Q4 2019 Gruma SAB de CV Earnings Call Transcript
Good morning, ladies and gentlemen, and thank you for standing by. Welcome to GRUMA's Fourth Quarter 2019 Earnings Conference Call. (Operator Instructions).
I would now like to turn the call over to our host, Mr. Raúl Cavazos, GRUMA's Chief Financial Officer. Please go ahead, Raúl.
Thank you. Good morning, everyone, and thank you for joining us today.
We are pleased to disclose our fourth quarter 2019 pro forma review. GRUMA has continued to grow its volumes, especially at the U.S. and European operations, while the growth rate at GIMSA in Mexico has recovered and showed quarterly sequential improvement throughout the year.
On a consolidated basis, we achieved a 3% volume growth. Along with volume growth, pricing also helped us to increase our top line. In the U.S., a better sales mix improved our average portfolio price, while in Mexico, price increases were implemented to offset cost pressures. On the other hand, the appreciation of the Mexican peso on our foreign subsidiaries
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