as both thank and for Thanks morning, Patrick. XXXX Good everyone, fourth full results. joining we us year you and today share quarter
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to in up down XXX the quarter Fourth in tax primarily quarter aerospace benefited MAX prior income affected the sales slow lower compared period. which from continued a were was production. rate Net year the by
were However, increase strong XX% a year-over-year business with jets sales. in QX, in
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As quarter, primarily drove growth. previous this in Gulfstream programs our
continued Space with the increase XXXX. on during fourth compared sales growth quarter to Defense as an a trajectory XX% & QX
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XXXX record savings year never cash another to on commitment The addition, impact million. our with excellence and operational sustained In a flow stronger. been company was $XXX generation cost have delivering productivity of for free
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an Defense sales which almost of was XXXX & Space over increase million, were $XXX XXXX. XX.X% for
over been X%. our growth technologies, Excluding would have
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are We encouraged backlog our customer at a by key Vestas. strong
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for turn a Kent work engineer specifically Washington. continue our time Now plant will to our me at speak some business to in product that let and transformation for
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it a We the next be transition over expect years. will slow few
that continue expertise perform. and our with team opportunity Kent, complex, capture to this We with a is technical capabilities more focuses With which a partnerships evolving new strategy, that highly customers. significant believe close excited said, can as to on our Kent communicate our product we're in manufacturing we engineered great business only
I products want value customers. moment to delivering our and and thank a to our take Hexcel to innovative disciplined, staying entire for team
has excellence anticipation. been is operational another our teams on quality, we focus toward emphasis terrific on-time improvement it Our year delivery momentum never inspiring. and and was performance on continuous safety, All-in-all, entered stronger, great and with and perfect XXXX
you is aerospace uncertainty understand XXX usual. MAX of complicated it more the As in light providing than industry, that surrounds will guidance
in provided frame to we in number shipsets release the outlined we have our of expect yesterday, we guidance, assumption XXXX. order our in are that we to for the earnings As issued supply sharing, Hexcel
as for year, the you year a we conservative and as updates develops using expectation information. have aircraft XXX are the provide We we'll shipsets and more
on MAX, low-to-mid for of overall growth to guiding digit. and the EPS Hexcel assumption of for Based low-single this XXX single sales we're digit flat growth
different. in margin strong a track be no and of intensity headwinds that record have the determined delivering We we are face XXXX will of
margins, million range flow and we XXXX. of By driving free more cash million, of million in optimizing with lower operating $XXX expenditure are in capital to working capital, than deliver to $XXX $XXX guiding the
investment increased outlook and new Our continued to and next derivatives innovative and functionality our to to customers. technology platforms in for is value develop by provide reinforced generation and solutions research
will timely. future now will few of the would and take moments ago. combination combination that provider and Woodward propel efficiency, a flight like more few couldn't I with integrated equals Woodward the weeks merger to and The be transformational Hexcel systems discuss of to premier we our a announced create of that energy a
industry strategy challenges efficiency are investment balanced and benefits pressing Woodward and combined have are will customers ever. of return financial than well cycles, the with the be investment reduction will and Fuel and Hexcel deployment mind flow capital to meet uniquely positioned the more support generation our The in most cash to Together and emissions facing. of aerospace transaction customers, compelling. and believe a strategic are the company in shareholders. capital portfolio disciplined the market some free forecasted of We top now and business significant across to
how positive it long been and excited the emission employees. In our for we've safety, of to and Woodward, customers extremely with our aerodynamics, our about many objective lower stakeholders the creation and solutions conversations technologies. our them term Since and with merger has response we're announcement drive shared our particular, very growth efficiency, to will value shareholders, from had energy improve that advances and bring customers
other our good to of approvals, and the transaction XXXX customary quarter third planning expect approvals. integration making subject calendar We're and with early conditions merger to the shareholder to progress in continue closing and close
can stakeholders. will process, strength of about be on found through look regarding website deliver combination and our continuing of transaction this exceptional the forward speak to As the materials we Important all we at transaction it the benefits you our with move to joint the woodwardhexcelmerger.com. for
turn discuss Now of financial and more details. the Patrick let quarter to call to me year the over full
