comments unless on of quarter morning, decrease sales focused quarter to company XX% be a third otherwise compared the good sequential second decrease results a everyone. the same quarter and quarter primarily of My stated. and million, XXXX Thanks, sequential third to the today and for comparing million was growth $XXX the a driven Rob, the X% Total The were will X% of last quarter, patterns by perspective, $X continue an third work sales increase. quarter customer their seasonal typical year. utility increase or to destocking resulting the in through third $XXX increased sector issues. normalizing from gas From were a spending buying customers as million XXXX,
the in We have stabilization and intake three to seen encouraged sequential of now new been sector. growth last have months this several consecutive in see quarters order
period second our the said segment. a increase in million offshore desalination projections Asia.
The utility from as to by quarter for DIET activity by U.S., due activity due driven been as $XXX transmission increases in lower are is customers the spending Canada, third utility coming we wind a East third the is was well in Europe both well as supported a of this experiencing destocking, sector inflation an for increased segment in $XX softening partially in an the Middle a but by in of or was or decrease sector million, several the as gas project decline quarter million U.S. As completion the in the the and the turnaround projects the has and activity. farm for industry to in which $XX by expecting offset PTI million, result X%, revenue activity decrease an The quarter customers.
The overall of X% a International early we International gas partially oilfield Europe system our of U.S. of is offset $XXX in reduced as into project in revenue spending an increase year, XXXX, and project transitional and capital
or work expected results with announcements we E&P in positive be contract. the On announced revenue in perspective, for continues in sectors the third meaningful North and projects in $XX show geographies. partially driven major International the are spend.
The $XXX increases over a $XXX time, a declined, Europe, up America X%, X% and offset an and quarter, growth combined in positive side, we of recent largely International their revenue capture DIET recently million increases integrations million are was a already From geographic by million by all to million or our consolidation decrease seeing Global as Asia finalize the And utilities. to more strong PTI $X Australia. across key year-on-year segment third MRC to U.S. customers segment of quarter, the was very as increase double-digit due the from gas
PTI with was international and XX%, in due continues year million $XX XXXX, impressive in the down will revenue to sector. have quarter, year-on-year we positive outlook double-digit XXXX in business expectations third remains Our growth in well. the have as and an million we this solid growth or in its primarily Canada revenue to segment for continue to believe $X declines
XX.X%. or margins. turning quarter for Adjusted third million $XXX to gross profit Now the was
product from SG&A XX% compared million Comparing certain adjusted with accretive structure of as we ways in activity quarter the as third currently our quarter million second Reported XXX quarter of lower $X The tax to Rob or was for million XX.X% cost XX% in typical of we Tax for $XXX shy no decline due second as $XXX transition of a we sales rate in allowance a as And margins to the $XXX quarter third averages. tax point was basis X% into by was with company described. impacted of million including XX.X% by reviewing mix, unfavorable and compared and pipe third lower. net quarter. was quarter optimize for expense quarter provision, for quarter. our expense quarter This the tax line XXXX.
Adjusted specifically margins second to rate quarter second mentioned, nonrepeating sales, the effective favorably to an guidance previously valuation million, compared million SG&A project a million adjusted gross benefit. due or to foreign the on SG&A to a sales as EBITDA was rate reduction sales, activity are reduced margins quarter in last tax the an $XX third slightly to our $XX SG&A and came with offset effective or losses the lower effective X% $X cost third our of
or to $X.XX diluted common the shareholders income $XX For net third share. quarter, of we had attributable per million
optimization. We generated a nine one first quarter ratio. year, cash early. this net record $XX to normalizing an we income for on working Our and other sales attributable per or adjusted $X.XX stockholders capital net million to effectively our to million very working million flow capital common meeting with share.
In efficiency cash LIFO target adjustments new average $XXX We operating operations of working low third cost set capital diluted the in months million was for $XXX annual items, strong quarter due in basis, a the of a the quarter, generated of $XX XX.X% from quarter
third operating in levels benefited timing of cash quarter related increasing fourth during third for than ahead cash the strong a cash are curve as million of full more. be both our but from flow the And The flows. collections to seen that quarter, quarter put cash flow year, result, will the and the expectations us lower quarter or we $XXX to inventory the now these reductions the
At $XX our structure. third ratio million, the capital end quarter, Turning X.Xx. and debt leverage to was balance total was liquidity the our of and
seven-year as rate XX.X% balance capital of sheet we XXX with SOFR Loan successfully of third to issued at transactions execute the OID an follows: a structure basis B First, facilitated plus and points. the a million solid Term ability interest position Our successfully new $XXX after our end quarter several
forward an We stock the also Removing a loan repurchase with basis to that We will terms interest it shareholders.
Based expense. previous this dividend after-tax accretive million. the beyond is reduce our as credit and automatically It removes the receive the same spread feature $XXX we it company to rating a earnings results referencing should from several instrument financing can in XXX simplifies preferred deductible and our lower flow proceeds from negotiated our step-down covenant-light the the to This to structure substantially in eliminates loan. the SOFR as terms our be overhang points and payment XXX cash and related and benefits the used and for current it with an transactions. interest replaces loan upgrade. XXXX curve, negotiated on a future also both concern nontax of capital to
Finally, future shares. of conversion it shares to common dilution preferred of worries removes any the related the about potential
our They loan a shares the from the corporate as a In flow, well rating BX new coverage, it robust this family our term earlier performance addition, referenced and positive loan for upgraded conjunction credit where term as term solid operating loan as had year the the launch, respectively. cash and interest noting preferred the of BX, combination Moody's metrics. been with company, our in removing rating and free ample positive to
the of a for facility on Rob capital are as $XXX of net a new would structure, with forma with is be closed the million to Finally, have been on leverage mentioned, debt process to our asset-based which $XXX million debt by September mid-November. we our XX in And ratio total lending X.Xx. XXXX, track of extending pro now
we is the assuming forward leverage balance solid sheet, X.X lower and XXXX, coming to we a in position. net our meaningfully between ratio to have and manage believe continue ratio cash expect debt generation it reduce the X.Xx, to We can all free we used the will to lower prudently leverage going years.
In and
total liquidity our on Our XX. was current and availability $XXX on million is $XXX the September cash, including million ABL
the in of sequential in see X% the U.S. the sector the in I'll target upper year, quarter in PTI metrics and the This of single portion utility remainder the U.S. fourth expect the following to and to digits. of given XXXX. quarter DIET a the to decline delays quarter, outlook gas fourth revenue the for we in XX%. the we decline for project cover continue we the sectors, XXXX. of Generally, Now fourth Also, softening seasonal key
for flow more. operating of $XXX First, million full cash generation year the or
quarter in approximately expected anticipate quarter, for the at be XX% gross the we excess year to and average ERP to million the to be But full For at fourth adjusted our for XXXX, includes an is which approximately a full year. expense are to implementation we expected costs. third for similar SG&A expect margins, expenditures the capital be $XX level XX%. of at
Regarding remain our we and on budget ERP schedule. on project,
continue business. make our to to We many excited progress, we potential about transform and are of aspects its
We and we to the annual the to expect historic XXXX. run fully to running CapEx implementation, Post of expect return an system on rate half rate run in be implemented new second our the of approximately rate now to $XX million in with of range effective Rob. per year. tax our to turn XX% XXXX in it back over We XX%.
And be that, to I'll expect
