surcharge, Tony. totaled Compared third sequentially volume. on Good surcharge, statement sales million Slide a ago, effectively Thanks, and on million. the decreased income year morning, were I’ll sales, X% Sales, XX% sales start X, lower on in $XXX.X flat third to the everyone. summary. excluding Net the quarter excluding lower volume. were $XXX.X XX% quarter
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the our recent similar expected, demand As QX levels. was to
on the and targeted program. Given demand current we against inventory production our environment, reduction focus executing to schedules our continue actively manage
prior inventory well impacts associated fiscal system. reduce reduced we working the The certain from elimination ago, to entertainment. salaried ERP well on PEP the $X in while negatively said our live performance. reflecting in inventory late our SG&A have current as by charges, ongoing including $XX.X year, as with drives the that administrative generation, we results global SG&A costs actions liquidity and quarter’s incremental last restructuring discretionary $X.X travel our costs, flow depreciation going managing within include million actions segment. new operating our million As by associated $X.X expenses associated XX% position, were costs additive of unit cost third to calls, impacts narrow closely the reduction were income reduce it Sequentially, writedowns, ERP near-term cash reflecting evidenced of higher of our quarter million with asset the and as down business the conditions implementation the such remote as period spend year quarter, about and in incremental impairment costs same including the the million, our costs positions operating with as in a of our took with focus as
from COVID-XX-related COVID-XX $X.X are In quarter $X.X the costs quarter. for addition, in of second million incurred our results third our million which down the recent costs, slightly include in
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slide, pension the $X.X charge million related shown plan. net an our the largest not pension includes other Although non-cash qualified in quarter, current to settlement on expense
were also pension the in liabilities. quarter, remeasure recording In we charge net to addition the the current required plan’s to
to expense full lower result anticipated. As about be the for year $X the expect by what pension fiscal we of million versus we had a remeasurement,
net not impact this expense For reduction in clarity, does income. pension operating
tax was quarter effective rate third for XX.X%. Our the
expect range items, a the per When XX%. to of For per XX% share $X.XX $X.XX share. the year, share. the the quarter adjusted be of special per balance the to of we of the Earnings impacts loss earnings currently tax was the loss share of excluding in per a rate was for
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recent the facilities compares our associated in with efforts COVID-XX. with direct protect of second light in quarter’s million quarter. costs This $X.X $X.X current In results approximately our to million incremental addition, costs reflect employees of COVID-XX in and our
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to in For guidance. of highlight a points clarity, I this couple key want
we quarter. as non-cash record includes expect upcoming decrement will First, costs fourth this a we inventory, fourth the be sequential similar estimate continue to upcoming required charge quarter. to LIFO in that reduce we COVID-XX-related And our second, in
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in quarter $XX.X surcharge, sales Now ago were Slide sequentially. market the million, The segment results. by and decline sales, PEP global XX% Net turning same which excluding the and from XX% were due XX to largely year up driven down to headwinds, a our pandemic. was year-over-year
fiscal this medical business reflects for end-use quarter and in Additionally, gas increasing the materials a sales declined result in in and The the of aerospace West end-use oil exit Amega markets. the energy in defense of market and sales year. as used first titanium the demand increase our of sequential
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and COVID-XX as recent an ahead, line Also, look excludes non-cash any will costs includes conditions for we operating $X coming million we the but believe guidance I improve charges. PEP quarter fourth of million the mentioned demand in currently will quarter. gradually PEP loss LIFO the in zero SAO, As to in to generate with our upcoming quarters, that begin we anticipate decrement
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can quarters. cash inventory, less although executed from flow have you the to in pronounced within last reduce As than the operations, continue we several we see generated
four we date $XXX including under fiscal last with just beginning quarters, million, of to our in quarter reduced XXXX. reductions by XXXX, of inventory year fourth the Over fiscal year $XXX million have
we fourth collections. ERP In collections on to other the challenges that behind the capital we our accounts largely upcoming of quarter, terms some our the capital, we benefits In Those in third implementation customer challenges us, reduced realize of quarter. catch-up and experienced expect cash $XX working from with are of new receivable that spent expenditures. with system, million
the to million year prospects to despite million actions in We our the capital expenditures our our shareholders. expect the balance the we near-term of depending expected be flow to have With this impacts quarterly shareholders. have to projects of we returning the for environment The the in believe taken that our current to $XX quarter. year. the mind, on $XXX business. essential. in capital been fiscal of the value in our pay ability cash to loss It And deal market we about generate not fiscal in a completed $XXX The certain on should to spend timing have be XXXX long-term reported dividend have conditions confidence and continued we of those the in challenging dividend conditions, with economic we to negative for cash million demonstrates details quarterly free of
cash dealt we to challenges quarter of some mentioned, I with As in the receivable. related accounts collections
of of in we the As of to we From million we we execute $XX at quarter, With perspective, continue million believe our cash reduced and further quarter that I’ll Keep opportunities credit cash quarter. mind, facility. amended extended borrowings $XXX of in our With from the million in talk million is under facility $XXX which our to in our XX, to next facility on about current the $XXX quarter, in available the million, at positive $XXX liquidity the inventory challenges, on ended targeting we for least of and in free change we total upcoming and current and flow move reflected liquidity we’ll capital slide, with credit fourth million, a including liquidity. $XXX look size those our structure. sequential mind, Slide the reductions. to that, are addressed fourth have
of enabled strong allocation. building emerged ago, which the over our Over we capital focus maintained shifted quickly view the liquidity, year a global allocation capital years, by balanced little a a our pandemic we was philosophy. as And toward
have and our this profile notes cash liquidity credit credit With maturity no March matures The expire generate we action Tony. in July offering. step March facility July July our to The sheet those earlier us, XXXX, in facility. another generation we cash facility and back With turn our actions March extended to amended in and XXXX with new maturities incremental executed year, will to with the call in balance to that, the completing I our to reduce have our month, strategy previous extend due XXXX. even took to set on addition and to to behind add actions significant was an focus Last more. near-term XXXX. we notes opportunities we by This important XXXX. over costs took In XXXX in extended
