Lynn, morning, you, good and everyone. Thank
and a our As Dan of revenue was and take in and this delivered global cash above seeing ingenuity and we continuous all base generation.
I team to efforts, improvements to significant holding past terms their call our our for mentioned, this the profitability team and XXXX year for us solid thank pushed opportunity areas answered tremendous for wanted creativity flow in of business, the in expectations. as year improvement
The efforts priority housekeeping the this us, Bel's to and of of focus achieved. was foundation, strengthen XXXX was will the now be of threefold. behind XXXX With much
and, markets growth line support the First down new future. relationships, customer which to of Bel's development sales end in double importantly, investing is in geographies growth. in to and the strategies, identifying This top includes products determining new most
of sales team. new work added the here done across We've A lot the on that globe. members on We've some in a quick team XXXX. comment
direct a really also motivation to is rolled and to that incentive and our alignment reward And success of live brand-new went intention the We and out January. with structure delivery there compensation associates. as
business. is way we Second leaning out further the do
While projects we items, have a accomplished working a have we on. still number are we of few
$X to XXXX end side For savings existing annual million. to a Pennsylvania out Bel operational there other of where connector in is our This kicked of for off the passive XXXX project streamlining yield anticipated our example, cost facilities. of business, new new by the completed transitioning to and -- operations initiative into Connectivity we the manufacturing in incremental be just expected the is we're tune
a Third respectable noted, that capital It of as building to and this is we up good is cash we stewards are capital. deployment. want and securities at evident, pace, be Dan now
to a launched program as stock the Dan return Board as authorization we since look and and discovering done first a stock shareholders. such, is was XXXX. for management to our our at this As repurchase This And proud new moment team time our milestones. where cash we was noted,
bolster goals. aligned be be will to to key. top in Increased and investments our must To also product be We'll financially introductions priority long-term clear, with organic business M&A for is R&D in the strategically look us and new reinvest a growth. support to
of to as aging the year CapEx processes Additionally, of introducing upgrade is spend while our continue another elevated XXXX equipments most against manufacturing globally. rising to wages expected in we likely backdrop more automation
Now XXXX half. in slow the a noted in looking and a Dan mentioned we second the potential to as year pivoting expect and at our that, rebound with start release, to
first million. of to available information hearing we to be indicators, $XXX range financial and we quarter the on taking backlog sales million account our in in into economic For $XXX the what currently expect we XXXX, and including based customers, are what see and from our various of
occur to historical a few the was to do this is the this there New Aside typical $XXX saw from to expected the in anomaly XXXX, quarter, QX to to step-down in shutdowns last there we this bridge expected Year 'XX. year a sales as looking is trend When QX keep QX that of from we due are year. last in QX and QX Chinese XXXX, million year, the items in mind continue at from that range
So few in keep through I'm to of items you mind. to these run a going
fee First, These 'XX. recur our included revenues to segment. quarter previously our QX sales Power $X is benefited expected expedited not 'XX first sales of million in that
Second, business mid-XXXX, million. Connectivity if we the which around sales around you contributed annual divested of recall, Czech in during $X Republic our
due walked low their within $X of we 'XX segment margin Third, Magnetic away the during roughly announced that profile. sales to QX annual from we million
as off orders of by Fourth, QX XXXX. million shortages quarters ship heightened early Power of one repeat as tapered 'XX. QX half were -- to of these QX during are and "catch-up able past not segment's catch-up These estimate in in to sales $XX occur. were these volumes 'XX largely XXXX been stronger will at XXXX, QX strongest that was they with there due have 'XX our and of finally easing We orders" second raw QX that 'XX 'XX the Power quarters that material expected from expected, the approximately not
trend typical the 'XX the decline will Fifth, And approximately for that to Magnetic to 'XX between we're $XX sales and down QX estimating in account for projections, over-inventory in weakness. channel, in on actuals million QX while compared QX seasonality the expect further differential accounting QX we 'XX.
overall Bel's be few taking industry to now, will factories Chinese due extended in And the our lastly, Year China weaker demand for New an within right holiday a additional days.
a done While year. Chinese in customers our New cost their manufacturers does is that also containment seeing as we're as this is a and shipping being taking measure, it days. contract manufacturing and and comment Year on suppliers few opposed one last our And point result to longer a to
has know, performed the going Bel been year that we bridges One currently, year well kind XXXX, comment, of -- we QX those from this quick were pretty [ over-inventory situation that as that against in a all throughout last industry backdrop. an an And is QX to just operating ]. through
are phenomena monitoring. is more based about, industry-wide is the side this here the little than to hitting at anticipated this on and Magnetic we situation and a tunnel do a fluid in the end we quarter. that bit the conversations So a the Obviously, of light we very anticipate, on talking are see see second Bel
bit we've the other as The through not industry to of as also is confident in rebound. positioned other We're does customers Magnetics cycle last end is will past manage thing in concentration certain be the is, through and the a to thing well this period, markets. gone was noted Dan our in earlier, about is, when little we'll talked be note here, One this down and ability the and time.
recently, gross about do business, Taking at reminder, as our other step EV, a macro commercial such very a remain as which, more of revenue big more defense, markets very in we space. recovery margins. back for optimistic accounts and XXXX, and, distribution looking industrial healthy of with and XX% We our our rail, a air, resilient excited almost niche expect end some
of fulfillment during alternative customers is and really production. to sources comment resources these softer focused X industry and was our engineering finding other in the at on years, the last One times inventory more
seeing technology. re-pivot Now engineering and are customer inventory next-generation we more working with more resources situation, NPI our the on towards growth-oriented
excited embrace bump XXXX We are road. opportunities to and by this the of by deterred challenges year not the the -- and near-term are in this
progress our and our on the on be are for growth continues long-term of focus betterment a We and Bel. journey, to
With that, call to I'll turn Dan. the over back
