that also good our or and morning, meet very laid of on I'm the earlier quarter, exceed did the but happy we everyone. track guidance targets coming report to into this only year. exceed Andrew all financial not Thanks, we full-year to out were
downstream for as which become has third guidance a due a be to percentage, the upper to X%, our we business down was significant were but down model, revenue largely quarter, only single diversified For digits our our MRC industrial results were guidance and for Global. exceeding differentiator with for basis, low sequentially, On increased guidance actual our a our our sector on single-digit a sector, which decline. in-line except X%
you with Now, I laid full-year like an the on to would update out that our progress. remind previously targets
year a to was XXXX, normalized new XXX we we the expect exit SG&A the in exceeded more run to run First, comments will our million. XXXX run the SG&A XX end I savings. rate Compared the call. rate cost least for year rate provide million, this third of to XXX which with with at expectations million quarter a about in later with in of
at to reduction was million. a XXX exceed least to are to million, on than XXX by we track date more year inventory Second well which decrease of with
greater in operations ABL this we Next from this the million. And flow was to cash. million XXX ABL off XXX guidance of only million. third than least raising a are And today, finally, pay committed to quarter our with year. with balance And million ended XX at we cash be XX we to generate
safe assume So, quarter. the it's that box to will I this check think in easily we fourth
new the today reduce later. I debt $XXX all have We reduced end a of by of or balance current pay by net And to which this details also and provide XXX we year-to-date debt, cash million. year. million of this balance more to our year And million net excess have this balance committed use down done to to less a we target on will our XXX our to
is very we to market our results the taken of summary, are levers evidence to are proud all made in the headwinds. and the pull team in of proactive to response within believe So control current date management measures our progress our
the as covering one I Before the on transaction wanted provide these customers, among we announcements operators. roll the their generally Also, perspective to doors open of it for some is we Global. our financial can believe event, key is options, can us operator In and it positive which larger very corporate customer existing companies re-evaluates E&Ps announcements the recent MRC business to producer, our easily supplier contract. of our many typically acquired results, our new positive smaller larger customer our base. of are offering a and acquire the tailored for in the In summary, serve the majority cases, uniquely the are into
position have and with in that announcements, recent with exception, already differentiated acquired different well being in cases unique company We as we company the respect. and a all acquiring the maybe In aligned are well. one the many
of So, we believe to these upstream gaining market MRC the net in XXXX. will U.S. result combinations share Global lead
sequentially, than U.S. upstream to as as began well with X% recent in gain and restrictions XXX and Moving utility on customers quarter ramping revenue of total recovering second XXXX to lower early million, stages pandemic sales the XXXX the midstream, and from industrial pipeline, X% XXX of sectors declines. experienced revenue gas and sector to the returned increased of utilities market gradually further up. was several the results, quarter this CenterPoint, quarter. as U.S. a compared the as the downstream increased for third quarter’s were second while share The X% gas decline, is the quarter, sectors which million sequentially a work,
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gas cover which will with sector. to The also prices, is in and different than quarter. first by performance and sector, to Now, other I our sales I compared businesses. want commodity distinctive our of other characteristics, now other utility are begin in Customers sector, has drivers independent is It is gas is utilities. are up X% given third infrastructure customer and of XX% the or maintain or Gas and utility the million is quarter. networks in of the for end-markets. were the U.D.-based XX% higher known XXX to quarter companies customers. own and the our regulated than sales just X million This residential relative sector in XXXX, largest large its from other revenue as overall now local second completely gas utilities sectors our unique XX% gas this LDCs, commercial base distribution or cities sector who regions
rate only in and We the have XX recognize guaranteed model, and Company. continually Atmos, tracing of natural an with and top under such customers also products utility and Duke, gas homes supply these XX gas to U.S. return services. have These customers may PBF, safely traditional operate pipe, NiSource, meters, with We distribution incentive the include gas and of plastic contracts but with to provide as the businesses. risers, gas Southern you maintain upgrade companies smart Names not a to PG&E, networks kitting wire,
management their gas warehouses, value We inventory. are and our supply includes management from companies. not XX% Typically, these always But inventory buy which utility as experience, of products, This before to proposition their gas services, is integrated utilities approximately their all core a is manage part with strength and customers, services. becoming most all meaning manufacturers. and directly their supply our we efficient chain these offer our gas own expertise warehouses as customers, we of manage provide product well manage the logistics supply customers,
XX year Over level more customers environment, fulfill these in few their billion X% the company to typically in should increase gas a levels provides business to spending adequately last business relatively market revenue of in continue million to operating compound needs, while to manage annually it to our over our XXXX, expect and recession next the a grow a This than annual today, Since the to much years. years, we revenue. has we regulated product per up volatility built resilient growth proof. sector also and have growth specific for about rate. X demonstrated energy their Because infrastructure. gains. reducing are their X% businesses without utility X% overall this as is continue to sector XXX gas It grow This stable our relative share our in
market this our widening we ones as avenues we reach grow with customers to multiple to new existing continue However, well. by with penetrate have and
with For we as example, recently CenterPoint, see enter the which benefit we began we contract a XXXX. implementing new full of will
of sequential quarter million. driven described which and in was U.S. segments third XXXX sector third industrial across represents positioned downstream undisputed down upstream Norway. production downstream our million XXXX, decline. XXX of XX% quarter of XX% third Declines the less The industrial This production and our MRO are total represents million of We XX% as all have or a the projects expertise. in and were based coming typically the customers. are sequential demand total reduced to lower quarter by to U.S. leader [Technical third uniquely sector primarily segment XXXX sales, delayed XX% now due differentiated which revenue. follow with that quarter sector XX due million The quarter revenue, originally were work, in were XXX X% a increase upstream million, Mid-stream project pipeline represents prices. international, was revenue. to by levels sector, XX% earlier. sector decreased the revenue of Difficulty] and many the In the and year XX or XX% canceled into revenue transmission sequentially clients led sector, been scheduled commodity now gathering Activity total XX upstream The production associated and of consists third
Now turning to margins.
million income third as million quarter Our XXXX, XX.X% Adjusted adjusts was as This improvement. in of to recorded pipe XXX in the LIFO SG&A quarter in Based cost second point lower for lower second pipe million the third the or the increase demand. the spot as after second sales, the XX.X% for which for should third in percent basis third the of are gross million debt. pipe in the million reduced compared index supplier revenue in for of in XXXX prices million average of the to Reported XX the quarter XX.X% million second SG&A LIFO million prices XX of charges million adjustments were previous XXXX. XXX income bad related charges, third XXXX, the severance of compared expected compared income for quarter impact decline, net due compared XX.X% X which third quarter a quarter XX XXXX as quarter, was profit in or quarter, Line as quarter. and was quarter continue sales, impact of the further of sales were the of X prices as the to were previous logics XX.X% quarter. XX latest X% result in the of compared or line in in million on to third LIFO recovery XXX for well than to quarter. gross second XXX quarter, of to XXXX to of XX.X% pipe inventory-related profit, offset a and XX.X% to Line the inventory the partially XXXX the as or Normalized by adjusting quarter. impact of reflects X recorded of of LIFO of
our progresses the We market adapt will quarters. in structure based to the how continue cost needed coming as on
year, million costs which savings XXX last cost this reduced to We operating that since makes allow a also margins as or At streamlined and XXXX. employee in so have has recover. year, by more of of deliver normalized savings Approximately but more stronger us on not in eliminating year to market structural incremental us are our to basis far on only these end this July the are of begins compared the furlough on should two-thirds organization, we plan to X. once in been XX have a program we place nature, pace million
slightly million the million quarter, the XXXX and second per adjusted However, a was process third third million due in corresponding no diluted EBITDA which prior effective of the compared well the in is diluted jurisdictions XXXX. but was of On quarter, even million benefit realized. than a to operating average the basis, current as LIFO, no expected which of our same X as a quarter despite XXXX, a tax as common million, X.X% attributable program margins share totaled the the restructuring the driven XXX was higher the reductions, as full the as X.X% recovery benefit. were quarter our year shareholders for versus which quarter. the EBITDA quarter lower the of EBITDA are quarter. Year reversal controls, for rate for date, to and the XX $X.XX $X.XX second XXXX, year or was to same which same And in tax quarter is there was to for to net was Adjusted gross as loss strict per loss cost removing was quarter XXX trough common attributable recognized And of charges By for which foreign XXX longer year severance third loss Net are bad the be be of due of of quarter as million, run the on last $X.XX quarter million less. point shareholders higher expect downturn. of XXXX or or adjusted the comparison million losses the third loss XX or level to debt, normalized margins after versus by in share, base X.X% quarter. to we in EBITDA net a for a in of XX%, adjusted the auctioning, EBITDA. the third to X.X% XXXX, second quarterly X previous third revenue same expense adjusted at we X rate basis XX margins. in this quarter Interest is eliminating our date, further to improvement compared the and SG&A Adjusted XXXX to previous
On XXX of XX.X%. year. the through quarter basis, million from nine the of our Our quarter the this third for in lower end of XXXX. XXXX operations as at targeted and the XX end was cash net to million XX.X% than of second the capital of trailing sales of low working at capital, XXXX the is million XX the was months generated third quarter first the quarter. year end XX.X% of This range percentage excluding of of We of the end third working the months our of XX at a cash million, XXX
target XXXX. As previously are generate to mentioned, greater we million than in XXX on
flow million. third free flow Our preferred and the free stock million cash XX was XX quarter was after cash dividend our
flow our XXXX free XXX X cash dividend months quarter million and the expenditures after nine in million third cash year, free For X million the and first Capital stock the year-to-date. XXX our flow was of of preferred the was million. were
We generate in as four guidance. e-commerce we a with to initiative XX line million of We in quarter, recently properties. spend used continue million fourth approximately our our expect debt. expected critical our our million to reduce leaseback entered of XX This range transaction the net capital to will to to and sell agreements fall invest to be proceeds which previous in into and is $XX year within projects such four net further
an will a incurring As result, fourth quarter. the additional we beginning in in lease $XXX,XXX begin quarterly expense
However, in compared leaseback we expect our million year, with proceeds annual including the the transactions, all in nearly to to this interest as expense X efforts from XXXX. debt save XXXX, reduction sale
Our debt quarter outstanding million, XXX to the end the at was third at of million XXXX. the of compared end XXX
reduced year. total million by XXX the this third far quarter, We have million and XX so in debt
well and within near the real range. to In was generation be we proceeds based XXX fourth a ratio additional to sales. but to will on times estate term, leverage due the in of Our net debt expect times quarter million quarter, X.X debt-to-EBITDA from times, that net expect X.X free flow the operate fourth range further is in expected of decline our to cash X.X and
million The the million. availability our compared end year year our remains very XXX flow than debt of challenging a coming is quarter. profile cash in be debt a cash the to of balance balance less Our company. by cash of us macro end, third at of as and into currently is earlier, XXX manageable net XX flow expect allows ABL to environment. we the the we repayment and billion to XXX generate And had facility our strong the million, for mentioned priority Debt
our structure. covenants reminder, have maintenance As financial in no currently a we debt
to XX%. historically provide strongest developments, barring in It's September, tracking revenue wave closely second X% activity, the early the a to fourth pandemic quarter, was outlook in the decline between of October We're and too position ranges fourth month still with quarter. for on our significant we starting guidance in XXXX. quarter experience expect quarter Regarding a the which seasonal strong the a normal which to
on spending customer dependent business only have we limited levels, our visibility. Our which is today
We will thoughts takes is as the plan in season the which more fourth to after information typically provide quarter. budgeting our we place receive
we that our XXXX the summary, our control. resulting results reflect solid inventory robust management quarter aggressive in we So, cash environment. controls have and can in market of exercised in debt proactive where flow cost strong third levers regardless a committed focused strategy And to in margins we and value generation, challenging deliver our shareholder to remain are reduction, We cycle. on the
well take questions. eventual with positioned your market Operator? And Our company that, recovery. to take the we advantage now of will is
