also valuable to will our operations conference welcome our fiscal a be XXXX of a want such, Ray key Bibisi's and, Recently in our President, in promoted business addition Welcome first participation play calls. next strategy Margaret. the generation as call. to you, will call. our to role shaping Thank to Ray quarter quarterly I and
first quarter, reported sales we of down net $XX.X the million, For XX% year-over-year.
our been of slowest to lower shipments more anticipated, While quarter. than the $X in million and largely orders sales delayed were seasonally period, customer always quarter first due that were the has than
be next we quarters. Importantly, these expect will were few canceled, over the not and they shipped orders
us our cost recovers, will period. this rough lower Fortunately, and even structure help our helped the profitable us weather to greater reduction market return When benefit yield initiatives cost growth.
the starting early the CapEx and to on for It feels so the signs be some Turning made sluggish we like over fiscal market. to reversal low see ice of from spend challenging. finally 'XX We're overall year. might activity that experienced the CapEx thawing a downturn
reflected welcome expanded Important this dramatic is which in related a to relief our networks, from seeing year, for to our CapEx nicely telecom indicated X%, with a of up of XXXX to spending and densification companies' aligns decline we're CapEx XX% more RFI, spend As guidance of offering. increase wireless the last business. product the XXXX in CapEx
line Even gradual million meaningful been will progress We're cell this for growth believe on began have which the a efficient carrier The a led our leaner better, This power. January products, We backlog, our now compared at but up we convert being purchased has X XX. primarily orders that high-value cooling carrier this to substantial ecosystem. the resumes. to will stands increase staying in $X.X and operation to impact in multiple and become purchase pipeline XXXX that shrouds, be recovery made which as February. normalizes are $XX.X by customers quarters, this in a CapEx profitability small several projects, million, and more our is into spending to wireless has have quarterly in in thermal many top encouraged solutions orders increase new in DAC sales like Tier
Our not just for master long optimistic master for execute, With infrastructure moving particular, this signed the large result and just XG as in not we plans, diverse backlog a we'll customer, continue in we're in geographies, means with multiyear that agreement repeatable customers, RFI. across phase business is remain of orders to One of term. we agreements. customers that's This long of build have customer, comprised the for their order beginning long-term multiple deployment but needle. and XXXX first of a as of this one place variety is updates. the growth With several will program a part
from to a portion benefit that well to end systems thermal funding addressing CapEx customers, believe and upgrades us a updates peaks to budgets been hard RFI with and part our by annual solutions and products presence capturing and of market-specific. carrier's of CapEx- budget positioned separate successfully out maintenance a the with It's greater solutions also and important have relationships We valleys operating strong DAC another our of cooling our their diversification that from We've CapEx like versus isn't projects. build helping smooth is of that are carrier We CapEx. note and working that some maintenance budget. carrier source and are of maintenance align
XX% education of energy, year, important as manufacturing, outside hospitality, note medical. also end carrier and It's our to such diverse wireless that sales of markets from applications, safety, public last came
with we're addition, meaningful and customer into to over business develop including companies, carriers cable telecom explore opportunities continuing that markets time. new In could segments, industrial wireline
telecom and continuously carrier we XG meet on coverage. towers, macro they said wireless for XG the improve on competitive, speed before, on customers densification. focused stay for network infrastructure also customers' I've our sidelines but As so only could to are Not need and stay that only long. To expectations the strongly felt they to
gain customers' demand materials, market, a to leading-edge our us Integrated selection having To of products of meet high-quality next-generation and applications. in of they systems. and This interconnect percentage offer by now the need and Systems larger made our a can both pent-up new investments for significant in product we telecom key integrated products positions line the broad bill
In and by of drive costs high-value products, plan addition our synergies to facilities. our to expanding control year, the last further we our portfolio over executed consolidating
we did in expenses potentially during end $X to million, work annual the fiscal remarks. underway by XXXX. have Ray his by $X.X million annual reduce initiatives by year other the provide details of another XXXX our expenses reduced While more will we
oversight in In as promoted work and XXXX, progress. in Operating very we hard Chief great this him Officer, his outstanding and leadership, our I'm achieving was accomplished our Chief confident that to February, go-to-market role through will operations strategies. his Operation shaping -- on our the expands make Chief Officer. beyond promotion the This greater strategy, dedication leadership team, operations plan. a contributions business deal we next and instrumental Ray to of President Ray, strategic at Recognizing and to of significant Operating phase for go-to-market RFI include our
XXXX, about prospects. we're optimistic Looking future our to ahead
highly a with a product capital-light model have position strong a competitive We business operating substantial attractive and portfolio, leverage.
QX sales incremental sales what begin from With to discussed earlier. should the expenditures sales, any expect As shift you've heard significant know expenses, new mix impact P&L line. we say to we today, our we flow a reduce before, we a as in as pick capital or either favorable over the have that that up, substantial me better on benefit we as QX order to can bottom Plus, increase leverage from higher sequentially product I both. margins, see flow gross
all employees appreciate also thank the to the who through want for set future shareholders improve of patient success. support. diligently operations company I been I to We thank downturn. worked and to have our our up our want who your
Ray? I'll Ray now call operations. Bibisi to our turn the speak about over to
