you, and Thank morning, good everyone. Kathy,
our I new that structure would changes go some our over to made we've the results, covering year. beginning of at quarterly fiscal like our to Before segment
into in begin and reporting separate under this fiscal reporting structure We segments, reorganized the have of two quarter first will ‘XX.
is automotive, segment Technologies, EV, first Performance of equipment, comprised Our and which our heavy-duty is coatings businesses.
and managing We technology revenue report will groups, on business based are sub-segments. product this now and three by
are includes vehicle, radiators that commercial traditional which The automotive. end and our applications, to traditionally to and first sold vehicle the off-highway, sub-segment our contains These condensers components attached powertrain. include air-cooled markets,
recirculation markets. oil these such end coolers liquid-cooled on focuses coolers The second sub-segment components including same as and to gas sold exhaust applications,
significant and coatings. which of is third number includes focus Solutions, a strategic we and EV Advanced here The are to resources Solutions. components, allocating is Advanced and systems rapid growth, The sub-segment
HVAC significant markets overlap by these our segments. between Climate segment and combining businesses. served building second Our end the is CIS Solutions, There is
and data focus data decisively. indoor our HVAC is products also us our us better target simplifying and Heat heat and refrigeration, reporting segment our strategies key to slide business, our markets. employees includes with and and more products, heating on sub-segment and air growing industrial X. ability and allows HVAC into for data coolers. simplify global HVAC coordinate coils This turn along quality benefits. and our primarily The leaner, end that our center It final consolidating This systems We Please also markets. including messaging structure processes. services. to our with refrigeration segment transfer and provides sub-segments, centers. believe sells three products, organization, has ensure quickly and and So, allows numerous improve optimizes to refrigeration refrigeration connect which and financial our focused business, is transfer center external
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up logistic and year metal in costs One key throughout rapidly year. accelerating keeping past of challenges with the rise inflationary this our by created prices continued pressures the was the
segments. in of and year spent organization, strengthening definitely those our CIS of impacts the have saw HVAC we much positive this past building changes We this our commercial particularly and quarter,
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quality, of ventilation demand products. of quality. and from critical remains Across to businesses sales on production indoor delays. segments. federal components benefiting Growth creating continues moving the our continues indoor at to in building HVAC, and above shortages air funding industry, air data an be the for improving targeted market products center heating, In Now strong heating to are be with our issue, school on-time our delivery
an been take we've creating for share through of growing advantage this and to a availability now However, situation our been has update programs able indoor take competitive one shorter have like on we continue for been our business available our future in historically, would allowing qualities us us market to advantage separate I superior growth. lead air times, project which moment are products. strong where a to and product small funding to dedicating give government with resources and school ventilation but improving schools. three now There products, additional a for
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product growth resources service engineering targets to both product have shifted these lines, revenue. have and and for We sales
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to targeted and marketing campaigns our We greenhouses for by development high continue for efficiency and warehouses. and residential go share both activities, heaters strengthening products into garage market to increase and our converting with distributors
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our help enter to we this cycle, new Please X. competitive advantage. development contribute As Page our turn to product will
quarter, both in had segment strong significant revenue growth very with Our CIS a earnings. and
of with taken as both by the pricing the an benefit growth year, segment the of gains driven make we earlier XX/XX, is in business early our actions flexibility the revenue benefits. most We continue to potential see decisions rapid see the volume and have of to This commercial and indicator benefits improvements.
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coolers continue are business as to market this capacity COX In we improvement we and growth certain targeted we expect have also focus area of on in We the dedicating our more less the coolers, topline more to for grow. businesses, margin to this as the production on exit, of areas business. of
cost the which hotel in post-COVID restaurant are issue certain addition, fans, I'm components, segments, this automotive In benefiting focus our growth very In we made be being our the reduction. the to is markets. production. HDE pleased and profitability limiting realization in biggest with and availability the segment. from Overall, progress and of on improving The mainly that price is continues is through
operational within to European business. our mentioned are we quarter, particularly restructuring As and SG&A expenses, actions we last intended automotive implementing reduce
heavy-duty COVID demand still on Although our with market. multiple inflation uncertainty disruption. fronts, in to outbreak already added The has additional dealing supply products, cost remains China issues for an recent strong weak and chain including we're
As of manufacturing lockdowns, we for a down March production and portions facilities of shut result April. our at government-mandated Chinese
labor due impact This reopened, results. first chain While at currently availability. in have levels definitely will our are plants reduced supply our China challenges to they and producing quarter
to levels summer. our We supply chain production are this at working increase plants obstacles, those to and expect address Chinese
to challenged, pricing, have The HDE some work offset and business had successes our with We customers with business. ongoing with chain better remains issues. pressures to volume to continue cost automotive increases in supply our due
our working with still increases outside contractual LME-based to are obtain the of agreements. customers We price pass-through
shift our Now, like EV I to Systems would to business.
products. EV in Last team. battery thermal electric As range ’XX, designed which brand including launched management wide you the and energized and for our specialty, separated on vehicles, week, out of the built know, a EVantage this performance commercial, we to improve life marketing we strong, have campaign purpose-built and are of range business systems, fiscal
are the and commercial, important engineering, reallocate and to the driving to team, EV. transition with to resources continue that connections making this We operational are innovators
orders engaged and strong. XX, on are to which currently engineering continues as on be programs programs, are to for expertise We we selecting XX orders with XX. actively in, on engage point, At demand this prototype our system-oriented production
over for financial to provide the will results call turn segment quarter like I'd our the Now, who Mick, to and updates. review
