Thanks Terry. Good morning everyone.
utilization high end mentioned and LIFO improved significant inventory adjusted Terry EBITDA lower the position made for during our As of came the after to plant fourth strides end in above Despite range demand better results fourth considering we change. our our performance. financial guidance driving customer quarter market valuation the quarter challenges business
actions. During capital free enhanced through reduction cost cash the flow we working positive generated and quarter management
facility debt Additionally, of repayments. we and credit increased the available refinance liquidity through the our further
manage our changed valuation forward. the method This resembles method peers from year change As and our the inventory that the-first-in-first-out none mentioned going We internally retrospectively last-in-first-out FIFO statements release or the flow our inventory comparability on we quarter physical believe in remains company's our XXXX of aligns the business. inventory LIFO, of to best FIFO. or how of has the LIFO financial with with in our earnings fourth closely or we been and improves prior applied
of a in loss net $XX.X basis share the valuation or or next net last per $X.XX FIFO file of share fourth plan was that million diluted Further XX-K diluted a our LIFO a to details change fourth with per be of loss quarter week. $XX.X XXXX the Form of year. quarter loss On million $X.XX provided on to the compared GAAP will in we inventory loss
of items the was share Excluding the fourth and EBITDA XXXX of negative net $X.XX million $X.X quarter an per diluted loss certain for adjusted net loss million quarter. $XX.X adjusted was adjusted or
results. fourth-quarter drivers Turning of main financial to the the
across of in shipments XXX,XXX XX% were third quarter markets our of lower XXXX. tons comparison with total in the of expected all As end
the they lower in a levels $XX As This XXXX EBITDA decline customers million carefully from third fourth approached From in half decline a in managed difficult adjusted prior the quarter customers were SPQ to with demand highway XXXX. on to of adds quarter a tons our drove year of end as comparison and fourth from environment. the level over shipments ton an million the of XX,XXX XX,XXX customers. one mobile of end inventory quarter perspective to shipments quarter of $X at due to decrease strike market the
to quarter. negatively Shipments billet the ton per product industrial tons in tons and market Total third by remained shipments end primarily of XX,XXX In with with market impacted the mix. fourth by end during price variability also energy quarter. were to demand quarter relatively to tons compared XX,XXX in were base XX,XXX the the quarter flat due
We our customer improvement of shipment in to demand is in guidance demand reflected in shortly. have I that first XXXX which will date discuss the seen in quarter
Lower fourth in of the revenue. to negatively the per number decline years, quarter and quarter down on quarter the surcharge tons million lower prior of ton one revenue $XX.X the scrap surcharge the revenue as was million impacted comparison Surcharge $XX.X $XX.X Bushling a in in XXXX. two index as below well the lowest million ship past in
of better including XX% fewer benefited Manufacturing drove cost XX% while quarter the in demand utilization align the end cost quarter environment. with leverage Melt fixed of costs resulting to since significant the employees a re-balancing of reduction in fourth from hourly XXXX. the unfavorable actions in inventory
expense SG&A lower as approximately Our the SG&A compensation. expense well reduction was current customers $XX.X the actions significant our provide XXXX plan lower XXXX. SG&A certain result as and SG&A adjusted of approximately schedules to by This cost completed expense operating million annual expense in million lower fourth XXXX $X we've quarter a quarter adjusted of excluding demand. million. meet was level restructuring items $XX our reduced Since incentive than of was for flexibility million $XX.X
business profitability improvement we that day are cash launched cost efficiency reduce early while generate we to on simplification activities greatest and working every resources our Turning now through permanently our those and our to of approved XXXX, our in that the performance. have to plan impact deploying
actions. million. in resulted $XX recent cost the inclusive XXXX of approximately that As estimate Terry We savings reduction $XX mentioned of going approximately we've actions implemented following to be total our throughout realized savings many forward million annualized
First, in the second of and to the full related these expected salaried were savings XX% severance approximately annualized will charges half $X with positions, year restructuring XXX to paid in being Cash result and as incremental approximately streamline organization of these $XX be to the to in of These of undertaken majority XXXX a XXXX we've and million you XXXX. $X.X related of actions $X the significant quarter first The million in quarter the completed approximately XXXX total respectively. is fourth million XXXX restructuring including simplify elimination know, in to of the reduction. savings actions. actions million
fourth We the recognized which of quarter facility XXXX Second, $X.X in our the the we majority related of charge positions. the approximately to elimination of million announced Houston closure Texas in XX closure an non-cash. of was including November XXXX the
$X to remaining proceeds expect and to going maximize savings approximately the million of for are forward annualized realize working We assets. cash
of recently we XX XXXX. processing scrap $X.X completed quarter by The the to down the buyer. sale location This action the a file proceeds small the majority assets non-cash at debt. employees in our is down pay facility the Third, fourth of of used right Akron hired were million of million for $X non-core approximately a and Ohio in
of Fourth, the XXXX. $XX as in benefit December remaining made our pension Terry the plans of which million described and reduction changes a XX, approximately annualized of in million as to obligation and savings salary retirement $X benefit post we resulted
These reflect reduction, generation clear business. of on cost our four our and cash actions focus simplification
by liquidity cash an of two quarter. improvement to level $XXX.X over million end goods at highest was third approximately focused finished million and These in the reductions, actions optimization effective management on quarter. our free recent approximately available since and improvements years future. inventory positive our capital alloy of further facility to the to and result us liquidity, of payables the total remain receivables working credit end increased of and flow flow a XXXX; refinance. of focused availability liquidity generate liquidity cash capital generate Moving the our $XX The the additional in of million cash enabled in provided $XX and working scrap, fourth on additional free was of We
spending facility a of the in $X fourth were the of compared quarter resulting XXXX added full spend CapEx with approximately year $XX including million substantially In is $XX.X expenditures be capital in XXXX million in XXXX. projected Capital million components $XX complete million expansion. to $XX our million to value
retirement a From of and the from re-measurement XXXX. annual perspective plan of plans $XX.X December pension we as recorded a loss post the XX, non-cash benefit million
strong from which returns. by is than was driven lower were loss There excluded measurement rates a asset offsetting adjusted our more discount of year EBITDA
Our of $X XX% million. was an total end December approximately XXXX of XXXX, or plan funded modest the status at XX, of XXXX, as pension contributions in XX% required totaling improvement
first fourth all sales the comparison for with of XXXX be shipments with outlook to markets to than prior competitive higher result the quarter year expected quarter conditions. general across expect growth of are a Base approximately XX% the lower end and as levels to be in of markets. on the Moving XXXX, price we
quarter positive range net the expect and $XX to EBITDA $XX loss million break-even For and we $XX the of GAAP in million. between million the
end from a market was our demand XXXX profitability challenging year wrap-up and suffered. To perspective
to improve further cost planned. During our the we capital took efficiency year initial steps actions optimization with and structure
progress to the for we'd call improvement company day look questions. up in open the to future. Jodi we We to now are making every like forward transform continued the
