organization everyone. Thank and you, value and continue to I'm deliver sustainable excited to finance and Glenn, on Dave world-class Board team our morning, long-term for leadership good our the to goals execute to stakeholders. our outstanding and work with and lead
late sales sales. we worsen to begin XX% a a in COVID-XX, increase defense organic. first conditions with quarter began of in Overall, review Meanwhile, quarter due material. end results. of our impact as our I'll experienced to overall to markets, commercial XX% which our sales declined the not to Turning XX% to our was market sales markets was though the
are few on like There slide. this I'd to a items highlight
First, we anticipated in XXXX, aircraft to and following ramp programs, up experienced XXXX. orders revenue the solid both carrier CVN-XX are naval as on strong defense, in CVN-XX both growth in
in production began impact actuation Shifting In reflecting slowdowns were markets. by General on-highway the reduced COVID-XX. the in sales activity plant market. of performance serving down, includes mainly general Industrial, which And reflects in combination This which of to be XXX industrial the to the partially expected due slightly, in the on in the to our drop economic commercial markets, quarter. products MAX highway on-and-off commercial production the down aerospace and equipment market to and late market-specific offset to performance vehicles, drivers closures, steady demand were a was due our Sales program. a customer
is but business, our closely the to progressed. GDP demand which growth, surface was to began essentially most quarter, technologies in linked as the Finally, global earlier in quarter weaken flat
is on which discuss drivers of is presented basis. an quarter our a performance, first I'll reminder, Next, operating the adjusted
industrial vehicle while offsetting of adjusted was the initiatives principally margin benefits implemented In segment, cost effects operating Defense results of unfavorable the points. reflect Partially actuation our increased to basis COVID-XX. the improved mitigate XX%, products well In our adjusted improvement higher lower containment proactive income the on commercial/Industrial absorption that as of sales operating segment, sales. as XXX
the increased shown organic organic not slide, on in income XX% a revenue. Although increase XX% operating on
This million absorption strong which and product research partially was offset defense million sale electronics on increase revenues, performance a $X development. reflects by line, gain a in on favorable of a the $X
In reflect revenues. absorption results the solid favorable Power segment, our on defense naval
reduced power lower sales, unfavorable primarily not than projects year international more offsetting generation to due improvement several sales absorption did prior However, that was aftermarket on recur. as
our XXXX discuss I'll outlook. Next, financial
we premier most the in we on sales This for Although critical guidance naval second and time, acquisition following very the assumptions In defense. visibility naval I'd our position and backlog strong orders like higher suspend as defense anticipate a strong optimism the defense solid at nuclear our of some carriers programs. outlook orders within markets, for to year quarter. submarines in from this and in growth maintain aircraft reflects XXXD equipment and a we've for propulsion the XXXX, positive framework to Further, navy's contribution our full the have regarding provide our XXXX, profitability. our supplier elected of particularly
markets, COVID-XX where onset of Turning provided the commercial to our challenges. numerous has
where headwinds, represent into the In As aftermarket. nearly XX% we and mix putting markets. quarter, we the our in second expect aerospace tied commercial to of commercial our significant I'll commercial sales particularly customers our remainder OEM industrial by begin context with aerospace, general sales enter
suspensions outlook chain. our our been tempered shutdowns cancellations sales sales customers, commercial by plant largest Airbus. closures, our our Mexico, within Further, aerospace deferrals of supply additional government-mandated by facilities production have internal in and some impacted expected, Boeing in affecting and X creating has As order risks been and
trend we this to As sales market foreseeable second the a particularly result, future, for the in expect quarter. lower in
is many U.S. power plants. generation, business, our within aftermarket in impacting Next, nuclear COVID-XX nuclear
of our resulting on to are the international scope which operators Social aftermarket CAPXXXX delays likely is and risk to testing a distancing in the in creating date. outages. growing to There's reduction liquidity, program delaying plant revenues generally unaffected preserve impact have Elsewhere, measures customer equipment a also in projects business. capital of been
begin for may experience of status checkpoints, impact we if this of timing the across delays expect now which year, to pandemic late recognition. economic However, turn progresses reflects activity. both we markets, could our In into views the revenue reduced drivers which all weaker market-specific and global in in industrial, general our demand
There on-highway are vehicles, in slowdowns softness closures a few forecasting March. already highlight. were plant see began In areas we to industry and to where production I'd industrial in across like which we the the market,
impact We further full and these worsen to expect sales. trends year in second quarter the our
a In expenditures industrial and to tremendous industry chemical is XXXX the gas and capital remainder the we oil valves, oil both on demand reduced and pullback in gas generate drop expect for prices as projects. of likely in
in some risk XX% has MRO our industrial and due represents turnarounds. maintenance which of about our work, mix Additionally, delays valves to in
market However, X% about worth annual this represents sales. that our of it's noting only
the facilities, second surface the in and the maintains Europe, which quarter manufacturing and expect year. principally technologies, Next, for slow full to China be U.S., in customer the down down customer-facing we
we our businesses. volumes expect manage as sales, be in reduced and Curtiss-Wright's under within profitability challenged our to Similar through XXXX absorption overall to we commercial
our disruption We weakest demand. drive quarter from COVID-XX to expected the currently expecting the is are be to significantly as weakened second quarter
business, our the Curtiss-Wright containment However, few of margin cost minutes. cover track agile record flexible specific is a Dave have strong an in to actions we improvement. and will and details driving a proactively
downside risk, reduced sales. on ranging potential incremental of to Next, decremental providing margins from you to similar an estimate better estimate is for XX% quite overall to our we're help Curtiss-Wright's This understand margins. XX%
projected. with believe COVID-XX, response track to $XX may actions Regarding considering potentially our million on cost the implementing we exceed savings upside we're initiatives. currently that containment restructuring activity remain in When in originally communicated in February, be there annualized to we some the that was those
provide as we're in However, evolving figures not to this is situation, new at position an this time. a
slide, Starting to on healthy more we're our a we I'll Turning for Slide of concluded Curtiss-Wright well liquidity. strong on balance well XXXX. where the sheet, X. positioned is side focus XXXX sheet, the and sufficient left-hand positioned than very balance and with with
have at before average with roughly interest million only note an We of in private rate placement debt maturing X%, XXXX. $XXX one
we revolver have for be $XXX terms million In can revolver of which $XXX million a feature, status, our and additional accordion open a liquidity.
done, historically started million we at simply the and for to a Thus completed in repurchases, $XXX our benefit the defined about borrow to XXXX, in related to quarter, not made concerns acquisition plan. we've in first contribution general under share voluntary As executed Dyna-Flo the corporate revolver COVID-XX. we've and purposes pension far
where, any ratios our covenants. debt $X.X ability debt for below internally limitations, Our example, we the remain approaching to externally have well borrow billion or driven before
side Moving of to right-hand the slide. the
operating leverage testament remains a low. efficient As structure, to capital our our
are in with is ratio times leverage strong at rating. X.X total debt-to-EBITDA Our debt-to-EBITDA net investment-grade line a and times X.X
the times on conservatively the few over slide, have past debt-to-EBITDA see can than you net we averaged one less years. As
Curtiss-Wright strong navigate we yet capital summary, further maintains confidence conservative downturn. and successfully possesses sheet can structure balance flexible, a providing a this In that
like call I'd over to Dave Dave? the Now remarks. continue our turn prepared back to with to
