Bunge Global SA

Good morning and welcome to the Bangui Limited first quarter 2023 conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note that this event is being recorded. I would now like to turn the conference over to Ruth Ann Weissner. Please go ahead.

Thank you, Operator, and thank you for joining us this morning for our first quarter earnings call. Before we get started, I want to let you know that we have slides to accompany our discussion. These can be found in the Investor section of our website at bungie.com under Events and Presentations. Reconciliations of non-GAAP measures to the most directly comparable GAAP financial measure are posted on our website as well. I'd like to direct you to slide two and remind you that today's presentation includes forward-looking statements that reflect Bungie's current view with respect to future events, financial performance, and industry conditions. These forward-looking statements are subject to various risks and uncertainties. Bungie has provided additional information in its reports on file with the SEC concerning factors that could cause actual results to differ materially from those contained in this presentation, and we encourage you to review these factors. On the call this morning are Greg Heckman, Bungie's Chief Executive Officer, and John Neffel, Chief Financial Officer. I'll now turn the call over to Greg.

Thank you, Ruthann, and good morning, everyone. I want to start by thanking the team for their continued focus and strong execution. While the volatility in the quarter was less than we experienced last year, we're still in a highly dynamic operating environment. The resiliency of our team, our deep partnerships with customers across the value chain, and our global platform enabled us to deliver another quarter of strong results. Our focus is on continuing to invest in strengthening our business so that we can provide customers from farmers to end consumers with solutions to some of the most pressing challenges facing them not only today, but as we look ahead. The work we have done to improve and integrate our operational, commercial, and risk management approach has enabled us to effectively manage through supply disruptions, severe weather impacts, the lingering effects of the pandemic, and the volatility in financial markets. When we execute and capitalize on the options our global footprint provides us, along with our team's commitment to quality, service, and innovation, we create value for all of our stakeholders. In short, we continue to demonstrate that our team and our diverse platform give us the ability to succeed in any operating environment and help our customers do the same. Turning to the first quarter, While many of the factors that drove extreme volatility this time last year are still in place, markets have stabilized somewhat. Our numbers this quarter reflect performance that was among the best in first quarters in Bungie's history, although down from prior year's record results, which reflected those major market dislocations. Adjusted core segment EBIT in the first quarter benefited from a record performance in refined and specialty oils, offset by lower results in the remaining core segments. This is an industry that requires a long-term view, and we're managing our business to maximize our earnings power over long periods of time. Our EPS over the last four years demonstrates the impact of the team's hard work to drive operational performance, optimize our portfolio, and strengthen our financial discipline. Looking ahead and based on what we see in the market and the forward curves today, we are reaffirming our guidance for full year adjusted EPS to be at least $11. I'll hand the call over to John now to walk through financial results in detail, and we'll then close with some additional thoughts on the remainder of the year. John?