Thanks and evening everyone. Julian good
our comments outlook. fiscal First, then with involving and conclude quarterly I'll I'll on color provide our results XXXX additional
day had with XX.X% one line quarterly overall increased the to quarter, extra daily selling sales was fourth year As in the Julian organic organic during with the X.X% of residential sales of mentioned, driver primary market. quarter, daily an overall compared the levels growth period increase roofing ago
category, strength after based U.S. four regions and our these performance positive experienced ended of other rain We six of this year-to-year and broad delivered digits. the disruptions all six Within grew June. double in
following performance sales a growth that are We generated regions, in are strong growth pleased it period Commercial hail seeing see prior modest only Midwest post areas category. the the and out also hail return in of period, to daily positive improvement these while represents positive to our roofing Southwest this traditional suggesting declines.
are includes centers contractors engineering, support to other it needs by fulfilment. X increased one-stop to centers. of currently. are their this our experience XXXX over efforts expect sales XX roofing continue quoting, for We where commercial order These dedicated single from the and We've a in all number through all location. This commercial handled product the does
housing as see the touch Interiors seen you'll our organic the Next, release data, R&R in the the category When complementary This greater as complimentary I sales, decline of in XX discretionary digits. that daily traditional wanted siding, business exterior business for sales much complementary construction. has X.X% were from our lag windows doors. my our such which were well new product are to on new matches days, This includes also construction mid-single products fourth adjusted down XX the products to and pattern and exposure as and quarter. to down here
we As housing these we're in the boost now and trends, macro to this be improving seeing will anticipate future. areas a
our Now margins. I about want to speak quarter fourth
basis were by category. gross price primarily year. driven cost our last unfavorable Our within roofing decline occurring residential The relationship versus margins points XXX an was down
While get price the the costs. the unable necessary were to to costs not higher were offset product fully surprising, increase higher shingle we
disconnect. our good to get coupled current product during difficult that excess manufacturer first rolled of get coupled year, of increasing experienced in price. were that that We the an inventory. price. of the the it market increases purchase we we through from We so cost could recover goal we a incremental price the declining costs, moderate is result that a quarters The inflation inflation made with news able raising fiscal very experienced with this quarter QX For with as of prices entered QX, that to three market cost
higher partially was during large our localization price gross of the and incremental offset not The negative experiencing net the margins we of that's $X price cost see magnitude the the fall only the third enough sales. offset quarter. costs to incremental through product the you million sales the from Unfortunately, impact a why are ramifications
trend favorable impact a move to will demonstrated that we're As translate QX coupled we for positive forward, with pricing optimistic input margins. inflation lower
favorable the showing here, costs leverage operating cost to we're basis Adjusted XX% improved track percentage basis targeted reduction, to we on sales in a XX.X% of from a our more right but on work clearly still cost They're on realize $XX as of year-to-year do path. million XX fixed to have points.
Now to balance moving on the sheet.
three the with three that's levels than proud XXX that quarter historical years an million years, We flow something has and income million annually quarterly and We're strategy. improvement this free XX-year cash are cash XXX%. team net important exceeded our component our most conversion which execution our past over pleased balance delivered free sheet well free for consider our cash by very accomplishment and is is XXX% important average flow last flow of entire flow cash performance. solid probably cash XXX Beacon long-term of more to we during Fourth above the nearly adjusted our expectations, averaging
in debt years. As free cash include with flow always sequentially in Beacon from increase to operating ratio hand. a million X.Xx. approximately leverage has cash you declined X.Xx And straight on generator debt been flow XXX having positive declined when XXX or a our result, net consistent the cash net our been million XX
building we If about and distributors. seen, relatively events all the the housing this unique you and we've the the external products weather XXXX when recession downturn believe think volatility, is performance
with of almost bonds replace yield three high the significant two These a quarter million XXX our great the a of On yield decreases maturing we savings almost basis maturity our a financing completed accomplishment yield maturing activities. X new by and unsecured that points issued annual bonds interest X.XXX% in XXXX. yielding X.X% of interest senior secured rate side the in million with we bonds yield years. XXXX, XXX high the extends in on In
moves variable lock that X.XX%. were to our with two in approximately this term to financing with In opportunistic addition, interest we of an saw provide opportunity rate rate swaps of loan exposure. our remove some reduce durations costs, part are These rate able fix interest XXX totaling debt us our million. debt and our to interest B longer on We borrowing
with strong our a we fourth ended cost sales growth and quarter, rate, summarize management cash legacy is To flow. solid our as operating
pleased are year the quarterly fourth our underlying XXXX recognize we performance, XXXX to matching company. do While results of quarter with and the specifically, with that full also gross earnings not operating Most close these costs. full not we of are and power our we year margin areas satisfied come
address outlook. want I Last, to our XXXX
providing We have decided through EBITDA and to will guidance. time arrival work formal to the sales XXXX. more the strategy take to impacts delay XXXX specific that he Julian's review and a little described
outlook fiscal a specific the later in We providing are anticipating more year.
general thinking some will key said, XXXX. items you With your that our models with that I point and about want help to did out
starts, XXXX, while improvement particularly existing our spending residential Housing market From markets. choppy for coming sales home perspective, a declined end slowed. a and off we're home
have expectations these stabilized markets for through move consensus modest a call as and indicators XXXX. fiscal these indicators improvement for the XXXX Now for
the facing Michael. is remember, industry from with Also and hurricane also Florence by difficult year's year largely in and Current market still season ago providing demand XXXX comparison Irma was benefited incremental period. fiscal the the early was comparisons Hurricanes uneventful. hurricane
of second expect we'd a demand. followed the that of half year-over-year the a fiscal All improve. Leading drivers as flat sales said, the those as during half by softer market to result relatively to market stronger year a comps year fiscal macro prior see first
to top and even improvements bottom-line, outlined environment. Now with full story flat XXXX macro We year two will fiscal year specific drive actions our see in this as as both a parts. our Julian company
last less Our volume hurricane is of expected first quarter to storm timing demand. experience year's to due the
in margin price similar XXXX, those expected anticipate of also gross basically year-over-year gross combination is to to environment. sequentially and margin EBITDA flat a second This We the decline a result cost seen quarter. half the challenges during in
last As gross of year, in timing a margin high you of of QX may it incentives. vendor recall, unusually the our of we had result an is some
button However, performance. the reset our in year-over-year year and new we macros expect to driving effectively calendar the both improving hit initiatives with
inflation, improve enter a margins. incremental As cost coupled with selling spring demand no we which XXXX environment to in strong attractive allow our gross we season, position, expect on more will the resulting us
by positive and should gross seek As fourth margins, cumulative our a sales result, fiscal EBITDA through improvements driven stronger XXXX second quarters growth, higher operating leverage.
to almost during X proud XXX over in over to I'm the one it and to seen of you at the have Beacon at to year. the billion announcement hand my fiscal release X my accomplish here. we able We've likely this years final I Beacon before note, Now depart a lot Growing now very seven ranking. press of Julian, been have a plans team Fortune the company billion in revenue company achieved. and what from later the
of the work Board career, working time to in in next very Now more spend XX continue enter on am chapter and excited to begin me my family, to years more after time I with gears. life my charitable time also my service. my shift over it's for and
the for provide continued duties While been searches to Julian's my pleasure It to I'll a forward continue a necessary successor, Beacon and support my to under smooth the I'll seeing serve with look transition. and leadership. Beacon success ensure has all
questions. to Julian. back the move I'll now to we before call over him turn
