Brett. Thank you,
per share. share. As shared release, loss ended This diluted $X.X million net XXXX income net per XXXX to the a months in dollars months Ampco-Pittsburgh compares diluted December of the $X.XX XX, million press twelve ended XX, or recorded twelve for $X.X for or $X.XX December of the
Now, I'd understanding to like items the that to few results. special discuss are a important – the reported report
the First, its December inventories for method accounting its XXst effective, of of FIFO domestic the changed method from XXXX, method. cost Corporation LIFO to the the
LIFO the would December and changed. had the approximately accounted the of inventories Corporation’s XXXX, the have were inventories accounted December been XXXX, method Corporation using at Corporation’s At approximately not The method XX% for of goods, XXst Corporation's LIFO for the cost is using change XXst as valuation preferable Corporation the with peers. better comparability matching believes flow with of methodology of physical the inventory it the locations provides of the standardizes among the to valuation FIFO and a inventory industry improves XX% method
method requiring accounting to is for principle, Corporation Xst change considered A relates all tax periods periods value XX-K. to change a FIFO our the XXXX from the the adjustment in as this domestic it the FIFO recorded as if inventories used restated to a forthcoming net its LIFO earliest method deficit, to be Form January and method of presented, retain year those case, in cumulative with to of had
the the net for by improvement This XX, on and change deficit balance ended $X.X tax a XXXX sheet million to twelve change million. of months December was $X.X opening reduced $XX.X XXXX three retained respectively of and net million and cumulative an loss
or prior will thereafter. periods included presented including More details XX-K, in be this evening the restatements which expect on XXXX Corporation's this soon change, quarterly Form file we to of
benefit recorded the million long-term quarter of comparability, a in estimated our In Corporation to items fourth reduction terms XXXX, Asbestos $X.X the portion related cost affecting of other defense significant the in liability. a
In connection with segment’s in contrast, of the year's receivables. Corporation last Both recorded are a results. quarter $X.X Liquid million total of Processing XXXX charge the Asbestos of items in Air reflected the related & revaluation fourth insurance in the these and liabilities
Net fourth & offset than by coils, handling XX%, XX% supply at units with to driven for chain compared delays net sales quarter of project Liquid shipments declines pumps of increase for sales fourth quarter the for ongoing exchange segment $XX.X more air approximately sales from the sales centrifugal of an from and associated million, were the Navy Ampco’s U.S. net which Air Processing XXXX. in heat shipbuilders. the issues of XXXX higher
for sales the the offset the a index transportation an higher variable and year prior period, material, segment currency higher were Engineered of pricing quarter fourth unfavorable due and surcharges, part in Product primarily than Forged Net result and energy by costs, in Cast approximately raw X% effect. XXXX as of translation to higher
of XXst million. million. for ended operations XXXX $X.X - fourth a I the mentioned. The prior earlier. year million items quarter mentioned in previously operations of asbestos-related loss to from the the include compares XXXX items months from Primary asbestos-related benefit $X.X $X.X the of are Income December was XXXX This I quarter change three
segment’s operating declined fully quarter cost volume primarily by The Air for of compared also to due higher year, & prior Product XXXX, to reflecting the effects Liquid production, the increases. Engineered shipments. the being price of results not of Processing segment’s improved, operating primarily fourth higher Forged offset of Cast and results
Interest compared compared income and declined in other for a And to XXXX year prior prior the the losses. to as quarter, exchange expense foreign year due of increased, quarter transaction of interest the to for quarter total the rise result primarily net larger when fourth rates. the debt
attributable a At net the the to or quarter or to XXXX, Corporation of per fourth loss for XXXX. of $X.XX share $X.X per diluted million loss diluted million fourth reported $X.XX a Ampco-Pittsburgh share quarter the of $X.X the bottom-line, compared net for of
Backlog and a ago. year at from approximately sequentially rose increased December XX% of XX% XXst, XXXX million $XXX
year-over-year, & increased and be to and versus at while XX% Forged for Sam highs XX% and XX% Cast Processing prior approximately backlog segment has the backlog year. sequentially approximately continues for Liquid and segment indicated, Engineered record Air increased As Dave Product the
$X.X used by Engineered approximately flows Product XXXX and million operating capital. of segment. for working quarter $XX.X Cast million for year, Capital were cash in million fourth for the the was Net $X.X XXXX, the primarily primarily were QX activities for and of expenditures Forged support
availability on XXXX, cash balance revolving of on At December of position million credit Corporation’s undrawn facility XXst, our included the and liquidity and million. hand $X.X $XX.X sheet
Operator, time would to at the like we for line open now this questions.
