And you, Thank quarter Bill. for earnings this you morning thank our Good joining third call. morning. on us
our As and are our the with been with In I thoughts global our your base guide our operating taken safe today. operational those the communities we and of are strategy. support our facilities also from pragmatic footprint staying deal surrounding COVID-XX affected. top approach a priority hope continues you to customer healthy. families who continue all our our are and We’ve and safety operating continue across to remains employees and The to have pandemic, to demand of
the to during I for commitment would to other and our members this take one Gates the associates of continuing the and several each these our customers, safe our team For support challenges of opportunity while recognize thank to like each and dedication past keeping commitment months.
across resulting the again in downturns, levels. with previous carried been business markets trend activity our in the our resilience. the continued, we believe has well improving in case As performance we momentum diversified quarter. The overall demonstrating to oriented its into throughout quarter and demand continue coming anticipated The above business positively, third replacement is
in a global geographies have particularly on across in growth replacement broad been have improvement to a our markets, returned this we and end which has seen Although, based channel, evident basis we QX. automotive
seeing public vehicle options. a car general personal increased badly public related the midterm. park, some of business ownership to trend by believe of age the to is to mobility tailwinds transport a the the preference and anticipate over we this will We this elect addition continue In
to improvements our the right-size well, flexible served business have as have to quarter, highly from we we and we in control actions the to long-term Innovation demand. the took contributed We been system, provided the as remains factors despite and revenues the of margin we maintained responsive past to we the lower production have have gross short-term, investments These products under plans seen the can we revenue greater the and benefits in labor. posture have priority in on at us Through footprint of made years investing XXXX costs has more access focused during the the Gates’ base. we efficiently in operating our an in few we’ve have past low the and the increased productivity while our to Throughout business. over pandemic, initiatives the expansion over launched a XX the months. us interest for been what flexible contribution see to more Gates high
a well-positioned are on to pandemic and capitalize post-COVID to the continue We to recovery. through manage
XX% nice our our prior sequentially Similar well and quite growth performed saw the moving improvement September and business, basis points. Core channel provided demonstrated automotive Now revenue in revenues downturns, and X.X% resiliency. we overview the million replacement including results. representing updated revenue an its the our to QX. with Total China $XXX continuing quarter by from channel declined better and XXX in core currency of year-over-year, third quarter. throughout across of improvement year-over-year, range negative slide We to QX replacement to strengthen delivered North four a Europe, Most impact than a America. declined solid notably, of X.X% quarter in
recovering market, and quarter, the a industrial at although, pace. they into are improve measured throughout more sales Our
operational driven million, points of was The margin Third quarter basis adjusted year-on-year representing points to improvement EBITDA margin resulting primarily XX of was gross largely of decremental margin XXX year-over-year basis XX.X%. XX% expansion by $XXX through productivity. achieved
changes lower to were being year compared offset net income $X.XX, period, XX% from slightly earnings regarding adjusted expectations an operating of tax Our per tax benefit in by resulting realization with prior income carryforwards. the an share increase potential of QX certain
you Now revenues. moving on slide see the breakdown where geographic five, to of
we the remainder breakdown for XXXX. reminder, provide of to this a As quarterly plan just
regions. revenue we was our We saw Our demand for market channels. In quarter, our the remain its and our the led third to of half markets a there region, continue of global in about across and business accelerated substantially which generates QX performing industry improved a from and in our China, in we international automotive over best prospects grow. strong products all optimistic of growth replacement saw revenue QX first-fit to performance conditions in
greatest industrial in growth sequential returning Europe quarter. by showed growth business the our channels. Our core driven to the was and Europe, acceleration, in automotive a replacement In first-fit
growth negative September. While territory the month business it in the for of growth first-fit remained to the return did automotive quarter, in core
Moving North on to America.
again continued the there acceleration sequential by the revenues in was The significant recover automotive in to Our improvement displaying channel. once led growth nicely, QX. replacement
the continue rate. but at a throughout quarter, markets Our industrial end slower to recover
comment Asia India. me East in our let on business Lastly, and
is While driven business economies significant of by the is demonstrating reopening of activity, did the slower sequential a we see rate year-over-year. improvement This slowest recovery there. in predominantly it
in September I quarter month seen would that saw nice the we while. Although, note we have with being throughout acceleration best a the a progressive
six. Moving the on segments on to slide
Our our of XX% its a on Transmission Power from range flat wide QX. demonstrating Power segment year-on-year high global in in Transmission a level is accelerated business a across over applications. of function Overall, presence came resilience, basis broad QX and roughly of
well -- find to our existing the Spending increased upgrading United costs in our equipment belt efficiency. into Southern by replacement drives we maintenance baggage and little example to also number a legacy to of in market. in uptime. Once in our led us end the Based of opportunities improving progress we air end pollution, the account continue dynamics. -- to to as the reinforced agriculture we growth additional into proprietary for reduced energy by show to this this as converting the well not drives at like into year while products before airport belts. as channels major costs on industrial synchronous Our unit, the from savings same costs. from electricity side, alone to energy airport, replacement $XXX,XXX total is chain market reduce the Gates led where on initiative Total improve units to the noise of HVAC capacity handling in fiber unusual as in by market this expected site, drives, general channel, calculators automotive operation serve converting facility a savings for time sales large favorable maintenance we suite carbon tools underpinned we drives. estimate see leveraging a installed converse critical to costs are per will year-over-year recent return new belt At in end taking over one, efficiency high it sales are systems order where patented are drives One base by converting the save design which our States user industrial equipment operational the nice conveying on year-over-year growth demand the is chain-to-belt industrial came production, returned and
We efficiency university, hospitals are of at as of a as part operators, win our such and similar HVAC airports, using chain-to-belt user of variety broader these projects parks, at initiatives. benefits office end a other universities areas the reinforce recent amongst to belts
to moving Now slide seven.
represented revenue decline of X.X% QX. core a of improvement Power sequential over from a Fluid Our year-over-year, XX%
sales channel solid improved efficiently their Our Similar automotive growth environment, increases Power new demonstrated operating in to flexible in seen. Power and well serving in the manufacturing posted market demand Fluid be year-over-year quarter. to Transmission, us end responding more we in and more us are the replacement a have allowing plants the resilience to our into
The all in construction markets. customers market industrial into to and demand. channel pronounced was sales significant evident in markets sequential meet as showed improvement. industrial the the increased Our was production This first-fit most end most OE end acceleration sequential also general end
spaces applications. recent in our and hoses Power month in Now our a with at with September looking to route requirement new products, in headway in in injection enabled a tight in were terms to-date new additional are these hydraulic made is This equipment large molding of product -- products that They both we’ve the fairly new easier through Fluid best was of in -- being for revenues. U.S. looking our Asia. machines. stationary A common initiatives, our internationally, design sales when by OEM
financials. I some pipeline the new CFO, call will our both of on for over to this market Brooks? to the for momentum in turn continue our environment. So grow. details particular products segments optimistic now will these Mallard remain that continues more additional Brooks in We favorable in opportunities
