Thank you, Steve, and good morning, everyone.
My comments at to the the XXXX are based press as XXXX end results, release. regarding the second outlined quarter of on of adjusted comparisons the
Turning to slide four.
last $XX.X or comparison operating income year, of year of of in nonrecurring the a Coatings income by Structures operating Irrigation million quarter lower in and Engineered due occurred Utility approximately segments. portion were offset in segment Otherwise, segments, this sales largely improvements profitability LIFO Utility $X Support and XX% the the to was Second the below the expenses international and million and X.X% segment. Coatings favorable of that
refinancing I’d due that over note debt to down like the the was of $X expense completed also third interest compared net to to year quarter XXXX. million last in second the of we quarter
Second quarter diluted to share, of quarter a earnings decreased per X.X%. nonrecurring the the EPS in EPS for compared increased $X.XX expenses Without share XXXX. would impact X% adjusted $X.XX of have of of $X.XX per
are we to half claim recognize the interruption and the Valley, Nebraska. the the somewhat of this continued in flooding from be to insurance during by expect losses efficiency Efforts recovery second settle to those ongoing, second event year. quarter and benefits Operational hampered property March business in
capacity operating increased with from in along five. over improvement Asia-Pacific The market the segment cost slide operating savings Engineered reductions income The lighting took in Structures income disciplined to with Support results XX% now year. associated conditions in XXXX. pricing strong and America last telecom Turning and the markets in segment resulted North region we
as the In than from actions offset were income profitability XXXX. factory solar lower Support our of by six. slide as well Utility offshore tracker from the improved in North performance international segment, operating second approximately pricing $X more decreased in mainly developing wind. in XX% to Turning operations, Profitability Structures of America improvements million and solutions
solar market offshore be project the is much profits were Profitability the resulting smaller for QX activity sales competitors the business months. been lower market oriented has than from In weak and in last conditions while in that over wind market challenge the five business to nature continues us, of strong, challenging the QX. a existing with XX trackers, the
market operating million originated that expense improvements income in set included $X -- of a pricing matter demand increasing Segment customer improved the a result XXXX. to in expect also in profitability completion for settlement accommodation to a XXXX. and We of
Excluding this of expense, or X.X% million profit was operating $XX sales.
Segment Houston, and technology from arising income legal recent benefits In CSP United Coatings well as operating continued of in benefited to matter one-time $XX.X that the despite Coatings a elected of million expense operating segment income was on pricing as XXXX, sales offerings, seven, we slide and Texas. year. the to in New $X Zealand, related from this acquisitions resolve million to comparable Galvanizing a our
the Excluding XX.X% best business was the and pleased perform $XX.X segment in with settlement continues we cost, Coatings well million sales, The segment results. performance income quarter segment are the or legal to operating operating its since XXXX. of
to XX.X% maintaining segment due solutions to in critical pricing operating to of volumes. and despite Turing and technology lower year-to-date, profitability America. role and in margins control income XX% XX.X% our sales sales cost decreased North year. primarily driven Operating and a in volumes of by respectively, eight. benefits from QX segment the in both lower slide was last Irrigation compared Lower Value-based the in part lean played management
slide balance nine. and on Turning to cash sheet highlights
so strong far the we year, expected, operating As flows this including second million $XXX of quarter. in $XXX recognized million cash
half for ongoing XX. throughout cash capital material the be A focus capital second And to Our has deployment raw environment. been on our driven stable a efforts by assuming is price of strong further of we a management our capital summary on the team flow improve and the XXXX, working to year. slide working performance optimization expect in priority
market Year-to-date mentioned construction capital and all in in opportunities. expansions the plant previously the $XX driven Western million, support facility was growth galvanizing by of of spending Pennsylvania, the
to year $XX million full $XXX the expect We and capital million. be spending between
ending shareholders related $XX.X deployed of share -- $XX repurchases and million with $XXX to to we of quarter, quarter cash. the through dividends, to returned shareholders capital million and acquisitions million the During
with was Our the tax rate for adjusted quarter our in XX.X%, line expectations.
our slide an on update to turn now me Let for outlook. XXXX XX
ESS raw pricing environment from our from to Utility growth We backlogs continue and segments, In to margins stable improvements profitability sales expect segments improve the continued are both and marketplace. and the in and in we segment, more ESS the benefiting price of material in robust a for year. balance expect
Utility we the segment, drive backlogs our in of expect Support sequential operating year. sales income business better utility In performance growth, balance to international modestly and are North the strong expected Structures for American the and
market While commodity remain sentiment. prices irrigation and current to stabilization signs to of somewhat tailwind expect of provide challenged, seeing markets farmer a some improvements we’re in
general continues the Coatings across growth driven in Our regions. by economic industrial and business is demand to perform well all
are second quarter expenses be recovered. not nonrecurring to The expected
diluted earnings a range to share from full-year $X.XX. our As $X.XX adjusted result, per guidance a and $X.XX we have between $X.XX to
We to foreign revenue are to sales to of XX XX expansion updating points projections to currency from X% our basis international to and lower margin points on X% previously growth range previously, XX basis XX operating from to X% effects. based X% irrigation a and
strengthen currency year, earlier continues expected from to $X.XX. share unfavorable of per in is effects about dollar to million negative of effect the to sales the associated now by on translation about outlook XXXX X.X% As with compared the earnings foreign our $XX or be
people before effect noticed from organization. over of to to of with privilege stakeholders. It back my our when Valmont. that I determined, the smooth forward you successor career help ensure be my Valmont retire of will to and all continues a to transition of going Finally, turn to Valmont outstanding most call announcement help for may been to successful the benefit the I across the has is spend diligently and Steve, plans to work that a our my have
With that, the I to will over call back now turn Steve.
