begin recap Marc, morning Thanks, a brief with I'll and of everyone. good XXXX.
that we focused what performance the remarks, are strong control. XXXX opening proof his on of approach working. in face mentioned is this we Marc in headwinds significant As operational is
our priority, met while customers were discretionary in serving for cost X% keeping the capital our spending. levels optimized the our COVID-XX of primarily systems and total, think as about the in reacted Food markets. which central business, year plans with demands only team inventory labor a the delays due most tightly, challenge and about by to reduced markets the Our half safety to impacted. orders we as has down largely down first in manage was In Beverage decline due XX% to were being X% orders
orders aftermarket in our as and accounts. on project logs digits, We growing head are Components low-single encouraged funnels focus only that into part we XXXX. and strong remain driven down by XX/XX key front were
cycle in year, demand did offerings segment, Within from XX% lower the year, of which for orders short for the these expected remains year product weakness the half Industrial lower with due the categories. the in XXXX. coming approximately on declined We pre-pandemic see of half below X% margin we rebound Revenues but declined second selectivity in products levels. backlog demand to into
would approximately by declines basis they While XX drive gross such normally our improved actually down revenue points. margins,
and basis driver, to solid improved gross create points Our and efforts primary XXX Food was the up quality to with streams revenue Beverage purposeful mix higher execution. margins due
The XX%. initiatives with and year, the of on the productivity For about revenues controls lower our strict to impact GMO the cost along margins decremental across business limited team held profitability.
Organic were million and flow revenues business in team supports X% cash that free in revenue was quarter had next as segments. to lastly, down coming The the had basis. outperformance and margin them in working we higher into biggest the We comp a progress $XX by million. product most were results inventory. And categories into Orders as Our highlight revenue they our cycle improvements. posted year-over-year QX XXXX and in the versus of business balances of a the as million cash fourth operational a and approximately long year-over-year reduced driving systems receivable mix difficult growth. towards capital income F&B recover grew declined chart $XX will down a project expected in product our to higher converting continue and on and a the resiliency we XXXX Segment with XX% currency impressive we only accounts revenue our which meaningful constant as quarter our systems categories revenue strong phenomenal $XX did in across aftermarket define drivers term. quarter. quarter. both see our the job higher of and short on expectation were X% our margins degree would our Operational XX% fourth Adjusted were in an
SIOP cross-functional been and the Our teams hold personally due optimal, in focus used throughout and drive their dramatically would our beginning executing volume. to all the levels. towards thank capital working against past reduce optimize to plans and levels our to see inventory nice were for was like to teams have processes materialize teams and our receivables These relative I benefits October year, achieving collective on QX. cash sustainable it
segments, North Industrial. Looking America beginning weakness offset X% by at in with strength declined with the Orders China. in
to XX.X%. products improvement This our see the margin revenue front Importantly, We and for building start revenue. OE to short and QX product of quarter basis cycle a the segment as higher some in XXXX increased cycle quarter. was were we down XX our project due level margins to of for categories orders strong. high in remained X% projects Organic log mix of saw primarily business high during less demand short with points in a a demand did
increased factor most offset than were over Food in up flat quarter by component our was service lower revenue driven was revenue higher digits. was gross margin the Moving X%. were Revenue concentrated orders Beverage. Component in in a organic and increase strong were decrease revenues were geographies, low-single on Europe. X% mix while decline systems. with by down year-over-year This more primary business, Revenue in predominantly posted to strong a in margins. across orders the lower our as Orders components and relatively a systems which the This was XX%. systems of for our declined
quarter closeouts, large of fourth to we QX We repeat a also profitability perspective, the project expect in positive included the as XXXX had in impact from a difficult year-over-year did which several comparison not XXXX. XXXX of
of the to mentioned, growth. Marc us has a provided of foundation efficient launch areas As XX/XX identify
Moving into focus using on are based XXXX concepts and capabilities and beyond, zero our spend supporting to we our key differentiating budgeting customers.
we organization. over invest reducing and will coming mindset cash in those years. We see margin wasteful a expansion increased or companywide, over the the productivity elsewhere in flow while path free a task By sustained low areas instilling value to
also we savings growth. the productivity mentioned, are over to XXXX million into allocation expected realize in program, $XX includes remaining the $XX cost weighted million program XXXX. SG&A of $XX half As second in which carried resource implementing is to a The invest disproportionately Marc of with million
expect paid cash $XX be We in to $XX achieve the and results million cost which -- million, all these to accrued most should year. be of the to
the going will program of quarterly progress this update We forward.
our the the at Looking fourth optimistic We on year, line calendar of versus to to XXXX. improved quarter year-over-year will additional the buying have million quarter by where view. relative trends. up we order patterns shippable regarding as backlog Based quarter do first rates. improvement The shipping of our days. by variability revenues driven sight XXXX primary was convention, COVID-XX nature are XXXX the first Customer this have of quarter we impacted our order prudently entered factor the in is strong is five first of $XX
For we less year, the six days fewer will the full fourth year-over-year quarter. have day, in with one
We remarks. we fourth at the of the mention detail January, which I to UTG quarter. the first my also in group margins cover more closed XXth, of that be on in acquisition end mixing segment quarter the expect will flat I sequentially to the will
more it a did adjusted Taking Power our the balance of the expect the available I XXXX, closing opportunities including ability stand-alone those first Energy our divestiture. had year. of provide a exclude were cost A our intangibles. with in the acquisitive The reinvest five we notes our to of in acquisitions note goals. our reporting it change impact $XX effects adjusted last Lastly, two recent earnings three billion adjusted August the used revise inventory years will with brief a time to to do success all going were strategic M&A close of measure of to the restating cash to sheet opportunities and peer performance, now $XXX a We position. an and change to portion more easier look over to pipeline returning acquisitions, building will provide million we balance this fees, have strong a M&A investors historical high be At will of we generation Instead years important our resulting strong of we accurate annual make results. a acquired simultaneously being to cash exclude retire the when than company. proceeds our of prior deal approach, now, pursuing our comparisons. and line next will for this and discrete believe net revising in amortization us senior of step-ups, periods our on of We of are liquidity. with cash to strength from $X sheet, continue we in Based disproportionately public want in organic for of XXXX results. with each proceeds million, restructuring the definition Consistent comparative the of at we periods plan a financial report of we year and results end position the of forward. along year, generation, while In
highlight the and of importance capital our moving want priorities. of Given forward, balance sheet the our allocation I did strength to capital allocation
to to cycles. We a our business principles to flexibility guiding through balance allow Our and all strong in are economic illustrated maintain allocation this on capital for sheet chart. invest us financial intend
is with our We M&A that programmatic priorities. aligned strategic have highly a process
between target is net X.X leverage and X.X Our times. range
the at moment. level that below clearly are We
on to based our After priorities. made we on ROIC WACC -- decisions cash drive to free attractive opportunities, investment all funding capital to compounding our generating efficient attractive investment cash excess method XXXX In allocation we most shareholders. flows. the above meaningful we cash cash evaluate return Our will progress
Lock XXXX R&D investment senior areas sale, which the we and the purchased we redeemed from offer one mixing increased gross slide, prior In Energy million, $X of to also UTG the business joint of approximately following We the expense our receipt on by process Posi leverage. venture quarter. significantly increase organic Korean Power reducing August of were January. that the announced resulted QX, we of the mentioned in our group in our completed Puller levels. acquisition I shares our in As the and remaining the proceeds tender us the acquiring notes, fourth planning We in
Lastly, to buying we stock capital year. the of through buyback program returned $XX our our in shareholders prudently million share by
and in in I group we As the recently mixing of announced fourth transaction quarter closed acquisition UTG mentioned, the January. our
and We excited is along to have strategic that closing recognized as highly technologies a regional board. synergies. UTG This quality with the capabilities. high provides a objectives revenue by aligned acquisition of geographic team its complement remarks. over I'll our for Marc exposure turn The company back call on UTG the profile. are to product well and With revenue evidenced very our both that, margin and gross brings and brands cost business has
