today first an discuss earnings quarter great financial XXXX our and Dave Dave, Like to good said, fourth Thanks, afternoon, and here begin and our you I'll outlook. it's year results, then call. on be overview joining of I'll our all everyone. full with
volume sales an primarily certain price, the as economic the and were uncertainty impacted partially last by This business period net was negatively higher of driven interest same of Fourth in increase offset quarter million, general declines consumer. growth X.X% by our rates year. previously areas end $XXX.X over implemented
Gross XXX in profit million to compared XX.X%. million quarter, profit XX.X% last was $XXX.X the basis year-over-year expanded points Gross quarter XX.X% of year. over up from fourth the in to $XXX margin
Year-over-year driven material ASP net growth were improvement inbound logistics, expansion and and initiatives, inflation higher continuous than by more offset and our in which factories. labor margin
in inflation, $XXX.X million, our and our primarily investments up the general were same to logistics tech-enabled primarily period compared strategic costs due in administrative year, Selling, efforts. to initiatives, personnel-related XX% last and separation costs, outbound expenses
from This XXX as XX.X%, continuous points basis of was partially offset last an improvement period same the year. to net sales of savings compared a was SG&A initiatives. our increase by percentage
increases As a spend. that in in so area reminder, we classify SG&A our SG&A, outbound any freight inflation
Home the in intangible of & impact Security items year, asset last We delivered Brands in as costs net fourth of restructuring-related in the as quarter income onetime to restructuring compared the and primarily of impairment, $XX.X fourth $XX.X the and combined separation XXXX. allocations to quarter additional period comparable million million well due Fortune charges
These largely intangible asset strategic impairments, leaner, were our footprint. agile more restructuring resulting due charges to items manufacturing in restructuring-related and a transformation continued
these charges, per and Excluding in year-over-year share XX.X% the adjusted stand-alone along per year. with in the to net impact defined from last down and the $X.XX of million. earnings savings net costs increased of a gains benefit share actuarial $XX.X fourth quarter, separation Diluted pro were forma as cost earnings income losses, quarter company, $X.XX fourth a diluted
million is forma diluted note using share XXX that pro outstanding. prior to shares is earnings year important It calculated per
there equity awards to there assumed were As is prior equity separation, were GAAP, of it no that instruments U.S. no outstanding. MBC dilutive as under
a in $X.XX adjusted XX.X% of the the pro Adjusted fourth per quarter. $X.XX were diluted year-over-year share in is of increase earnings a This forma XXXX. compared quarter fourth earnings diluted share to per
period Adjusted year. an EBITDA the million to quarter, last of $XX.X compared XX.X% in was in fourth million same the increase $XX.X
EBITDA losses. estimated defined and Our costs, excludes gains adjusted net and company charges actuarial restructuring-related includes savings items, impairment definition stand-alone benefit charges a of restructuring asset and as cost separation and
to Adjusted in XX.X% compared period points year. X% EBITDA margin the comparable prior expanded of to XXX the basis
$X.X prior Moving on of the sales to in delivered year. billion XX.X% We our results. XXXX, year approximately net over full increase of an
offset by Gross favorable $XXX.X higher our $XXX.X decline. Day. slightly profit year-over-year laid expectation ASP, last growth out partially a was As was Dave up small volume year. million by net XX% than was driven The at this million, mentioned, compared the to Investor
XX.X%. initiatives, continuous ASP to logistics in more expansion profit quarter, and Gross our XX.X% year full higher improvement personnel material driven the by margin XXX margin from net fourth factories. expanded basis year-over-year than which and points offset inflation was Like
continuous better the impact to higher Selling, million, due general and year, $XXX.X same allocations expenses pre-spend compared improvement administrative logistics from and and labor for last primarily our utilization corporate XX.X% costs allow that were on and partially outbound by personnel. FBHS efforts up of costs, the period offset to inflationary fixed
SG&A sales investments $X the business. basis a include XX.X%, XXX results strategic of compared year points increase These million last percentage of explained. reasons due the to to an was net as previously of in
to segment's performance. be not metric Operating was like would financial as used that speak about income income note to forward. various operating FBHS going I by we'll discussing operating the a
As EPS are income, a stand-alone and company, believe adjusted net going measures we to more our meaningful forward. discuss EBITDA
for near-term we briefly going perform Investor was to However, adjusted down Operating operating at on given XXXX. $XXX.X in Day, we $XXX.X provide I'm million how our million, guidance for full income for the year did touch XX.X% from XXXX. income
asset items. due primarily from allocations is of to higher full charges impact corporate and and FBHS This the year restructuring-related intangible pre-spend and impairments restructuring
and $XXX.X company consistent Day. for losses items, charges and was XXXX using separation at guidance impairments, our million. with FBHS restructuring-related margin reporting income operating and methodology, restructuring Adjusted was historical Investor costs, Excluding benefit gains adjusted allocations, XX.X%, our income defined operating asset parent actuarial
gross net a Net as net prior year and to losses, asset benefit income restructuring-related pre-spend compared in and company year-over-year primarily actuarial income of and corporate stand-alone restructuring adjusted and partially savings asset the was XX.X% higher the charges and cost and higher impact to and increased $XXX.X by restructuring excluding impairments items, benefit $XXX.X separation year, million separation profit, million. gains of costs full million offset to from impairments including restructuring-related $XXX.X defined costs, the charges FBHS, due items, allocations
forma XXXX, there there diluted per equity per earnings of dilutive instruments prior that pro calculated per share share share pro down a diluted in assuming were $X.XX earnings as no prior outstanding. $X.XX. were year of earnings from the Again, no forma Diluted is awards to MBC equity separation were
in year. $X.XX margin a earnings XXXX. Adjusted million year. points is last to diluted diluted per XXXX. a full $XXX.X forma compared $XXX.X adjusted an was prior to million earnings were of to Adjusted compared XX.X% EBITDA in $X.XX XXXX, per year-over-year in EBITDA to share the for increase increase XX.X% XX.X% This in basis of XXX pro Adjusted compared XX.X% year the expanded share
We with strong expansion. our year are ability deliver margin full pleased extremely to
the balance to Turning sheet.
and strong cash $XXX liquidity with of hand revolver. our remains sheet balance Our million million available on of $XXX.X on
Net net which leverage year-end EBITDA based varies to the $XXX.X on adjusted debt ratio our to resulting a adjusted EBITDA EBITDA million at in under of X.Xx. in This slightly is adjusted the provided was net release, adjusted from debt debt our ratio earnings the EBITDA credit agreement.
this also The lead management chosen ongoing of equity operations. excludes credit agreement the definition definition compensation. We've of in our because indicative item EBITDA adjusted is to it
in to operating cash inventory costs. was year-on-year designed $XXX.X inclusive to restructuring separation inflation, and year to This flow is of continued related and $XXX.X last elevated million chain million cash capital builds, working Full improvement operating mitigate compared outflow disruptions supply cash year. due flow
I free expenditures to year. will in $XXX.X XXXX was Our outlook, which $XX.X with to and line XXXX have cash shortly. working teams compared million discuss flow million, last in taken were already $XX.X million capital bring steps our our Capital
XXXX year-over-year Overall, of growth of net face the points. XXX team results delivered EBITDA in numerous margin double-digit achieved strong expansion sales challenges. and adjusted the We've basis
in the same margin drive outlined deliver to continue we and the expansion and targets. business in At strategy financial time, long-term invest to our our our growth
we me let build on of market Before operating outlook, turning in comments our financial the anticipate details earlier and the to environment XXXX. Dave's
We down Investor end market in single Since now double digits. to anticipated time, digits further expect seen At be we the our Day, we markets low market down to our be conditions that soften. have high XXXX.
We will to Dave larger construction declines moderate in slightly outperform in declines to continue from This more as performance and perspective. so we will order our mentioned. single-family market, an intake R&R, the expect market reflects we believe new outlook better be
impacted Our net by sales further be additional X factors. will
XXXX. continue annualization First, our benefit XXXX actions impact price announced will of positive to we in the to from in pricing due previously
sales adjusted by products product will offset are will reduce EBITDA which general, will the to are Adjusted immune dollars This seeing margins but relatively EBITDA in benefit ASP. from net negatively impacted. partially shift and be be categories, overall in shifts we lower-priced
returned Day, level due to a nearly as in roughly backlog account, This at net expect has will of net mentioned performance. more year-over-year. strong $XXX now XXXX our sales year-over-year. XXXX our million Taking mid-single-digit to a operational to Second, down Investor our our present a normalized mid-teens to or impact these into factors headwind we be sales
take action continue environment, to taken this of anticipation to preserve In performance. already margin and we have actions
We are margins. order cost in continuous initiatives pricing and maintain proactively executing chain strategies, improvements, to improvement our controls supply
manufacturing structure variable in network, have Coupled will performance we with margin flexible relatively XXXX. cost decremental we and our higher best-in-class our believe
management we to know these been market team how them through navigate and and Our cycles organization have before, results. deliver and
to Similarly, growth. the investing time that for now we know not is future also stop
especially in as our tech-enabled We will further invest continue to in such initiatives initiatives. our strategic high-return areas
We $X margin can We million expect long-term expense corporate for areas. believe with these million all about in in near-term for additional investments our performance XXXX creation value balance to we stakeholders. of $XX
sales strategic net with XX% $XXX to to and to adjusted investments, for expect we our of EBITDA in our our manage costs related continued margins Given XXXX. million XX% adjusted roughly the million expectations, range $XXX EBITDA ability
cadence we return while I guidance, won't in highlight to quarter-by-quarter seasonal this In pattern year, to through be providing that will of a terms we quarter-by-quarter XXXX. normal expect
are year, and typical higher quarter fourth the lower and periods subsequent margin driving and spring margins. seasons first sales quarter with a In summer
flushing further will margins out inventory. First the quarter impacted by be XXXX of higher-priced
XXXX. last are over the and the tools years, to we prudent utilizing performance this MasterBrand in margin best-in-class the delivered X has on continue track MasterBrand of Way improvements
provide and models I first areas. other in take looking time. stand-alone mind, that will to some us are brief your as color for creating company the this opportunity on With at some you recognize I a
expense to expected related debt. primarily Interest our a of million rate $XXX XX% between XX%. to We to million $XX to be is million anticipate $XX approximately tax
be expenditures align range We capital the $XX anticipated million XXXX million are in as demand. future investments to to planning with to of we pace $XX our
have steps already and excess cash the other Given factors, XXXX. in to these net capital for of we expect working reduce income free we taken flow
of no million XXXX change shares. in expect approximately outstanding our to we shares Lastly, meaningful XXX
operational of In closing, has and history Brand financial delivering Master a excellence.
you the strong like for While back should through challenging us that call environment reflects said, the from would backdrop With we presents the turn a I believe Dave. more performance expect our to market to outlook currently XXXX, the cycle. continued
