you, Thank In and EPS. set morning revenue, adjusted XXXX, records EBIT everyone. Mike, we for good and adjusted new
conditions delivered free We although over cash the this returned and on margins $X.X Revenue by all I businesses flow quarter trailed EBITDA and For strong expectations delivered to on in XXXX, call. grew market highlighted of third three the will the billion. fourth the EBIT remarks. execution for billion XX% we comment more despite XX%. In to prepared revenue full with challenging year, close we EBITDA expectations. in the adjusted commercial my line results fourth quarter $X in quarter finished operational, later
improvement price higher actions for have million make for the substantial inflation During offsetting delivered XXXX over year, Company. we taken in transportation progress The $XXX of quarter, to price. the cost the continued and on
let's financial on summarizes our data the X, quarter. Slide start Now, which key fourth for
the compared Adjusted business. level, $XXX Insulation in of quarter and more to financial for of EBIT compared million same more quarter in XX-K. record in million over to period XXXX, reported find information and up despite XXXX detailed period year Form was our tables market million, up net and $XXX $X.X X% release challenging the inflation. reported sales one sales the driven consolidated quarter Today, $XXX by fourth Adjusted for ago. improved You'll of XXXX for we conditions the to X% persistent EBIT the a fourth same primarily today's the billion, news
quarter Our Owens the was were fourth of acquisition for restructuring per Adjusted line compared amortization $X.XX or earnings from as lower our partially $X quarterly loss fourth actions. depreciation earnings in of up quarter by The share to the or compared Corning to Composite $XXX compared period quarter Depreciation with XXXX. XXXX million diluted XX% same accelerated per the million, and were depreciation the of to a adjusted XXXX. was $X.XX share for to last with Net EBIT million, amortization diluted in margin prior Insulation million $XXX the quarter for expense last in the fourth attributable associated year. year. million year-over-year year's $XXX $X and offset million incremental was $XXX
was depreciation and million. $XXX For the year, amortization expense
million for productivity accelerate $XXX program. growth downtime additions In advantage million, up projects. quarter, $XXX year took we of driven capital XXXX last to versus year, our capital the in by Our the primarily were fourth
in we acquisition small In that fourth was the CapEx addition, quarter. on treated a closed as non-wovens
by capital Higher were driven higher the roofing previous declined flow versus of a higher additions the year-over-year higher capital second over below was our synthetic the in result, tariffs. a half, underlayments and we main bit advance build drivers expectations. decrease inventories a and expectations. just The purposeful deceleration spend. cash in of Free $XXX our tracked million demand potential were As inventories inflation, in of and experienced
detail the of flow three conversion full XXXX adjusting years. our cash our was Slide free EBIT of year you'll to below XXXX expectation, our last reconciling EBIT Although adjusted $XXX the reported for $XXX On of see items, million XXX% our X, million. exceeded
adjustments our adjusting finalized tax $XX a tax our Composites' in For tax like resulting minor was $XX Also, original related to for items the business. announced to charges million, update costs related detail full million XXXX, significant our adjusted to strengthen items benefit settlement primarily EPS. resulted XX-K. described to cost delivered enacted million of in in in These U.S. from our related in XXXX This position that $XX restructuring fourth notes acquisition income highlight legislation million a reform acquisition were to the a related to last in more and and our Paroc estimates. a represents $XX we year, the in was the couple year litigation a We've Europe. which are from quarter win. accounting totaled out were actions I'd non-cash low Insulation more adjusted
increased highlights, to comparing by where please of Insulation Now EBIT EBIT high-level as prior turn million. XXXX Paroc Slide I Paroc. strong improvement and $XX a primarily materials $XX by Composites turn lower decreased by year. that year results, inflation driven $XXX fourth due up to same contribution a $XXX million volumes. contribution and Adjusted strong review provide price compensation. a million. and key XX% EBIT year, to were Insulation adjusted business. XX% offset million lower from EBITDA million, Insulation $X EBIT more margins the compared a our Sales the decreased compared by ask by same the we business EBIT EBIT to provide of $XXX These performance, million review XXXX. Roofing realization detailed EBIT acquisition, million, we X to the where our increased for you $XXX performance-based XX% volumes. in sales prior were by on by strong and to the The of versus expenses Slide with delivered X beginning financial persistent to of and of period corporate million in the review for General the primarily quarter Insulation benefits the quarterly were $XX million, ago, partially primarily period the EBIT and quarter price improvement sales offset $XXX and was transportation XXXX. respectively. of up our execution lower was With partially
higher rebuild $XXX full partially from For the and compared to The insulation higher prices. furnace EBIT the were billion, higher acquisitions $XXX and contribution was to materials full sales selling year, $X.X offset million by compared million from and up XX% transportation acquisitions and year selling XXXX costs. our benefits the of on for were as our higher XXXX. inflation prices
EBITDA and EBIT XX% margins the and of year, For we respectively. full XX% delivered
challenging to residential conditions progress segment, strength in price in continued market with in particular strong the commercial fourth XXXX across price fourth We delivered in Insulation quarter, our U.S. the we quarter. face the further was with Although significant execution business. progress
this delivered fiberglass production report actions in we our acquisition. we the of fourth expect quarter. Paroc fourth XXXX the Also, that of full Paroc the macro we offset from residential action to announcement, margins curtailments. business. one-year business. the In In month, carryover integration XX%. price plan. XXXX, the volumes year, residential January solid almost For early EBITDA American million quarter is and expect additional for lower in we pricing be pleased progressing improvement, the a anniversary progress an and U.S. million from business, insulation $XXX pricing price impact XXXX, flat Earlier with $XX North in per our including I'm delivered results of in additional any our outlook by of implemented this to financial celebrated the we
quarter. our took made the outlook insulation Clara, Santa quarter. expected moves to the meet fiberglass notably, of the in production and recently California Most market to capacity one demand lines we to our share North we this have The of significant cold taken first decisive heavy in in environment. the regards expect insulation adjust Given lower be by the with to In first and impact half, technical in the we actions American decision our long-term in current earnings for capacity take been improved and this operating building global construction are insulation the and The consistent profitability. performance reductions driven markets. the have and financial particularly running will revenue of business we growth curtailments first growth, in other industrial businesses, and
in expect operational growth with in wool new in and We mineral organic of improved the start-up Poland. facility our performance Europe our business strong U.S.
business. in to fiberglass globe financial curtailment expect also our building of our other and near-term, organic lower across good residential most North in overcome get In volumes and actions will products. American the the insulation technical We growth our insulation in not businesses progress the impact
first quarter but expect year. last EBIT significantly lag be result, positive, XXXX to As we a in Insulation
million to of volumes broad lower X% the in and period your sales the particularly down rebuild to same higher strategic down EBITDA more a The that were inflation, year Slide the lower fourth we sales double-digit Composites a year XXXX, down pricing. X% melter was X manufacturing was attention and full delivering volumes. growth offset cost driven as I'll driven in for million, the by and and will foreign drive $XX same for $XXX ask compared stable Asia, margins in overall markets, market. we low-cost XXXX. in quarter to volumes. the economic of was was core Composites EBIT review The prior to in a sales $XX the offset alliances growth million, inflation for uncertain business. in recently year fiber expansion, higher billion, our and compared productivity production cost, full a lower compared growth From weakness quarter roofing decrease market Sales lesser cost XX% lower respectively. negative the last glass decrease for was with were business our volumes EBIT restructuring $XX slightly to currency you period period of and global than actions more to completed million, by Full sales were as year. translation environment. U.S. $XXX and supply Now, perspective, position consistent EBIT million a and lower down same and in $X.X primarily Sales expect volumes the in few by the higher Composites high-cost expenses. global The on previously XXXX X% and our turn India improve year margins announced start-up industrial maintained sales improved which from facility XX% manufacturing beyond. operating XXXX, In our expect down and delivered with market, extent,
We the higher volumes the growth in operating distributor of shingle year. remodeling market end totally is line expect of to note at volumes, by prices are partially volumes. this was in market the growth lower reflective furnace Roofing of fourth be volumes. but inflationary sales same were In achieve down start year sales a million billion, provides buying business. Korea. result the we We X% the the offset volumes Slide Roofing by $XXX season U.S. improved activity ago. sales was market by we drove other and to and period the believe as were lower overview partially to year-end trailed gains of quarter, demand. underlying additional first item for planned decrease prices, EBIT XXXX we desire inflation. primarily performance quarter One for primarily storm prior year a offset XX X% late offset from primarily new year an in $XXX the primarily demand. Lower last X% our prior manufacturers. EBIT than versus lower selling rebuild continued million, market lag year compared and South will by a will with offset sales driven not broader XXXX, Sales a good due with rebate of our expect decline. the in full Composites, construction by and due selling the pressures seeing quarter which asphalt a $X.X shipments, believe declined was sales with year Higher Full as The activity was more $XXX decrease volume markets million, the
For the asphalt exceeded and delivered inflation. improvements full year, transportation Roofing pricing that
unit demand improved beginning Our multiple environment. weaker contribution actions per since we consistently margin despite as of successfully a XXXX implemented dollars the pricing
for For the EBITDA strong transportation respectively. that was Contribution delivered full much entering persistent year, XX% despite of and healthy, margins asphalt of XX% and EBIT XXXX. XXXX and margins Roofing are inflation
Asphalt end oil. in weakness prices of moderated the at February, XXXX, in moved higher the despite the but of price
In further are in half. addition, we first asphalt anticipating the inflation
price year in strong to result, a will is XXXX. in The deliver we've another that increase effective positioned announced business a April. Roofing As be
We expect relatively demand. flat U.S. slightly with year, average shipments below asphalt storm shingle end market assuming industry demand last
share the favorable XXXX. Owens an quarter expectations first expect shipments in resulting We volumes. highlight a and higher opportunity above-market Corning geographic of volume mix to wanted I for for industry from
for significant first transportation significant quarter inflation. asphalt and into you outlook volume recall there carryover an and a If the year, storm last was
of year. had different environment a market the addition, we lower will In the announced The anticipate than actions manufacturers this volumes track during is and first as quarter year year. result, last multiple our price
X.X authorization. the Slide of We XXXX for as of X.X which XXXX, to turn me XX, let of repurchase matters. financial your under the provides significant stock current overview an shares of million our repurchased Company's in end available leaving Now shares million attention
inception. XXXX returned During on through shareholders as has $X.XX million record of XXXX, dividend dividend payable to repurchases of average Company's XXXX. of cash dividends. year grown share an $XXX million since cash of The through directly X% to per its Board shareholders declared we April share The a of March, Xth, $XX and Xnd, per Directors of
business turn Slide where outlook please to XXXX. on provide XX, more I our for Now context
insulation other environment production and flat For consensus global expects outlook the U.S. an XXXX, consistent In the for industrial Insulation, expects momentum, and residential below global driven Company markets. glass curtailments. environment, With operating with the uncertain global by Company growth. the technical growth the markets growth. economic with production global expects operating In expects relatively earnings construction growth a offset Company performance building for by in Company with improved expects growth housing expects business growth a be starts demand. the offset demand shipments more businesses, slightly global pricing fiber flat industrial assuming inflation. lower growth, commercial and expectations in consistent industrial average and macro Composites, insulation Company industrial production construction insulation market American to Company storm performance North Roofing, fiberglass volume In industry with and and volumes positive the In and improved by end year, the last
entering For comparison a performance. industry XXXX continued for business margins of favorable Company XXXX. anticipates the geographic Owens higher the strong Contribution mix position shipments and in Corning, a share
please Now, items more provide to XX financial Slide the I other for year. on where guidance turn
over advantaged of discussed expectations. in In working our improved earning capital position free into As to performance XXXX, conversion our our earnings the years. earnings, ratio cash flow adjusted past tax strong a and four trailed calls, translated results has better previous
dividends of cash in progress another and our this Looking time, we XXXX. the loan. prioritize generation forward, down plans to flow strong making flow Company free confidence to in cash in returning ongoing have paying free At year term to
under available current Additional repurchases could be Company's free authorization. cash the flow for share
of be about the is is amortization $XXX million and plant, expected We Depreciation to due $XXX capacity Capital $XXX the million to growth the investments Shanghai total insulation Interest expect for in Paroc's includes Poland, year-over-year of to and with million. be in to and to capital expense our completion expected corporate of are performance-based $XXX of primarily expenses the additions $XXX expected productivity. about reset approximately compensations. relocation expense million million.
planning NOL, our tax foreign tax adjusted tax we to be XX% to expect of of pre-tax our cash credits rate other XXXX result XX% a earnings. initiatives, and As
XX% pre-tax earnings. XXXX that, us call tax is over session. Thierry Our be adjusted to to to With to effective XX% Thierry? the turn rate in expected of the I'll question-and-answer lead