you, Thank Greetings, Frank. everyone.
Let my issue. for me add technical apologies the
You should seen both sweating. have we're
have I be fully against organization, continue assure we more I'll financial more goals have some important start and year, going broader the this to But and and we So realize recognize by our during we implemented mentioned, we headwinds. buffer in have the off valuable steps, Frank not to focused improvement same recognize, we create room economic forward. objectives. delivered helping operational a our while the reiterating, financial on you time, for at as intently just taken initiatives We the they profitable proven we've
Looking basis, nearly quarter sales with comparable in at were the billion IFF fourth $X.X On quarter divisions. X% results, currency-neutral growth across for up all a revenue. sales achieved generated
adjusted the $XXX operating quarter Our in was comparable adjusted EBITDA X%. fourth currency-neutral and million, declined EBITDA operating our
this, profit. a impacted significantly due decline and of Despite fixed adjusted which lower from meaningful tax Because was our to was by year-over-year of operating operating led QX manufacturing points gains. basis XX% effective cost more EBITDA absorption by continued our saw anticipated, it productivity being strong adjusted XXX to EPS margin. lower rate, offset lower amortization As partially approximately than ex negative to despite volumes lower impact pricing we
significant adverse environment in quarter. with performance trends promising. impact weighed XX operating sales on challenge EBITDA Currency have and market Encouraging impact currencies the our adverse recent on present headwinds the the versus a adjusted fourth within also difficult been point prior point Clearly, has in the on a an X a year. quarter
a confident stronger, am that is strategic business IFF the moving key I and create refresh our taking as controlling of part resilient what However, is Urgency to in steps more forward. managing expanding control our pressures, can cash execution focus: we more flow. sales importantly, price our offset to disciplines, productivity is surgically and enhancing continuing aggressively and efforts ongoing accelerating to inflationary
comparable environment, On on a very I growth. operating color In realized quarter. X% including to want headwinds, sales Slide performance provide strong we difficult currency sales the more XX, our in currency-neutral
For Bioscience, Scent the a Nourish, on the strong slides. comparison, the decline. and experienced revenue ago X% fourth quarter, more overlaps double-digit in from following Factoring on year Health we I’ll which go saw prior into Pharma and growth the quarter. a H&B up two-year year, Solutions. growth average detail in is strong
quarter, related we QX pronounced slowdown significant We about from coming XX% down softer is drop we in slowdowns fourth the a terms to that in volumes mainly destocking, due balance of of expected, the volume In the demand consumer more estimate the with also initially high-single-digits saw actions. and for quarter, consumer customer destocking demand. to than in
EBITDA affected margins. by challenges including manufacturing negative also market operating Slide Comparable currency impacted declines, X%, to absorption volume pressures. by Turning and adjusted quarter The fixed decreased XX. significantly currency-neutral fourth our cost
actions the recover total cost inflation. allowed pricing us of to However,
notable we efficiencies, gains volume we in productivity helped offset of delivered which Additionally, operational the and the pressures faced some market.
operating in take sales we line which in let’s Nourish’s & saw delivered by with across comparable in grain Health currency-neutral X% Bioscience, profitability a roughly the was declines and currency-neutral comparable both comparable and of look Both top performance adjusted EBITDA in solid currency-neutral to sales continued Design growth our Bioscience Health and on Overall, processing. growth XX. across Nourish due in health of year-over-year in Animal lower decrease quarter. & at Nutrition growth decline Food most Ingredients. segments Now saw X% driven Slide despite a volumes. pressures & Enzymes solid saves XX% performance Cultures segment and Food
pricing delivering the a sales growth Our comparable adjusted costs year-over-year also growth supported currency-neutral to material gains. to growth up Fine in Fragrance. EBITDA Consumer double-digit Scent that mid-single-digit encouraged basis division and quarter, productivity on catch by combination operating to were in and well growth in in Fragrance performed We since by due particularly a in of X% mix, currency-neutral product XX% favorable was comparable raw
Our sales, XX% performance core of million in driven quarter our by quarter, growth Pharma currency-neutral increase on excellent a totaling basis, Solutions business. segment delivered pharma a the comparable in another $XXX again double-digit in
However, lower like price costs. Nourish and by productivity and and were more than energy H&B, volumes increases offset higher
progress commentary deleveraging year the I XX. cash on to free like dynamics towards some flow would our Moving targets. provide to our additional in Slide and the
sales. flow from operations For $XXX CapEx totaled the million cash while or full XXXX year $XXX million, XXXX, was roughly X.X% of
Our a free candidly at the full flow for was cash million. $XXX disappointing negative year
about flow and related cash free Our million of included costs $XXX items. transaction-related to integration
As has our the our growth free in inflation, and by higher by by significantly call, we destocking demand flow slowdown quarter’s cash last predominantly year caused impacted inventories capital, in been customers. for discussed by working
number Our our our actions business systems the rapidly initiated and course the major inventories a teams, in with to net priority, understand supply manufacturing P&L year. significant that to have we reduce cash actions of mentioned as maximize flow. flow is a short-term, prioritizing over Accordingly, the chain to working adversely capital capital Frank And result improved negative including absorption, the XXXX focus enhancements take inventories to cash working drive of to on in will results. impacting we we improve across while process this and are in
value dividends paid we return to in with commitment also you to keep $XXX out million To in our our shareholders, XXXX.
grow Xx reinstituting we our repurchase will dividend are debt-to-credit adjusted debt As dividend I balance program to Investor our and share once mentioned continuing get net growth EBITDA. consider we as below during we committed Day, to the
debt-to-credit X.Xx remain to and debt focused finish we leverage, our at reduce EBITDA ratio. net on XXXX of terms adjusted efforts In
cash of million, assets held totaled cash $XX $XXX for totaled $XX sale, year in currently the including equivalents Our and gross assets for million while debt billion.
divestitures. we As part including deleveraging completed remain of Xx target from priorities, strategic net adjusted our by debt-to-credit to through committed proceeds achieving of deploying EBITDA our XXXX,
exploring dedicating be further mentioned, our to Frank portfolio to we our growth businesses. streamline highest as Importantly, will resources opportunities while
consolidated XX. Turning Slide outlook to our on
be fiscal billion, comparable and versus $X.XX comparable EBITDA growth flat year $XX.X EBITDA X% billion operating to of approximately approximately to currency-neutral currency-neutral adjusted the representing be we prior operating adjusted revenue For XXXX, and expect year. approximately sales
year-over-year exchange impact X% negative or impact approximately to foreign a growth EBITDA no operating to modest and have We sales expect growth. have to
Let’s move to Slide XX.
of Given XXXX portfolio, close $X.XX at of the sale divestiture Savory affecting to moving XXXX thought the XXXX outlook, the and acquisition, Solutions anticipated adjusted starts our EBITDA Control includes components the parts would we our number business helpful in impacting year, billion. be Products Health each year-over-year of the of Adjusted which it unpack Wright EBITDA. Microbial May this of comparable the
previously As volumes second we’ve QX year. In the EBITDA volume plan, inflation volume offset negative expect impact down with with be half. full in flat modestly pricing to high-single-digit fully a in zero QX, growth mentioned, net in year we will our the assumed and in
In addition, pressure, will slightly our mix the we expect be unfavorable margin in anticipating for XXXX. higher the year volume of we of particularly some half first experience are categories as to
In for with significantly. as generation and us year, this an will negative order rebalance to driving inventories flow cash us we manufacturing absorption imperative impact anticipate our
restructuring inventories growth that expect will we reduce actions yield points to We than targeted growth adjusted excluding and to this XXXX impact strong items. terms. adjusted inventory percentage free a related billion, adversely of flow to our expressed and anticipate Specifically, core that by deal-related driver EBITDA year-over-year costs in several will more be our cash $X improvement our a in
also deliver savings undertaking of million. by launch cost chain and run where which significant we these anticipate our additional demand including an procurement to to to are supply reduce rate improvements, terms annualized In programs, accelerating line. operations focus possible, overall end-to-end efficiencies, on previous drive of savings, $XXX we additional productivity that our management, plan in D&A the We spend actions organization cut our actions across and costs
through drive initiatives, long-term also be specifically and technology We of our line to strategy. productivity growth in reinvesting some strategic as R&D, begin top will teams we commercial our executing our our
of X%. expect negative to a we on growth modest approximately have currency EBITDA year-over-year Finally, impact
back mentioned comparable half offset pricing with anticipating be in first particularly first benefits. by In impacted As cadence volume particular, first terms challenging, the are the expect the improvement. the more quarter throughout a to to quarter, be of performance conditions year, we we challenging more by half
$X.X expect million. million approximately of $XXX we adjusted quarter, billion to approximately $X with be to the EBITDA For sales billion $XXX to
conclude key provide I slide, highlight next As on XXXX detailed the to focus for and of want to I perspectives plans our four our execution for areas relative each. further
First, we are we as committed XXXX. accelerating to through move growth sales
of to continue under focus the allow While more sharpening to wins. and the targeted with the we improving the excellence progressively sales growth revenue actions year. The to volumes our surgical with pricing pressure earlier, be do execution discussed items investments synergies on new and goal capture our we throughout of discipline build-out I increasing team, commercial are expect from will us our be
focused we sales, be levels will business out our in previously as process. our With planning redesigned efforts, more utilizing setting guide supply goals. mind, outlined, we operations enhancing will on service service be Supporting this ROIC and we rolling these efficiencies. are and our inventory inventory chain and to related Second, by customer those framework granular goals customer
Third, as well. accelerate synergy and as we are efforts year mentioned, productivity determined this our to
and benefits. balance than restructuring flow on are XXXX guidance, our and For we million deleverage cash from reductions accelerating included Fourth, productivity importantly, of $XXX our our targeting we’re intently and very maximizing in sheet. gross of your more cost reference, focused
non-core actively our extremely additional opportunities. also heightened working our processes improved aggressive and We and portfolio capital and are managing in to through focus and divestitures being working complete evaluating additional systems, are we a
turn to like I’d to call that, With back Frank. over the
