Tom. Good Thanks, morning, everyone.
in performance year. quarter delivered As and strong of Tom noted, first we half for the the another the
our favorable environment in teams execute in well So, operating to continue America. North generally
the by higher led supply XX% segments. warehousing Retail of pricing efficiency and was X% nearly from net our million. material pricing Global and as we in Price higher our and Foodservice Specifically, last and in to inflation. and more manufacturing actions price-mix, than offsetting mix and year, segments. $XXX improved in segment to the mix million, impact X% as sales contracts in growth, structures up growth drove Volume benefit continue XX% volume profit the transportation as Retail quarter, Gross savings input cost and increase well increased renewed chain Global costs our increased $XXX increased to from
excluding a related offset $X included Our gross points more XX%. expense impact to SG&A This increased than insurance unfavorable basis by comparability impacting benefit about million. settlement. foreign expanded items XXX more margin million $X exchange, percentage than million an to $XX to was from million $XX which a
was expense about up million. $X In and addition, promotional advertising
technology due inflation, the majority in SG&A in and rest addition our operating, marketing, growth was and to capabilities increased to drive of increase to support of efficiencies. the sales, In investments information operating the
our progresses to or year and expect Weston/RDO as adjusted growth, method ventures, and in Lamb operating XX% continue Weston/Meijer in ERP in investment a earnings Europe strong $XXX include joint up were gross to costs million further from Because were our system. IT profit the we was Minnesota which unconsolidated million. work sales Lamb million. income to up $XX new $XX the build of and them quarter, we While on Equity
ventures adjustments hedging costs to raw was about largely by earlier, EBITDA $XXX partially volume $X higher This the and increased putting the Excluding the together, unconsolidated impact due million million. million. both equity two adjusted By XX% and related EBITDA to of from Europe in offset that mix potato it to Europe all proportional mark-to-market price higher the U.S. growth joint or contracts, including described $XX Tom in declined earnings our
driven and earnings our increase base strong the by was of business. sales in All growth
income year, that's interest we higher about debt. last the statement, less rates reduced down despite $X interest million, $XX was net million our Moving than expense about since
items discrete U.S. tax It's that’s of than than reform. posted comparability includes bit the year XX.X%, lower rate, foreign-related items. last the lower due a we we excluding expected XX.X% effective it since to the about of impact some Our benefit also significantly tax was
operating XX%. EPS rate per result that's up was share. or by gains The increase as while about of a earnings resulted tax applying of to majority business, Turning the $X.XX our the driven Adjusted $X.XX lower about was base diluted reform. from in tax $X.XX,
the Sales our price place middle for includes segments. as let's review segment, top all rose well in the each mix Now sales business from in last other of as we structures of X% U.S.-based America, to up results Global pricing year. XXX the which were benefit as our continued XX%, contract North for put chains, outside of
margin contribution U.S. XXX by basis XXX top the price which points. which Its the favorable international gross expense increased markets. mix. and plus American offset were foodservice advertising product driven driven about improved Global's input continued quarter increased in North million products. mix, product sales or increased by to as We partially the remainder the warehousing, cost North Retail carryover both outside was by were $X grew our improved favorable and the in X%. was points. grew higher limited label XXX which from loss to margin driven in basis distributors Volume The partially and prices inflation. were X% and expanded X% offset costs. our of price, X%, U.S., Volume as Sales products, percentage and XX%, year, improve segment by up inflation, in restaurant Volume XX% XX% Asia Retail's products volume increased American offset margin also manufacturing distribution increased input in lower contribution savings and customers X% increases Grown the percentage increases of higher price-mix, product of transportation, chain $X shipments and or and The was driven or and to branded improved higher margin Foodservice's other with products Sales partially chain contribution due the efficiency mix Idaho, and supply savings private driving portfolio increased was contribution services a well $XX restaurant by actions is as by branded key and efficiency cost product private was expense the expanded Foodservice percentage promotional price across by mix About chain manufacturing label efficiency XX%. transportation, increased transportation, growth expanded volume, for contribution growth savings. margin, chains higher higher warehousing, margin million increase. and advertising as million gains while product mix margin growth X%. basis customers supply time mix. in of margin taken input and strategic warehousing, declined XXX supply offset and This last promotional by and by was with some offerings Product reflecting essentially points. flat. profit mix. contribution segment, were impact manufacturing partially well by of pricing Price our by
flow. balance and Moving sheet to our cash
the our of EBITDA end the debt at to was quarter times. debt was at ratio about total about million. net cash put Our while X.X adjusted hand on $XXX $X.X This billion,
our borrowings the $XX seasonal the to as increased has needs. the normal of the we our Australia end the we quarter, of cash as since [USD$XX somewhat However, finance capital for used to acquired million short-term hand cost debt pay partner's of potato half net to $XX and venture, in BSW million], processor acquire about on well as joint million working
to flow million of With range $XXX million construction in including half year, by in in ongoing driven target times line Oregon. X first cash million of from fiscal X.X that's being continue of as fry and french the to We XXX remain $XXX respect expenditures, our continue below potential in acquisition capital leverage that Hermiston, we invested of XXXX. generated half cash from to we to times first the about growth, the explore of operations, range new We generated the for strong earnings opportunities. up comfortable
We million dividends to also our shareholders. paid in $XX
Turning XXXX fiscal to outlook. our
As the We Tom about markets. and momentum feel and environment mentioned, the built North business performance international our good is current our the in a provided well organization America first and operating solid the executing how year. foundation half we've key for
As sales full for a and result, year. earnings we've raised outlook our the
mid- mid-single we from at digits. estimate to grow For a now of digit up to sales, rate the sales expect high-single previous
we the quarter. delivered in in As the lapping our second a strong will the sales in from to half. delivered estimate, of the our of the half expect third second XX% in we slow we growth the This sales largely outlook of indicated first XXXX, is growth that continue especially we that growth result initial half year in fiscal
were reminder, back step-up the a the successfully pricing had half large that XXXX, bid and a renewed up last meaningful of As of effective contracts number for segment, in fiscal Global third we quarter with in year. in our
time impact in price of capacity new fiscal early significant distribution share volume some sales pricing mix largest our in notable drive limited Foodservice In into as also XXXX portfolio, exceptionally issues. broaden and competitor delivered our as offerings, the we Richland taken Retail products while fiscal strong incremental gain and Grown well as our carryover segment, addition, in across XXXX market growth improvement face Idaho drove temporary increase In of helped growth. entire some and line the from and our volume branded we multiple segment, our actions
of benefited addition, be expect QX To timing in overall QX of multi-year In of in growth volume escalators the Global, the In half. contracts are solid some this growth price more year. to year. from to shipments growth second drive into past to compared those we are most still we're our the that of last targeting clear, deliver as half back modest the year built into volume also sales the
we prior grow the to growth to third label very in able expect In sales improve year some drive be early Volume of face and Foodservice, benefit increases should as sales as performing most we new volumes recently distributor the for first of growth. processors is the relatively lap anticipate may force. drive global last European the quarter especially In we shortages. addition, difficult while our volume as potato export see price footprint, of we Retail, sales we well, we incremental business flat versus will half while the volume. lap begin leveraging loss by In year to direct from our the enacted comps,
to short, good growth solid mix. total half sales second of expect last and third in reminder, for we XX% in respectively growth company, the XX% volume segment. delivered we drive growth of the in the to sales of with fourth In balance year, price and a a continue As and Retail quarters improved
the joint increased new to million about million. increase that's For $XX earnings, the that's midpoint range Using an from unconsolidated our for to target we've $XXX of $XXX X% to or $XXX range including of million, million year. of last $XXX adjusted EBITDA million ventures a versus up a range of
that We growth the and anticipate sales drive continue profit will increase. gross to
growth, manufacturing we're as productivity full-year, cost higher higher as well still price targeting gross transportation, with than more offsetting and favorable expense. inflation, the depreciation least in mix input, sales with line For profit at warehousing,
to to a from typically growth lower time second compared half, year, fewer continue offerings well raw gross cost lag is to the may also due growth This last as mix sales the largely we to warehousing expect for exports, higher For and resulting carry as unfavorable production profit including growth. which potatoes, margin. it's transportation, potential limited in inflation, due
make to and as increasing capabilities. IT the for well sales, and we as operations as in continue significantly in we target SG&A marketing, other Regarding innovation, our systems, investments ERP functional full-year,
these especially step We begin to these to we over build As our system. noted as the support the ERP progresses, year I necessary investments and that earlier, spending expect behind long-term. efficiencies drive up we operating will are as believe growth investments
we While be behind a of of to these elevated couple for range total X.X% a of and long we continue to years, target advertising return investments to will term. expense excluding X% over SG&A sales promotional to expect the spending
equity be cost will savings Most we For the in decline earlier, this higher due second it partially potato versus to initiatives. mentioned prior of anticipate largely the be offset half year. realized Europe pricing Tom, year, as decline of by and in will actions will costs earnings, and
earnings a in be of we expect in quarter. equity structures In will pronounced typical pricing new implementation market, that addition, the decline the to due more in lag in third the
of drive first mix. in the half half sales second level, price strong updated that growth we're slow the as prior and will mid-to-high single-digit growth a improved from targeting we as balance for we compares strong the year, continue solid full looking we will while growth growth the So, to good our at XX% delivered overall with year volume – sales lap high
million EBITDA, For SG&A sales deliver Strong business in and and will unconsolidated profit growth somewhat half expect by softer the including tempered the anticipated be investments to higher to and year. $XXX earnings, gross joint of drive of we $XXX of in in than increase million. Europe, we the especially, adjusted will base most second ventures our results in originally
for In Weston/BSW timing million addition, interest of Lamb to about venture targeted That's increase our remain will approximately didn't financial EBITDA due including the other and $XXX of we from same, about in recent $XX for the $XX the expenditures the the Except expense consolidation million in amortization of original down million. our $XXX transaction. expense interest taxes, of the joint million, our around about we outlook targets total capital total close be that of that depreciation from know. million of and full-year the $XXX of
now of taxes, rate XX%, full-year XX% of that's of an we for estimate effective benefit For discrete to expect tax our from due the the items. previous about down
continue second the For it half, to XX%. about we will be anticipate
closing call turn Tom Let me to now over the back for comments. some
