everyone. morning, good and Christie, Thanks,
perspective commentary will giving lineup markets. this on you also the provide might You the I'll quarter. speaker color changed start we've our some notice by and operational that
the we've into will and you close this made and and As with Scott the in continue trend positive strategic the Q&A. you'll now take with detailed I'll provide us fourth call results, perspective quarter. expect financial to we hear, progress,
minuses, currency and our financial were give last significant Scott quarter results will of the it's ahead headwinds. third that worth despite While pluses you noting and year
our exceeded to cost results adjusted enhanced ongoing these largely led standard that effective margins. expectations to improved due and Additionally, discipline pricing
efforts of industry. an constrained start inflation first, news. shortages with effect rate production have others chain supply I'll our that our ongoing Those the stand production challenges, update we along positive by chain reduce to and in and on helped the supply the with providing where
the We are shortages seeing and previous chain we're component fewer in constraints experiencing moderate, supply than quarters.
particularly global certain microprocessors, are and remains chain such constrained, critical materials from difficult China. supply as weldment hoses, those stampings and source still components supporting our However, to
while result, the As utilization over grew a from third and our capacity achieving in in component quarter XXXX prevented us the U.S.A. Europe. planned shipments year, prior availability level
diligently components working supply are resolved. to rate as increase are around quickly the our We critical issues production
to expect quarter we ahead, Looking volumes shipment production over our and third increase quarter levels. fourth
year Building on supply resolution and These production XXXX the to continued to of and that momentum, we the volumes chain improvements anticipate third of quarter, are In shipment XXXX due over full MEA in acute in we part and in Americas ongoing significantly. energy In the caused the slowed rate most was costs in the by This increases pressures. conflict. [JPIC] cost to cost elevated contrast, experience of due to shortages bottlenecks. global easing largely component levels. have continued higher Russia-Ukraine increase
of any global more supply economic inflation absent chain trends, constraints. suggest geopolitical additional cost Forward from effects indicators XXXX moderate events
offset increases to we've quarters, XX inflationary XXXX. fully in the combat past implemented past ground, price in and we over inflation to expect shared increases multiple price the We're we've cost gaining As months. pressures
XXXX more backlog Looking XXXX unit ahead, extends as current favorable anticipate across we several benefiting for into price-to-cost ratio margins this to quarters. continue, and the
share my view appears lift to trucks for Demand remain Now strong, be but moderating. on let me markets. global
both the and versus worldwide a indicate the third quarter. second market in prior estimates internal year Our decline quarter XXXX
possibility the strong a decline, or focus significant ahead, our compared levels. pre-pandemic of rises. XXXX remain of prior trans robust quarter combined full recession their quarter bookings XXXX in in The Looking lift market as for year year resulted prospective and expect levels to the even the fourth should declines, market on orders margin regional with lift decrease with above market the truck global the year from a in periods. decrease with third we in Despite these prior
in and declined compared to second the versus worldwide. quarter, full activity for trend year a prospective the booking result XXXX continue expect of their prior quarter Bookings we also economic lower slowing period as to XXXX fourth year
have past As our levels backlog bookings have over the reduced modestly declined, two quarters.
remain lead resulted our prices Incoming selectivity both backlog. and times bookings our and margins higher However, our unit for order in has current extended. average
continue work the a overall by into price average backlog increased our increased over in year-over-year In the units sequentially. support and our represent -- backlog to average the of these and fact, of fact, production. margin we quarter fourth future years lower in booking In priced prior price decreasing by XXXX, unit XX% improvement as by of The backlog sales portion unit through price unit margin should expansion nearly a a X%
average As we our extended margins improve expected backlog. a further result, unit as are evolve to into
recession saying absorber XXXX a global supply -- noting and backlog market would downturns, through shock recession-related the laser-focused helping mitigating any shortages my I'll sustain chain worth truck the into against It's our we at of This by issues. higher-margin remain and impacts likelihood comments from supply to our on summarize current other increases, extends of XXXX. business. as act of backlog
needed needed. to Our obtain the parts teams production that time for at are they continue closely to work suppliers with the
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turn to results our Now call I'll financial over you update provide on Scott? and financial Scott the outlook. our to
