Thank you, Patrick.
Sealed X% quarter last reported performance. on review of with the each compared Air's $X.XX Let's year turn Slide to million, sales We billion a and basis. adjusted to quarter $XXX X down third closed EBITDA to of
Our performance cost third continued initiatives. a quarter strong results in reflect benefits, challenges including persisting Food, our solid and in takeout productivity Protective
share in of to quarter X% the earnings $X.XX compared up were a Adjusted per year ago.
rate the in income tax decrease tax was in compared The and the was same prior mix last by year-over-year period items nonrecurring year. of the adjusted Our in rate discrete to jurisdictional driven year. XX.X% XX%
was million. quarter in of Our third XXXX weighted diluted average the XXX shares outstanding
pricing Turning XXXX a to third Protective the was pricing year-over-year segments. by third as were across to diminish. quarters, X. Food negative both sequentially In quarter prior On the actions Slide quarter, sales basis, relative organic less the down to from and lower carryover pricing X% driven started
by the offset segment declines in Volumes growth Americas with across all in flat year-over-year regions, in relatively were Food for and EMEA. the quarter Protective
lower approximately by volumes in in Food, or productivity Third year cost last initiatives. EBITDA $X and by with favorable basis price compared adjusted partially lower Protective, including net performance quarter of unfavorable mainly and costs, realization million net million mainly higher was takeout of down benefits, X% points. driven driven offset XX.X%, and decreased margins $XXX realization This XX operating volumes by price to
Moving and driven volume net Americas by more protein X%. pricing the gains for of EMEA primarily positive Slide end Lower offset bags case-ready market solutions. within in million X. and were demand by to and our growth in approximately in Food strength than sales share was all regions, up quarter $XXX
X%. net approximately protein quarter, were In by markets the the third global positive
production by U.S. Continued declines Meat outbreaks robust strength consumer demand increased in cycles, in flu caused further stronger-than-anticipated markets, turkey in than pork Avian offset poultry more protein production lens. the and demand beef we Australian affecting competitive flocks. cattle North American drove
in high years sales, retail previous caution solutions recovery Our stock space share to deploying customers offerings case experienced where gains market ongoing and lending and resin in roll the exercise with the share the business single-digit however, capital. continue our by growth, as shortages lost trades Protein we declined rate in due to driven by of
year. by was growth quarter XXX third adjusted million points XX.X%, Food increase The basis adjusted with to compared the volume net of EBITDA margins $XXX X% was EBITDA last at mainly realization. driven up price in in and up
Transitioning Protective. to
Third quarter void-fill portfolios pressure by as world. lines. automation developed XX%, sales in in guidance. to portfolio down the weak $XXX net has in slowdown were declined Industrial anticipated in continued of remained the million manufacturing QX approximately our Volume product subdued activities and within X% due equipment fulfillment driven
product quarter. volumes the largely in the regions, ongoing weakness lines, box in performance on sector grew automation remained in approximately Americas industrial to the and impact In the rightsizing EMEA APAC continue our region, pressures fulfillment and Sustainability results. negatively automation in from weakness and void-fill In our gain portfolios. as sales X% the prior offset industrial the volume quarter lower unchanged
down was approximately volume by driven Protective XX% million net price margins down XX.X%, unfavorable adjusted cost points. at including by basis adjusted benefits, in EBITDA offset of partially decrease relation, year-over-year The -- lower initiatives. EBITDA takeout productivity was $XX and with XXX
declined sales lower driven softness an other in gain and X%, offset fulfillment protective down portfolios. our strength [ organically, by Protective. EMEA due driven organically than third Volumes by X%, in in Food. across pricing On as by volume in primarily cycle was by portfolios, cattle America Australian was continued pricing. and both automation partially from quarter X, continued On ] review X% offset we APAC up X% to Slide net Protective region. organic were and pricing basis, our lower more the tailwinds in lower declined segments weakness down
leverage to Now X. and cash Slide flow let's on free turn
year-to-date. $XXX teams the efforts resolution our we when tax excluding the quarter the This deposits of ago as payments around flow million year is $XXX above cash prior of certain and third million well strong of of U.S. the year's world, a free With matters. focused for delivered
focus year-over-year a we sales basis to XXX payables inventory which as continue teams points Our by velocity. improving as continue has working and improved on capital, percentage improve to of
and the We quarter ended X.Xx. of ratio on leverage the our net deleveraging maintained balance a focus sheet with
liquidity remaining position uncommitted $XXX total $X.X fully including revolver. was Our the billion, and cash and in undrawn million
net our of below of adjusted to achieving in XXXX. debt We EBITDA confident the are end highly X.Xx by target
to Slide XXXX to our X turn Let's review outlook.
results quarter third with line Our were expectations. largely in
expect At pleased the We and our continued we to Food in momentum are soft continued this business. our challenges the fourth remain dynamics. volumes quarter Protective due with portfolio market in overall to point,
a QX expect by year-over-year up Food our weakness be slightly Protective. in being offset strength As we partially QX the in result, volumes to total, in with in
Heading our into of midpoint approximately with sales we be performance the volume billion, quarter, to expect businesses. for fourth $X.X third both slightly quarter year-over-year sales versus the levels the guidance improving consistent with
to continue cost driven range, the with mainly adjusted in midpoint be line guidance expect actions. control our to of We continued by EBITDA
effective improvement driven $XXX the amortization by We capital. range, midpoint deployment. also raising the reflecting in be to capital discipline rate to lower cash EPS and of tax at of flow depreciation adjusted the and improved expense, our of reflecting around We're free million, higher working continued guidance the raising are previous expense, the midpoint interest end
This working and transformation new will months each We each and the outlook beyond. be for fully with accelerating will the operational In form our growth over profitability. cost meantime, XXXX operationalize plans strategies and for to we are drive business. team inform vertical our initiatives coming the reduction management the to and excellence
XX. into Food I'm their very verticals Turning excited reorganization Protective teams. and the leadership to new and about Slide
have taken and success. growth and we as As for position long-term Sealed earlier, each business the whole a Patrick will mentioned steps transformational Air
With look that, to your I we the Patrick session. like would to questions. and forward begin Operator, Q&A
