Chris. you, Thank
our by quarter lower unfavorable of X.X% benefit X, foreign X% XX%, and price, decline volumes, consolidated exchange. basis sales lower a Slide XX.X% to points impact from as was a Moving acquisitions XX from second offset
were the Our decreased gross XXX of price impact by as points volumes. to lower profit benefits reduction cost basis margin unfavorable from management and XX.X%, actions offset
and or sales million XX.X%. compensation. as a actions savings expense from SG&A reduction reflecting $XX XX.X% increased percent SG&A in million $XX points cost basis of incentive to lower our declined XX Our
settlement incentive charges the will income in of Americas half We or were of of Substantially, income non-cash expect X.X% $X.X to the XX.X% include charges the decreased $XX.X $XX.X Americas results million decline all million second asset Reported sales. in year-over-year also narrow XXXX. compensation these impairment operating segment. rationalization in million, included in and Welding and of charge pension charges. a Operating
or $XX of operating expenses. XXX the lower benefited cost income million in items, savings, compensation point XX.X% wage special income Adjusted a decline million versus XX.X% Excluding year. incentive and from decline prior $XX adjusted to sales, operating basis
was the adjusted income quarter. margin detrimental XX% in Our
Our effective tax with was second prior the year rate quarter XX.X%, compared period. XX.X% in
to with discrete to range Excluding the expense our items. tax rate period. second the charges, effective items. compares to year quarter mix due in our XXXX XX.X% discrete prior in of earnings rate special item tax We was tax subject mid earnings This mix the of and XX% be of anticipated XX% to low and the
per compared $X.XX, $X.XX a the diluted earnings share decreased Second in to XX.X% quarter with year. prior
of diluted items, from EPS $X.XX to XX.X% adjusted Excluding decreased share per special earnings $X.XX.
X, points Welding as reduction segment from Slide XX% dollars adjusted of XXX offset to discretionary on to volumes. incentive segments the benefits geographical the to declined were declined lower second $XX.X cost million. by activities, The XX.X% EBIT lower margin moving basis Americas quarter and expense spending adjusted Now impact lower EBIT compensation
the spending point Heavy late remained Looking the reported and removal a Industries. of decline lower top-line, in XX The QX. at Americas of basis Automotive decline U.S. surcharges Automation in and Consumables comparable anniversaried Equipment the organic XX.X% offering. in Welding tariff reflects from impact Standard in from sales declines our price capital challenged primarily segment’s in primarily in which
in decreased declined and adjusted sales public Welding decreased to volumes. help Organic international in organic X. mitigate from spending, lower and impact segment’s XX.X% strong margin EBIT Benefits Pacific. EBIT Slide Asia Europe an in sales and volumes X.X%. XX.X%, points activities, lesser basis achieved a paid to of $X.X million the extent cost million the lower adjusted Moving a increase from China net programs XXX reduction a $X.X discretionary The to following rebound. We benefit quarter leave lower from primarily second in to
Moving Group Slide XX. to the Products Harris on
decreased industrial Second Adjusted margin offset to quarter a Harris basis to in XX% decreased million. Cost solid a and weakness. year versus drove actions prior volumes, XX.X% in margin retail operational by the reported period. X.X% growth XX.X% the efficiencies record $XX.X was sector performance. channel in decline points XX adjusted as EBIT reduction EBIT
Slide Working on the flow $XXX been strategically XX. from in to XXX% cash ratio the increased cash in as inventory conversion million higher to year. have inventory levels Moving versus building flow from recovery. a cash support free we We prior capital generated operations higher
half We in profile expect our the year. improve and second strengthened sequentially of We sheet working maintained our liquidity position capital quarter. the in ratio balance to strong the a second
maturities. As debt $XXX an the Slide XX, sheet no profile million reduced by highlighted debt liquidity We to have our short-term near-term in increasing million. balance quarter on with investment-grade $XX we
conversion Our second deliver half strong generation working continued the and of capital cash of the will year use cash lower performance. flow strong in
Moving to XX. Slide
the at in average prudently maintaining of repurchased dividend deployed shareholders strategy. cash program. investments capital quarter the internal our allocation an price million our return and to million X.X We across $XX of $XX.XX. shares of through We We share are
We spending million to of point year of cycle. estimate growth to in we continue the full $XX range at as this be million cost-efficiency to and the $XX projects capital prioritize
We and resume activity are continuing to share business improved. have to conditions buyback evaluate opportunities M&A expect once further
recovery the strength in As you we look initiatives are quarter, our remains and while the model. shape uncertain, of of business the and third confident the ahead commercial to operational our
I while returns our of this and sheet Continued to balance solid over like to would strong navigate that, enable shareholders. to increased liquidity us cash flow conservative the turn for management continue disciplined call environment, the With generation, to challenging delivering questions.
