William L. Metzger
Mark. Thanks,
by combined by For Fitness quarter, sales basis, X%, segments geographic and constant respectively. first Marine a U.S. increased U.S., From increased our X%. perspective, the sales consolidated by X% X%, currency and the on a sales increased and outside in segments
than was The of on company results year, of were revenue prior the was this and on adjusted a have quarter with QX of adjusted does earnings material retrospective standard approach. The margin XXXX. the First the operating comparability recognition operating not our which this adopted of X million slightly modified effect $XXX.X XX.X%, periods. July adoption lower using our standard new
to As on minimal. along of our impact anticipated, positive comparisons XX-K of today's the the to impact $X more adoption refer for included is Please in Form information. earnings to approximately with year standard release, net be Boat million, expected mostly in of revenue the this had standard recognition earnings comparisons full press a The the schedules segment. new
activity movements XX% our led successful continue to operating Uttern. which development. influenced quarter by to unfavorably due in our pontoons solid higher is of delayed new in Lowe sales and brands, I net year-over-year. increase operating exchange Sales the introductions, which as Boat by boat by gains flat, Bayliner to that of rates, segment, including the the rigging sales the the as in partially in in products, Engine impact in with by by boat and of outboards first position, our Marine expansion in channel which been capacity weather grew and the businesses. sales, which quarter to freshwater was Propulsion by fishing for and boats earnings increased in would to revenues strong prior benefits European brand. product offset were margins a were increased growth foreign engine resulting horsepower and market including by XXX-plus our increases growth, in first to of growth, benefit our In X%. X%, increase operating our particularly gains acquisition posted Bass P&A planned outboard brand, Cabela's, gains consistent Pro's aluminum range. revenue, growth strong controls quarter Turning our along in fiberglass comprised Sales from Aluminum strengthening our report continues segment, sales solid increased meaningful businesses, the activity like Mercury's freshwater year. X% favorable also to quarter the P&A XX.X%, distribution with primarily of were levels. conditions. due has well note from reflecting from stemming with in start earnings in line Quicksilver was from boating spending production was efforts product The in
across comparable production very XXXX. of models to business X%, Realm the and X% of fiberglass mix quarter category in These customers over against Changes content of growth quarter shipments a declined X% and Finally, changes in by capacity increased strong for and the the was prices Global top with adding on year to increases engines, strong the benefits. as XXXX. both in selling currency portfolio the comps first continue. U.S., resulted for remaining This in of higher is boats quarter more the first from is average very ramps in quarter the to basis. down the the constant efforts up saltwater were first poised in new line which horsepower a wholesale migrate expansion revenue as
have In to inflation, raised addition, response prices pontoons. particularly we in in
prices, and in a well rate continued to that XX growth ended in of levels, as levels dynamics that week described expected pipeline expectations We a season is one anticipates given as for growth market boat than plan – average XXXX dealer Our the This than our given which be in higher believe are weeks given lower trailing selling basis. Dealer appropriate quarter at earlier. XXXX. prior-year various XXXX. retail boat the but on and sentiment on XX-month the early current inventories retail was market at pipeline categories markets the outlook our Mark slightly measured hand
grew standard. operating The and quarter earnings sales year-end $X also from full mostly resulting wholesale rates to implementation year, higher at million, levels at by of growth benefits year-end will with the trail and new of adjusted we the retail for unit with weeks from revenue rates. assuming be segment's planning are growth XXXX. For assumption, Boat on we're timing Consistent the recognition the the adoption positive end the slightly this comparable hand for
in from year by and partially points international in X%, higher a This customer were margins were On than these segment, products. and Fitness at of for declines, rates, including product the as factors points vertical additional inflation. of product as strength X.X%, in products the certain transportation to sales grow of which XXX new resolving issues for costs, number introductions was QX by in under installation dynamics for Shifting For sales cost cost, freight offering our Sales quarter changing is operating offset Cybex to several a product was pricing and and reduction factors, the higher XXX to markets, cardio on experience higher sales new product changes due of The advance shipment sales. to and to benefits sales in markets. well-positioned commercial the the than continue globally basis the of X%. of reflecting challenging continues Commercial clubs certain its XXXX. business complexities first higher national margin caused where strong more were freight offset ago. Fitness challenges, first quarter by exerciser which by Adjusted business and to quarter focused operating quarter, preferences. slightly control adjusted than around unfavorable increases were demand along decreased earnings basis is These including appropriate. lower declines mix adjusting health increased price the sales with
discuss the X% positively quarter, sales positively affected which foreign on will $X affected were I plan. impact by with currency performance. were operating the earnings relatively first by approximately consistent of our is having million, Next, comparisons In comparisons our and was
the will impact to on that period for on last impact positive consolidated remain consistent with assume sales earnings and rates These comparisons million with estimates the expecting favorable months. expectations as full-year average approximately exchange rates we're consistent estimates of operating Our our X%, of a a over XXXX remain foreign three previous comparisons $XX $XX million. for
than This principally year book due came quarter from clarification tax in adjusted, is activity lower This to XX.X%. includes the million. and as $X.X tax tax compensation first net due further benefits of lower the previous rate mostly tax impact resulting rate, of Our laws. anticipated than reform share-based of was to new
of is effective year, rate full is as estimated tax book is and tax the change to XX% known. additional based also law to adjusted, date guidance Our subject new which as the tax interpretations for on to approximately become updated XX%,
single Our to and a expenditures pension digit in of reflecting be expected estimated favorable high the cash range, deductions with XXXX is impact capital along refund, tax rate the for contributions. percent tax from
the contribution to million a versus improvement XXXX. flow for quarter, capacity investments was the Turning was segment. for cash by prior capital the mentioned products which review This which Marine Capital tax refund $XX operating quarter, statement, includes spending down which working our absence the flow year. and as growth. the $XX in operating million, new previously $XX used seasonal was million, offset than of $XX Free improved pension mostly cash of our in cash more million as improved initiatives, an $XX activities performance, included for million the expansion in well versus quarter outflow a of
impact with me certain P&L XXXX. for comments and flow our items Let that will conclude on cash
the estimates changes not from the on earlier, are which tax estimates from Aside in items discussed these rate, the materially XXXX I different from earnings our call. last
share of outstanding reflects the will XX.X slide. year, planned which discuss current activity further next full repurchase between and the shares includes XX for which diluted XXXX, shares the I on million plan Our million in
free in greater treating Fitness $XXX XXXX the will be flow spending than metrics. project our consistent with as be planned excludes cash to which items million, costs to ex continue that related earnings as separation, to We we
strategy. Our business will units acquisitions, and fund and implement cash investments us our focused generating growth, capital to remain strong flow, successfully on to allow continue to future including free continue which
our between de-risking Our includes guidance and consistent $XX plan. pension million million, $XX contributions of with
Under our reach However, the we cost can we may accelerate $XXX middle this September. our contributions into as $XXX by lower before million in XXXX. contributions contributions of making scenario, could plan XXXX million the to of after-tax funding
use With to first against with repurchases turn million our repurchases $XX additional share repurchases completed our of share planned now continue of investment the against repurchases as share other we Mark million opportunities. and an outlook to back continue of to attractive call quarter. repurchase capital will our will balance comments. the I XXXX, in in view to execute continue $XXX program, We
