delivered us and Erin, we thank you, along Dril-Quip our year exceeded important capping met operational Thank strong targets for or where significant financial, strategic most and you joining fourth our made progress an of objectives. quarter, today. an and all longer-term incredibly
offset digits from highest large grew factors E&P customers This markets year-over-year, pressures. fourth revenue price was aggressive our inflationary investments to the as such double Total partly driven revenue investments offshore quarter multiple across quarter pre-pandemic. since several achieved and was by from increases Brazil, and
XX% improved basis QX XXX quarter adjusted Fourth and by grew almost XX%, year-over-year. overall gross margin in points with our over EBITDA reaching and profitability improving
our footprint our will moving drive organization ongoing our wellhead continue to manufacturing profile, operational and Our initiatives optimization combined with improved improved efficiency, forward. as such in the to investment performance support across margin
of short flow the Cash our breakeven for year. target fell
strong on us also is in particularly the allows in with QX quarter the However, typical highest ongoing in some in This detail reflecting were growing additional the notable will strategically and cycle no invest with higher cash up QX position remains XXXX, at matter a this but shortly. since market. line quarterly strong Kyle cancellations. to $XX million provide incrementally our mark and market, offshore seasonality. Bookings our the
were bookings not it's the as include any year, the of to do signed year. end agreements master or noting that bookings entirety worth strong As during the MSAs service
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XXXX markets. as footprint trends year both the and include of boots the in investments positive pivotal terms We ground. stage our key in These significant feel dynamics will XXXX. constructive for financial year In fiscal the and confident portion this be in growth of it underlying filled strong market we continued XXXX, A a set in for we key future. entered are total, on was some the with backlog very a and
and Saudi America. Latin example, ongoing in investment Arabia, For Norway our Brazil,
to investments. we make In Saudi are Arabia, continuing
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has been broadly very constructive. America Latin
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serve region to We customers. are with the service well-positioned and our capture in center opportunities
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focused we year look most the volume to in first in setting been a part we value back up into year of And remaining positioned as made great Kyle's first continue the offshore proud step increasing with importantly, believe at is ensure organization we A organization. average is what an standing a and full, accelerate will as have I of market pre-pandemic capitalize to the stage and and constructive CEO to Dril-Quip strides dynamic clearly above lot XXXX. has As tender levels. be my have -- Dril-Quip, new in as and the what to on first at year product line quote
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capacity. on continue efficiency to our progress excess We plan to footprint improve and reduce optimization
Houston, quarter, During for campus closed roughly our third the million. at forge the of facilities the we $XX sale Texas
XXXX. as previously remaining and discussed, anticipate X the properties, the In closing addition, Houston months to we the agreements quarter, sell in fourth in reached we of X first
combined our we are that $XX we in will For wellhead proceeds outlined the the announced in earmarked This XX these net to expect months to rationalization be investment current X million the These offset million manufacturing. ago. proceeds footprint $XX to million phase previously $XX range. the conclude transactions, of
As coming this XXXX. $XX made our the confident feel in our to to years, delivering will improve lower we've our ability strategy. EBITDA growth a progress advance reminder, We of costs in the consistently the along approximately and half productivity position annualized million market significant investment due by back in further
to closely ultimately over to example, industry. superior and time. our believe our customers our friends industry company we stronger collaboration, For These our the peer-to-peer and we shareholders when our agreements deliver work value with in our are collaboration
Another element business. is strategy our of critical growth our tools downhole
our a teams, the first supply streamlining growing enabling Dril-Quip's swiftly over As integrated we resulting a XXXX in new immediate again business XX% team. by leadership implemented our and dividends, geographies, chain bolstering acquisition, almost growth year-over-year growing in on profitable in and exiting These paid strategy, commercial XXXX. actions targeted X%
awarded another continuing a to and were OTC for we our in liner deliver growth to of award-winning growth hangers see through levels. De recently, expect XX XXXX up from XX% XXXX projects this plus trend XPak contract XXXX. Brazil More We in
end $XXX million by As targeting discussed, the of expand in annualized XXXX. to we're previously run revenue business we've to this rate
footprint an our will from spotlight design. are award And believe customers goals. to interest see green our carbon highlight meet products, their integral an customers carbon winners. Finally, their OTC reduction around to of in by suite are growth solution these I These we as increasing all improving footprint, prospects which products products want we our e-Series helping of become
that The area of exceeded is system. with The We most most significant expect that in successful suite all setting up and products and to our Petrobras, achieving is best a XX this would which approximately example through IIe level. this believe opportunity is system orders, far thus this represent through standard. XX% new XXXX, industry systems BigBore of includes this wellhead MSA we system In wellhead of our in XXXX. we
optimistic are will and traction similar these gain for as other contract see awards We products. that e-Series notoriety, performance installations we
that be the in this and rounds in and XXXX SBTe We of An the to is of CCUS lightens on customers market traditional continue in of our to able final shallow dramatically the both market testing. beyond. innovative build e-Series to offering example late the subsea our product is water tree serve tree products. This
stand gives us the environment All strengthening organization of drive our great improve profitable efforts and to these our with and confidence macro a up foundation growth Dril-Quip. in strength ability competitive combined to position, at our and
Kyle? over that, some I'll color the With Kyle results. financial it turn on to for
