along you, to Thank to extensive supported disciplined with ability in everyone. us and capital support network distribution morning, leadership. and opportunities deliver positions Rick, allocation our sheet, markets. well confident our to attractive end good We and value balance in on approach to by stakeholders, our strong innovation remain all This, capitalize growth our
our aligned said, expectations. results were As first in with our quarter, the Rick
for at $X.XX the of the $X closer year. billion, per $X.XX down $X.XX. XX.X% Looking compared which first from over was in from EPS just last last was per the numbers. to decrease share, sales were Consolidated $X.XX EPS Reported expected quarter of diluted as share, was year. net down Adjusted quarter a diluted
net Professional Ice products. down the and first construction products million, and was of and underground segment results. ground quarter year-over-year. Management decrease were $XXX.X to lower This driven XX.X% was by specialty by partially offset mowers of primarily Segment for shipments Snow Now and golf sales This shipments and equipment. the zero-turn higher
last product million segment last partially earnings volume, primarily Professional The due expressed earnings sales, to a were to net When million, the XX.X%, percentage for first XX.X% segment mix. was favorable compared change from lower quarter the year. year. were for net by offset of down $XXX.X as sales $XXX.X
mowers. products. Residential partially last walk and power quarter net was portable to driven quarter This were snow decrease to mowers segment power million, were of million $XXX.X segment $XX.X compared compared the by sales for $XX.X million, X.X% by was of and lower offset shipments shipments the earnings for year. Residential last down primarily year. higher The first products zero-turn
X.X%, largely net as product expressed last was compared sales, for When were The to by earnings a XX.X% decrease the year. percentage segment driven year-over-year mix. of
to Turning our results. operating
primarily year. product mix for to same gross product due and Professional the last compares both adjusted for Residential the segment, the was reported unfavorable XX.X% the in favorable by Our This period both XX.X% to segment. decrease within within mostly offset slight margin were mix quarter. The
compared net a period same sales adjusted period for volume. X.X% quarter and the were on X.X%. to This of was was as adjusted the for were XX.X% XX.X%, quarter sales SG&A basis percentage the increase These primarily an Operating of net a same expense, sales net in to basis a earnings, as lower last and reported both, in year. XX.X% by on the driven percentage last year. compare
Interest current period. XX.X% quarter tax first The compared a rate recorded expense This quarter average by tax due primarily partially was favorable higher offset benefits with the interest $X.X reported $XX.X compensation million mix up The increase due rates was higher year as borrowings. The last last for XX%, effective excess stock-based to year. geographic and year. of million, was average for from primarily tax increase was to for was the outstanding more in the earnings. deductions lower
The primarily the last by adjusted first XX.X% difference mix driven the year. earnings. compared year-over-year effective of geographic rate tax for was XX.X%, The quarter was with
levels channel from Turning to our was ice mowers last driven X% and to productivity of and availability billion, year. timing Inventory balance zero-turn enabled finished more by improvements. $XXX.X year partially This our XX.X% was were balances, was and driven compared to receivables shipments component offset products. by million, $X.XX up payment by primarily mass terms. and a sheet. This management working primarily ago, Accounts up snow higher by reliable goods process improved
a ago. net and were million align the to cash heading primarily XX.X% our use in season earnings. to payable by in lower year flow compared levels needs working by material actions $XXX.X spring down and Accounts Free a was quarter demand, million, $XXX.X a cash. primarily reduction was of inventory the This to additional production driven into capital selling purchases. driven
reminder, a typically is our second our flow year. of the the majority As fiscal in generated half cash of operating
strong. Importantly, our sheet balance remains
ratio Xx. along sustainable in continue target the with range credit financial long-term our fund a drive to the debt-to-EBITDA gross investments X of We that provides growth. to This, to ratings, investment-grade flexibility leverage
both Our returning remains to goals. organically with to share approach unchanged, include to drive investments strategic acquisitions, repurchases growth, through our and in allocation dividends our cash and through maintaining leverage priorities capital long-term business and that shareholders disciplined profitable making
$XXX our we over manufacturing flows. fiscal fund and expenditures as reflection future fiscal product advanced technologies well We of through is new priorities capital investments, our are to as X% to XXXX. XXXX, growth, support for in acting a increase on capacity these that financial cash in million and payout confidence our plan This the performance have dividend regular of in
golf for the and of In continued from our to substantial we order in we fiscal strength expect specialty remainder the our Professional As mass look and channel. products our from the year, and construction and benefits backlogs expect expanded segment, ahead benefits underground Residential grounds demand our equipment. in we segment,
by in drive these company driven patterns. made increased fiscal from open the taken actions the the basis, slightly order year-end, total at orders increased to a XXXX we've balance seasonal we backlog during driven For order sequentially businesses, reducing output. our billion progress $X.XX slight On by quarter,
a basis. is year-over-year Our backlog lower on order
assuming being see our in opportunity care weather Spring long to field are first products, levels. we with Our seasonal normal more appreciable inventory a patterns, reduction meaningful
elevated of snowfall products, management this we will inventory activity channel and the snow heading next For season remain anticipate ice lack given winter. into
shared and visibility, and on guidance, full based adjusted last backdrop reaffirming this current call. sales are performance and net our EPS we quarter first the With we earnings on our year diluted
low expect QX company total growth single-digit and being net to sales QX larger We our continue quarters. with
For at to rate average. the a lower net the than grow we segment, Professional company sales expect total
net higher at the expect Residential segment, total the For rate a sales average. company grow we to than
profitability. at Looking
expect by margin, slight to a gross we initiatives. adjusted driven year-over-year For continue improvement, productivity
continue We levels. by we expect inventory manufacturing and offset care be Residential will as contractor-grade rebalance equipment this long inefficiencies, partially to
net earnings, sales. percentage as adjusted a to Turning of operating
For year. the over improvement continue last expect full to we a year, slight
both be expect margins the and to Professional last earnings also segment higher year. Residential We than
a We to as higher expect compared of incentive normal category expectations expense, more fiscal to the result our reflect for a to activities compensation. return other XXXX
to continue the expect that, of diluted range adjusted $X.XX. full to we With EPS $X.XX year in
we depreciation expense continue an tax rate for adjusted $XXX about of to and $XXX and of effective $XX million about XX%. amortization expect about Additionally, of full million the to million, interest year,
to total quarter the net sales company Moving anticipate higher similar XXXX. year-over-year. second We fiscal be of to slightly to
with same anticipate expected our a quarter and of dynamic present The channel this dealer this reminder, for we our inventory focus in contractor-grade businesses of XXXX, a We increased benefited is by mass constrained expanded will fiscal from driving incremental output more backlog. second on of than distributor our be not benefits year. following from the order As supply. zero-turn mowers, retail period elevated and offset replenishment
mid-single of comparison XX.X% Given strong Professional sales growth. be expect these second down for digits, last to on considerations, quarter year's of net segment the we top
the same segment to We last be net expect low Residential year. mid-XXs, the to period for quarter second sales compared up to growth
Looking profitability. at
quarter, second demand some as the adjusted same we total For company mix align production inefficiencies be to This last margin lower trends. our expectations to the for reflects than period operating and we anticipate year. segment continued
We margin margin on expect the Professional segment year-over-year. higher to And a year-over-year the lower basis. to Residential be segment earnings earnings be
quarter to last adjusted XXXX more Overall, in diluted with results second results. record we fiscal expect XXXX EPS and XXXX lower year's and meaningfully than fiscal our be line
We continue to our build growth. business profitable for long-term
with new prioritized that be deploying discipline, will key help products we and capital address are We that and technologies our market in investments customers believe trends including successful.
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