And morning H. everyone on joining us call. you, Thank good to the
many As to was below expected downturn exacerbated of quarter be our earlier Insteel shipments competition well we proved markets the reported wet which largest price usual seasonal import by across today, fiscal a weather for XXXX of the levels. and first reduced excessively as challenging low period the
quarter disposition from of at southeastern share across largest in to net primarily in fell current assets the in $X.XX of in earnings share year of the and prior-year, referenced southern our construction XX.X% sequentially liabilities assets compared year gains came deferred Shipments release the and remeasurement earnings QX to regions weather-related the our market, a year non-recurring in last and a the due from and XX.X% the tax per related with delays for $X.XX Excluding diluted and ago. the Texas, the country. fixed
were volumes program. PC has strand continued by a the XXX tariff in particularly shipping which Our impacted been low-price also facilitated in Section imports, adversely by our business, increase
calls, to competitors As significant domestic has strand on material, steel wire provide primary advantage tariff that US hot raw market world the offshore relative substantially served cost with prices rolled previous we've producers a are our driving rod, conveyed above for to levels.
import quarter year plan profit return the the most lower the increases $X.X ago, fourth expense $X.X points, the segment profit compared by to the current under year-over-year driven million $X.X costs. of polices. expect, expense slightly financial the a would unit driven primarily markets higher life the up the with a surrender you compounded down the we've million higher The in implemented a drop factors, weaker cash raw ago, commercial the XXX and on shipments to costs. was insurance value was response the year material production for and the to raw sequential $X.X escalation gross from a by strand gross Gross costs price reduction in narrowed were in post-tension million decline the volume. from margin by manufacturing reflecting margin relative ago is As year. incentive same fell subject shipments policies the in These year. competition. value additional capital million on our lower pronounced last increase to offset in compensation PC in as quarter the costs SG&A basis selling points million fourth to of On a due basis, fell this for and decreased our in by from gross Average XXX increased were year basis due from the in changes material XX.X% results year prices from the the market quarter where the for $X.X partially and quarter rose series the off quarter of
As we is million flow nature non-recurring release, on million gain cash assets as income operating flow of cash adjustment retirement the reflected statement. indicated the on in reflects for quarter that a the was the other fixed $X.X $X.X to an in net our of and
XX.X% in rate for lower effect impact of the a the the XX.X% rate Section benefit the ago, to prior-year net under old tax quarter of amount. the on Our $X.X of plus all only reduction previously statutory year, the elimination law. versus year year of quarters XXX excluding rate to effective remeasurement reflects deferred gain from the for the by the million The dropped deduction this the production the domestic XX% three provided tax from last XX% tax
in run and to the of changes the into our adjustments to XXXX, at XX% level entering currently and Looking future our provision estimates to subject permanent the effective the of expect earnings, tax fiscal assumptions XX% other in rate related differences range to tax we calculation.
driven in sheet balance reduction payable million accounts and a and cash used a flow and operating statement, of activities cash inventories. accrued to $XX.X quarter working in increase million bill million that first $XX.X capital expenses the to our by due in $XX.X was the Moving
sharp You quarter of ended raw material we may of had an as largely QX. our replenished a the inventories to payable purchases million depressed previous $XX with elevated accounts increase the that levels we in due from balance recall
and second to payables our QX the Capital inventories represented increased million. material to as totaled QX particularly the the unit quarter during shipments. sales, the Over cost consumed. during reducing a manner. X.X beginning cost allocating our for the and quarter returning on the our reinvesting cost maintaining up cyclical measures, borrowings focus in from addition during to year, of months managing were last quarter-end improvement and objectives and primarily maintenance quarter, to of We implies average improve our hand quarter, on on growth could focused higher of in months million fourth in outstanding our inventory facility. for compared we ended Based some balance and cash debt we experience at margin the first forecast, The needs. million free financial expenditures with initiatives sales the of shipments capital pressure of cash $XX.X course our on that slightly no on flow strength inventories quarter. our – was disciplined the higher due business, we and the weaker-than-anticipated costs the nature $XX.X cost our flexibility; with In to adequate shareholders recurring million Despite and these X.X business than $X.X quarter the back scaled three productivity, by which productivity and to $XXX purchases, December, end credit is
excess will balance and deploying and balances. any cash continue to we objectives capital these forward, Going
of As the this impact. state market in infrastructure as outlook collection the ballot we from business quarter, not begin should also officials rising other to spending to of due ongoing which The supported considering construction become second makes time and The will We catch-up. to to offset move portion recent for flow a on clouded have some authorize fuel remains at measures user play likely projects. lack hesitant and funding our from moderation at bond funding any appropriation in general many business tax greater into entire benefit markets expected labor activity. fund, has over level, higher of such infrastructure-related draws during quarter, outlook the is contractors shutdown it increasingly the tightness in of federal for with non-residential increases, period, extended from remainder a the as an in since the and initiatives year, Federal could tax normal markets impact the the however, fiscal for weather-related growth our and favorable which fund. the the financings our first fee continued shutdown DoT year of highway uncertainty benefit to the the and local deferral although trust infrastructure positive, it with to the the local the cause the occur to from should difficult state
Index, somewhat resolution creating of a However, XXXX indexes The since XXXX. the had resolution and XXXX XX positive through with remained strength. up at building territory November, months expired since federal an the the funding maintained In only operating levels, second After reflecting strong ABI averaged Congress increased to full recent the most XX% on to another Architecture been the the funding month, for leading for XX.X, state on half Billings ABI additional slightly rising the construction the their has the first DoTs mixed, year. received non-residential indicator transit XX, the in Momentum provided has over about shortfall for that XX.X; Indexes a December the continuing government off highway for year. Momentum in continuing in was of XX.X from and start, the has allotments. Also, of Dodge year, last getting XXth reports consecutive roads moderated Dodge greater
this year, non-residential with X.X% both For construction end for which Yesterday, the X.X%. XXXX, firms of projected building the rising commercial for by the semiannual ranging index stronger driven the component for from and gains of years. and on was buildings reflected forecast industrial XXXX the AIA the an forecast with up up component continued institutional overall and released was XXXX, X.X% Spending X% in X.X% increase from non-residential its full the construction year, individual to X.X%. sectors to institutional growth
to up growth. XXXX, widening X.X%, the H. negative projected now the to growth turn I’ll with over For the back X.X% range X.X% to call rate was to to slow
