our delivering generate outstanding -- quarter above-market expand the I'm Good team's of ahead margins growth work another our built of and you, fourth aspects Thank on focusing quarter on in year's and line controllable of or everyone. expectations. flow, all year's produce and morning, our full to business, cash stellar strong our proud work results of performance Chad. in
with We had a headwind decreased due sales estimated of sales offset XX.X%. growth sales net $X.X quarter, -- billion to The fourth sales in decreased the by X.X% deflation in anticipated commodity X.X%. volume down which commodity
plan increase the over fourth the and those key emphasis of on a categories XXXX, products. the business reflecting with of our strategic X% value-added of product again way Our our led quarter the execution
commodity margins $XX.X on prices decreased or million $XXX.X Gross sales. lower of to of net X.X% million due year-over-year the by down impact
percentage direct result margin our higher-margin, XX% delivering mix, on Our driven an of remained gross value-added focus customers. improved product to solutions team's strong as continued by at our a
XXXX. provide of impacting quarter a expansion our fourth of XXXX, Commodity commodity gross Year-over-year our margin to consistent what on causes quarter producing We dynamics essentially were commitments the the drop half short-term calls. during prices pricing benefit we short-term deflation the fourth recur. stable prices contracts normalized in closer that and prior quarter XXXX, percentage our percentage fourth long-term cost with Commodity cost relative experienced relative have the rapidly this remained gross In discussed margin of not our pricing we benefit did customers. to second to this levels. fixed-price when
deflation Our impact SG&A largely aforementioned a of driven the basis, by percentage sales. as sales a on increased of the year-over-year XX by basis on points
gross In a volume and growth higher to addition, strong in margins the higher led quarter. variable compensation
in percentage Accordingly, prior as gross mentioned achieves a have team our has incentives the expenditures than our quarter. sales higher operational created and our higher This we margin commission our strong increase funded gains the favorable overall more goals. margins. quarters, sales between As in team alignment
was year, increase in quarter the the million million. $X.X an $XX.X of $XX.X prior for expense compared Interest to million
by impact year-over-year. million declined outstanding on guidance. Fourth representing debt of related the end $X.X higher $XX.X a of million our items to by balance extinguishments, was million, to Excluding net EBITDA quarter down one-time lower expense the debt $XXX.X interest
volume strong value-added in Our factors the the sales growth, adverse partially offset particularly categories, product previously. mentioned
U.S. strong scale value-added estimated X. our in the driven and Slide products, windows, volume local customer starts of national total volume housing growth improve. by doors our business, products strength result by improved the millwork. to The in again to as evident by the estimated Higher-margin, in quarter continued of quarter, of X% XX% an of growth to and relationships, was followed Turning sales XX% manufactured led in fourth
goods deflation, also achieved lumber category Excluding in XX% and sheet of volume. solid growth estimated lumber sales our product
grew a in end thread family On family new products all Slide estimated our A single X, is an we that volume the market. value-added sales quarter in single of X.X% the construction parts common country throughout fourth market. grew
And timing started due sales XX.X%, volume end and in broad by projects markets by R&R earlier sales in XXXX. the improved largely X.X% growth. multifamily on Our to of other grew volume
to X. Turning Page
For flow of performance capital cash generated well million representing $XXX XXX% deflation flow, free exceptionally the we excellence attributable improvements. XXXX driving the XXXX, The impact inventory working year over initiatives, the cash was strong in income. in on to of of our operational of full and adjusted commodities benefit net added
to capital funding acquisitions strategic continue maintaining to balance value-add our the of our value. allocate include capacity, generate our to strategic growing shareholder organically which strength We and sheet priorities,
in expenditures initiatives. approximately of growth For the capital year, invested XX% we our value-added our
XX-month ratio liquidity reduction at time, end, exceptional with and adjusted net were We acquisitions. X.Xx. at In deployed make and addition, net target cash and year investments a for of same ratio. the to on our was low leverage to future the business $XX our X.Xx ample these improving the range from year end represents We the This quarter At developments capacity while, quarter. at of ended EBITDA million prior flexibility our trailing M&A. pleased we especially debt preserving
of expect expand and more new total, systems total XXXX our truss new a invest our to millwork dozen capital our new in expansion value-added lines our plants around and and plan the we XXXX, again in machinery to capacity. of initiatives and In several value-added X/X In production X existing We're and manufacturing adding we plants, truss expenditures in capacity. growth locations.
acquisition now, added a growth. and In to acquisitions to accelerating growth avenue The dedicated attractive our strategy. we for XXXX, very we of successfully next-generation is our advance company as have right another tuck-in framework our landscape
in have labor heard prior builders about us For quality. construction have those you costs, which constraints, waste speak help you our our who to and manage the value-added calls, listened ways of products
a intend acquisition As our organic labor-saving, modest by growth our their to supplementing these customers of we growth with accelerate products, accelerate strategy. focused high-efficiency plans adoption
value-add We sophisticated geographic through our capacity primarily additional scaling increasingly customers. while our technological serve taking advancements are of product best advantage to reach,
in our this with Raney prime strategy. example A is All acquisitions align of of directly acquisition our Components December.
has trades and than Raney to vertically through significantly with to technology and We customers. design, then management been of pioneering for work. and value-added years, level. taking products and from view customers by has which partners effectively look combining material improve these this its Raney's products process, to manufacturing logistics leveraged production model speed holistic subcontractors a productivity Florida. to install XX Raney builder forward construction and For by next professional installation nearly across model, manufacturing, improves to X/X integrated more cycle the handling, onsite times the offsite supplies
a in many success long-term acquisition of remaining an leverage sheet have strong of we and scale opportunities our markets very active up our further pipeline Fortunately, while balance targets. to mindful
look and X of let's long Slide Speaking our the term, long-range plan. at to turn
we During while through further XXXX, initiatives executed adverse of our our market growth. overcoming to EBITDA factors extend ongoing on priorities record
EBITDA and As the were backdrop generate fundamentals million for of demand was what team, large intact, of business our and see improving growth core steadily approximately a This from family starts. part in cost homebuyer -- more the business we steady $XXX to in continue million than fixed buyer modest able single of to offset activity. $XX growth, improvement our XXXX call deflationary Due in fairly and housing to headwinds. of we execution we core roughly by remain
of successful. was our focus demonstrably aspects team's business, controllable more the strategic our Within
above growth. value-added the penetration in Our market approximately substantially to the X%, the of estimated of long-term the we contributed increase sales market, higher-margin categories $XX market products. EBITDA and volume continue significant is ongoing and faster grew well excess our to the than target, amount of million see XXXX This core products incremental opportunities within
million our EBITDA $XX our the by led XXXX, results excellence Operational delivery initiative additional optimization in an of pricing from successful initiative. in the rollout contributed and
and our progress significant organization we Our amid to headwinds. we value substantial line that Overall, influence advancements. the year bottom progress of trajectory economic against of create record the efficiencies strategic through our long-range customer for plan measurable another and were service pleased commodity-related proves can through and
particularly aspects initiatives, confident the of continue through forward, to are our deliver through business. Looking we more value we additional our controllable can
to plans. housing earlier. towards targeted supplement acquisition that march overall growth, we will While the of With with on the to EBITDA the intend acquisition our our our strategy moderated discussed that controlling averages, underlying we market long-range we trajectory with have to on -- starts dependence growth fully focus growth we organic targeted our believe continue further historical accomplish
Our emphasis growth a outperformance acquisition as driver remains core on as well value-added key the for versus business products and as market strategy. for our
align growth these our the business that from EBITDA With in contributions central capturing calls products $XXX our target categories. framework to have this now with in the million business value product in core and better $XXX mind, performance core we how creation. million incremental we expected Accordingly, for and our hold to value-added to role combined an value-added EBITDA view X from
on Additionally, service with million our are to initiatives excellence to levels initiatives further out value benefits proposition these in across an track. our operational When rolled and expect deliver also XXX additional our million we customers. $XX fully our differentiating cost $XX strengthening locations, while
us The enhancements free remains flow $X.XX. goals, greater in This to than and EBITDA long-term XXXX. combined with a adjusted only conversion income cash backdrop, confidence to And $XXX will our to we to $X achieve track but Cash XX% between time. of achieve plan, flow our over priority. deliver intend in EPS we on creation translates to gives macro a also value us our puts supportive not million that net
the fund target X.X our We investments to to expect long-term generate net between to we and both that our leverage and use ratio X.Xx. substantial high-return maintain cash
Moving to our initiatives in XXXX looking and expectations. cost mitigate Slide dynamics our confident year to the first opportunities, commodity control. team's deliver on XX ability and our execute market remain and to forward within quarter We full
X the a on will have day guidance selling additional provided per basis. in first year, day our versus quarter so XXXX the will We of be sales prior
decline quarter approximately XXX is quarter, XX% between normalized XXXX net our fourth XX as to includes products. by inflation increase first prior points we margin expect anticipated of impact per the We the to XX% day X% of value-added to the sequentially over Gross sales commodity to versus range return basis to This of XX.X%. X%. quarter and margin led year of
to between supported expected and First quarter discipline improvements. continued efficiency focus on $XXX is million, million EBITDA be and $XX adjusted cost by
slightly XX%. effective below of expect rate long-term rate first tax the quarter We an in our
homebuilding and single expect market the customer prior range the end flattish. single-digits full which be quarters, of $XXX to are seasonally our We For the remain followed to EBITDA the in growth second expect the stronger season. to XXXX, million the the third our EBITDA $XXX in million. we and to to expenditures approximately Similar we low family in range; range; of growth quarter, X.X% full quarter year deeper mid-single-digits by of are segment to Capital R&R years, adjusted anticipate multifamily be sales. smallest total first expected the into year
to Regarding cash million have to expect million long-term to $XX expected taxes to to $XX cash $XX expected be also taxes, in is Interest with range, the commensurate $XX effective million million we transacted premiums a for be of of expense XX% our guide. is million. Cash call fees million related million. redemption to approximately the approximately million the interest $XXX $XX plus around in debt $XXX interest in $XX $XX to quarter first total approximately to expense million and
while year a amid macroeconomic us strategic XXXX achieve The coming on of full to goals our closer to puts in the delivering our our continued years. footing objectives firm us moving long-range plan on execution firm environment ever
well national for to geographic the diversified our supply is company with choice product capabilities partnerships and reach, enhanced builders, building manufacturing to customers. strong be our thanks of offerings, Our company positioned
investments market-leading growth customers help productivity initiatives of us to in value-added products ongoing the solutions Our and changing homebuyers. meet to demands enable provide our
as well economy through initiatives pipeline. our plans We about excited deliver value accretive as acquisition capitalizing operational excellence our our and stronger a to greater are on
in in growing and to our are next-generation the our right strategy. We emphasizing accelerate the capabilities growth products portfolio upgrading our markets, right
our their members thank across our especially XX,XXX record country and they I part in for hard results. each work like achieving the the to team play would
and excited and results shareholders delivering our is strong to value for team beyond. creating consistent our XXXX for in entire customers continue Our
call we open Operator, for the Q&A. now can up
