good And call. joining morning H. you, us Thank everyone to on the
second reported challenging business highly a fiscal we a morning, XXXX for the earlier in Insteel disappointing quarter environment. As this proved period to be
weather competition inventory of period. the conditions with seasonal Our results in in higher demand, usual many for the priced were of cost the to all-in across quarter consumption adverse markets by prior addition and impacted our unfavorably low purchased import together
competition from out stretched share earnings XXX Shipments wire of by due at came by the adversely have customers, with program. in Shipping a primarily reinforcement but $X.XX volumes are and the in quarter sequentially proceeds period. Excluding the PC delays ago. on also Section the our measures the quarter depressed related standard level from non-recurring QX, which over an strand for year-over-year fell the rebalancing of resulting XX.X% weather-related priced year an XX.X% the tariff insurance taken our to $X.XX inventory rose affected compared import many resulting extended construction and businesses claim, for low gain per welded to
due due to our are to greater markets was material in overall over pressures. up sensitive import-related consumption year-over-year in a reduction which million margin were the and first remainder a to points the X.X% lower reflecting the year basis rest quarter ASPs XX% primarily to cost the fall. together quarter Gross implemented decreased X.X% the sequential the competition in of last discussed a course down the the made raw on in in which $X.X response extent but margin in raw of import XXX drop we've decreased tariffs for The As levels. prices lower have surprisingly offshore producers by relative calls, that to the basis, fell US only reduction I Not domestic to significant basis our higher on due X.X% peak for cost driven costs are with with narrowed spreads cost material, the to the by from in occurred quarter On by combination of $X The provided susceptible ago almost recent associated gross were world for ago material. rod, for XX% the markets a and wire for spreads material the earlier. with shipments. ASPs quarter accounted that the profit escalation a hot-rolled steepest gross and increase most alluded falling competition, shipments. in higher the purchases to year material total we last million X.X%. down shipments, the QX from of from the XX% substantially more accounted first the which costs, Average and year for year business narrowing the incremental in raw costs market manufacturing dropped selling XX% resulted the to for off prices basis increase than competitors than primary spread higher XXX the steel sales while from raw spreads, the driving exceeded from compared of The our first points increases those in reflected the quarter which series shipments a of the contribution ago, to advantage as over a was combined of that down offset from up in quarter pricing were decrease provided from from the most in run year-over-year component import for business. ASPs of to gross cost, reduction the the the the profit quarter compression
and surrender at on electrical Going in insurance the changes quarter million from the consumed outage incentive $X year value the claim $X.X related this rose from weaker benefited forward, price August. I which current as facility market. year-over-year expense should insurance Dayton a year from the referenced of proceeds income to last policies, financial million million from cash the quarter the plan, in for recent gain are a on fire primarily $X.X benefit relative our transformer the a the in fell earlier we by Other from by lower compensation more driven SG&A due life the gradual year inventory. to ago costs rebound reduction these our in capital lower purchases results under a expense driven return for
previous from lower new Section to impact this last rate of of deduction, by the $X.X the of rate book-tax year through the benefit the provided same XX% XX.X% The amount. domestic Our three excluding effective net rate under deferred XX.X% together tax gain production effect tax in differences. XXX reduction the quarters for XX% in plus the all remeasurement for year, as the law first the the changes permanent the the on the prior reflects half last year year, period with tax dropped to year, only of to million the compared elimination from statutory of
level our provision Looking future assumptions ahead book-tax to to the calculation. currently for we earnings, expect of differences related remainder in XXXX rate the XX% and to XX% run effective the to range our tax and entering into permanent to year, of subject fiscal estimates the other of adjustments the
million of activities a due to quarter the $X.X working the increase $X.X million used quarter represented end and shipments inventory of in sheet largely compared months our end Moving second payable accounts cash position in capital accrued cash accounts and balance million increase in Based inventories. a X.X statement, and to flow forecast, extent quarter. that the receivable by was to sales months lesser first reduction a million X.X bill on the at in and $XX.X to QX operating expenses our $XX driven of
to cyclical As to ASPs third well quarter during QX If about beginning sales, improve to impact end of carrying lower and and cost continue manner. to shareholders our growth consumed to sales should allocating focus quarter I maintaining our to cost that reflect flexibility, provided on were fall was financial average flow productivity, capital as not material value QX margin reinvesting QX in the objectives, of inventory three and lower the the above adequate greater in to as as margins of do the our returning cash to quarter pro we at business gross end nature a have would extent. of favorably which inventory, our indicated the reported cost and and balance, a cost cost the the disciplined for managing than is the points for in strength unit the come lower earlier, we forma basis XXX the business, level. In
from million any focused expenditures half cash Going in balances. year the forward, deploying a financial in initiatives and will addition the of us and availability improvement borrowings cost we credit leaving down of in million $X.X facility these $X.X through last million balance to and excess needs. totaled ended capital of on Capital with on year recurring revolving maintenance first flexibility. million million, the $X.X and ample year million outstanding $XX.X cash of $X.X $XXX with to continue hand productivity objectives We
the Florida leading have bridge favorable should or ahead workers support and funding revenue. considering construction, indicator earlier remainder occur registration the benefit contract hauling markets for higher the is facilities. to introduced books extended larger implement new of expect which likely Considering XX certain the business ultimately or impact as vehicle contract encouraged State recent are states levels conditions In construction lagging reinforcing programs, construction. construction taxes demand filed increasing usual are of number our fee XX a We also electrical gradual Looking with of however most and sectors and by for to deferral such pilot to all market Carolina. labor in be our order the to up proposed while by one driven time to generate We're fuel for which also the any of products. a the Texas, markets improved lightings operating impact in continued continue at at three after customer’s the over our for in construction fees and in year, any of studies transportation year, as factors should an in months infrastructure in trends other to reflect year. growth from continue low, to seasonal March, recovery. through others have weather-related pick favorable and of types awards from the have North our the costs states construction Several more lower unemployed legislation first user of period. and legislation an particularly Lightings utilize the and ongoing we expected tightness mileage-based highway is states additional end our growth
package extensions to the XXth, the the up year and in previously an eliminates had increases the The another for Act $X.XX to remaining full on project months highway funding spending XXXX. legislation from receive authority, and bills $XX.X curtail of fiscal cloud federal Following threatened FAST of funding, federal the short-term allows commitments nearly five provided under history, Passage additional of were authorized X% government of supplemental the in shutdown increases year and billion finally fund. XXXX provides to longest states February new their billion general as for funding spending uncertainty enacted. spending US that for including the
most The of over solution the and funding Indexs, an that can Trust be consensus a President leading recent that somewhat Dodge have provides billings to non-residential for infrastructure Congress hopeful permanent reports deliberate As the indicators construction and Momentum the Highway we're the Fund. been revenue reached a details package, mixed. building to for architectural
for close the report, fluctuating XX leveled healthy indicators The projects March, The remain to enable fundamentals out its to and up that Following call future to all average to planning that three turn monthly been support year. to for remain last another within three-month the non-residential public H. near-term. positive. that indicated and since over the continued many levels relatively a in was activity to of contraction market have year-to-date narrow back the fall, The estate XX.X Dodge real weather-related reducing month increases, relatively leading indicator XX.X average now may same Dodge from recent should period ABI latest consecutive X.X% I'll March year. Momentum for prior last building as for the XX.X range. In indicated dropped has somewhat compared growth last AIA of Index, construction
