everyone. morning, good and Brian you, Thank
record focused delivered capital of Corning of million adjusted cash year. $XXX and capital working Owens million discipline almost free cash management mentioned, XXXX. in Brian As revenue and we flow the and flow operating billion Through for $X.X produce of EBIT record $XXX spending,
key Slide more information. summarizes include quarter Please XXXX. Form detailed turn X to the fiscal tables in financial release today's data news fourth The and for which year XX-K the and financial
into Each quarter, quarter we XXXX. down and our the market. The faced $X.X in by driven was of insulation the market modest to fourth insulation some EBIT of was compared $XX million, Europe businesses the in shingle billion, pricing $XXX $XX U.S. EBIT and down Adjusted down For X% versus about declines quarter the million. was headwinds fourth in face for consolidated we QX, technical of performance lower XXXX. which XXXX reported net in sales million
quarter in of or earnings or Adjusted share, per $XXX for in XXXX. was million earnings to to million Net QX, $X.XX million fourth share to XXXX. fourth attributable million, diluted Corning QX, diluted compared $XXX for compared the XXXX $XXX were the $X.XX Owens $XX per quarter
For XXXX. for compared XXXX, $XXX million share million, million diluted $XXX share were XXXX. net earnings $XXX XXXX to per diluted $XXX million in or Adjusted or $X.XX compared to in $X.XX per earnings were
items EPS The by two adjusting was comparison below full affected the in line XXXX. year
US First, to $XX a $XX reform, million million to in out income income tax recognized benefit in was QX, XXXX. related we charge XXXX corporate that tax non-cash adjusted tax non-cash compared of
of we $XX bond incurred out. QX, loss was and tendered million of portions a that debt adjusted bonds. XXXX our and in on a We Second, issued XXXX green extinguishment
was growth amortization up compared fourth to million, quarter from of and million quarter to the the Moving XXXX was for $XXX in announced on October. expense due insulation depreciation The the $XX depreciation QX, actions restructuring accelerated XXXX. in as
XXXX, amortization was expense and million. For depreciation $XXX
$XXX year additions capital Our million, the million versus XXXX. $XX down were about for
spending drive and on During XXXX, will capital focused growth. throughput, improve support investments organic we that cost reductions
adjusting of X, see $XXX full Reconciling million Slide XXXX million. will adjusted $XXX our EBIT to year items. you of reported On EBIT
to totaled adjusting items For the year, EBIT million. $XX
with plan about reduce we charge. to pension million obligations an by As obligations recorded non pension In actions of future settlement contract fourth assets. discussed through of in took purchase cash $XX October, million transferring a the annuity the we quarter, $XX
We also costs, October. recorded $XX in network insulation announced associated million primarily actions of with restructuring optimization
provides EBIT $XX year. Composite decreased Please high-level million roofing EBIT compared and turn full a of prior EBIT expenses $X million. to to were XXXX to from million million; comparing XXXX. decreased review year decreased $XX Slide the $XX General corporate adjusted Adjusted which by million by EBIT $XXX insulation down as increased EBIT XXXX. by X $XX million,
the down turn The Now by beginning $XXX technical QX, impact negative million, expectations volumes quarter lower a was results in X XXXX. of and sales lower to for consistent detailed and other was costs The the results EBIT million, review driven provides The driven was in fourth to XXXX. decrease curtailment the insulation the continued and volumes. largely we Sales of X% for October. were $XX please foreign insulation. compared the with down with Slide quarter more year-over-year currency. EBIT business fourth decline by million largely building in Europe $XX business which were from shared
more XXXX year, were XXXX, fiberglass American North insulation and were residential business. volumes with down full million than other billion, offset in residential sales fiberglass million technical partially translation. in to in the other American volumes by than progress more $X.X the Higher insulation offset North insulation offset building versus lower by by X% For and currency prices lower insulation in declined curtailment costs $XX technical growth selling was and $XXX insulation. building In as foreign negative EBIT by
execution. For and strong technical improved other in was and operational driven the volume growth, pricing and insulation performance improved commercial year, by
performance XXXX; continue the $XX to unfavorable offset growth, EBIT QX, and input period Now X to currency please global in composites composites the the for review and moderately quarter broader the up our Sales a volumes outpaced constant commercial market. business. quarter basis. cost flat turn and operational same flat a on for $XXX price strong fourth composites currency continued a million of was were Slide for million, XXXX to environment. competitive Despite to in slower inflation, X%
XX% quarter, the For EBIT composites margins. delivered
Full X% as X% year constant grew volume sales a currency up driven Revenue were on $X.X by to compared billion, growth. X% XXXX. basis
on outpaced higher and $XXX to gloss $X volumes favorable broader input nonwovens. than strength selling were prices million. volume EBIT benefit XXXX, the In Our of cost million manufacturing performance and market by and and negative by declined lower offset growth wind foreign currency. inflation, The more
provides shingle Slide lower QX, XXXX. versus US overview business. for were with shipments shingle moderately prices. an low $XXX quarter down slightly asphalt XX our down QX, fourth and quarter, X% Roofing volumes the In of X% million, selling roofing sales were the XXXX compared industry on
a Roofing moderately X% offset outpaced were industry for EBIT increase costs through as XXXX. expected, the was shingle shingle in decline billion, outperform in from lower million, X% prices. solid market sales quarter costs million the execution. volumes XXXX. $X $X.X versus $XX quarter. OC's for U.S. fourth over volumes XXXX year As shipments our lower seasonal transportation the asphalt prior commercial and a the asphalt the up grew market
In $XXX growth. volume million $XX market XXXX, million above Roofing on improved by to EBIT
Our the price than and improvement costs from offset full tailwind of transportation inflation. asphalt year more impact
Our the strong for XXXX. positioned and continue contribution business well margins be is a healthy cash to
Please Slide highlights turn XX discuss will significant I for to XXXX. where financial
improved of free and million delivered mentioned, XXXX by strong from Brian As cash $XXX cash flow flow free conversion XXX%. we
XXX% of earnings, strong working advantage good flow five last years, performance position. capital conversion excess and Over have our free in on delivered cash the tax we
$XX $XX million return dividends to we share in XXXX, shareholders During million in and repurchases.
end our year the years. bond Corning X were by company X.X XXXX, XXXX, available XX Also average became first Owens US extending of weighted issue bond At shares million for industrial repurchase. a the to in to maturity green
three an in maintain investment agencies. received by grade investment we to from upgrade December, major and rated Moody's. grade sheet Corning continue all now We Owens balance an is rating
of Slide to February, April on dividend financial of turn shareholders of In payable of per grown to discussion Xrd year. XX declared of Since quarterly share record select a inception March the Directors for as Board has for another company's focused XXXX conversion. The to a Please an per the in year. dividend average X. to guidance cash and X% with $X.XX the improvement the higher strong proc. spending cash to In year cash combination we of free of off XXXX, capital capital expect ongoing free plans and prioritize of earnings, in to dividends flow the drive working associated flow company pay XXXX, term loan
cash Additionally, free available share for could flow be repurchases.
As overtime of return investors flow XX% at to and repurchases. forward, we share are least dividends through cash we to look targeting free
expenses We of due and expect to corporate QX, million growth we on between total reset expected up normalized to be Moving $XXX million. $XXX XXXX. primarily is corporate The versus year-over-year to the performance-based expenses compensation modestly first levels. quarter more anticipate
and in depreciation down million. expense $XXX rates. line in capital $XXX expense lower reduced million, XXXX and expected expect be debt with about total expected from to Interest be interest is to $XXX million amortization We additions on approximately of
be Our tax XXXX rate adjusted effective to of to earnings. is pre-tax XX% expected XX%
As a foreign other expect cash pre-tax tax result of to and be earnings. to credits adjusted of our XX% planning, tax our we rate XX% XXXX
company. the to Slide Brian I Now Brian? discuss the return outlook our to please XX turn call for over to as
