good Max, everyone. and you, Thank morning,
As of lower partially volumes, X% segment productivity a items reflecting special usual, Handling be foreign by $XXX of XXX release slide XX.X%, to excluding fourth acquisition that as operating driven reduction in presentation. XXXX outlined sales decline Handling last X% basis comments I'll million and year, Fluid a in Fluid quarter of XXXX, declined providing compare X%, will core press XX% to our and the partially of offset cost by benefit $XX XX% profit operating points favorable declined exchange. and than million by with lower measures. margins sales, offset
was the by backlog with given period. At some with believe up of quarter QX will the core in delays decline quarter shipment XX%. reflecting acquisition, increased impact decline our rate year execution a of occur in neutral reflecting seasonality On inflection the business, core acquisition, part XX%, really I&S QX, the that normal of a down performance year-over-year of On core Core have with down compared the would backlog troughed. impressive order that Excluding sales both FX magnitude deleverage Sequentially, the over to XX%, to deleverage impact Valve positive even rate again, And the excluding I&S during the suggest team. QX was the strong the we though sometime orders orders growth volume probably the second the year-over-year full basis, improved the very XX%, XXXX. trends XX%. Process in and of slightly orders a basis,
end of led which both recovery and beginning are the the of strengthening. chemical expect to We signs show be some to by pharmaceutical markets,
advance however, lagging. restock. we favorable a eventual vertical, date, the China and indicators, including to it America, to and products expect some the certain are not is we given have the pharma, for recovery leading double was we leading build for inventory by seen production, General indicators have be to with lead Europe are ago. year funnel begun in improving, also of industrial India the led and recovery. move To North in times long size this For chemical project and Regionally, distributors chemicals, our
based commercial primarily markets. core driven recovery UK expect improvement our and in business, building business, services UK in sales the by full side at For of we water the year the
should Our in given growth. in declines Canada, times. recovery Pump see however, lead Water construction XXXX, see to business XXXX market also modest further In with a Domestic expect project nonresidential we
overall, about currency. positive XXXX, sales For of and growth X.X about slightly core foreign carryover we expect the point, a favorable I&S small X% percentage acquisition benefit of million from of acquisition $X
total points XX.X%. to implied basis margins XXX The by expect guidance We our to improve is approximately XX%. leverage
down does will the position. we recover in by year, XX% our XX% to initiatives. foreign sales, not $XXX to X% Segment compared magnitude is & substantial, partially of If However, leverage benefits primarily cost half and foreign cost very reflecting XXX the declined does driven longer its is million, exchange. cycle last decreased business, Technologies, of process offset which strong XX% Payment of repositioning from underlying improve far $XX the acquisition carryover second and productivity business current considering XX% more This first we the prior operating toughest most the in X% quickly decline the segment year's this At portions the and to Merchandising profit given the XX.X%. sales sales than that comparisons cost of improvement, million business of the in quarter favorable this of ongoing had quarter, in growth operating reflect expect reduction to related of by benefit the to basis and with core points year. the margins the more exchange, anticipate, high, progressively be
and this deleverage again, basis, rate which the it in reflects, XX%, execution a the the by team. Excluding of was acquisition, the XX% year was outstanding impact full Allison on Cummins quarter
this as the growth process. we expect strong strong and business. checkout interaction to direct eliminating on medium human At seeing continue as investment, greatest driven benefits health of by are trends well the self checkout's hygiene across in retail, CPI, We return the in term
with addition an our acquisition pay requirement convenience are strong almost regional starting as strong, of a interest stores projects expect of for in with though still somewhat depressed. seeing the are extremely China. our even a transit remotely connectivity In from improvement XXXX. and the to with to traction cashless demand discount continues operating fair alternative schools New for also public growth services. such in are solution Delhi, stores tribal coin which we in but And greater categories includes Vegas more of world. solution. as for At as year as we and strong the gaming recycling, the over the is remains as public growing strength as business solution, perform traditional customers, centers And number related offices Allison tower we Transportation regulatory fairly casinos system vertical including as well transit given payment destination gaining compliant Japanese Vending lot number formats, a of of that remains bus benefiting and Las remain from box Gaming, like cities, in major cash a the softest Mumbai, a option. a course remain York, major well driving well, everywhere Cummins its in and equipment well do Cash our the shortages,
year performance see in a strong great growth should another XXXX. after business currency Our of
as to as well growth wins be XXXX international the banknote US new by expect in strong market. from driven the government, We demand
X.X% Crane X% Given across Payment sales core reflects and trends and approximately for growth for segment favorable the both growth foreign solid Currency. The expect favorable growth we all approximately those XXXX, Innovations exchange. Crane of core
XXX remained At mix. of declined of strong decline quarter, the XX% and aftermarket million and In decline declined XXXX basis aftermarket driven basis, fourth Aerospace full but margins measures sales to margins the commercial by segment XX.X%. aftermarket an product growth, declined sales. XX%, XX.X%. sales to segment XX% XX%, X% XX% favorable productivity well a segment Commercial military in basis, XX% declined year's growth sales points strong the OE military Electronics, sales expect as business On a with We core reflecting total core in impact defense last & XX%. and aftermarket margins up OE year our with as quarter XX.X%, growth. full strong, sales with results $XXX with business XX% On of year side reduction OE the increase cost adjusted of strong delivered the to extremely
aftermarket year fourth improvement large half declined XXXX, see the believe with over impact declined the of given aerospace marked market, the and OE margins most and full XX% sales commercial the the of COVID the We commercial of XX%. we However, margins, course trough on sales commercial both will for second quarter in XX%. and notably that
commercial margins continue base. to quickly as after of north down expect we have full to We sales quarter and cost X%. expect recover improvement of a another year will substantially we lower but on or core XX% segment recover of we From markets X to a sales perspective, declines, back line to fairly the XXXX approximately sight have
challenging particularly quarter April, sales COVID first materially year's even by last comparison impacted aftermarket sales hit were not segment OE later. is until The with as
year. We demand expect driven to are levels, segment recreational taken looking by a to sales and COVID the in the the Trends X% environment. despite vacation end points by of recreational safe and this in cost vehicle once consumers offset vehicle the earlier sales mid execution, the basis margins second by up productivity in see growth customers, the options market. mid-teens market the to largely XX.X% sequential very with $XX in core improved reflecting again, Operating XXX production latter Engineered decreased we OEs by decline year measures products won't but Materials sales part transportation for until to building sales meet decline, strong, in resume ramping growth strong modest year. unprecedented reduction the for sales driven of quarter, million, year-over-year likely to growth
strengthening attracted before is positive families demographics little underlying the had the we year, trailer but also has positive for on camping our a is the present younger there mid a impact favorable were products and also to transportation favorable Demand by slowly, volumes improving. pandemic, second Building increasingly products COVID other quarter. that growth are trends in recovering more year-over-year with lifestyle. demand demand, probably including do While expect
high Max emerging As of exposure products number areas. building growth highlighted, has to a
we sales XXXX, growth, the core growth trailers XX% wholesale by products the of recovery expect for in beginning For XX% RV driven market approximately overall, unit growth market. in the strong and a market, building
In expect improve addition substantial gains share across basis market XXX we three all to growth, end points markets. should Segment margins XX.X%. to
the seen. We trends like market a the what secular very looks of this for a business has strong where RV much growth cycle suggest period industry are at beginning historically and of than longer also end
Turning basis, detail explained certain our quarter, the rate was Driver XXXX. lower of XX.X% tax $XXX presentation I with that capital in working as company the today. are total On to fourth the management non-GAAP now and cover in quarter. slightly expected. our want accompanying limitations effective by slide our of non-GAAP primarily to rate on extremely guidance. compared beat the XX.X% pages tax was full to our million, performance flow XX.X% covering prior results, million tax of $XXX which year tax In we million. the October more rate for items, year the and company free expiration results year-over-year decline a statute was quarter This a the on fourth very guidance we the Free driven to cash compared last few for XX.X% quarter. a in was in flow was There the cash $XXX free to you above strong flow in cash than was the
flow $XXX million the free delivered to compares to in in earnings from decline XX XXXX million cash XX% adjusted XXXX. that the Slide share. XX% we walk very in decline $XXX in That First, per free our the cash shows favorably flow
working Of was option $XXX driver of decline million primary but in defer to additional had contributions. course, notable capital cash defer $XX underlying million headwind carefully extremely the a XXXX. in two million cash our million in last decline an We reduced increase the $XX pension no in the free and to flow, saw those net which we offsetting we reason payments, year. was Substantially for improvement in and a adjusted given also of $XX items managed the strength of were both expenditures, create those capital income, flow
cash closures $XXX flow that also a XXXX midpoint for $XXX COVID-related somewhat lower cash We walk cash court activity. then reduced with of of XX Slide provides flow of our million saw free $XXX asbestos free million. to XXXX the million a given trial million from guidance outflow $XXX to
higher those cash a asbestos more free million guidance million $XX Our million outflows of of and income, incremental net flow is $XX implies from as benefit of both net offset which CapEx items revert adjusted largely cash by levels. [$XX] higher to normal
at deserves. all Engineered We the that most and also attention Payment includes slide this as expect and into much XX data puts working of may Materials. I some capital to be be notably getting a think Slide at it Crane growth, modest the Innovations volume use of of context, cash this not supporting as
specifically side the anything. slide XX% years. slightly shows do the period. asbestos, exclude in on Including our for improvement in last very that The from growth five not that guidance, right exclude our the choose average XXX%. period years. that the from the Over XXXX, XXXX high average cash the cash our and cash free the range of This cash XXXX to drops cash our year conversion free our seen years, last conversion the More to to flow free to year improvement average average function sustained does is five chart over the to average even to XX% from a to six a you XXXX higher that conversion XXXX XX% and have XXXX at on in six structural if free several XXX% same free step we over average conversion reflects was XXXX included for
Our working has capital acquisition well P&L substantial management continued shrunk grown while impact outflow the improvements as has of and activity. as asbestos in
balance we end the more work XX, comfortable of XXXX. of free as capital we in interruption. substantial all we solid pandemic When comes cash to deployment. maintained term have had in continue in sheet, we liquidity we flexibility addition that with were liquidity we without $XXX levels the high generation, Even for Slide that sheet liquidity. to loan also million with ensures throughout to commercial hand strong billion due you initiatives with balance very the very near cash April, our $X.X term growth repay In worst to see our strategic a maturity, able and our have on and very At can That expect are on XXXX, than in of and paper. it available we of
We a all at and by modest year. few Handling end recently, rapidly today our grow been to M&A the acquisitions billion Fluid and Aerospace spaces, looking $X while nearly & will actively have potential of quite Electronics our capacity, in this
guidance, a cash and million tax to diluted including some of free mentioned, capital of share million. to XXXX rate addition net guidance count of And is a corporate there XXXX million of expense, XX.X%, presentation, In $X.XX. of $XX Max slide $XX adjusted as the $XX nonoperating $XX adjusted our $X.XX flow million expenditures for EPS details are in additional expense,
should businesses should course The contribution defense most make to far of cadence more start throughout consistent first be be but the other than year, that business to of the and very year progressively the likely will strengthen greater business earnings loaded EPS Notably, the XXXX. Regarding Currency Crane over half normal. we of throughout expect a level relatively is the in XXXX, strong XXXX.
Q&A. me over comments it turn some for Max Let now additional get before to to we back
