from XX.X% X, David. third net million, morning, the Good a down $XXX.X you, slide Thank quarter sales year On were in ago. everyone.
third the markets million recover. David impacted for trailing sales compared continues prior COVID-XX-induced prior approximately revenue year, quarter by with end improve was gap recession to $XXX Demand to of quarters the with the of our as sequentially As the the noted, upper $XXX the encouragingly, exceeded but level million. compared guidance
sales XX%. Looking at or down bridge, sales million approximately our volume was $XX
we pricing XX/XX related which realize to was about Process. did we However, our XX% by saw positive pricing year-over-year as improved of X%,
sales a Foreign by $X and million. remains increased X.X% tailwind currency or
sales Let region. me by little provide color on a
our which sales basis good was COVID-XX fewer last This was decline challenges the the of and XX% by production compares freight. quarter, we in Latin as points. with is volume given well chain, By was experienced, the volume price foreign of sales the and X.X%. which XX down We offset performance that feel region, XX%. year. down and partially X.X% gross third slide U.S. APAC, XX% For our we offset partially with down and supply of by by Canada was EMEA. XX% approximately days seasonality increases given and XX.X%, of the reduction was translation this approximately staffing, currency sales XX.X% revenue X, U.S., On as XX%, in favorable and in America pandemic in saw in improvement volume margin price Outside quarter,
have approximately quarter mix and XX/XX gross and closures. through profit We excellence initiatives. year-over-year factory benefited reductions, operational strategic overhead of pricing, indirect $X.X of contributed million The XX/XX in and improved our have incremental our Process the from expansion businesses Process
bridge. Let's now review the quarter's gross profit
did Third with see pricing, This driven sales in expansion reduction volumes. by was quarter year. $XX.X compared the lower and the inflation down gross to We due from $XX.X million cost no a $XX we in profit quarter. profit material gross gross prior profit of was million experienced million
labor $X.X due we million, Factory to profit changes Foreign as of with COVID-related of factories quarter availability issues $X.X currency with of our COVID in during translation lines consolidation due by We product contact quarter required negative positive personnel and million. we were lower associated the increased than this $XXX,XXX. the challenges in tracing, experienced pandemic. of prior which lower factories presented cost shortages product. Tariffs incremental to by largely dealt our other inefficiencies, year imported the Chinese by costs in cases close costs less caused were gross labor productivity quarantine. net as the or closure
struggled Our experienced also meet supply customer demand, with challenge. more chain And we fees. this expediting to
have freight we been and In longer also and carriers addition, times. higher seeing impacted, transit are costs
X, just earnings than million lower of you associated we compensation approximately million resignation Also one selling year was G&A the shown quarter, former year. This costs year, million, benefit I limited from our million the XX.X% $X exclude time resulting of million. were were adjustment last measures, of CEO. of like on resulting covered. flat improved with the this several included for previous for costs including advancing would with to prior growth quarter from slide lower level sales. As on million was benefited discussed strategy, RSG&A lower point the a year-over-year G&A $X stock We costs adjustment our $X the factors. and the costs to cost-saving prior had travel. this of I if or costs the our out RSG&A that previous that $XX.X was RSG&A headcount in year, $X due as call. $X.X compensation, to in were from in reduction stock Adjusting the
We drive added $XXX,XXX translation organic $XXX,XXX. those up to in R&D to FX costs were invest growth, also continued our RSG&A so to approximately costs.
will the work, last quarter, second sequentially from costs bringing slightly costs Europe increase additional and related travel. investments discussed our compensation incentive costs to employees million. we short returning As to by RSG&A in increased of to due the and and accruals, improve. was volumes including back weeks $X.X half addition as certain work This These growth continue
‘XX cost our As $XX a fiscal are $X our QX we run million, ‘XX quarter below result, which $XX keeping million FY per guidance of RSG&A rate million. is at
sales $XX.X was year. XXX the income this operating prior decline The adjusted had that Great is significantly leverage of XXXX, leverage operating volume. we Adjusted on what XX, saw point of the which driver million. operating a operating impact we X.X% XX.X%, slide sales, during to the decremental Turning our better COVID-XX year-to-date adjusted Decremental decline was experienced of was of margin from XX%. than was when basis Recession
X.X better at of Growth improved for execute economic enable XX/XX specifically, excellence and and initiatives Blueprint strategy Our all operational levels our have model higher scenarios. our performance business to tools in us and
As see on the $X.XX. for recorded we per share you of can XX, income GAAP slide quarter diluted
our loss of in rate We of EBITDA related XX-month from On expect trailing pension approximately because pension COVID-XX. settlement X%, U.S. year adjusted basis FY a created of the to U.S. the benefit to XX% of XX, be which expense our X% tax is declined on which slide a ‘XX's the full plans, termination pretax to one margin to a resulting
Our X.X% was return similarly of invested impacted. capital on
EBITDA continue remain us the to target XX% objectives the of confident mid-teens, in will profitable that these by has highly strategy delayed but timing We and objectives. ROIC drive our margins, to We for do pandemic. these growth and the achieve enable achievement been the
generated XX, rapid reductions. impressive flow and million took focus on preserve our we free cash Moving million We capital an utilized this year-to-date. cash, working to to and generate to and of $XX.X slide system business actions quarter $XX
performance sales cash to a We to working or which turns. days XX.X XX.X DSO, percent days payable significant Inventory improvement. improved days. improved Our our to contributor was days, improved our sales capital a down and as outstanding, our turns outstanding to XX.X%, to also of drove free flow X.X
$X the and million in approximately CapEx We expect result fourth year. CapEx the would for this full of quarter, million of $X to million million to in $XX fiscal $XX
XX, approximately debt of slide $XX at net our million, quarter and was was $XXX to end approximately the million. debt Turning total our the
net Our total net debt XX%. is capitalization to now approximately
net the current excellent EBITDA X.X and debt than have financial and de-levering of a leverage in initiatives. achieved made We us weather progress growth provides less which have ratio to to adjusted times, pandemic flexibility invest
flexible We This the so have not in if the is tested is repaid revolver. that at covenant-light. outstanding covenant have borrowings means October, outstanding our borrowings December financial capital million a covenant on $XX we against only structure, was April, tested our we In our which revolver of drew we initially XX.
of gives of structure date which capital us for years. maturity our a the extended next August almost also three stable We revolver the to XXXX,
and Finally, and on our liquidity, to has which includes million. our cash increased $XXX hand revolver availability, remains strong approximately
our to use back and I will to it turn expect We to acquisitions. turn growth, for both David. Please through and over XX, organic capital slide
