-- Sure, we question. welcome. Josh, The expected and that
lot on. of I an a we extremely important time think spent it's one
First, it an the difficult in recognize where macro. we're extremely some is world just predict in time this dynamic to of let's
$X.X there's article the both and inflation out going with likely to demand is situation deployed with trillion Chinese recover, energy. there seen it. be you've China what consumers impacts saying in but War, weak a that got and to Fed got of highs Ukrainian You've one cash how do four-year at and
fourth of is there a and lot little the challenging. uncertainty, was bit a quarter So
those look at durables it's needs is continue, QX, whether but we auto As not work yet. many not and market of yet the destocking and itself challenges that in recovering the virtually out, to still stable past getting growing destocking, B&C
see benefits way quarter, the is We some in high. energy will material the seasonally flow-through works in and raw first certainly not much but
first challenges, pension So a has of the quarter number not comp. mention and to variable
is look million and those the control much is this we rest us in of second that being flow the step flowing the start out moving the There elements. our as unmet they year, into benefits quarter activities that's are helping until is To won't we're there's your and most operational some the of three And second inventory, really one that of directly on, implemented through up quarter. that quarter. and in So quarter executing manufacturing but even through the improvements cost net really into key the the of the point, $XXX inflation. at taking not first the out of
vast quarters. million the the $XXX So of three majority across spread gets that
big a QX to step that's So up QX.
how spreads will is The improve. second one
basis, at of about look much billion inflation. to you pricing didn't disciplined inflation inflation to last $X.X our it's a was commercial And managing pretty the and back January of the successful just success about that we've we the of call parts Last if our across when with $X.X $X excellence think really we inflation in company. extraordinary you had faced. of two-year billion the if amount in XXXX of of year. to Now you if even year back being of tremendous go it It's go great beginning billion where expect 'XX year, that you inflation, on at all
inflation, multiyear we've significant a last that of year. of with caught certainly up through amount We up across and timeframe. it most and So with kept that
each So story as segment, bit you go is to a little the different.
most So about the start material energy pretty and it challenging tail segments important environments across it, one of XX%. spread. think our up Advanced they energy probably to with XX%; up because Materials VAM is 'XX PX, you had to When relative XX% PVOH a significant most with in when one has the and up raw
were but kept XX% inflation to we they year, And improve we intention last spread of of back recovering spreads. 'XX where million. the that you at up had they with in of the Now compression price, with increases if about beginning did go $XXX in
higher in did achieved we've that, we the up we altitude with at inflation. we're Now year that this into but keeping with get this much prices keep didn't starting And with a now up inflation.
down year tailwind So this look too where as year quarter a what the material materials be at about bit If altitude. of the more last this. optimistic to year, VAM, And we a just curve that's think $XXX pretty we have trying raw and raw PVOH because the of that is thought use the tailwind and of would first year, to we of in off substantial higher we going for and quite already the that energy. about in actually PX million -- see have this have forward natural segment for we're come spread gas not the energy this than
So a is in into of bit shows that it second fourth. quarter. move that's of step up the that the flows quarter And There's you through of as but quarter, second through as a in most again, the the up first it. part that
customers about supply. the moved shorter cleaner you in and energy which the have well, With being a in had of market, challenges worried as inflation much is especially lot Fibers, story, here to both and security
support as successful this that's higher offset very much outlook And we year levels year, to is spread to in in sure year. earnings significant last step-up well So that million customers. enough expect prices a back securing contractually that are the this intermediates as you've $XXX to this margins prices to make year sustainable increasing our chemical normalization to in fact, been which
And year. will well this much well, they then A&P have have spread improvement year, managed less spread but as quite not so as modest they upside because last
spread So improvement a it a second flows you sequentially lot put lot all quarter. into together, of it in and of the that's
that's So a step big up.
versus for some to point and control. our it of what ends predominantly assuming end. in right at is of a The of now B&C. this by more third happens Destocking We're and and is going this segment mix durables is mix, the volume end economy quarter with that the what's
see you stable that. amount of demand can step markets, so we destocking markets. In get to of past from And going that levels, less from than pretty some the a growth which up are something moving severe those
Importantly, during and control, going And lot year destocking. economy innovation last help in is had success really our year. again, happen despite this that are lot business the to challenges we've something in doesn't wins and our of of a that a new securing
you to that of we've more that there's assuming of it. see of got you that conservative then, start recovery. until outlook our seeing course, that proof in we're China in sort get benefit. to much But provided very So And to past some we of of being wait not
half given first So factors. in on that to of year, we're quarter, guidance think these lower lot until going Many you guidance you quarter we the sort step-up insight the bottom is the for more have gave appropriate the get of and how line across look for the as I factors. the look is these control. at of to past for there's perform we a three But all this it's it our at of outlook
