Thank afternoon. you, Matt, and good
government facilities reflected Each their our customer impact initial of results were down global the operations. COVID-XX business the of regulations as the quarter first to pandemic. many shut Our force during quarter segments affected
month weakening the of intensified our of early throughout April and and May. began of the markets end March, into month of During demand part most in the
of and our product remain and many shut our businesses, ship throughout of our operations to plants, Although were operations idled the open for of remain automotive essential March, most down. month
America, Our affected up, have started production. earlier back than North Asian of which levels low although and pandemic operations, European at in by were the
We have of expect the that been will back May. down time production our be in of during some shut most locations month at
environment, in manage necessary eliminate protocols actions start-up the our capital response have and to In a safety working around provide put costs, to during safe taken capital noncritical place reduce phase each expenditures. at significant the have employees world. We aggressively for the to current operating of our we the work environment business locations
supplies. actions approximately and Our and took global various compensation reduction personnel and locations fees cost including in place, all employees, the affecting our X,XXX of which represents approximately reductions like and board items reduced Salary executive layoffs discretionary spend included across production reduction workforce. office-related XX% travel
the also in the release. current to press shareholders We paid of suspension our quarterly our announced dividend
converting periods, and prior to levels focused working recessionary capital reducing including we inventory have done our cash, in customer efforts. we attention have collection As increasing on
than have we CapEx XXXX. $XX and addition, In less expenditures million eliminated non-critical during expect to be capital
various operating we for believe borrowing next have arrangements. our As at on of expected this was under banking to million several liquidity manage million. the million XX, includes sufficient months, $XXX capacity cash challenging $XX we hand of strong $XXX the This March liquidity position Despite through of and unused period. conditions
includes XXXX, million international which Asia. million and of Europe arrangements Also, debt $XX finance various under debt in under for $X equipment $X current totaled maturities due payments and million under global leases arrangements
The $XXX our notes primary revolving million of facility $XXX term and credit million XXXX, in XXXX. in senior expires our mature of
Turning in now end as affected pandemic expectations. to our the COVID-XX in first quarter positive many sales internal income net momentum We net of March were our financial results. our the impacting The the world. markets and with began operations early year around and key line with began
locations early as cost the in our ago. to million quarter took actions started We Shanghai XX.X% China, declined into our operation first sales first gross net reductions, our which totaled compared where a $XXX consolidation in previously mentioned, the were location Consolidated to margins XX.X% announced Changshu. result, we ago. year a of a with and million compared quarter implement consolidated to in our As $XXX year I
million costs SG&A expenses conditions. primarily response to due were in to to to decrease taken million current $XX a $XX market compared reduce year actions The ago. was
XXXX As a the compared levels sales, sales XX.X% percentage a in of XXXX. net in lower SG&A as were to of result expenses XX.X%
volume. SG&A manage these expenses expect significant we throughout in with as year expenses decline the We reduction the a in
down segments, was year was The $XX interest $XX.X each I the income the million operating ago. income comments. to in discuss first decline X slightly which compared a reflects $X million in ago decrease my compared in year will rates million of to Interest was Operating in quarter quarter, lower in later business in expense expense interest XXXX. in seen to the our a
expected result taxable and compared $X.X to was XX% income share. first various tax be effective of forward or tax our quarter an in the claimed of tax of the a in that deductions result increase items The XX% foreign world. is rate million or a was tax tax rate and jurisdictions carried Our per impact credits year of our these ago. our loss around first $X.XX increase a of cannot expense approximately quarter The and the on diluted income mix tax
EPS lower per and compared ago income sales adjusted and $X.XX, million during EBITDA earnings down rate. the a million higher Our $XX.X volumes on were year to first $XX from the share, defined share per $X.XX year was an to GAAP as ago. due a basis, tax was quarter
$X.X the of operating million to $X.X the in in to cash million XXXX in we used year the lower support profitability positive operating flow quarter. current first the due is activities compared quarter. of quarter, During decline The
sales second volumes. first and generate prior the CapEx expect in We working lower Assembly the flow to and aggressive support positive our in operating reduce free quarter finalizing capital due during and $X.X taken Engineered growth the of segments. from year projects Components to million Products was quarter actions cash during to
spending in operating earlier, mentioned current I have we As conditions. response our capital to curtailed
early customers period, sales demand net a Technologies, continue results. ago. $XXX Turning this in economy, year the now XX% part million, the was of the Many down a global year-over-year. Supply the which Sales which most but were our to which down by year-over-year; segment and the and quarter for $XXX operate truck, to aerospace our decline which from during market, impacted downturn this in key million our was negatively down products, In segment of defense including end markets, levels were March. of XX% year-over-year in reflect in down was began heavy-duty consumer XX%;
XX% the in year-over-year. by was was somewhat which in decline growth semiconductor sales end these offset The year-over-year markets up strong market,
of most line end For until and of in of months the in our levels, were XXXX the this year, production in ahead markets of of declined sales during with month the first March. beginning segment year forecast X the customer
inventory this any cost We lower with not match to aware during cutting In are and in around period supply levels our disruption customer deferring addition which canceling took to reducing of we of place, chains currently demand by are efforts deliveries world. demand. the up
of $X.X the first customer segment was this year-over-year decline net of costs several of in X.X%. operating wins taken new income as in business sales was X% actions sales in pricing. lower margin in XXXX, continue margins locations. we Also, and the trends to to The offset million customer our operating and the margins volumes, compared positive of a segment of macroeconomic downturn in to last and improved which supplier helped due which quarter. in operating income addition, Operating result absorption the half impacted second decreased customer the quarter fourth see up to in the were year, In some
compared to were million Components our $XXX last Assembly segment. year. $XXX million Moving to Sales
months XXXX, line this and result new a business first which segment XXXX. were For increases the in forecast, volume with was of in the our sales in strong in launched X of we
the shut of during in of down, last the However, anticipate plants month a during American of we begin in of North be at May during May compliance XXth. March, closed down what a majority The orders, week the with in June, the state and months production production although the of the federal start in the month sales plants in production slow will is resulting and up our and majority look decline of time North the It of outlook America automotive is recovery volumes continue anticipated. sharp our to quarter. unclear to like this will
million quarter. result These decreases operating year to million Segment margins month the in during began segment and $X.X in shutdown March. ago, operating compared were current $X.X of the income the was first were year of X.X% production, in which the a the
the reductions. cuts to response and in significant permanent actions Also, and actions aggressive included in headcount market of teams various reductions implemented announced salary to operating took Such these compensation locations, all spending. and across furloughs costs. China we plant our reduce one In location and discretionary layoffs employee closing other conditions,
this alone, employee layoffs XX% approximated of In workforce. total segment the
to for confident prepared action believe begins appropriate have We timely costs in automotive production that taken recover. and when we an reduce this and our are time plants global are difficult orderly to during restart we
$XXX and Products first certain ago. in in oil primarily quarter have new new year was the primarily delayed global sales response markets, key to or $XX due our were segment, gas, as end million decline to for In in lower The equipment canceled sales decrease Engineered a compared from the demand million orders a of in equipment customers pandemic. and capital order levels to
and machined On new negatively the positive quarter reduced were demand the products sales such rail for prices, strong, In helping during business, end sales offset and in decline the our of equipment markets our note, weaker industrial demand products by production. as and gas agriculture. were other aftermarket significant oil oil which levels a to in forged reduced our impacted equipment and
Europe impacted business pandemic capital Our by the back early in are equipment in and Asia were operation. now and
the back businesses to We of employees restart in bring manner continue so demand levels these positioned an to efficient monitor in during locations that production. future our are
Operating ago, sales million compared by income the year and million in this segment sales in driven the year mix. was levels unfavorable $X.X lower current $X.X a to
and reduce cost and aggressive also reductions demand took which this lower other levels, cuts. to actions segment in We to in headcount salary included response spending
And was due corporate million $X.X employee the finally, actions from segment expenses to decrease perspective, cost lower were $X in in compensation. reduction expenses year. and last million quarter primarily a compared The to
Before the a back points, call I earlier. I Matt, few turn want to made I emphasize to over which
footprint an in X these task have and of committed basis. past management every off fixed approximately This actions and X,XXX as The in reductions deal over impact teams well million this on full-time each laying the world business the weeks, expenses our the total $XXX as businesses with associates cutting of impact variable and around annualized included at location. Over cost realigning been their global the to downsizing our to of pandemic.
At be down the costs place. quarter And have of the due that certain the in significant time, to operating have losses believe to unabsorbed actions shutdowns revenues we consolidated to we due that will the our expect businesses. second levels incur overall, high we significantly plant this in taken despite taken,
was to Most totaled beginning the strong availability million. working At preserve liquidity. $XXX managing of the our quarter, balances are importantly, we cash second $XX million capital and our bank
we quarter, to capital manage expect from believe current financial bank the through liquidity we the and as working during Although requirements second environment. have our by pandemic downturn to caused this we sufficient we decrease emerge we our have this availability position to the support liquidity believe and
Finally, of as call, the XXXX be EPS uncertainty year-end guidance in of not due impacts providing discussed our will the COVID-XX we economic to we the pandemic.
to Matt. Now over I'll turn the back call
