and met happy Thanks, report the on across and with good everyone. commitments. those all exceeded am a an And morning of recap targets is that start update will out or items. board, laid we the I we here brief I Andrew previously financial to
revenue guided Let’s Sequentially, with to XX% start seasonal quarter down line trends, a we historical be which X% typically to in with revenue. reduction. fourth is
in quarter fourth follows. was with targets with as full much stronger And X% we came had several quarter year flat decline. as and a our a revenue the third only nearly However, reminder,
in First, least quarter fourth million. SG&A $XXX we at million the goal. savings normalized came of with again $XXX a the Compared expected to we the in quarter we at which $XX in this exceeded less, we third year end exceeding to and million cost to in slightly at year or exit our with run-rate and expected XXXX, $XXX million,
margins in Second, at the for XX.X%, fourth full quarter our exceeding mid-XX% adjusted and gross target. year our came
inventory $XXX million. at at in higher our by met to Third, least we slightly target decrease coming million $XXX
the sales ratio, our targeted efficiency, actually at range which than We And million. $XXX cash coming the our million, also We this beat the guidance both $XXX to in year. in our year we quarter at working flow came committed capital million. would net net debt to in less ABL debt improved which raised XX.X% we we be working coming last operating our XX.X% off million capital targets to our significantly to those $XXX than Fourth, for greater to reduce with for that achieved of net XX.X%. with pay $XXX and expectation beating at finally,
half, reduced term We September And a year to by ratio not also did leverage X.Xx. new our debt, XXXX. to nearly balance and until in this net loan excess mature all which debt of does our use paying cash our committed of we down resulting
and achievements these of forward. which the we results reposition measures going evidence proactive the proud company, benefit are to our us will of believe took are We
segment. and sector primarily higher while pipeline decline utility to Now, experienced previously and Sales the fourth in with sector contributed increase, the typical and industrial $XXX this was pipeline pipeline to also and flat sector projects. segment, activity. the gas third experienced upstream U.S. essentially both international was of midstream we downstream the each and upstream the a utility The pipeline downstream production third tends on And activity upstream to industrial mentioned, quarter improved contracted. seasonal revenue a year-end in the sectors due sectors In of gas revenue and as XXXX. quarter sectors to in sequential falloff growth, continued by the results, moving further the X% the quarter lower while midstream quarter’s our sector increase sector, the more industrial the as tapering utility midstream the the in experienced driven and than The the revenue gas partially be year. quarter, The downstream the gas lowest off sectors. in decline sequentially. Seasonally, fourth an X% offset as increased utilities expected the U.S. of quarter to by of million
facilities. contract year gas hindered by spending actually as replacements including X% our be continues was to that line was spending were unusual and sector This pipeline in with the taper small group. projects continue $X well gains remainder and customer increase quarter. of declined and as of International many all well due or Canada activity completion spending to $XXX well foreign as declined, results outside mix projects, in in primarily that customers in customer this the X% revenue the expected million. due maintenance impacted various or in customer million be $XX spending $X the and the a core country. driven sequential add for capital to U.S. UK. the a was of projects maintenance near-term million sectors, U.S. pipeline customers previously market approximately are to quarter quarter, pandemic customers they a or midstream revenue portion by catch-up sequentially and to customer earlier XXXX, focused was large revenue have CenterPoint midstream in is as operators year. projects quarter third all we parts fourth The iron ramp the However, primarily counts stronger by recent by activity of private industrial across cast completions downstream large completed of turnaround down the Also additional up completions. of Duke was locations. fourth low-pressure resumed as and buying and gained increased pipe between in new function difference up work critical the the U.S. in sector also regions scale declined on project the million primarily as and XX% XX%, sales service U.S. the canceled. programs, for we the XXXX, has were the favorably XX% levels of on Energy. like revenue UK, production things to driven as our to The discipline XXXX, including The been The multiyear production sequentially year in And continue dollar sector upgrades increase fourth driving in by Also, new upstream reduced modernization canceled. transmission sequentially the share our in as to by and Australia was restrictions and delayed replacements, of Activity a downstream relative currencies sales off turnaround driven
will which quarter. sector, in quarter XXXX by performance was fourth than were approximately making fourth million of our $X third the sales gas the X% one-third increase, up sector, higher a utility sector. revenue our XXXX, revenue. cover the Beginning $XXX I Now million total It largest of and sales is XX% quarter of with
U.S. change was the based, U.S. XX% described commentary. sequential in is it Given my earlier
XX% this in $X to XX% pipeline XXXX sector U.S. $X increased was now fourth in year fourth were to quarter primarily represents fourth to of their of under production quarter the UK to led sector quarter now international, However, million. XX% like XXXX restrictions. $XX most total revenue pandemic note, sequential quarter sector were customers quarter our the quarter U.S. last by many to decrease XXXX, industrial up was and In to is on the $XXX or in the fourth significant continues the of based, from of and remain of X% delayed primarily same revenue. our which sector our term. sequential million, a by work was million sector, a sequentially and increase Australia earlier. XX% driven represents compared quarter represents and of revenue. be our expected downstream sales, XX% previously which The increased decline. Midstream we XXXX million in increase the also fourth quarter described X%, This quarter fourth I $XXX catch The near as a million, segment, revenue upstream sector total in pressure This XXXX and the spending challenged of had the would fourth fourth revenue up as
quarter, adjustments percent pipe margins, putting in and our gross for product business, quarter in XXXX $XXX as compared the as the XX.X% XXXX gross experienced Adjusted the quarter. impact line of or related continue since in event. LIFO pipe essentially to quarter the pipe during the turning other million the the XX.X% quarter compared of higher previous $XX Logix as income fourth as price the revenue XX.X% rate XXXX higher to for quarter. inflation I’ll Now the of and as fourth XX.X% average well in logic the prices Based quarter the million as the monthly was of October, X% recorded depending increasing a expected index, fourth Normalized the XXXX latest LIFO to costs on the and or pricing, LIFO line SG&A than due charges the to sales impact to $XXX adjusts the for line quarter XXXX. and previous on on of to our pipe charges of Pipe to stable. higher decrease profit in has price $X The quarter. to of been compared compared XXXX portfolio, than XXXX in inventory inflationary run million of in pipe prices for and pipe quarter, after compared our than fourth any Line most the or timing XX.X% in others XX.X% inventory severance historically million an for prices sales was profit, prices the in of of million $XX prices. were million or quarter the million quarter of million positive line X% of volatility third of in quarter. Line reflects recorded $XX related was pressure of is in were in the fourth coil our which hot-rolled increase XXXX were steadily the as are address third third spot the quarter hyperinflation, the flat. third near-term of expense as relatively quarter duration of $XX higher XX.X% adjusting Across prices. with sales to while Generally, XX.X% December. third for as pipe upward HRC are rise the million XXXX expected shows XXXX experiencing line of January SG&A, are $XXX fourth have Reported shortly. to $XX compared or prices fourth in
by million normalized to as but incremental more costs only a are We XXXX makes us margins us once have in streamlined structural of stronger to also $XXX nature, basis. should Approximately a have in the not which operating reduced previous organization, allow on X/X year recovery savings begins. compared these the
have $X quarter in than lower slightly many closing of third costs, lower consolidating or outstanding on actions expense XXXX million totaled over the fourth We Interest facilities. the to quarter including balances. reduce average these debt taken XX XXXX,
debt XXXX. in We balances average $X yield million in our interest XXXX lower of reduction expect of all to from on efforts savings approximately
compared within operations. diluted and normal Our higher or our third us, shareholders rate attributable for the effective a was gain to diluted other quarter quarter, million and X.X%. normalized XXXX the $XX adjusted was of quarter, the income to or as common of share was loss attributable the in to per fourth shareholders quarter was previous during was foreign year-to-date, million which Adjusted range to the result charges charges, $XX differing compared in or in for quarter for million share Net $X.XX rate or X.X%, than in the state per taxes on net $X third tax is U.S. loss million XX%, fourth statutory compared and is our the $XX in quarter our share quarter. basis, XXXX. as fourth EBITDA rates and $X $XX the X.X% or severance of the diluted quarter of a removing LIFO, facility our $X.XX of the per million $X.XX the or sales adjusted XXXX restructuring On $X $X.XX as or to was million a common million which loss fourth EBITDA
at the basis, excluding than capital $XXX cash, third XX-month a the our quarter fourth $XX end This of as capital, net XXXX a Our XX.X%, quarter. range quarter percent of the million trailing XX.X% of fourth working the On the end lower for million low was at end working our improvement. the of a year below was sales XX.X% the is to of significant XXXX. of this end targeted of of
to generated we the the forward, metric for We and Going expect million trend in XXXX of cash $XX lower $XXX than million year. this historical fourth of quarter averages. from operations
the Our $XX flow free million, fourth flow our after quarter cash free $XX cash million. was dividend was stock preferred and
at full of XXXX, and $X our million. of free the million, the $XXX the free the our dividend cash in guidance. $XXX stock year flow million were flow was year $XX was cash quarter low For the and for preferred XXXX end fourth expenditures million Capital after our
million. will our $XX And to next within we expect capital system such initiative fall our as XXXX We e-commerce spend continue million in to projects, to year upgrades and range $XX invest year. full of critical a
were into cash additional activities fourth our in lease quarter, $XXX,XXX used result quarterly as debt. properties. proceeds in investing beginning a sale entered And in the quarter the $X we During further to we and of transaction, this a fourth the of generated proceeds million in begin an net will EBITDA. million the flow in It is pretax excluded to leaseback and X transaction gain, resulted we from which agreements The statement. net quarter. expense in This reduce $XX incurring reflected
was $XXX million fourth We $XXX million fourth the XXXX. $XX at debt total million the the in outstanding end million Our at compared quarter end quarter $XXX of year. reduced by this and the of to debt
half Our $XXX was sheet. strengthening it million currently our net based of million, availability of at the debt debt fourth and of ratio, balance ago, what is of our our was facility ABL end significantly $XXX X.Xx. $XXX And on cash leverage had net now of million is a quarter. The we year
I Now thoughts share outlook. would to like our XXXX on the
We the due optimistic demand future constructive continued oil to about drivers, start pre-pandemic and prices the lead OPEC+ global are gradually more to the of discipline to macro recent levels, including recovering vaccine distribution, will which recovery.
the recovery rollout. on any be vaccine further dependent However, pace the of surges, global and pandemic of will rate the infections
As oil a up the demand see economic in recovers, we multiyear of to further energy expect cycle. improvement beginning
different However, production growing believe recovery will and having future. disciplined a operators in with prior approach the look to we this more than cycles returns
expect consolidation more customer our will portfolio. due of be also see which place to our we We to positive client within believe base, take larger nature the us for
take advantage reductions cost and balance taken to that the will position well impending full structural our strengthen to sheet We the of actions us believe also recovery.
the On the year, the that second and company in international upper grow we double U.S. single low that have single be is perspective, current prices For while to oil to the decreasing to is compared for expected single sector, levels, increase digits and to non-repeating in sector sectors intact, were From are upper the decline, the mid sectors a From single-digit digits. which a production is all basis upper expected expect double digits increase this to a from translates in company, expected translates completed. view, Canada optimistic we utilities, all half as digits total single-digit total run-rate. a flat remain digits. projects gas except geographic single-digit impact which a to XXXX a low an the XXXX for year-on-year of the except improvement for up decline pandemic to revenue percentage increase to provided will moderates with to of this full upstream
our the higher mid-XX% our levels level. XXXX. gross over half $X previously expect rate, as end at of to our than at XXXX we decision consistent year, with And at to This to less or our keep expect primarily the is $XXX the throughout quarterly XXXX guided, by We run cost furlough the end quarterly run hold margins SG&A second our to million which program million. increased rate due employee adjusted
in Our the normalized remains effective tax XX% XX% range. to rate
as income working the our may pretax be large a discrete more in year rate. give rise instead can reductions. low driven certain recorded effective against However, quarterly operating this fluctuate items of changes Cash tax rates to capital from tax will flow profits
We’re flow XXXX. $XX from in $XXX operations to cash million million of currently targeting
cash continue to believe make as will We leverage significant our reduction, progress, debt excess focus ratio we our will on and we continue lowering to well.
typical in customer out. some segment, pandemic. the and our especially modest Now, ongoing due we see playing expect color to related mid-single seasonal budget let currently the me the of in decline first quarter quarter provide international the how digits first to We the delay on a sequential revenue resets, impact of to low
temporary expected items of to working cash. the single-digit Adjusted quarter will for the All experience modestly capital declines. a delivery a to to mid are due low we time to to lower, and lead to long sectors in our are expected burn first gross XXXX increase of have be margins inventory expect that flat result of in
quarter However, anticipate not quarter this only our fourth the full cash. results and focus generating on XXXX In year year control. the proactive this that that summary, can we is reflect the leverage we
the value robust flow deliver generation, we debt and very resulting shareholder exercised regardless where remain are have management questions. a environment. controls your of solid well reduction group. of to margins with ensure in advantage take And aggressive in company market inventory diversified we challenging strategy will in and strong cost model committed We to We cash our positioned to our peer helps Operator? and that, to cycle. the And our outperform take our will is now market eventual we recovery that business
