Thanks, everyone. morning, and Ty, good
second Project volume a the of of Before business. sales financials am transaction I This how acquisition to was X% momentum for was by in end results. with and and about driven our for quarter. and have say and our offset primarily the in we first decline benefits capital down compared decline were information to want Ty's sales product project parts our excited this Fortify the decision year-over-year, lower it but Solutions. of growth begin on lines the acquisition comments.
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equaled delivered costs we lower costs. margin XXX pricing Adjusted quarter lower improved Despite Adjusted diluted strong profitability. to points basis of EPS quarter. the driven the and growth driven record sales, primarily with Adjusted was by grew which lower by and interest adjusted insurance-related another expense. material first we favorable diluted higher $X.XX, to along XX.X%, income, improved reported in EPS EPS operating X% mix, operating adjusted
results. certain lower-margin segment Framing shift volume as sales the part lines to Fortify. to of product Turning related from due Project XX%, our primarily to lower away net strategic declined
a less did the by XX% impact the quarter. first the mix sustain Framing favorable partially target margin leverage were within sequentially volume, However, costs. sales as operating Framing volume continued compared lower lower of and to material unfavorable to its XX% to improve adjusted range offset favorable Despite
This pricing declined Glass partially offset volume primarily improving primarily This XXX was Glass X%, margin driven mix. by to operating to market by Net expectations, again, points strong overperformance and due record softening by demand. our lower was in Once pricing mix. exceeded XX.X%. sales a basis and margin by end driven stronger-than-expected
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with positive, as up backlog sequential experienced quarter, compared consecutive the ago, backlog of year quarters to to overall growth. remains X XX% quarter, trend prior Although in this a Services had declined the backlog
partially The compared was lower benefit the our mix with offset primarily and the expenses. were offset higher impact retail the compensation other lower distribution improved offset LSO to XX%, mix. of Operating costs sales expenses primarily by savings. customers. Corporate to lower driven partially lower favorable points channel declined and channel, XX of of XX.X%, decline insurance-related X at volume to our flat basis volume due by declined margin volume, by retail and prior by cost more reflecting impact a year, in
in last to strong with was our at year-to-date half the $XX Cash up Turning flow year. the brings the strong line the the million, in very which is year's quarter. to second prior to generated XX% first operations from $XX million, balance This flow in cash quarter of sheet. we operations cash and from cash compared
near-term Our balance a position remains debt maturities. no strong in sheet and with very low
new facility a through capacity The our capacity refinanced borrowing credit during delayed in revolving credit draw facility. a support gives favorable The facility provides credit facility growth the million additional committed of our we $XXX facility loan. us our this new and to $XXX at strategy. increase million quarter, expanded terms. up to $XXX significantly The million Additionally, capacity term
delayed of to finance $XXX hand on as million expect term acquisition utilize We to our as Solutions. cash draw well the loan UW
full our outlook the fiscal to for Moving year.
range Fortify This fiscal related X%. We expect continue to net decline of to of points X approximately actions to X related to to and include 'XX to of service ] and the sales [ a approximately Project continues reverting percentage eliminate X% decline lower-margin to certain products decline percentage year XX-week to offerings. point
in We growth to strong execute expect backlog. sales be partially in and services glass of by framing as offset projects our we in LSO declines pipeline a
We approximately of now improve XX%, operating performance by primarily half driven year first in to will full expect consolidated margin adjusted margin the year. strong the the
to adjusted the pricing the to operating and of glass. due sequentially year, second margin to continue We in pressure lower expect in half volume decline primarily
high margin in exceeded our the primarily price assumptions variable by operating is driven in half margin the changes mix. highly to of stronger-than-expected the mentioned, in business, pricing year, Glass sensitive expectations of and operating Glass first margin contribution and Due I mix. As to our
based are forecasts when on assumptions on as will Our in mix as pipeline, data our work price flow and through production. well
workflow in margins in current moderate market XX% XX% the fiscal into saw half we expect the of the half, which Based to operating Glass mix, range, with margin we drove visibility the into pipeline first pricing trends, improvement. and moving year half high second the with on target the During top teens. our year, the and favorable of margin end will full
to target the expect 'XX adjusted operating margin year of fiscal to XX% improve full to XX%. and We be continue to range within Framing compared
margin second the in full Services, sequential to For operating adjusted adjusted with approaching the we X% operating year X% margin to improvement target continue expect half, range.
will margin lower decline year, We due primarily to expect operating continue last LSO to compared volume. to
corporate in second approximately we Finally, be of per year. half expect quarter million expenses to other the the $X and
second year outlook $X.XX, our a EPS diluted our of range We stronger-than-expected $X.XX full increasing to for to are performance. adjusted reflecting quarter
we reversion XX-week diluted As will a anticipate year XX% -- reminder, by reduce EPS adjusted the a $X.XX. approximately to
million year of We to $XX $XX continue XX.X% effective tax of expenditures million. to expect rate approximately and an full capital
with cash last flow, strong level. for operations averages We record year from historical below higher expect but another cash than our year's
UW comments some Solutions. Let acquisition me of additional about with the up wrap
transaction growth profile, are that excited and margin. accretive adjusted rate business to will the revenue and We EBITDA acquire financial be expect growth to very long-term including our a
in tax price step-up We these remains expect rate fiscal the estimated synergies to fiscal achieve approximately net of annual end synergies and $XX $X million million of 'XX. by benefit, EBITDA. represents run -- the adjusted the X.Xx purchase Including 'XX
with credit the adjusted At the XX% further million agreement, transaction, our fiscal to acquisition expect under still continue This 'XX, in facility. EPS. our we In cash our to contribute ratio X.Xx. EBITDA finance as of accretive at on leverage ratio, close and for adjusted approximately our transaction provides in be growth. us to borrowings to revenue of an diluted to current capacity for expect capital leverage we $XXX We approximately approximately deploy and credit the to the expect consolidated defined will be hand margin
assuming of due These For $XX potential are in and diluted expect net on outlook increased X, sales, we provided amortization 'XX today. interest fiscal EPS to and by closes approximately November adjusted costs fiscal the reduced we 'XX, acquisition expect included not the we approximately impacts will $X.XX expense. incremental be million
time In very this for conclusion, exciting is a Apogee.
team results of for strong half and high execute year, at earnings first the in company improved delivering Our level growth. the continued long-term positioning to the a
are financial our intend With turn concluding are in acquire to over to and shareholders. some opportunities back us the in positioned to facility and momentum future. these outcomes an and opportunity we believe a I'll for we on position cash execute accretive the Our to business will credit remarks. growth healthy business the strategy, in efforts entire expanded that, future. build to tremendous of while We for new the provided also results And returning the team Ty we this by expect that acquisition investing us the create Apogee it make to
