Thank good morning. you, Pat, and
operations the out, for within costs statements. XXXX the ended three XX-K filed quarters XXXX, nine-months $X.X The Pat of had corrections statements and XXXX to company's by the company XX, of were understatement and for restated on more the the financial restatement specifically and $X.X the an of As pointed financial September XXXX financial revenues the XXXX the for XXXX million yesterday cost respectively. of results is million impact results immaterial made of Form material
anticipated the the we million levels $X to supplier costs from in restatement, looking XXXX facility to regards material facility. manufacturing facility decline estimate the partly $X with XXXX, actions, forward due to in that to million by material will and partly As the associated to production in the decline due
investigation, from that complete, incurred of were will cash that cost part first which million $X the we As the quarter is the assets independent company's not and misappropriated not determined of was be now in Furthermore, the company. was impacted. we determined flow which the
over responsible control Our internal and establishing financial adequate for reporting. management is maintaining
of As misstatements of nor of allow the weaknesses they did a not us in detect weaknesses design material internal to These did the have consequence our misstatements identified to the misstatements, allow timely. certain us controls. the we material prevent
our and accounting The generally statements weaknesses are ensure in company additional prepared with are accepted intend developed that help analyses financial material procedures principles. Until remediation to to other a remediated, these plan. has accordance perform we consolidated
are full quarter here year were Before sales in company XXXX. business overarching the operated year. as XXXX same remarks some during financial Consolidated regarding the I speak and in roughly results to XXXX in the the the fourth environment company's
and and heavy-duty representative first truck quarter a environment the North in at remained is production business level to into then dramatically that's XX,XXX not declined More XX,XXX America were XX% coming production of XXXX. specifically, quarters, about the during in in second the the this units that was However, decline. in produced fourth high units quarter year. the third
impaired our quarter, Exacerbating Production especially this in some production. we operators – case the our production pull maintained levels near-term to changed the be suddenness ability OEM production which we magnitude their this the flex margin, to impairs OEM was suddenly. structure, step what change can in cost or so achieve through. resume what that our variable which quarter the of of schedules resume of sometimes of during ability contribution fluctuations production instability manpower the normal fourth to OEMs as refer must This we conversion shutdowns and when
to believe Setting coronavirus a XXXX. manage in and more and of our aside, material in our operations customer's on XXXX the will labor margin costs schedules operators and production and impacting near-term, contribution were the we possible costs. our assuming on the in impact schedules normal volumes our normalize production pull-through Further customers' variable
large to enjoyed high material adversely leverage into which production part in Coming certain levels, pull-through. pricing suppliers XXXX, affected due
reflect it underway this actions that leverage Although pricing our Furthermore, may largely are moderated. supplier effectiveness currently, chain. pricing the has supply improve materials costs seems leverage of that our
with costs coming associated labor costs and with were As regards also labor difficult employee including labor, markets costs attrition into XXXX. problematic associated higher
the the currency, of relative Ukrainian Ukraine Furthermore, was Hryvnia. by strength in labor the of the cost the exacerbated
Importantly, and pressures in Lean during the of programs material and labor investment of continued offset Six success our some the cost Sigma year. these
The stabilized depreciate the like come to have started may costs training provide certain recruiting XXXX. and market during to which has costs and relief continues The and year somewhat labor down. also and in overtime some Hryvnia begun
XXXX. in pull-through impacted events exogenous Two
in Agua the border impact Prieta, of new quarter $X.X border A of U.S. wage border along The this adjustments wire actions wage, harness in may impact hike. pricing and our in the a was statutory Mexico. a minimum wage facility the encompassing products wage You Mexican, that approximately minimum reduced minimum geographic in certain imposed of area number XXXX, so-called Mexico the the of on million. recall including first XXXX
annual annual million XX of a the fabricated relief was second the down the with Costs Exiting troubled impact XXXX able of supplier that these $X.X chapter wage bankruptcy were troubled the reduced supplier minimum the Furthermore, associated to to quarter. somewhat of were manage less million. during the sought reduced $X.X supplier approximately quarter. costs impact million. border XXXX, impact associated $X with in Exiting metals XXXX, to was the began costs in approximately us than We to troubled annually.
$X Systems To in Electrical Our we in long-term were which North global business the during million $X.X Trim XXXX, made harness is costs wire our end, investments approximately of Start-up strategy growing million year. approximately segment. American that includes non-recurring. and our
to continue to support grow believe resources our We this allocation of segment. to strategy is a wise this
in to our compared decline the serve. XXXX. quarter now truck of million reflects America This heavy-duty fourth in $XXX.X results prior production the period, decrease in of year construction and we the for North million revenues $XXX.X the Turning were equipment decline in Consolidated a XX%. to markets
FSE contributed million revenue fourth of $XX.X the quarter. in
Foreign million of was of revenues adversely sales of $XX.X prior to the year $X.X impacted in compared period. million currency or consolidated X% or operating X.X% fourth quarter fourth translation $X.X by income Consolidated quarter sales the loss for operating million
decrease on is truck inflationary The quarter with operating investments the fourth and approximately associated wage to quarter. in inefficiencies troubled and attributable minimum costs million. costs in the decline largely production steep income $X impacted operating with revenue, lower pressure the material and supplier by manufacturing heavy-duty in the results labor Border associated
spend the annually, operating growth that for are are savings, million $X million other repurposed are We reduction after These and $X taking actions to giving reduce $X restructuring to $X to expected costs to million cost effect fully by million implemented. once investments.
end in a in quarter The in savings actions place be the estimate fourth by these We year-end the January the third the of were two-thirds weakening by year, benefits initiated began anticipation These and that about of of of XXXX. markets. remainder XXXX middle in in early about actions XXXX. the of will
subsequent other million, Approximately the costs Pre-tax are and actions were share million to be $X.X costs the quarter which the $X.XX with $X.X to remaining are actions XXXX. per incurred associated associated the $X $X related $X of period. and million was XXXX be of diluted expected million million $X in employer-related in separation closure production income these million share of $X.XX XXXX transfer majority prior in these of to fourth the to facilities. costs to of or or costs to compared quarter the loss net the of per $X Net expected million fourth diluted for incurred with year with
and equipment million. in during XXXX contributed full same in quarter. results compared production declined $XXX.X for significantly construction for as year year XXXX. the of volumes FSE North million XXXX truck million America revenues equipment in declined high $XX.X the or the As to of medium- consolidated $XXX.X about heavy-duty but was XXXX, XXXX. the in fourth were revenues Global Heavy-duty
revenues X.X%. Foreign $XX.X or by currency translation negatively million impacted
heavy-duty Consolidated million decline prior X% $XX.X XXXX production of Decrease or in the income in operating with sales to in of operating in part quarter. was truck fourth year. attributable associated on steep in compared X.X% $XX.X and million labor sales was in largely pressure the or inflationary income inefficiencies material and to operating the costs
initiatives with year results. minimum million million $XX.X the million Pretax costs troubled XXXX to were compared $X.X associated $X.X impacted million general and million, Selling, of with costs in associated border investments increase also million included million of $X.X supplier The and an restructuring $X.X the results. wage XXXX in $X are $XX.X in manufacturing XXXX, administrative prior costs period.
FSE Costs respectively. Increase swap in of and million $X.X and restructuring a for impact associated million XXXX non-cash impacted prior mark-to-market million was interest during is other the of XXXX the million million primarily year which rate $X.X the resulted $X.X of XXXX acquisition the in period. expense a a the years agreement, $XX.X $X.X gain and charge Interest with result $XX.X and the in million the year. SG&A and initiatives ended
lump results financial This XXXX participants. term risk non-cash of a sum this million plan. include portion settlement reduces million Additionally, with pension for a associated charge pension sum vested $X.X our in of with lump voluntary $X.X associated the settlement liabilities
asset weighted fully away pension fixed to from plan U.S. have is essentially income funded equities securities. now Our allocation and we the
tax diluted per tax share rate XX%. is was a $XX.X modeling million said in of per in or share Having reasons. XXXX $X.XX XXXX. diluted that, XXXX for uncertain moment, in in we are income for or number was effective the $XX.X effective highly The XXXX $X.XX XX%. million rate Net The to compared
Turning in period, to and decline markets quarter prior in Systems million a decrease now million the we year were revenues revenues. $XX.X were segments. truck of North compared our to construction the production for Sharp the segment a the XX.X%. by in million, QX Electrical FSE decline partially XXXX in $XXX American $XXX.X heavy-duty of serve offset
X.X%. adversely revenues fourth quarter translation or $X.X by currency million Foreign impacted
a on million Systems lower quarter was fourth Electrical material The year period. result $XX.X associated compared North decrease labor primarily as XXXX $X.X restructuring were decline inflationary fourth the operating to operating and inefficiencies for due production. to quarter. heavy-duty was the in actions with the million, million and truck Costs of American $X.X in pressure in the prior sharp income incurred the volumes,
markets Full prior year production the acquisition. compared million, the by truck modest XXXX increases X.X% $XXX.X year full revenues and were for partially for in the year, Systems of FSE the were construction increases These to North equipment Electrical segment an American increase we the in million serve. heavy-duty $XXX.X global declines reflecting in offset
XXXX compared attributable translation period-over-period $XX.X currency operating Foreign $X.X or sales adversely Decrease to to $XX to the segment revenue and Electrical sales inflationary X.X%. income impacted million year. labor operating million part on million in is and X.X% inefficiencies. prior Systems or primarily XX.X% or material in of costs by the in was of XXXX pressure
$X.X of year. Systems wire wage $X.X with segment investment global impacted border the the in restructuring the in $X.X million the harness million Costs XXXX. Manufacturing troubled associated and business Electrical is for million, minimum supplier initiatives the our
prior This XX.X% we were Global the revenues Fourth year decline in decrease in primarily America in XXXX million construction the in and period. heavy-duty in serve. the to Seating. was now production quarter markets North Turning result $XX.X compared of the million, the $XX.X decrease the truck quarter to
Global prior million revenue primarily Foreign operating in X.X%. Seating $X.X or $X was to million and Seating restructuring operating quarter during attributable volumes results volumes, to labor operating inflationary $X.X impacted of $X.X pressures Fourth decline currency compared by the and income Fourth negatively as The the of million, is result lower in Global quarter include inefficiencies year. translation loss Seating decrease on a the million Global quarter quarter. material market sharp costs. of end fourth
the segment were X%, prior revenues modest declines XXXX heavy-duty serve, Global primarily $XXX.X year, in decrease North compared by production markets construction the the we resulting in $XXX.X for to truck increases year a Seating in million million Full offset of global America. in partially from
or Global XXXX in Foreign X.X% segment $XX.X compared year. Seating X.X% to currency million prior by sales, X.X%. million operating $X.X of -- translation impacted the adversely revenue $XX.X of XXXX was sales income or was or in million,
labor a decrease costs The $X.X year-over-year during results market as the volumes, in the the include lower volumes sharp million quarter. end and declines XXXX of initiatives. The inflationary to pressure primarily inefficiencies, operating charges of attributable and is the result on part in associated with restructuring material
in capital a Electrical higher XXXX, expenditures year made primarily the as the spend, recent than the segment. million, the historical investments were of $XX.X For we result during year
We levels expect $XX to XXXX. to $XX return expenditure million from in million historical capital
very the of uncertain. our to COVID-XX financial is results. financial affected virus little date on impact has the highly in China the future somewhat, results virus facility Although, Any on production had consolidated company's this impact the company's
December of million no The case. At company $XX.X down at the credit facility XX, in availability There $XX of million XXXX, drawn previously and revolving undrawn the under liquidity XX, had $XX.X borrowings cash revolving of facility. XXXX. from of $XX.X the million, million December credit our facility were company just has
I you. remarks. Lisa, now That will And, prepared over concludes our turn to it
