Thanks, start before the on fourth into morning, everyone. flow quarter. and getting on our growth, profitability Nish, this cash highlights discussion financial annual with detail the centered more morning I'll and good
looking and deliver First, well despite the growth, throughout at revenue the record execute overall I pleased to the was team the see year. for quarter all we fourth faced very challenges
ago. more XX% delivered expanded equates at decremental operating our rate decremental Second, a $XX XX our execute We goal to value our we've as on We profitability a for margin than in to Through reaching downturn, adjusted manage operating flow on margins was revenue incremental or and continued allocation growing capital shareholders. XX% returning higher the a than invested of CapEx to We business shareholders share and million last projects. a acquisition We million focused $XX million to strategy approximately our margin. lower points. aspirations. in volume, strong on third, in basis $XX margins, margin million the balanced Bristol in year our by we than debt. margins for month, our lower down This And deployed of generated operating for right deployed improving operating overall the paid of to XX% million million long-term $XX funded XXXX our direction $XX Uniforms. cash we is another repurchases. dividends just And $XXX step to
times X we enter Our net to leverage below XXXX. as track continues
although resilience any the our our around XXXX world. flow other, year and of our of unlike business the teams So profitability growth, cash was execution a model demonstrated and disciplined the
look at Now, a financial the let's closer results quarter. in take the
revenue or focus increased the From currency. perspective, from X% the Quarterly geographic a in with in was growing segment a segment currency. constant constant a start in of on Let's over ago year International a high in million, X% growth. Americas X% revenue record decreased X% and $XXX
very especially results that to third with ratio finish quarter Order invoicing. driver of fire the As SCBA end to and the the and purifying large was part in The of recovery in in business, quarter market the in of was the a that consistent on had carried respirators. QX. service started fire quarter into We growth. SCBA we was fourth activity overall with entered air the I year, with October the an in the on and record we receive the QX healthy latter a QX our book-to-bill indicated exited strong backlog backlog a despite call, healthy key service
convert SCBA in to order Germany, including continue the and had accounts Latin America. around and key world, China competitive geographies U.S. in good flow the We
the improvements has we've resilient performed While constraints great due operational continue Firefighter well key we focus to to at driving a pillar States. and it's wins in cities business on and business cycles. see through with continued safety Globe United production had COVID, to is various
service by fire down and in to We investments year-over-year acquisition organic PPE products, the launch through depth of employment-based extend our position of of continue to and the XX% X% the upcoming after gears were Shifting declining which LUNAR the the and/or breadth quarter. in third recent inorganic market industrial like Bristol.
of the third was versus While see out we likely just quarter. are the yet, most such good to not growth it sequential woods
business was tough Our International on FGFD the in Americas the both comparisons in down and X% segments. quarter
a For the from in we air streams revenue line provide Revenues ago. have some decline had first reflecting discussed support support in we've X% lines prices, full XX% the forward, recent a going comparison we from a FGFD, you the a that for we said, oil to in that recurring the purifying previously. increased year, XXXX. start have while With respirator which of could product year with projects that quarter uptick challenging seen from
and As of to in markets. our prepared new In for end well backlog are the government we term, on opportunities pursue from and XXXX, quarter pandemic surge expected, difficult of we comparison are have largely healthcare we delivered planning the a XXXX. first with near the
mission approximately revenue workers industries our stimulus ready evolve life of we of $XX of PPE are The in year help incremental APR fulfill the as and stand onset supply range from landscape If results a you at health. recall, protecting included allocated to a and for packages continues to ago our the pandemic. workers’ of QX and enhance million to
of in to million savings continue XXXX. reduced inventory-related million to is million hiring, impact a to degree, from $XX million delivered favorable $X and the the much executed profit $X ago. from programs other associated charges, in profitability programs in costs and points a of P&L related compensation year. to expect variable significant of margin cost in ago approximately statement restructuring costs the into These up costs million programs deliver I quarter up flat resets were income lesser from and which XXXX. we improvements points We $X XXX margin where for International SG&A as services discretionary discretionary the and headwind and basis margins our reflects XX.X% declined segment, reduction XXXX mix the of profit International lower XXXX, on year-over-year operating $X basis. previously in we we SG&A savings XXX which year savings segment XX.X%. less and incremental offset during coming variable items segment incurred and To on gross the rationalization expect of expense had the travel, don't prior $XX and moment into are optimization, driving ago $XX and invested our footprint basis factories savings XX% and reduction cost the $XX cost in Similar million and throughout the XX.X% results revenue the operating to the margin profile quarter thereafter. Together savings business million controlled these for MSA with incurred a that in the certain margins year the we to Gross restructuring Quarterly with back a year of million margin These in will across going offset Americas XXX million was restructuring we've gross the this adjusted Americas the were of million a the the is $X $X improve discussed throughput were in model and The we as with teams $XX most throughout basis from primarily We savings well, the recovery. expect margins partially and down position much Pricing margin for programs associated was accrue higher was up impact the is XXX with costs associated incurred professional compensation to cost past discipline in was other million of at for holding year. in of profit in expense XXXX cost cycles, to earnings. the about very was strong full segment. initiatives. in higher of in in are pricing points downturn quarterly Americas’ to to mentioned forward. with basis quarter. by and Turning were headwinds. primarily margins. a the points down primarily annual quarter
as looking working improvements saw quarterly cash declined flow of cash way. and since it year a in Just margins flow operating back sales. across stepping challenging despite well good see economic basis over capital along free conversion margins and the From We XXX%. some perspective, was north strong to is every performance XXXX, capital the allocation which percentage points of XXX cycles a and long-term, at each
for call, the on indicated balance inventory October had improvement we the I As through in year-end. were planning
sheet the position of quarter. end the record enabled deliver at and fourth quarter us in the strong high inventory third to revenue Our balance
are We AP continue AR on strong quarter. completed to as years, with on fourth very our improving in the focus Consistent trauma and annual in seeing that cumulative performance evaluation our front past results well. and we
liability product a net in increase income million, we the reflected As recoveries that review, insurance changes in model of $XX reserve our statement. assumptions that our charge pre-tax in resulted on part underlying of and of
allocation of liabilities cash LLC, allowed successful priorities. have our material without in product on and receivable us streams a MSA flow to for fund from we've been insurance While cash impact capital these in the timing liability establishing vary flows quarter-to-quarter that
X XXX% past has and the cash exceeded over of income, our product example, the without net years, impact of average with receivables. conversion liability both insurance For and
expand with most We in well gear We're excited attractive continue recently globally. as MSA's From synergies we've and the acquisition financial the growth criteria primary the shared of over transaction in the focus our past. from on of the standpoint, also turnout January. to years. and our a provides realize priority, the We're position addressable Bristol to allocation aligns Uniforms completing in positioned range market opportunity returns coming about acquisition capital to the build a
The financial date of does over on first our quarter in excluding the expect acquisition, our earnings Bristol of leverage. amortization January XXXX accretion segment. we purchase of about While XX, in year for midst results finalizing International are statements we'll have the per closing business X recognize acquisition-related material just the a our first we of our months $X.XX to a accounting in ownership, not of With acquisition within impact $X.XX share.
we well CapEx organic very projects opportunities as MSA. growth funding active So for and that remain in R&D drive pursuing long-term as
we in that include, As COVID the very we're government XXXX, of operating the as amongst of level our things, dynamic economic factors impact evolving effectiveness vaccine number in other for turn XXXX. as to the factors additional the pace a macro have environment. rollout, recovery stimulus. lockdowns, an risk of well will of a page on the There's potential outlook These revenue
is steps as taking to model While macro we are conditions emerge improve predict, our a stronger hard the positions as the certainly us to company outcome much improve. to business
improve. and much organic in return and Again, XXXX factors. programs driving that beneficial improved of to as helping in is our range ability an will be a by to inorganic revenue us market we investments Our position, growth influenced very deliver growth see are growth conditions external
has positioned that performance. confident compared half first committed first grow never profile remain for a market back are approaching advancing call over commentary. drive to our ability and more With our we the as second of our which the maintain executing half. and flow the Nish? positions, strategy result, half we Nish important. that, for a share improve some concluding our are I'll to said, any margin to and strong been stronger turn As cash our With cautiously in mission, to XXXX We and remain
