everyone. world a was four the just good was Thank which you, weeks place. John. When our morning, ended, QX And different ago,
our lot in has past what are want earnings we we talk public than company, today to a while start, of calls So a an tense relevance would. of important aspect as that normally responsibility less about the to recognize
society steps to taken our impacts significant having negative the its on virus COVID-XX mitigate spread and and our economy. The being
of the working the countless grateful for work being by done stem the are to We by spread individuals virus. and humbled
We are our to mindful help contribute most are we philosophy can and that doing belief are and ever our as our asset. now people whatever we of important
dedication of and on Spirit, in trying of all and source the full It a pride and U.S. ingenuity, time people has for is us last for the it few display is this across of globe. the been our weeks. over remarkable,
I’ll items now go including we’d the Andy then the take the There additional and be share quarter, questions. following. $X.XX in through quarter, quarter. In happy per a in to provide the reported we summary will prior of QX, of year several unique comments $X.XX versus were earnings some
we of where $XX quarter We gain business, incurred three year facilities consolidating in the to and restructuring charges quarter optimize oil and prior of primarily relate to restructuring compared Current in capacity share two utilization. a impairment to per consolidation to planned charges $X.XX. and in gas from our million $X.XX a or QX, are efficiency
us recognized equity we Processing a a involved contributing Worthington per QX, million a to ownership ownership acquired from XXXX facility December The gain our it majority Cleveland our increased or recently JV. In and of of Samuel of cashless transaction acquisition was of share our $X.XX where Coil was results the consolidation Heidtman our previously JV since This related that XX, $X.X been total to Steel included which consolidated JV, have to this in XX%. income.
of $X.XX $X.XX tank results the impacted last negatively program with $X.XX share and a as the last and were per in QX per losses per year current This compared $X.XX in year associated losses holding inventory of we reserve quarter replacement initiated a benefited by by those share Pressure was share Cylinders. replacement within lowered to estimated program share. Our QX
program, restructuring, of fair There and ago. QX our adjusting for impairment, importantly, EPS year but $X.XX $X.XX a the for the replacement versus numbers, amount when was XXXX of in noise a the was impacts
sales million, year, business. prices within in to average XX% due in Pressure from primarily Engineered Steel our selling $XXX Processing, products and lower exit our Cylinders, Consolidated the of the and prior Cabs from businesses industrial decreased consumer net lower volumes
Despite the in last million revenue, increased decline profit increased to of in million the our our year quarter XX.X% to QX gross XX.X%. margin from gross $XX by $XXX from and significantly
quarter, million in year XX-month EBITDA our adjusted Our now trailing and in $XXX to $XX EBITDA was the $XX compared million. the prior is third adjusted million
sales Net primarily lower from XX% Processing. of Steel by down to increased partially were average offset QX to XXXX, million which selling were of due Turning direct bonds. $XXX prices,
largely XX% up third were toll our added quarter. quarter, which JV, the last recent year’s tons this by XXX,XXX shipped Total driven from processing consolidation of tons
toll also we’ve saw of We our strength X% than where that very see pleased business, also our seeing increased processing tons were been legacy-coated doubled. by continuation direct the trend more in volumes We positive there. year-over-year, to
Operating income up tolling for was of million tons compared higher from of prior Processing the spreads of Direct increased in were due $X the XX% Steel quarter. and to mix volume. QX last year year, $XX to XX% million direct
which terms is headwinds the automotive to face seasonal general has Steel will conditions related which shutdown economic OEM Processing, strong demand. to of typically a going In outlook, impact and QX, lift in
the and $XX to sales program, oil in the gas Operating prior industrial from down net the and business, was offset million, and In our quarter. quarter, excluding by volumes $XXX million, were consumer Pressure improvement lower restructuring, year products million an $X down the income, from partially in our business. prior Cylinders impairment, year replacement tank business, X% due
strong In warm winter, heating applications. volume products in were our QX Softness in operations. a believe decreases for function was a and largely demand products reduced which the business that continued of in industrial consumer demand business, we by driven our weakness European
in said, and Moving the disruptions forward, in Cylinders across or our Pressure chain, has operational, the end-market board. not customer are downturns That all diversity environment. demand has business decreases in supply seen precipitous current possible past
activity by and oil caused drilling face business will headwinds prices our oil lower decreased addition, In markets. its and gas in
construction was $X equity from quarter million which the in strong JV, ClarkDietrich, JVs, year-over-year. increase respect $XX during million was With to $X up due prior million, increased our our primarily the quarter. The year demand to income
received dividends in JVs end-markets will supply shutdowns in our from slows. extent are possible and be an operate the uncertainty, of we all impacted all and We that JVs face operational our unconsolidated expect negatively they chain by Since million being during as demand to quarter. impacted that do $XX
the period. million for sheet. in million nine flow cash to free the months with $XX flow flow from totaling was of million Turning $XXX operations and the the cash balance fiscal and in quarter $XXX year, our statement Cash the same first
on projects, paid $XX in million million XXX,XXX common During to $XX shares repurchase spent our $XX dividends, and the invested capital stock. quarter million we of
prioritizing slowed We spend for to down operations. spend foreseeable future related the and have recently are continuity of our CapEx
the sheet down $X our expense from Within $X liquidity million to position, million refinancing balance year flat at balances. both funded at debt of quarter-end and debt and debt was was due million. Interest $XXX prior sequentially lower
with QX working $XXX $XXX ended nearly cash in of million. over capital and million We
We to our us $XXX million available also facilities. have over under revolving credit
to debt per a roughly EBITDA $X.XX net declared payable for times. June the quarter dividend Yesterday, Board XXXX. X.X Our is share ratio in the trailing leverage
I’ll turn over to it point, this Andy. At
