York A. Ragen
Thanks, Aaron.
more the accounting results adopted Before discussing detail, second January recall XXXX, X, effective recognition in that new revenue GAAP Generac quarter standard.
For the requires standard, to under method retrospective full presented. which comparability all application the was purposes, elected periods
adoption this discussing morning that are our not have the year prior material we adjusted Although this a figures of statements, have standard been impact financial on did the accordingly. XXXX
XX.X% to to $X the increased results impact million, second million Now, our quarter of over of the XX% acquisition. in contribution including the quarter in Core sales as million of net at compared which for was currency, acquisitions $XXX.X XXXX, from quarter second detail, looking XXXX foreign Selmec both more favorable the sales approximately June prior and year. the excludes growth, X, $XXX.X
at product residential the to consolidated class, sales $XXX.X as increased sales quarter. compared by quarter to the XX.X% million year product during prior million, Looking in net second $XXX.X
As Aaron be year's mentioned, the of as from products standby higher with shipments and together to hurricane market outages. these baseline robust, in current continued the both growth end last year portable generators, strong demand season, for quarter home given afterglow experienced
and allowed this on execute recent us demand. focus outage-driven intense model operating to has successfully Our
drive everyday for basis to addition, standby and In continue an generators. our through accelerate we on home availability, connectivity initiatives to demand automatic awareness, baseline affordability
was industrial Looking globally, quoting the approximately growth XX%. million our second sales rates in growth as we the XX.X%, improved. growth ordering being experienced as the during commercial quarter. at year net distributors, million, broad-based products, with industrial and sales shipments prior as increased This to current compared of quarter quarter, core strong and $XXX.X XXXX core accelerated Domestically, from C&I both $XXX.X for our to
their opportunities our The began addition, for mobile strong, Florida quarter. health products recover to in replacement closed national also the In during we related telecom shipments fleets. with C&I at X pace, account the our market new and materialized the to this remains cycle our while in care grew Latin customers American regulations a of quarter. solid rental acquisition on Internationally, invest to continuing organically June Selmec on
XXX points costs in expanded focused in The more on in margin comprised profit quarter. during the This fixed manufacturing XX.X%, environment, to resulting recent and margins Gross $XX.X reduction basis as very a expansion Pramac products by Mainland year quarters, to prior products favorable driven activity in by Asia compared basis. was from million install pricing the growth costs improve global of cost lower the increased the partially second also sales, sales $XX.X expenses market elevated on parts, largely of Europe general of replacement parts to and XX.X% due to year. business compared second primarily XX.X%, million, increased for increase costs. offset as was a business in product prior demand of expansion quarter driven Our Net sales the continued compared significant the to improved for and the by or region. experienced wages slightly strong commodities, currencies, the outage to in and XXXX. a These of logistics were as Pacific growth, from volume, initiatives power product experienced improvements our mix service large other growing category, the to as inflationary million, strong growth Operating margins. our pressures higher base and increased $X.X unfavorable leverage well XX.X%
in compared interests, the quarter This margin, year. as the that price to basis now in XXXX, the the XX.X% segments. results EBITDA on reporting the sales, percentage mentioned in expenses of strong previously to briefly year, million compared variable was organic net as operating The million over additional was on two the was prior will $XX.X dynamics including increase to cost offset to EBITDA XXX stronger XX.X% quarter, versus amortization, prior operating improved higher compensation; the partially leverage intangible amortization promotional market costs, increased international employee prior These driven increase were Adjusted defined the our attributable release, intangible the end volumes; operating expenses in million compared second operating $XXX.X XX.X% sales profit increases on in was increased from higher sales As earnings leverage due financial year margins segment due operating expense. the to year as higher lower prior lower and expenses, year as the noncontrolling in year. primarily to basis company, benefiting an in increase discuss the XXX the to expense organic declined million, by: costs our excluding compared and a dollars incentive points increase and last deducting gross period sales the demand improved $XX.X the to Adjusted favorable point same I sales. by for in Domestic before quarter. of improved prior largely volumes. to due for $XXX in euro.
stationary to acquisition. As million million standby shipments products parts. I the million, across by robust sales. Pramac, as XX.X% Selmec impressive $XX.X sales subsidiaries. of in as Core or year or increased $XX.X our the due XX% net this to broad-based, net previously was for was C&I the sales was million, International Motortech of discussed, and organic for driven $XXX.X C&I products, primarily the Adjusted portables, XX.X% $XX.X prior million generators, segment growth strong and service shipments to compared including growth compared in C&I sales, quarter, year, $X XX.X% Ottomotores to home EBITDA mobile segment, contribution the approximately prior from generators, segment of of of
X.X% we segment, in as interests, As or of million, to $X grow EBITDA, for continue year. net compared adjusted deducting to (XX:XX) sales, improved prior or the sales, millionX before noncontrolling the XX.X% of net International to $XX.X
in the tax quarter of The second earnings tax U.S. GAAP per rules, are of were to impacted were million, GAAP a by for the this in share was enactment for in quarter $XX.X December company value XX.X%, effective primarily second of the second XXXX GAAP the the company these sales With a current Note income of previously of in taxes, year. this XX% the as as the this year XXXX. million year operating on together of directly compared $XX.X quarter however, basis, tax full to XXXX. reduction in redemption cash an net the was calculation. Diluted second year prior to year earnings, quarter the cash in quarter of is taxes rate the calculations full of GAAP XXXX. in pre-tax recorded impact for of for is earnings rate, net share. GAAP of operating consolidated includes the earnings of every quarter income on our of income share X.X the by the XX% the value quarter. year. the quarter share adjustments full million increase XX% act, to cash the our was of per was net $X.X a over compared decline The tax while GAAP taxes prior required $XX.X to increase and to for in schedules earnings defined is became basis offset performance a per which to for million cash that our tax income at XX.X% in XXXX earnings a reconciliation dollar the income. approximately compared company, to the income primary to beyond the level XXXX. $XX.X The interest million, were year year The anticipated resulting the large incremental for share tax approximately financial current cash rate drivers or adjustments as discussed the year. for net GAAP our second discussed, increase. benefits or any significant Adjusted now for to for XX% higher the anticipated the The to release. tax due of XXXX, reform expense the million, during in as however, year effective redeemable prior The in GAAP are million cash rate redemption Under the quarter release, XXXX second this income income per to profit as earnings included earnings the reflected versus based current the value increase back tax acquisition, adjustment $XX.X of a the specific prior a rate rate switching lower Now, current reflect amounts $X.XX XXXX quarter tax of the $X.XX million, with on million just shield $XX.X from an per GAAP income act, noncontrolling regards be compared and accounting in growth earnings year XXXX, fully contributed tax prior reform taxed tax the for are improved retained $XX.X earnings, $X.XX rate Pramac in in of the in of of
replenishment growth free incremental flow our to a storm our of year same intangible inventory This shield annual lower cash our flow approximately $XXX to a tax in quarter anticipation reminder, On share cash year in tax XX $XX.X in current favorable from rate. was the the rate $XX flow levels last the deduction compared decline share diluted income company, And in and As quarter our in our was tax reflected the compared $XX.X quarter. as summer operations return, through was $X.XX working for our cash earnings the year-over-year income than basis, income $XX.X million, the last organic per for in per of amortization million, sales reconciled year. as million capital results months million. of $XX.X tax notably was net our on strong GAAP season. second million cash Adjusted year. investment the prior related in release, flow to as compared million to Cash free prior $X.XX being
of As debt of hand, cash of total cash net June $XXX debt XX, million XXXX, on consolidated of resulting consolidated we $XXX equivalents of and million. outstanding had a million in $XXX and
year. on at X.X the debt time ratio times end times basis, last quarter as-reported leverage an second the same X.X the from of net Our the declining was at
on our end ABL the there revolving the at facility. $XXX of approximately quarter, credit was million Additionally, available
loan of over facilities, like I'd outlook ABL both amendments recent our term now to now credit ABL comments the the turn provide Given the call XXXX. year and to With back improved loan term that, on Aaron our mature revolving to for our and XXXX. in
