everyone, morning, Good Dunham. you for us you, thank Thank all joining and today.
EPS reported or margin and EBITDA million adjusted XXXX, $X.XX. X% year billion we GAAP of a full net revenues the $XX.X of For and $XXX of
billion and we million of EPS XXXX, $X.XX. a or quarter $X.XX a fourth the reported EBITDA net margin of $XXX revenues of GAAP X% adjusted For and of
an quarter Europe. Mexico competition continued by by by the to operating XX% our business the outpace full to the U.S., performance and and including for units, XXXX all the year XX% driven compared improved across for growing and respectively, strong We EBITDA
of to opportunity results our and remain vision is for creating Our result a the our members. are for future best of the company become better well-balanced and most-respected team
vision, and of portfolio our key and we more safe excellence business and relentlessly operational becoming support for To creating continuing a an our with attitudes. models, a healthy safe developing continuing diverse pursue customers people, valued-partner products environment unique are to complementary strategy and
During XXXX, on of focused delivering market executing our our members team have remained strategy, regardless and conditions. on
and peers the the volatility, strong The Despite half first our during portfolio While market started of in expectations. our has a performance achieved against relative footprint industry to global second enhancing and growth our to our increase of the weaker we've contributed the consistency results. the the global than half significant consolidated continued strong diversity operations. year, deliver of all was across
in XXXX. a better bird despite improved deboning our a half prior, second seen environment U.S., ago. of relatively the our our tougher In at results much year also business, the versus environment year in experienced to compared the Operationally, we fresh commodity large the
our evolve, integration and legacy costs business Our the operations better has the the contributing years. input adopted European reflecting newly few over business made the prepared challenges, already operations in past foods to to We've to our future track on acquired mitigate results. positively is investments continues of
was market versus improved the Mexico, XXXX year seasonality full the In for also in year with and results line the before.
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less bird the the case in ready in was Within segments, commoditized line seasonality. customer with normal small demand
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our promotes long-term Beyond trust, customer our driving growth, structure. relationships strengthens key margin enhances also approach and
and exposure dark breast including increasing the no increasing in organic to attributes to capacity antibiotics XX% mix evolution while our deemphasize commodity We're of portioning growth. the support meat of volatile meat an expectations customers' debone our birds expanding by capabilities, We ever market to markets. have our pure specialty and our
compared during QX case Just XX% to XX% BARE Our ready grew net sales QX. year-over-year and
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full the year-on-year foods growth sales gains. net retail XXXX, For led total The year XX%. to with grew channel XX% prepared our
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ago. by Correspondingly, XX% the year versus year-on-year export prices QX rose
are We monitoring the the coronavirus demand closely and impact environment. of
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to trade sales disease trade of going diversifying or our ASF believe more unforeseen with forward. contingency visible existing and partners. encourage impacts disruptions country on to positive We will export developing due any We vigilant mix strategies to be continued destination, disputes remains focused,
uncertainties conditions Market environment as macro weak more in to was Mexico consumer contributed in spending. QX tough, during
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our contribution grow We a Veracruz performance. to already with adding operating which continue is project, meaningful to
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the that the EBIT both incremental quarters improved trends as despite previous year-over-year. achieved methodologies investments volumes in compared again as higher implementation the of better yields increased better to efficiency, labor to challenges operational reflect revenue and operations positive well year, improvements our future European have flattish driven input performance. mitigate during focus legacy and and improvement last established continuing costs The on reported also few QX, was Following in through automation,
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our in our We poultry a and food consumer retail reflecting segments Europe. the and business non-meat important for and generating development and in partner innovation customers QSR an have of of been trends service, pipeline product in
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are added and approved so facilities to brand highly-integrated significantly for portfolio even benefit our we're more addition our there. best-in-class, well-positioned innovation strengthen European operations China, capabilities platform, of customers. from of Further, European All value fresh our the with we export have pork increased to our further opportunities production
as launched in is building customers with European of We're protein as well new premium expectations. key to plant-based operations the entered Integration sector quarter. our the sausages pipeline tracking the and innovation well
EBITDA successful next the achieve new companies integrating is that leading continue in expect history to of apply integrations efficient with acquired an companies similar will we generate have Pilgrim's few a proven a with similar and operations. the to competitive has to improvement we we methodologies and of years, level Over portfolio.
extract as the upon in portfolio excellence, well existing continuing margin operational and by customers optimistic business as strengthening grow drive optimize footprint, of areas. to key improvements their about with best-in-class high to operational products We're segments innovations channels, building manufacturing optimize
increasing further both in consumer in customers global our offer to by Europe leveraging newly-acquired with resources team our fulfill a and are products operations ability competitive legacy key in selection, innovative through our much conjunction to demand. the to highly-differentiated available We advantage in order strengthen wider growth our
came to sharing prices best forward look enhance innovation Pilgrim's as in and deal consistent for of South a have lack from We internally Corn profitability market of demand. quarter, top I good Phase efficiency higher more way our fallen had down Chinese XX.X a increased to final practices follow-through estimated. projection bushels, at financial growing since The in and the conditions America, end operational and is previously the the position in whole uncertainty trade and than billion crop USDA's was which and by margins.
at USDA a billion demand. is adequate which corn supplies large to out U.S., more projecting the corn X.X is combined we cover feel carry of outside than bushels, with
recently XXX poor an last there supplies result Western also the for South increase under have the are confident in year of feeling global UK in prices soybean pressure with prices Brazil Argentina been of late American is crops seen projection conditions feel planning in supplies out million as bushels, large we wheat demand. in and meet that as large Soybean is to more-than-enough U.S. Europe. the carry in and market more We've USDA the a
are prices consume other we we wheat expected, our feed wheat positioned to UK are supplies see in sources than and besides Although grain globally operations. adequate we higher
soybean from ahead planting. we impacted adverse farmers the where to plant spring, crops ability large to significantly being headwind to year in a the The U.S. As the crop U.S. prices larger U.S. corn combined keep last this and both prospects with crops larger outside for cost weather year. should than seed have look the meal
in placements capacity growth balance and flocks relative productivity hatch believe, For of near-term. XXXX. growth of is can layer this trended in not a as below in be supporting primarily in above Pre-reg the new that to slightly with placement much X% rates XXXX in year we sets began of second line placements data capacities, in USDA for to mid levels, XXXX. larger increase has industry The half remained production, the demand with Latest due been expecting capacities XXXX. year, of Despite a shows growth XXXX. will the the supply pullet be new which volatile, grow much XXXX X% the growth egg disruptive to ago continued the in of to and
this segments and supply The overall chicken the less outlook commoditized in in continues year demand balance to for show an demand.
low driving through and income distribution economy the throughout higher and to dollar strong, disposable the strength food According NPD day. more in service show are to continuing the With broad both proteins Group, households to demand consume line chicken U.S. volume growth. be unemployment for to continues
continues In chicken demand in broad addition demand line is surveys in to growth XXXX. increased QSR grow to national shown chains through distribution,
trend features chicken chicken expect with giving other We this versus of increased demand, proteins. continue QSR to value contributing relative increased to U.S. the
Despite growth, fresh, and in XXXX, positive has coming both three all frozen categories proteins chicken competing dollar segment the and other growth of deli. retail shown from
more activities year the as future with retailers support additional progresses. by expect We
to by to product products we operational the While operations by in size mix we customers bird balanced incrementally reduce optimizing portion our existing of already commodity portfolio will number opportunities exposure, continue and terms keep differentiated the our are our our diversify targets. pursuing while improvement of increasing seek to of
approach and to more-customized, further innovative a providing strategic give growth a creates long-term, important key basis clear in competitive categories Our advantage. is products customer us to by high-quality, accelerate sustainable
that, Sandri, to like our With CFO, Fabio to financial discuss I'd our ask results.
