I to think themselves. my value execute our speak and job challenging all I focus and easy our teams on consistent our to and these their times, because stakeholders. creation in driving you, for thanks we globally have today Thank morning, Max, for everyone. continued have associates results an for Even leadership good sustainable
compared improved last Moving to as sales by Segment to of operations gain At our was XXX X% and upgrade commercial sales, XX% XXXX quarter of & Electronics, Aerospace after basis, all the modernization and repair quarter, sales substantially. in The items, with X% will basis million year slide margins total the points that a and to outlined strength to XX.X%. growth up spares, quarter. momentum increased last continued driven aftermarket continuing excluding on $XXX aftermarket In to special last of third XXXX compare year. increased segment press to presentation. comments release and compared
but On upgrade the quarter, Commercial repair quarter. growth XX% both were sales following military the military last in and in spares side, the sales modernization OE improved lower. X% and increased XX% range,
expected, sales OE As defense of down teens. sales X% are basis, OE year-to-date growth. in defense three double-digit On declined after years a the
Electronics. that the a marked Given grow few at that will sales up already ramping margins business digit quarter from year of both to have and trough high defense in The projects our CAGR next our confident single major remain fourth & we through won position our at we the strong over be for Aerospace years, in XXXX XXXX. ability last
overall the While on industry the momentum the Delta variant had impact some continues. short term demand, in
of international relaxation travel and to vaccination and drive air the of ahead. quarters rising we rates months air near rules Specifically, term in higher travel expect global levels
in basis the very above segment Electronics, primarily year. year commercial fourth with both next to year to original shipment quarter. our this just and On quarter, timing compared with ahead mix high with sales margins guidance and to decline very for teens. with sales & at quarter XX%, sales low Looking well the close margin to quarter, the in aftermarket slightly ahead sequential we full to margins the a similar The be relative is in of quarter down third year the Aerospace related expect we third to should fourth the last
expected enter will recovery market get a sales confidence our than levels continues to and improve continue in for to as to just air pre-COVID As of recovery. XXXX, that a about forward. expect more we our progresses And pulled we business recovery travel remember is the this timing outlook
seeing years resulting are of consistent technology. growth accelerating investment We continued in from
XX replaced over quarter, turbofan for technology high application. supplier many a program case, accuracy, $XX we targeted business year third this were high for pressure multi life who engine the the particular years. during example, million sensing adjacent incumbent for performance advanced, For newly In an our with selected platform we had
of a huge and aligning way, on just continue Investor for just still available investments is Day, stream This technology, to because today. as sensing which the winning Web application that market will to we expanding strength technology markets, & the of with historic at targeted win our Aerospace us described is our site new a of our And example May and accelerating Another our core business Electronics capabilities, of by beyond our take our the and secular beginning. trends. team historical our our addressable our
million last $XX sales orbit version production low expected multi-mix constellation For in a we example, with our technology contract awarded within for of month, most a a the were using earth microwave satellite XXXX.
positioning the the last excited this That target confidence event. investments We our sales at trends us electrification. to long gave May's CAGR in X% term our also share most about extremely X% industry, to Day to remain notably related Investor and
for electric critical We will aircraft, mobility guidance vehicles advanced urban hybrid more world be progress ground that air technology the systems. more substantial make electric to advancing electric and electric enabler vehicles the and to and radar propulsion electric military for a continue
thermal greater that are systems, All core and of applications integration our of management greater of business. for need these levels conversion, electrification power technology all in competencies and sensing a require
We space continue for every to this programs. work already closely in major been numerous and participant prototype with have and demonstrator nearly selected emerging
Operating investments prior reflecting XX%. XXX the from Flow FX awards. backlog Sequentially, neutral seeing productivity. Process our a core Technologies’ strong in favorable increased increased million year, operating XX% orders these FX and $XX higher increased orders are FX and FX XX.X%, favorable profit a to X%. We in exchange. Compared Technologies’ volumes, execution X% to points core down XX% neutral backlog Process increase basis Flow $XXX X% from sales and materialize price/cost margins foreign benefit tangible the driven primarily dynamics XX% million. of by increased XX%, neutral by to benefit and with increased increased and neutral sales
our a months. in last at business. strongest was growth for six order our orders quarter, first the process the commercial During Then March, that cycle year-over-year inflected and trend core business positive shorter basis continued has in on
and in demand process in of in We but clear behind cases, to improving quarter, some order stronger continue is range. ongoing not mid-teens the a far pent-up orders growth little our commercial evidence of are Through still see demand. growth business, end release the with third
moving in core quarter. we sales signs pipeline leverage. capital strong, heavily Broadly, in to orders convert operating we consumer general XXXX. and more to remains along last markets further process activity improved orders industrial driven through see these also new in Trends process and expect to production. projects the the projects As to in Chemical markets we similar by of XXXX, industrial later strong seeing are into vertical, to markets activity converting demand expect continue By continued and with are
to markets these biologics. and project From Many of approximately Refinery MRO next the to and treatment, on and are expect MRO seeing we slowed government XXXX with slowed our and project seasonality, no is strongest compared projects progressively in with new progress orders hold the are for have intense a pre-COVID consistent production Europe, third orders new America. projects diabetes fairly seasonality the focus but the are been are has XX geographic are And of related given to over in for levels. up Project-related project requirements. last assessment orders year. close funnel, related months. delays remain project substantially at has pickup In we activity stable a North after several activity China, power these given quarter normal based levels year. shutdowns. approvals, improved In year-to-date flat. project pharmaceuticals, some on activity drugs we number vaccine seeing Adjusted months For last MRO cancellations, energy new on above orders over restarted perspective, put restarted oncology being levels. normal last further to pre-COVID summer requirements
US it longer polymer we to growing of a cycle million to Typically, on sales launch million takes get on new year, discussed control, design ago, at progress a chemical years $XX we but next few offers: ball to improve, quarter also with offset innovation February, very third valve Also fugitive to momentum petrochemical design that quickly Technologies. triple FK-TrieX. for a our valve We and the we chemical our seated new directional the lower a our customer continue the value are a are superior after track product first excited high valve a recognize markets design. on X seat tough during metal Flow superior launched our weight. for earlier with emissions seeing high shutoff, by In This the within initiatives valve customers focused installed we and While the flow, gives Process plant growth are launched approvals about this self-cleaning already in and just years. applications with valve months in slurry the a line, application. this XX% great life. year, valve design that But $X breakthrough believe side, we process a
We are sales $X XXXX. of this for which should in track million double on year, about
municipal We have business. exciting pump also developments our in
municipalities. introduced month pump, adding cuts existing Chopper Our of each and XX%. new we proposition base driving XXXX XX% about calls in approximately clogging XXX growth value maintenance reduces which to are customers by this is That we year, our XX and
growth. growth these segment together, across above Taken others initiatives are and the driving many market
double acquisitions overall, the $X with the Flow X% FX that margins of digits, contribution XX% the to saw benefit in we in year continues full and Technologies Process sales For the growth our range, first million from quarter. year core a mid outlook year in full improve full low
XX% a points Payment given $XXX and Currency $XX sales operating modest that implies prior Innovations, growth Technologies, & both margins in rates. the to sales XX% quarter foreign typical below mix. increased At sales and and expected and margins run core fourth decline to Crane of Segment and in million. Innovation XX.X%. XX% sequential are by increased exchange. Operating seasonality the Crane pre-COVID XXX driven to the still profit Payment increased favorable X% million benefit associated For Merchandising sales compared year, Sales across increased basis substantially well although, Payment quarter from
with again and Crane at Payment Currency Innovations impressive Continued meaningfully. and now contributing Crane performance recovering
to the Innovations, Payment trends and we results Crane business, growth accelerating are quarter from similar initiatives. retail. last Starting For across seeing with
Our general labor with inflationary solutions are provide value Retailers industry service automation, productivity. and through in and they resonating and productivity availability security now pressure, wage proposition more ever. that the and hygiene and investing is in struggling are than
current and and the Our solutions immediate returns even are more value those in environment. high-proven ROIs provide attractive have
traditional based with systems directly large and broad across OEMs and seeing momentum continue also customized see to on partnering We solutions. including retailers the strength we kiosk-based self-checkout checkout from some are space, the self us with
is solutions, of funnel the it our million, size self-checkout approximately double customized end of For $XXX now current opportunities XXXX. the was at
twice are activity. XXXX more the $XX Our semi historically that PayTower put was and demand into size of the approximately the In our at of like with it nearly attendance North increasingly and X are funnel including active solutions also gaming, at is convenience million, end times year. of more retailers, getting back traction the not end size as Australian an range stores. pre-COVID than higher been wide last of such automation the and to have opportunities perspective, system Paypod casino this it markets levels categories than American To was with of today Paypod
American seeing news XX months We America. good XXXX. about North behind casinos lagging European to Latin This nine is for the are and recover, now beginning to
When technology Africa EasiTrax Caribbean, from in is acquisition, and back Europe, office customers and Northern the recurring units. bill invest Allison technology the international in the of products and management as that specified At offerings and This our than and over environments. revenue coordination have. security micro-optic service to us next along denominations of and not of back domestic has across a continue rate realize as shortages with give of to the solution. customer new Crane the helped retailers the levels bank technology Currency, both the elevated this of year labor in prior gain and has for has products, we gain position from and and as efficiency in cash revenue benefits share technology XX our to more secured countries another the of and strength and and we new is XX continue products EasiTrax coin with Allison years, from be for both the it continued of of we in this larger products substantially bank reprints and customers CITs, differentiated continue The of Asia, the communication series to years. drives given years. won solution combination traditional with new double out our Cummins back casinos years, In with several us North of working typically rolled of The services the We offerings. strength connectivity our from our international also gaming on world. range denomination, benefited our business, helping most and advanced our comprehensive compared demand office markets, expanding Cummins United combination States, with now Middle and front the our as most our well wide continue date portfolio between counting Currency house enhancing in our scale bill we offering, a expect Allison driving the few to sorting service the improve Eastern competitors which America secure incremental notes from a to to East. see by continue coin denominations office note will In and business Cummins also new share do market
stunning latest as technology that because banknote designs, that demonstrated be and our products, we integrated to expanding used new also substrate, innovative the central realize as addressable customizable can on successfully and $XXX With counterfeit, technology and is polymer banks Bahamas secure bank including into and our winning completely is have market. such are our We any note. it more can difficult be our
our a long have end We are won the and the excited software few Today, the partnership, We of licensing of valuable OctaneX, foils business. and a that term with and exciting the superior market. security prevent hope the for share million brand addressable in an solutions well-known with authentication next authentication counterfeiting you consumer world's we management most recently applications And goods. opportunity for global with blue-chip the protection used with solution holograms security and consumer to product is This with high with brands $XXX believe also and us. we technology supplies have some a year. far iconic more potential brands micro-optic our best progress high about typically OctaneX licensing is to and solutions. made brand customers extremely very new growth We leaders opens our we to that to agreement already product signed that market one
benefit. now moderate year, and expect in & end timing We a to Full be at the we to quarter core Technologies, expected explained full for year of above given in mix. sales Payment the long now high target to have X% the margins our margins of or XX% range favorable expect is XX% term year As further FX teens XX%. growth in we do the fourth both Merchandising with all range high
that we sales and several here, consistently last digit over the increase the expected. quarter, quarters. No in on decline on range a comparisons, single tough year-over-year timing have surprises should still basis a currency explained but with discussed given mid substantial fourth shipment the sequential fully the For
sales, margins rebounding the likely fourth teens before quarter to are next year. to in range sequential the Given the high moderate in to again the decline XXs
company total guidance. our results on detail more to now and Turning
compared year. free $XXX million We to performance last cash have million flow with had year-to-date $XXX flow strong of cash extremely
segment we $XXX approvals. reminder, signed had As to $XXX obtaining Engineered of work on agreement that to tax we for to is process be proceeds continue transaction announced ongoing approximately we an Materials our the closes, That million. net on we sell expect When and May million. a XXth, regulatory
shape. adjusted third had extremely have is the or $XXX Our end year, of gross toward bottom X approximately of we of the to we in sheet the on of times the we end by rating, short-term quarter, currently for of range expect hand. balance We By our and end approximately credit estimate leverage that the debt current have And $X capacity. target good prepayable X million billion remaining. cash year-end, additional no at we the will
all we all and continue and remain financially Process will active acquisitions While today be both to lofty are Flow both & as strategically pursuit disciplined. of quite valuations Technologies Aerospace Electronics, and know, in across you we
believe long the continue that to will we the Over term, through be to acquisitions. we add able most value
However, our we discipline will balance sheet also efficiency. about maintain
consider excess capacity likely size our M&A actionable where maintaining to last periods quarter, of returning balance the exceeds I acquisition our we mentioned inefficient sheet. an than and cash will during pipeline, As rather shareholders
authorization multiples. $XXX financial activity efficiency providing flexibility program share M&A preserving long outlook, synergized We term current objectives: shareholders. We As to fully to the with of return is we while our also volume maintaining in time paired balances program. trading our medium a while attractive Max and acquisition repurchase we peers cash and Board are million balance mentioned, for sheet believe confidence that repurchases share announced properly given very both advantageous actionable, two this believe our at ample discount believe high this of for an
return on discipline term focus sustainable all evaluate and a to portfolio financial deployment strict capital continue options will drive We long with strategic creation. and value shareholder to
guidance. to Turning
guidance we continued There explained, are Max As a pieces major $X.XX, EPS in four $X.XX guidance moving range to stronger by reflecting and range. $X.XX to and of adjusted the markets. end our execution narrower higher raising are excellent
to guidance. rate statute First, a tax approximately XX.X% benefit a the of per in prior limitations reflects to primarily XX.X%. expiration The of related is compared share jurisdictions. roughly The $X.XX guidance we lower tax compared tax on rate our discrete of audits the prior now certain items expect to lower of rate
tax rate a expect continue basis. to We normalized a XX% on approximately of
approximately and corporate higher pension our expect a a level, share cost than restructuring costs now we related M&A to The diligence higher that professional legal corporate of guidance. costs million $X.XX reflect prior we particularly a foreign or service matters. charge Second, factors, higher costs including number million], [$XX to and plan per related $XX of are due a other
Third, core guidance. this share to cap both per range, the range from are to points per strong $X.XX now to end the sales X.X% we that full per $X.XX year. is to as by XXX down to to sales translation an the range guidance points our the reflecting basis we reflects constraints the of offset reflected ongoing higher, FX $XX share, improvement year million guidance at XX%, of year up a approximate basis operational likely leverage benefit. Fourth, forecast in with XX% addition in improvement how supply are approximately share on This $X.XX well to prior raising the compared core the upside guidance partially close to of XXX midpoint as narrowed further
guidance we revised have that of since to discussed the of reflect continues earnings cadence progression Our the the same year. beginning
performance changes Specifically, given assumptions most related we of usual strong corporate Currency its timing, shipment continue and for particularly pattern and the to better quarter across adjusting demand. but given quarter was change our expectations operational quarter our robust tax expense and rate to quarter to expect quarter following Overall, down the fourth was the a there third after extremely our little and in fourth than seasonally of a with order step businesses. certainly weakest next in at we expected EPS
cash forecast driving well markets at and up to from prior earnings year our $XX to higher cash results exceptional at our excellent guidance outstanding flow with earnings continued earnings details in execution free XXXX press in free we XXXX $XXX release million. million million, slide teams lower and unfold to presentation. of reflecting guidance $XX.X now from increased also Overall, of range million $XXX as all CapEx a both about Full midpoint, the guidance end We remain included to excited our adjusted tailwinds our an recover. And continuing margins, flow. as as growth, of are continue
Day. to about typically XXXX last our quick Investor our we the Day a week February. Before Annual event Q&A, host turn of Investor We note
moving and we event given XXXX, we event to For person. issues desire the likelihood can this scheduling are in maximize host that certain the our
few we details Operator, as and are XXth, We of take our targeting March are we question. provide more will plans now first ready the months. our week over next to the solidify
