Q4 2020 Gruma SAB de CV Earnings Call Transcript
Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Gruma's Fourth Quarter 2020 Earnings Conference Call. (Operator Instructions)
I will now turn the conference over to our host, Mr. Raúl Cavazos, Gruma's Chief Financial Officer. Please go ahead, sir.
Thank you. Good morning, and welcome to our fourth quarter 2020 conference call. We are excited to have the opportunity to share our results with you for what we believe was another year of highlights, the strength of our main market and hub in the U.S., the historical stability that has always characterized our operations in Mexico and the recovery over the course of the year in the European division and other regions. Combined, these factors yield our historic EBITDA margin.
The main characteristics of the year that support our results was twofold in nature. On one hand, the continued penetration of the tortilla as an established and familiar core ingredient, even in non-Hispanic households. On the other, another
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