joining results today. you to staying year our you ones XXXX, of unprecedented beating Thank remarkable a you, growth not call are for schedule. strong and hope thank that performance we everyone a could I we’ve delivered on margin prouder us the be ahead safe. Brian, what cuts and your all loved by drove full challenges, teams. expansion fourth of achieved quarter and Facing on our strategy in market I
attractive deployed of M&A, industry-leading tirelessly exited has we our extraordinary During and year, while over and and capital excellent truly consumers buybacks dividends, performance. safety the the year in leverage. share with generated flow amidst keep year. billion teams And customers been an maintain to supplied, towards free to cash worked all activity, It $X this
quarter. improvement in digit leading and of the impressive businesses growth in All strong saw leveraging double segment, we programs. our efficiency margin by each for delivering brands our our against drove And demand
accelerate our Importantly, and and year, this Fortune will to investments share our we capabilities innovation, also gains. capacity Brands core enable in capture future us that critical long-term supply made brands, chain past opportunities
results eight conditions. can last the of variety and we Over have quarters, a market for that shown in value stakeholders deliver our we create
P&L the manage structured growth of tightly positioned as capture in to market are and expansion. We accelerates to our slower are times
are we and the we enter the profit momentum seeing, sales have expect as made investments that growth With that stronger we’ve initiatives we even and we undertaken, that XXXX.
overbuilding widely And of which are multiples delayed and long-term stages the of extent only low the we supply has greater and U.S. momentum a has housing underbuilt with is Low to of new unleashed than are the been marketplace. high coupled forward, far into construction noted, now their it been reaching expansion our early starts in demographics several Looking short have demand U.S. yet averages. of peak, mid housing. historic favorable and XXXX’s. interest rates And the
momentum of impacts construction, low requires housing, and repair inventory supply the both Given the remodel new renovation. this aging activity housing as
expect years. momentum side to out this constraints, over several play Given we supply
XXXX. to Turning
We take pandemic market. the to year be and By agile, housing advantage nimble We’ve and the expanding in stay very more exist, more and continue re-platform manage to still we economic this done are well-positioned and business flexible lot we’ll do of to efficient even to a will tightly. ahead. business and the uncertainties
opportunities defense increasing market and for arise. last planned in scenario capture challenges to at deliver have expect shareholders environments. playing can and eight a excel for The that market that and have we in can could of We quarters offense this demonstrated variety
but well of our demand our for excited serving I doing all people keep want so continue I who and thank and very hard the are for dedicated our of teams ahead. to strong to our operating. home while each products. work positioned proud for We’re other, am members safe only are so, to caring facilities so not team year who
Our foundation built our drove upon in and a people the are XXXX. they results business outstanding which is
today. of the our remarks to Turning remainder
on will in highlight our and full quarter our time. from we’re well thoughts XXXX. the products key discuss fourth balance our for results, as financial over year well home as around Pat seeing results, and then strength we how future takeaways market. discuss expect will I key First, what liquidity, expectations financial performance sheet highlights initiatives to our as evolve and then our as And I provide will
housing to market. turning on our view Now the
brands to favorable long-term with mentioned, the products. activity. tailwind long-term of and very of continue uniquely for and home advantage currently be I’ve housing housing housing As U.S. and is to take positioned underbuilt are channels substantially fundamentals our we
has towards household millennial ownership. they’re as housing as in urban and and home further are Pandemic within generation’s who delayed increased accelerated outdoor Multifunctional simply supported. homes no home lack key Moreover, formed move increased household the generation showing remodeling. formation, stock move interest they home this home younger the allowing formation flexibility entertaining their happen towards to and buying homeowners trends spaces Additionally, pandemic, accelerating many at had or from we families towards workplace course. living has the technology for increased as new allowed leverage larger to well
their remained New driven construction favorable new showing mortgage XXXX, very shutdown low excellent is projects on signs homes demand. channel as With to inventory by a purchased leading slowing and all strong remodel to is work older and down. construction home activity meet strong during rates, these demand remains except demographics, the and outpacing of of the improvement activity modernist. and builders continue spending on since supply, strength gives consumers our to significant homes. no attractive are being half latter as refurbish homes very inventory brief growth focus as exposure has for us our of to significant The COVID Repair
as XXXX believe, on the and equity and well sheet levels as We homeowner values robust home Additionally, R&R balance our or beyond. near advantage at activity expect strength gives we with with of opportunity mix home an highs, through stakeholders. all rise, to repair a add long-term and unparalleled combined our the new for stable exposure construction value remodel to market market of us the strong torque time
materialize. to in very see housing new outperform which conditions even intent tailwind current high be the and Consistent favorable R&R to construction growth housing multi-year digit consistent could digit we low market mid very we single-family market a fundamentals, inventory demographics, Given higher single growth, powering single positive that any an near-term. long with stock, the and U.S. history, aged market including our
margins on market we’ve when years, periods to leading quarter. by conditions demand, the afforded for construction ability drive softer with and change well last as capture over managed recent advantaged the positions of positions. market As backdrop exposure, thoughts to demonstrated brands two and With channel portfolio that of upside uniquely us some and the our growth as new both effectively
in efficiency growth sales our of year quarter, a our growth the robust initiatives, to continue innovation, fuel continued early and as to with total cabinetry and in strategy, our over margin capacity increased the capacity. priced brand We including us value invest the improvement operating Consistent solid XX% allowed to saw operational last modern heavily rollout was programs XX.X%. XXXX. we of the strong and our fourth key market, in distribution while our implemented exceptional drove for margin serve result program decking This approximately benefit teams amount. For increased performance the execution
Brands management. chain to our replatforming through continued in also supply including business competencies, Fortune core complexity global invest common advantaged We management and category reduction,
investments the accelerating in continued for priorities our are most longer-term. has We for been positioned and critical in XXXX growth
improvement for investment these Importantly, in our and well continue and reflected key XXXX drive to beyond. priorities of up schedule in company growth initiatives funds as as additional XXXX our compound to are and long-term free ahead in will to margin results as
and growth set We capabilities expansion. will common fuel drive continue of to a margin drive to
to stronger positioning me and turn our starting be businesses to we’re with let how individual long-term Now plumbing. even
margins markets Plumbing strong with in global Our remarkable channels Group XX.X%. teens results. the to the growth and investments marketing continued sales mid U.S. up sales to Plumbing operating We and innovation double of in and brands, across digit fuel all Global continue regions. experienced outperform and quarter
growth, opportunities producing Plumbing to for adjacencies new pursue ability continue this Group’s Our creating to Global and core both business market is growth. beating
as in on-trend up such innovation investment e-commerce long-term brand, as GPG well sets sustained for as an newer continued Our channels, success.
growth In an China overall expansion out-performance achieved to leverage important China, to the continues Chinese the to economic fourth driving component through category during also in channel excellent quarter. and be solid line. continues and bottom We growth of market Moen the economy. housing
increased and XX.X%. Turning basis returned to increased decking Sales segment results to security. security and growth double double strong and driven by operating digits digit doors These outdoors operating growth performance. in and exceptional points XX to by margin and were
pandemic benefit brand notwithstanding long-term and accelerated a in Importantly, decking of in from recycled by eco-friendly higher Decking wood to the our gains long-term from material positioned for market products. performing growth load-ins the for housing, focus living brand continues of on of materials. we’re product momentum living, in demand XXXX. our conversion execution grow we as seeing outdoor our of The Fiberon QX distribution and in ahead fueled consumers distribution has lapping XX%, continued and excess outdoor strong wins to continued trends to
remain capacity plans expansion track. on and wins distribution Our
and leading living the added our our is high We doors a the market exterior relationships. the fourth in come with capacity market multiple will best in brands in and outdoor leader as class we points products at with perfect opportunities XXXX. customer storm a in outdoor and living and incremental throughout portfolio security quarter expand and exterior and Larson door time outdoors and in leverage and leader products a performing business. products, business, team is they further security fit online to the Larson have door phenomenal To momentum capture is in of further
been in our creation and including great Larson excited for Fortune synergistic accelerate a shared to digit to wholesale doors with robust and and and and synergies are in Sales from experienced scale legacy start Brands advantage wins. wholesale advantageous XXXX to The POS off competencies in distribution We’re amount doors quarter, our gains. decking distribution value has the particularly retail growth increased brands portfolio. core activity double strong our from with to share emerging
returned to remaining commercial retail to producing closed. Turning remained digit channel as sales largely security. Sales growth soft and double markets the growth with
touchless We’re under innovate our leadership. security the feel and commercial about making that its with products business and connected for good continuing to and applications the in progress residential new product lines
Finally, turning to cabinets.
with has demonstrated businesses last network. solid centered gains business worked with higher to two the expanded conditions. outperformance different remodeling squarely pivot performance and in the operating in our market, vastly it’s than business make-to-order rewarded now the the all proven sustain growth the market dealer home business can delivery The points team across the low and with increased imports with across extremely margin make-to-order year at on is XX.X%. quarter. it challenging years to This environments sales leverage of plan to rise double aggressive the and Our this P&L more margins. repositioning, product excellent activity. of XXX Up advantage posture, over how market of producing and has of lines digits basis from and delivered points and incremental cabinet is streamlining our being now The stabilization share Sales price again, growth we’re heart through and the achieve producing returned
against supply domestic who’ve exited Chinese the our continue years. chain next the suppliers to the chain with competing other share winning is to over gain or months, prepare imports. country domestic optimize cabinets, of the players market higher from Within continue and for times. point High both further advantage from the price competitors and higher and over at a to supply replaced We longer to been extent have few we past importers margins cost costs costing lesser lead value growth who few absence and low with higher
in to opportunities has improved with and win Our has team repositioning few aggressiveness structure the and it tenacity years. of market business. More pursuing team the the succeeded last in cabinet over products the is and the ahead, same cost the lie demonstrated
We year. cabinets role shown long-term are facets our our society. It drive business light well many unprecedented on to bright the our summary, of mid-teens in It journey margins. people’s and goal the of value to of an XXXX home reshaped also was In lives. has on the plays the it our
channel With demographics, homes, value work our continue and We’re of perfectly positioned dreams purpose we’re we for with our our to towards leading positions accelerated sheet, lower a multi-year brands, than Combined excellent strong demand, home supply fulfilling expect long-term proud balance ever. creation housing. more tailwind of attractive of drive to now to teams, stakeholders. for powerful strong and
As products the we to of operating and strong we are our to market, outperform continue our schedule. home journey improve margins accelerating head
immediate the supply and and environment in some may volatility. economic While outlook cost chain remain uncertain, inflation introduce pandemic
perform to ability a of conditions. our variety in proven have We market
while to business continue with results will focus to initiatives deliver investing long-term the in key strategic and excellent agility We for operate stakeholders.
yet excellent again, challenging keeping in customers. safe our teams, serving on people We environment. results really Our a focus and our delivered
model that increase We’re multiple investing long-term for have continued the management this to growth to team and and profitability. demonstrate business in pods and
in early to excited a U.S. expansion innings We’re housing. the in of multi-year be
peaks prior from activity. are housing far in We
grown and at has prior has its than scale business history. any time Our stronger in more
fold track consistent record. U.S. housing, with share to scale much expands market expect we demand with and the demand the As to needed for to that take our continue
Combined products Our and resilience, channel our is the volatility to business has heart of expansion capture ever. the own actions and upside continuously with this uniquely of the exposure more is our than come any innovative while managing our portfolio targeted broader to of we at are may improve the multi-year positioned proven that way. market,
speak we greater long-term. profit invest translated Pat the with outlook, of growth will leverage, business, detail, our into continue XXXX to which the to excellent Our a for strength reflects robust while
to outperform continue to XXXX expect in We markets beyond. and
balance our drive and sheet strong positions to In to addition, is value us incremental creation. continue
to will financial results. low We’re and cost the will call excited, Pat, to we’re With who I brands turn people speak accomplish. can our over that, Pat?