Thank you, Kenny.
our of expected on our LIBOR $XX.X in As $XXX.X million, in West through Kenny of to XXXX. technologies decrease down consolidated million Beach quarter Palm to a and second wind we the the those second quarter reductions recent dispositions core project focus our compared as we mentioned and and profitability, revenues strategy lost changes as revenues and of were
and Our operating GAAP the driven loss all loss an of segments by primarily level loss to operating of European $X.X $XXX initiatives. of on was improved quarter. of charges million in absence profit operating was gross million our quarter benefits improvement SG&A goodwill restructuring in our by improvements control led second the cost XXXX, the the in impairment an in losses XXXX EPC comparable loss the compared lower million The contracts, of of $XXX.X and of
fees a included of This costs. million million $X.X charges restructuring advisory quarter's and $X.X loss also for
negative in as EBITDA $X we XXXX. as consolidated adjusted EBITDA generated adjusted million of consolidated by second million of the improved a to compared million adjusted quarter consolidated a $XX.X also Our $XX.X positive EBITDA
on results move to of improved various the our discussed going second segments. and quarter now I’m
million was compared year partly period. segment construction by offset by quarter Wilcox metrics. which volume activity. Revenues to all was the increased & Babcock operating retrofit $XXX.X Our increased lower key $XXX increase mainly to driven prior This improvement in the X.X% second by in in showed as million
XX.X% period profit as margin to improved to year last gross at compared same was gross The Our cost the and control This higher XX.X% profit second construction to volume, XXXX of period. compared million previous costs. the operating in increase lower primarily XXXX $XX XX.X% year. due was in margin better quarter as at in the $XX.X the to million higher the warranty than
as EBITDA last to XXXX well quarter as improvement margins gross to Adjusted $XX million continued costs. second year's the profit mainly to compared this $X.X million reduction quarter, XX% attributable was as again G&A in the in for of our increased
legacy primarily expected as second our to core Moving segment, following geographies products as strategy, to as change profitability the onto well we improve due key down volume revenue bidding lower $XX XXXX. contracts in second SPIG anticipated cooling of to $XX.X SPIG quarter in Revenue to to build more aftermarket and XXXX lower selectively million in change our in decreased in as on continue our in XX.X% the wind our services strategy million quarter at SPIG of an system by of volume loss new declined as services. the by compared
the result compared a change of in to in $XXX,XXX the quarter of year strategy, second million in XXXX As gross as our period. improved profit to prior $X.X
$X.X year. EBITDA initiatives improved by improvement million this gross segment. to by $X.X Adjusted Again, period improvement SPIG and in a the savings same negative was taken a $XXX,XXX by driven million the last of as the to compared cost negative the benefits profit
in as were XXXX, $XX.X second XXXX. Moving expected segment revenues quarter for Vølund the second quarter the the million on in $XX in of million as Vølund, compared to to
EPC of compared our XXXX winding the third Beach and shift and quarter the quarter and than were West on full technology products of bidding scope year in contracts Palm projects. other services revenues EPC up of quarter and to lower the primarily the continued prior legacy again Second to delivering the sale a loss due rather to core
that decline expected maintenance partially United the Kingdom was This the related and offset of startup of two by the to EPC customers. contracts followed operations turnover in our the contracts
As segment a profit quarter this the by positive and million a the of second $X.X million million of as losses $XX.X to due contracts. European to result the $XX.X settlements loss a loss of the contracts, was of the primarily of in lower on Again, XXXX. winding the EPC second to quarter XXXX improved level down negative compared gross EPC in
complete In as the quarter of the recorded estimated losses second segment in to revenues resulting losses contracts recorded to European second six from XXXX, million changes compared equivalent $X.X the quarter $XX.X of and in in million a the cost XXXX. net
gross the savings also Palm of offset and from lower XXXX sale the quarter by EPC from levels due were which gross contracts, third absence the XXXX. the West effect expense Beach also its of support warranty quarter to of the the included Beyond loss overhead, profit direct second project profit of in
$XX.X $XXX,XXX in million reflecting gross Adjusted benefits compared lower well due quarter profit reductions. EBITDA last of of improvement was quarter and the was cost negative in adjusted mainly a the second SG&A costs restructuring year. the EBITDA a This to as to negative as as
from flow European use accrued six million flow, is progress out to reduction against the also EPC to talking turn was Now funding a losses new balance the a I liquidity. loan This loss contracts quarter would related about by due in like sheet of our and last Cash of which the accounts considered liability. cash to term our settlements a was liabilities. the $XXX and payable contracts, mainly offset accrued of to our current and European in our EPC operations
quarter with unrestricted the of $XX.X million. cash We ended
our to debt this amortization in expense driven last out new as million increases revolving revolving to in term quarter increase $XXX.X prior and loan compared primarily million. in was the year is both Our interest million and expense $XX.X quarter was Interest total related $XX.X the loans. by the and
principle on of to agreement pursue We're under of insurance continuing of the $X.X In We're other million XXXX, losses the settlement subcontractors for related policy potential EPC pursue the we various recoveries insurance XXXX. another project from portion full loss insurance and which Also million to agreed to certain European insurer recover under settlement to a continuing June, contracts. in June projects. recoveries claims losses the July paid appropriate available. and a we first of XXXX, $X.X where cost to under on in one in to a policies for agreed
cash quarter, second reduce we closing in million credit sold primarily were under Germany. In at to handling Loibl, $X.X received business used a proceeds which the facility. balances in the B&W We outstanding material
the sale of our the our terms $X.X revolving under of release the and by performance $X million improved the agreement. totaling reduced of facilitated capacity credit credit credit letters million which borrowing also However, facility
potential continuing We in as the evaluate dispositions appropriate future. to are
million from $XX of to XXX term facility A-X amended we million. previously XXXX, of Riley Tranche incremental last-out to credit disclosed an as loans uncommitted As April B. as up agreement on well we X, provide our
affect entered with stockholder transactions term among subject for to equitization to Vintage the of approval. into other things Riley series of and portion out agreement B. last loans also We Capital an the a
a of issuance at A-X at Tranche of the effect of reverse X.X a affected transactions XX, split common one-for-ten In warrants the exchange the reverse per purchase of XX, per million the at loan share and principal split $X.XX These $X.XX These an common the stock of $X.XX XXXX. to a immediately share. stock offering on transactions last-out-term approximately included transactions. that On one-for-ten stock took July following, rights $XX share. for stock completed we million acquisition the equitization after after completion of were all July
Gross remaining to $XX.X million $XX.X offerings Tranche was proceeds to last-out-term from under of A-X rights the million last-out-term borrowings $XX.X A-X of was of repay loans. used million outstanding which The were fully reduce the the the Tranche the used loans.
of million addition common stock last-out-term for million commitment of through all loans $X.X $XX.X offering, XA A-X the principal for issued of the the with of In backstop conjunction exchange Tranche loans. outstanding and and we of Riley's the in B. last-out-term Tranche rights in
accrued After In our and of $XXX transactions the last-out-term and million A-X A-X was deleveraging sheet. transactions, interest. fully a of resulting the significant the debt million of to in-kind Tranches reduced through last-out-term equity by loans extinguished aggregate, equitization of loans paid these to were Tranche in we of our reduced the completion A-X inclusive equitization balance balance $XX.X
the including Tranche the and giving to XX.X of commitment resulted the total in shares in backstop of XX.X reverse shares X.X shares outstanding the and in the million stock resulted principal. the million rights split, A-X of outstanding This XX.X for additional exchange transactions effect common million. offering million shares XX issuance After million stock for through shares
company company's intends credit facility The it terminate prior credit refinance agreement on to as credit March the required. or requires revolving XX, and the to to facility the XXXX
mentioned, businesses Kenny our continue to efficient. As make more we
have progressing the Cost level in an balance additional line savings in to and million in targeting the cost three in segments to-date Roughly and and with the of implemented now the implementation million been $XXX identified in million of majority quarter the we $XXX corporate savings. be across expectations. been identified quarters measures XXXX and annualized remainder at savings and XXXX. savings implemented are with savings This $XX plan are the all have our
we business. opportunities for efficient We will manage as continue look for additional to our
previously to initiatives, ongoing time. as of at does savings stated company number provide cost the Finally, the guidance this actions based strategic on and not intend
Thank it turn to you. I'll strategy Kenny our over going discuss now to forward.
