continued was and began pricing product carryover This top-XXX and of Product offerings and input declined increases through improved expanded more price or product offset increased X%, year Volume third XXXX. in as cost taken The the and largely contribution our and XX% lower to basis of XX% margin benefit nominally than of our exiting higher continued or mix points. investments shipments costs warehousing, as in higher support early time Grown and product offset effect of contribution the prices due promotional margin limited by by price improvement to increased Volume segment We internationally. product by expense mix. customers in actions mix distributor strategic promotional some more transportation, and favorable the grew labeled and warehousing, continued XXX as behind manufacturing mix, customer the and driven mix. last label margin advertising and of Retail’s in Weston loss and higher distributors
Moving debt-to-adjusted debt at cash target range EBITDA X our was flow, to total This of the is increased times, $X.X about on hand to of our balance puts billion, and X.X while year sheet $XXX the below cash X. our at which ratio net end our about to million.
BSW complete the the increase joint with We working of capital typical as needs consistent partner’s we and venture. our seasonal expect our rise of as acquisition net our debt we will
cash growth be and to as date. in We $XXX strong continue the by of invested production our operations cash line capital million terms, release. as from to Oregon. subject normal generated of $XX to new negotiation the expenditures, Hermiston, about to ongoing driven With We closing flow, nearly which working million million the construction $XX in included earnings purchase well of BSW final seasonal we respect about capital expect
We dividends $XX million our to also paid shareholders. in
joint outlook, on remain our fiscal our venture’s actions Europe to America. in year, XXXX European we to our because the both commitments being and of for as we despite pressured, mentioned, taking on North earnings Tom are Turning track deliver earnings
the and in new capacity in of continue our from a to core half grow more in of Global segments each year-over-year in of of as and difficult to incremental year benefit progresses, with carryover range growth the stronger the sales especially segments. first mid-single-digit the our expect pricing We Richland comparisons volume benefit result Retail availability as actions our
Tom tariffs noted, while risk, the a addition, for accounted remains new outlook. all of changes In our as known imposition we’ve in
driving joint to in to ventures million EBITDA adjusted growth of sales $XXX unconsolidated increase. gross the the including anticipate and continue $XXX We to million with range profit be
inflation, depreciation still We more manufacturing and price line mix targeting sales warehousing, than offsetting and in higher cost at as input are gross least with productivity well transportation, higher profit expense. with favorable growing as
up our crop updated and expect production pound second of in continue in crop to mid-single-digit North view storage potatoes the report including will we we the per provide how to We early quarter when our total increase cost We’ll America’s our results range. quality expect in hold January.
saw in as in we to Regarding SG&A our operating targeting the results, and capabilities efficiencies over other SG&A, long-term. significantly we as investments growth increase mentioned IT prior and calls, and first drive make to you support systems, in as we’re quarter our
to We will today, flat earnings European discussed we’ve equity targeted of last As likely decline method issues. crop we because the initially had be expect essentially year. versus
EBITDA weakness of of Weston in in unconsolidated adjusted the including operating that own. the from anticipate of joint growth venture will we our and drive ventures. offset The will be will that remainder that our business acquiring majority growth altogether, our currently So XX% equity consolidated EBITDA don’t Lamb BSW gains our we in base earnings joint
targets of same and financial million. including total expense about an and expense rate about other XX%, total $XXX the interest capital tax of The around approximately million amortization million, expenditures of effective $XXX of $XXX depreciation remain
for Tom some closing back me to now over the turn call Let comments.
