Dave. Thanks,
basis For year, an basis EPS providing sales Mercury. strong favorable were rate by the of per recent points points. exceeded the a X% by year Operating with tax versus expansion our earnings of XX our particularly of X which finished We solid more $X.XX growth. most execution up adjusted guidance. an reflected This full with businesses, on share, with XXXX X% as-adjusted margin increased net acquisitions and
As down anticipated, slight decreases quarter operating X% were with sales margin. fourth in earnings and
activity operating timing tariff-related of address Our I comments. in some which XXXX, upcoming reflects deleverage in will the
and the gains outboard international Power engines. higher In sales by Marine demand was and dealer softness and of consistent engines, solid with by anticipated QX Engine relatively segment, sterndrive at robust XXXX channels, revenue sales engines below, in were horsepower growth horsepower Products especially offset in led XXX P&A in outboard in continued as for
growth. of the Products were up For year, Power X% sales X% contributing with Mercury full
comparisons adjusted operating unfavorably December were in quarter Mercury's the between XXXX. operating were in a and slightly received of influenced the margins impact by also years tariff earnings lower exemption as
For adjusted changes rates. contributions a the the foreign exceeded performance Power expectations. of margins This from outpacing sales included by our year, full gains, in mix which XXX and improving substantial operating basis Products, impact increased operating efficiency and tariffs unfavorable points, exchange
our segment, In pipeline adjusted efforts. in XX% rebalancing the fourth the as we quarter Boat were planned completed revenues lower by
remained XXXX lower and lower described aluminum the planned were Average the value down and versus for flat; on but and essentially with were increased, QX units to July. line due products; content in was our By favorable pipeline wholesale a a down selling to saltwater by freshwater performance sales line in recreational XXXX were the expanded year, expectations sold dynamics year. fish full sales and aluminum the in prices with were earlier. Dave fiberglass Boats. revised mix quarter, fourth quarter due versus Wholesale expectations in For reflecting category XX% pontoons more the from in X% fishing XX% primarily but full decrease our with reductions
discounts quarter the exceeding years. integrations, due the of in fourth including production benefits to decreased due year and from factors, and margin cost rates, will inefficiencies impact pressure several previous contribute quarters plant pipelines prior initiatives, part lower periods and required factors to the higher from product volume the retail the new for these during in lower to in half Margins year versus of excellence full also which second of operation future growth reduction year, a impact
trailing XX-month year show Dealer season. measured with on levels. pipelines Pipelines we the basis, XXXX essentially which the hand as year-end boat in on a enter boats the ended line start of XX.X is weeks are with and well year positioned
the In a XXXX, is pipelines that on down XXXX. basis, unit slightly. decrease of assumes field will plan X% inventory However, versus our end
our the charges our the to cost fourth previously quarter,totaling reflect impairment of $X.X In other also and exit, from across Our items structural certain continuing operating restructuring, GAAP are excluded results. include as-adjusted related in earnings, primarily quarter these taken announced operations that results million the reductions enterprise. impact
connection in amortization addition, million incurred accounting In the and we $X.X Power Club acquisitions. Products Boat with purchase of Freedom
charges and Finally, sport $X.X to we legacy's million related recorded of the yacht products. yacht
account the which believe inventory of our strategy, Moving that discussed view to outboard and the levels, efforts as P&A last management and discuss anticipate that on and between We horsepower recent well share, successful remain of in and view namely, cost few capital calls, next our capacity, seasonal engine support main our execution of EPS. into guidance intact developments, XXXX some of tariff the on have slide. demand X diligent pipeline normal the more $X.XX We our adjusted EPS year. from market, reduction as as drivers we taking $X.XX our additional our XXX-plus 'XX each impact per for the on EPS diluted I of the
of margin part XX trends decrease XXXX. plan Operating cost points, of and expenses in between continuing should of impact as XX measures due the Our in revenue taken of operating recent to and improvements sales X% margin basis X%, from the year percentage full years. contemplates favorable a growth between the
in We in million. percent operating $XXX flow and low earnings also free projecting double-digit are of cash growth excess
by half significant timing benefits First to growth year in under-index due XXXX in digits of from second to versus year. single-digit low the wholesale high repurchases. and quarter due will expectations. mostly the the of first XXXX share mostly the increase single reductions to will QX percent This the is full quarter EPS of revenue the XXXX in shipments
million a solely is Moving to on earnings our or engines to being $XX extended to $XX The million and XXXX. due XXXX exemption incremental tariffs. the incremental to $XX net XX-horsepower XXXX We $XX impact. of not impact the anticipate to Wave to million pretax impact X XX- between into million
exemptions few very know, likely you As extended. were
engine We chain note are for the competitors tariffs, this our in outcome that not affected disappointed supply Chinese cost non-U.S. import engine highly and very same components. by is despite would these utilizing
granted, anticipating any We're businesses. rate XX% Otherwise, our staying no our tariff X which that additional there any have in assumptions. X the tariff to up by not $X will review the fully assuming although X any -- We're still Wave not material exemptions impact Wave changes at USTR, tariffs of through Wave are on have three several under tariffs we exemptions being million and granted. relief total if do to could
On the retaliatory and the impact boat of Boat the plan. incorporated on into to tariffs side, unchanged remains EU exports our
minimize mitigate to of on the actions continue to in chain evaluating the manufacturing our we're businesses, which proactively take strategies estimates, impact We our are and and tariffs impacts. further to included alternative supply
cash We're year I flow update will that on in for an with will approach flow of million, XX%. and flow conversion free impact for items excess $XXX conclude cash free P&L and the XXXX. certain our will our anticipating cash
$XX capital million between million and million and between amortization. and depreciation year of million $XX incur the to use for We for and of $XXX working cash $XXX expect
Our and percent be effective to anticipated cash rate between for the to range. low and estimated XX% rate the tax is the is XX% to be mid-teens tax in year,
the average along 'XX, XXXX outstanding XXXX, million planned in will with including in approximately share shares our impact XX.X repurchases for be of $XXX shares. Finally, million completed the of repurchases
million loan the our execute ratio a -- strong balanced end generation. obligations X.Xx of We by approximately plan leveraging lower the our to basis retire less in We free of and will flow of capital on debt-to-EBITDA $XXX to XXXX, strategy year. term to gross our term long than expect our our cash
in between million and expense is business. and interest $XXX be the and estimated in reduction our -- anticipate net million propulsion projects about product million and investments the new Engine, automation year, expenditures spending boat for capacity in year. $XX businesses, to XX P&A capital We $XXX Our additional on cost premium throughout our including
year. return share to to our across a relatively and plan $XXX includes repurchases, to spread million evenly approach repurchases we the XXXX Finally, of systematic plan in
Dave now I'll comments. turn back outlook the to continue our to call
