begin deliver detailed recap. XXXX and I our underpinning I guidance, XXXX at achievements drivers of review notable fourth in to a a a before level provide some brief the to to Thank then results business everyone you, turn I outlook. welcome discussion morning of key Monica. the joining with high the address review call over quarter today's our and XXXX, call. a will Good will Kelly of quarter and
we including MRC many sheet that profit XXXX, the capital highlight, margins, had accomplishments several want new year working and to I For efficiency. strength full Global records balance for setting
First, million to cash the for free robust that cash XX% we above This million $XXX year, $XXX expected. the well we previously in a the for flow operating generated translates levered year. yield
We the company forward. are generation of very on the bullish potential cash going
set exceeded where second also record the row company full gross at a year a adjusted margins XX%. We we for XX.X%, which in year is
history. be company's to Some our the margins. this percent have high throughout now a able of our investors that row a at to teens transformational of change margins that is report This maintain level quarters but margins expressed I'm most had XX-plus might not happy of with have we concerns in level X from we
capital as working is percentage to consistently us we flow the irrespective in this helping XX.X%. XXXX, cash XXX by net year a evidenced Adjusted very higher EBITDA margins margins both our as the years over the XXXX, few been were second efficiency on at cycle. a of by Since with along We've which above another improved generate row points X.X% gross adjusted sales X%. a last in discipline This XXXX is for in cost metric management. capital set basis of of on record positive our working focused with result coming business have
and with lowest public the Our our ratio sheet has in X.Xx. history at never ample been liquidity leverage balance stronger, company
even We expect in this metric to further XXXX. improve
sector. year-over-year $X.X to slowdown straight billion, Revenue our grew in and sectors, for XXXX year Utilities our in with DIET in PTI a third partially offset growth the by Gas
various improved share by in driven sector and by driven X% Permian California and The refining sector reduced increased Our gains by activity the market Canada. X%, sales offset DIET projects. chemicals and in Basin, LNG, in PTI grew XXXX by partially
international XX% XXXX, was compared in backlog at supported Our in a to that year-end by grew is XX% healthy improvement XXXX. and higher double-digit XXXX for the poised business beginning of
I quarter fourth then and will Despite to pullback quarter, few outlook. revenue our that in our exceeded strong the about margins now expectations. results cash a comments turn the we a profit fourth make maintained generation and
margins the X.X% and For sales. quarter, $XX gross of adjusted adjusted were EBITDA was XX.X% million or
in million full working operations In of cash addition, capital year. of to excellent our that generated fourth $XXX quarter, we allowed flow the stewardship for from the $XX by aided us million achieve
our will outlook. on provide now early I to XXXX. some perspectives Turning
our coming our we sector their first perspective, is sector, capital of we the few quarters. first that continue XXXX. all, stabilizing growth of Utilities over near could This first we our the expect we customers From half to new to half XXXX. Gas in a in gives of First the efforts seen the the have us lag expect saw in the term for a and and weeks orders spending backlog optimism in business our levels improvement to meaningful return the of destocking to cause for year which our
around targets to gas to been inflection improve utilities have spending midyear expect once met. point we an However, see for the destocking
sector. very expect inflation and the long-term interest and improve Despite fundamentals the growth our Gas moderation of rates should positive. which we of as overall remain climate the business through investment XXXX, addition, market near-term Utilities for we In move potential this headwinds,
that continue share competing share networks integrity of their our gas based the presence and of and local to multiyear market to safety gas in Most utility these systems. work and the XXXX cases, is evaluate some to they and utilities we customers transmission the in we further. new programs our wallet ensure for with utilities and on should with where expand our pipelines expand implement their distribution contracts perform are We measures improve
they approximately as age. networks gas need years network of old due origin, Since work a over creates XX% this steady to U.S. XX maintain of to of distribution today or the and unknown is backlog upgrade the these
rates, In the by level are opportunities experience modest sector. this year chemical this growth will we improve new sector, that and further housing a we DIET starts revenue subsector the this interest maintenance as growth result supplemented and optimistic projects. Additionally, excited for from space. strong with growth for a lower in of in revenue to We remain activities, refinery energy in will slate the occur opportunities of plant fuel XXXX renewable of most expect this transition that about growing should
beyond. new of expect lot project most activity we XXXX but will see of We benefits a this year bidding the and in likely
to Turning prices and PTI reports of some signaled in risk industry oil have Recent spending levels potential business. our XXXX. declining customer
bring consolidation oil in our expected are driven our a our And MRC are with to drive we the Recent companies which to this and do E&P percentage for be quality, activity the of well for value by recognized as field, for we bodes larger this from primarily public the life completed. U.S. projects. gas larger generally to customers higher by sector once announcements higher the revenue We Global company, development longer partner beneficial expected than procure oil base. PTI in the However, XXXX operators their targets. acquirers better extensively more the customer of is products with who is
position expand international positive expected gas such Another and strong as in our is the and from growth the is our and oil PTI we markets Middle Norway, to U.K. for should benefit sector East. market
PTI that healthy another in both grown each expect International last year the our DIET X quarters. favorable aided backlog revenue and strong fundamentals we the and by For sectors a of has segment,
we DIET at of both and projects exciting backlog PTI fourth international of third growth increased in in the quarter the Our We've and over XXXX. year for double-digit quarter. expect in end the XX% lined international up another
in environment our structure. laser-focused control, U.S. business slower the the things we are we cost on improving the Given such segment, can as
costs after maintain an XXXX, We healthy which will in our are ability increase working adjusted this to support absolute lower our to margins. EBITDA experiencing year SG&A
fees growth are a in initiatives, We and over including reductions wage expenses slower entertainment cost time, logistics of and costs. optimization implementing and travel professional number
have We momentum to last not we this margins elevating adjusted gross years over and are few progress losing XXXX. EBITDA in significant committed and the made returns our
but of XXXX we is terms summary, to position company In have than services it a the We our we decades stronger demand been that fundamentals given in and the for clear all business never X outlook and market products long-term about the our company for come. of their today. optimistic we for to expect expectation of strong a year and remain transitional are revenue be sectors
improvements significant recent in we efficiencies, and our the cost and earnings the our business With generate across working capital to structure well flow positioned cycle. cash are
in growth the end us flow We highest are is shareholders. drivers return of flexibility pursue a with to minimal allocation debt us approximately to capital investing will on make stronger in provide distributing including our will a company our at of this focused an in $XXX XXXX, cash year. for million generate shareholders the opportunities strategy lot This which targeting with operating and our that to even capital
over Kelly. hand to now I will it