Eric. you, everybody. afternoon, Good Thank
Form June As in more that here in for Bill Everything will the covering included and tomorrow. mentioned, be document. I'm we XX, X XXXX, detail is ended X months filing XX-Q our
in in of Eric As the considered in fortunate all industries critical company to participate infrastructure operate. indicated, is part countries we which are that
during and face-to-face new field. a pandemic. to the has impacted disruption our operated more customers pandemic without have all As as few us ideas, a in Having customers such the new our less including marketing in that, sales products, ability said with or and the suppliers ways, result, present
on operate throughout spend expenses. first the On the other need half been to COVID-related without to statements our to apply stimulus financial XXXX federal company will you Furthermore, caused package loans. of less the operating hand, have the restrictions for any normally has same us in see the able
affected expect do such performance million by this need regard the XX, the balance for Eric already that X% down discussed to as net not sales June or were sales XXXX, and net decreased overall our compared of the Looking compared $XXX million. time sales performance. to XXXX, sales year. time year. company's have for international financial forward seek second to quarter sales factors main XX% International ended sales With to XX% to about million has last the U.S. about sales of our decline, down were net million X accounted our to Within last as $X months of $X assistance. we our to $XXX this of sales loans that
businesses to Mexico exchange by on least last these in quarter and and our We were have our of the affected as rate currency this of Brazilian Without consolidated the expenses year. and sales translation the our dollar devaluation Brazil devaluations related sales believe currency exchange time caused higher. Mexican by pandemic. the the would second addition, effect at compared COVID in were rates In with sales, been part million the adverse $X
as our compared quarter, costs controlled activity operating to was well manufacturing the factory For improved strong, with and performance XXXX.
second when as gross we in margin to a quarter percentage XX% XXXX the our XXXX. As performance, same of of XX% a compared these result improved of expressed various in of period to of sales, dynamics, as the sales
That acquisition. had amounted is ended we X million, with our million prior as in June incurred the to the a the by compared approximately the of For a and not adjustments In operating of about $X.X for in XXXX, primarily million to Making $X.X year. our expenses months expenses operating associated adjustment however, same $X.X year, liabilities or approximately to or past decreased XX, prior period expenses year. item, did underlying reduction on current the that X% in greater the XX%. repeat deferred recurring benefit
interest the quarter, During we reduced recorded second expense.
debt little United was the because rates the higher from of reduced a all activity last average borrowing we a in during States. the but acquisition benefit got year, Our
for good, compared same our XXXX gross second sales XXXX. from effective approximately and percentage performance to XX% compared sales overall the improved XX%. tax our remained margins factory mix prices down, a though of to the quarter, were remained sales and increased Finally, to of In selling as rate period was of summary, flat
Our were operating as a to XXXX. and net comparison in lower. XX% expenses And interest by expenses result, income increased
our for in our $X real in sales and devaluation the us X% turn to were were Sales ended million translated consolidated key dollars the let X-month compared as about recorded the international year. to both peso and Mexican were June Within $X Now lower each. about in businesses or currencies prior Brazilian in domestic when XX, statements. The financial XXXX. net inclusion sales originally million of period about sales the $XX that performance, down to down resulted million
factory up about costs for resulted of Overall, recovery flat was XX% output period-over-period excellent, up XX%. X.XXX% expressed X-month costs. of net factory the as at when much-improved gross This performance a factory in rate Our a margin, of percentage sales, period was with and only sales.
amount the about the a a item, to remained in reduction of the million, X%. months million adjustments the to $X.X compared in X adjustments did our acquisition. for approximately Making associated deferred we past operating benefit underlying however, That prior primarily or year. expenses $X.X Our in of almost first to as prior that expenses had on operating flat repeat liabilities In not current recurring XXXX year, about year. with
of Our operating at company XXXX same $X.XX million period financial $X months This or million my perspective, and in follows. XXXX. $X.X focus first the $X.XX. net ended the for as income From or the for with remains of X the compared
$XXX At balancing to inventories June our inventory related represents This $XX about this our end We $XXX to last of recovery activity, year. since forecasts adjusted to inventory and compared levels. completed $XXX of million. XX, planning at underlying An $X with reduction as million of includes time or approach million million inventory follow a XXXX. million the overhead continue XXXX, were demand to disciplined factory June acquisitions an
our at as having is report. on pleasing pandemic period, through year focused and to this in point inventories we sheet navigate balance the this highly are We lower
to we the reduce during of forward, the expect balance Looking inventories year.
estimate indicate we the of XXXX. previously remains have present customers noted products year our disruption. be and that prior good our numbers They to million Our payments continued excluding that I are a will With orders below both $XXX expected. indicated to accounts we as any receivable, for when of reporting remaining placing estimate, forecasts The significant for regard making without operate earlier, periods acquisitions.
and seen The relate of prior prior and year As variation contractual second in periods we between exposure to not comparison XXXX mix specific to quarter comparative the the customers in end of a terms. have change risk credit assessment this quarters. at receivable result, markets, of our any of accounts material the individual products, entirely
compared annual capital business XXXX, change distinct the have X the in of In in months generated Our first of to line experience in million a the reversal of half the the at half Year-to-date, of availability from at regard point working our working our the performance. expansion a the as Comparatively, capital in period first credit This we million XXXX, using $XX to of million we same capital has that only of in and a With period-over-period. routinely million, to to million cycle, million positive increased cash first in is year. to amounts which second $X compared improved compares in driving as generation year $XX has of XXXX. and half the second the careful $XX from the $XX $XX by same under $X management end the working XXXX. liquidity, quarter, of XXXX. operating was million operations
on June million ended XXXX, to focus through last to levels. million year. intend time debt XX, Indebtedness we XXXX, compared As $XXX this to capital progress at both as continue and we working at $XXX
$X addition operations. on we for down focused in our in cash more million These future. in debt, product year, last businesses generated are investments technology acquisitions and funded million have the than During investments from fixed to the $XX assets, investments, including developing the paying from
continued have businesses. situated expanding our in the our X globally business working cycle of of support of months normal During we first XXXX, capital
in focusing our our every factories comparison annual usual well prior and sales margins cycle have than on In performed we're solid. strong, in comparable remained However, muted our mix are capital, year, very product dollar of periods. expansion to gross summary, have carefully has has though working down been and more previous much remained our
underlying controlling at well performed down. have We are expenses which operating
growth year, a interest of in our our balance capital, notwithstanding Finally, than From we down. very well investments long-term our our expense debt time are last sheet cash and is this managing doing businesses. is perspective, lower and working
Finally, Eric. hand availability will improved. under the credit With that, line to I has back
