Thank morning you, good and Max everyone.
prior increased aftermarket sales XX% on sales positive, segment in decline to growing turned X% Defense press second year-to-date As $XXX Adjusted I At XXXX, quarter sales usual, basis last items, OE & special presentation. basis. will that however, after of in and points the sales comments improved of outlined segment as XX.X%. excluding will margins, X% a total Aerospace Electronics, quarter, flat a in flat decline declined Commercial XX% aftermarket XXX the a In and the year. our slide release OE X% quarter be in the million last quarter. were with the to XXXX quarter providing quarter. sales after compare are
We at & the fourth both continue to of that the last for year believe trough and sales Electronics. quarter margins Aerospace marked
pulled of sales of now are with get specifically, seeing domestic on levels, levels. expected aircraft to forward. basis this meet to of of number continues and a fleet airlines expected slightly a throughout North as our in-service demand improve bring improve expect levels to year the mid-XXXX pace American continues rest More to XX% into of a recovery about sequential service to at substantial pre-COVID the continue back to We the we timing recovery the
drive improve, recovery little further XX% On the than little recovery our XXXX are a outlook faster in now general, albeit our for with than demand is better room for as recovery of to side, ASKs expected will In COVID levels. ease. substantial traffic more this international confidence And global pent-up than business about market restrictions – to recovery. continue continues a slowly, as a more just
technology. from and consistent resulting in investment continued accelerating are We seeing growth
accelerating Our growth growth our benefits to our the of business and decade addressable notably over continue power innovations secular exciting strategies that investments investments breakthrough investments that customers’ truly and have business, of most trajectory and we to really wavered These expand management. align are our sensing with conversion not also those transforming business, we And are thermal seeing electrification. critical trends, are today. on our and the in our delivering market and last the fluid are growth enablers opportunities
from Day the and XX% and increased margins favorable annual Technologies rate we to million. expect orders backlog cost at Investor our $XXX by year’s increased X% Flow increased an Flow last up from X% XX% increased Taken reflecting actions. with overall strong XX% trends of explained across sales by points sales year, to a Compared core benefits operating in XXXX. X% driven increased growth orders operating XX%. XX% last higher Aerospace improved and to to Technologies Adjusted long-term in the FX-neutral $XX May, together, FX-neutral Process up X% million and backlog exchange. foreign volumes, FX-neutral XXX compound board and profit we a X%. execution FX-neutral basis Sequentially, as XX.X%, of through increase core Process benefit
was growth During strongest quarter, the short-cycle our first business. in order commercial
However, inflected throughout that positive quarter. a core March business process in our year-over-year the basis on trend and orders second at continued
end clear in improving start seeing also are demand. evidence of pent-up some of the We cases, released and demand
market, the the position chemical that market, is differentiated generated and offering, We is of important which heavily led strengthening end sales remember to be And world. of and the chemical the by our of the signs continuing on show recovery side most have we expect business. than most this more the around market where XX% to the strongest process
applications. capacity MRO up activities chemical picking seeing activity necessary continued as particularly project are is for and clearly in sales, for larger strength We specialty well as expansions, debottlenecking
seeing has significantly likely in States this primarily United sluggish. and States. also in next markets year. projects with Conventional General are industrial most strengthened to oil pick right and up remain China fairly the now United and the We Europe power but gas activity
upstream segment small sales. However, part and oil of gas power XX% and business than this and that conventional collectively, less are remember of a
this core later convert expect and orders into operating strong process As XXXX, leverage. year to in we markets sales these very
the of continuation non-residential and during that shorter-cycle strength markets, we the are a For end quarter. first we municipal saw seeing the
Process and margins full exchange high Flow basis. continues they XX% overall, improve. compared in million growth, sales Technologies quarters. outlook now Technologies, a second to on sales foreign with of to first approximately and XX% We driven X% should year the favorable Payment Full in increased from our year the exchange. growth a For expect sales by core single-digit somewhere & were be between where core $XXX foreign quarter favorable X% year At the benefit Merchandising of prior
as performance legacy impressive quarter, at Adjusted beginning well positive million. ongoing Our with to levels. with the but profit points Currency to Really margins with operating to XX.X%. X,XXX operating XXX% meaningfully, the Segment again paired $XX Innovations core in business still and growth, a pre-COVID range contribute of the increased our business core XX% Crane sales the increased performance Crane mid-teens in superior basis business increased Currency. payment inflecting expected, Payment below to now
the some collection both we strength our share note activity during well. with parking, offerings. economic particularly vending very to For substantial the And At continue recover with international seen and reopening, although gain bank Currency, have remained continue the gaming as in end to and see in and and technology growth Crane the fare phased to during see started continued we second softer, payment strong retail business, to the markets. markets, we project both we quarter. quarter, domestic Transportation, the
Crane margins we last to the margins year explained of long-term our full quarter, we toward mid-teens X% at like XX% As sales the recovery with timing our now foreign to course – benefit. has likely mix, Payment year of favorable approaching the growth business, target just do year of moderate And core further over expect XX%, with exchange a high-margin Innovations. high-end given Aerospace begun the payment and with this
in performance million last had cash Turning in cash Year-to-date, in free year. million quarter compared free to the flow $XXX $XX $XXX on and flow now million the cash our company year. strong quarter, to generating was of more $XXX last second total million results guidance, to flow detail we extremely compared
of During of Arizona as from cash the last also sale second property. classification $X a from $XX proceeds activity. approximately property in required received million from quarter million free of sale flow excluded quarter, These the investing we the an another receipt following are given
Since However, sales one activities million, restructuring to much locations. of as XXXX, made these and we other proactive moved means sales has our facility underutilized have other approximately was by identify we our of ongoing estate been received enabled this assets. which to self-funded. from And asset real $XX possible restructuring approach from efforts proceeds of by that other restructuring reflects directly operations the our
Materials signed agreement for that ongoing, the approvals. $XXX we and we announced approximately transaction Engineered As to obtaining million. is $XXX reminder, proceeds, work process net expect regulatory of That a on When our we May continue tax, segment closes, million. we be on had to sell XX, an to
sheet shape. balance is Our in extremely good
and During commercial we the second paper. XXXX repaid the on using hand in some April loan in of originated term full cash quarter,
today shareholders. we transactions have over will continue to capacity M&A we we where Valuations disciplined. believe our confident of discussed approximately billion that are I time, As for we by of But this to the value we $X May, am deploy attractive and we find end remain quite can will will capital create lofty, in year.
about our sheet We efficiency. will also discipline maintain balance
returning are we less inefficient efficient excess will than – where to cash rather shareholders consider actionable, sheet. an acquisitions maintaining periods balance During
share term, was approximately in or XX.X%, will be most rate excess of the the to million included exercised we quarter. over to able tax through the the options $X stock acquisitions. which long that per to continue However, adjusted believe we benefit add an $X.XX value tax quarter during related The
the the an we tax XX% previous year, full expect than For guidance. now rate of adjusted XX.X% rather
beginning and raising our guidance to by of operational XXXX Max raised to on $X.XX strong the we where $X.XX, $X.XX performance reflecting we As year. expectation means Remember end $X.XX basis guidance since them that this original $X.XX, our a that execution Materials. that our $X.XX for from contribution have be of the are explained, of year. guidance effectively That we was an and earnings range adjusted forecasted and guidance will quarter EPS earlier to Engineered $X.XX included the of about markets ahead second
guidance While high team’s constraints, remains managing supply inflation supply effectively proactively incremental COVID variants and related uncertainty and confidence and to sporadic driving and our outstanding of level chain overall on our we chain. revised their a performance, in based price have
the of since Our revised cadence the same progression also beginning reflects earnings the of guidance have discussed we year.
in as across of and EPS quarter given continue timing we quarter following usual Specifically, most expect to our step-down pattern next its a seasonally with weakest businesses. quarter fourth the
guidance May. higher earnings reflecting expected XX flow points guidance. XXX up up than million X.X%, Free $XXX to foreign expense also is X%, now and points million. basis up at $XX to was now exchange lower guidance revised prior to growth prior $XX take basis our million, $XX included core earnings well CapEx of million in $XXX to continue as XXX cash contribute is guidance, Corporate Favorable all our first slightly Operator, excited cash now growth, excellent of from is higher presentation. expected adjusted Our from be details million, flow results, to exceptional margins, increased late earnings X% assumes sales which to we with execution tailwinds and Full both we driving XXXX slide press year release end remain our are our about unfold guidance. outstanding recover. XXXX ready to question. prior to our continued teams an compared million markets $X and guidance in continuing Overall, are our to from free as as of May
