Ann. everyone, you, joining and today. morning, the Good call Thank us Julie thank you on for
of and talented families, operate, all communities customers, safety prioritize and diligently members in our In difficult of attention which result stakeholders. and details challenging you working and and I understanding their pandemic. been the to the a want have we deeper results, team undertaking COVID-XX, well-being COVID-XX suppliers the our the response our of quarterly cover we dedicated Before very surrounding the the the of company as and give and a to of discipline our is to we circumstances thoughtfully
protocols in maintaining guidelines our our information employees top and continues CDC We've return alignment and service facilities, ease implemented as state position and available to a practices customers environment for production. with and while full as our to to safe become priority. Our ourselves to established commitment and restrictions a operations keep current is with and both to customers return work best protect continuing to the
to like take the continue is and to our our all other goals unprecedented of to I'd and work the this tirelessly organizational organization Their moment times. members through and as thank navigate so have each across we team diligently to inspiring. and unforeseen who these team, truly commitment
members which tremendous team the have COVID-XX equipment frontline efforts and personal care communities, staff. forth hospitals, protective and for manufacturing work the and local support meals sponsoring and units hospitals time Additionally, business for put frontline several responders, donating and our volunteering for their and to in company, workers we centers, live including
team And gowns. operational the in production this marine their and isolation manufacturing our Wisconsin and shifted of components to focus rapid face shields Dowco during plastic from time frame development
stronger situation organization. We team's all the to are a time incredibly emerging and of from challenging look difficult to of proud response our us as this forward
our quarter. the Now turning to performance in
to disruption of Our first end our we COVID-XX all one for vastly of a and all our positive business first quarter markets experienced markets sudden scenarios, impacted late two of the and in in of March consumer results by that reflection two operations. different are end demand year, strong in momentum months followed a which the related
to business and our disruption. unfolded dynamics first ability quarter we of deliver In by in in encouraged despite of the face are a these decline impact growth earnings the the performance the related sales quarter, our and that
adjusted and economic landscape. the their changing the to operations Our in teams environment reacted with rapidly and alignment models business immediately
positively and operate days industrial marine overall the throughout our the domestic lost end COVID-XX country the markets. diversification shipping the and results and from the certain quarter the helped in and which markets, in Additionally, which in regions operational, we we our MH particularly as serve plants corresponding impacted business in in offset geographic disruption remained
Our to lost due business per of million the COVID-XX. share. first decreased the of $XXX $X.XX approximately associated X% was million prior end to revenues markets versus quarter our and income shipping Net year related or days diluted to disruption all $XX
to in As and material disruption. as previously resiliency sectors number our quarter help plants noted, market the the in provide our continue geographic regions operate of diversity a without
to efficiencies and ability brands plants have one flexibility our plant maintain our to shift like to from and product-based customers. production order to maximize Additionally, service the in another
in operational react slowly us and footprint and environment changing geographic flexibility a to as allow reopens. effectively Our rapidly economy quickly and the
we broad enacted a ensure our serve. the In and initiatives our the needs we of and safety including COVID-XX, response to markets work-from-home were the members, of to providing essential programs shifts team range actions products and and of to applicable, balancing staggered while customers well-being
the We updated established by local follow governmental vigilant and and guidelines are CDC stay to and authorities. continuing the
previously operations governments. have and over by well our been certain we facilities at As certain as last alignment compliance weeks maintaining five announced, with customers state in suspended mandates the with
across executive the were measures we the compensation for of by connection management capital Board spending, financial team maintenance Directors, for team, the with of and members suspension benefits acquisition proactively reductions operations, implemented non-essential we repurchases. prioritized suspension of paused members management including; team on voluntary initiatives hiring, impacted of non-essential a organization, In reductions reduction for the that voluntary expenditures, suspended share furlough certain salaried compensation critical containment cost compensation of the freeze with and all the operations, reduced
to of have operations May online suspended this of to begun during as April have have the plans While week certain come that month production resume or facilities back beginning run the operations to continued X.
facilities to and social health standard non-essential arrangements staggered our to a members and established sanitation team protocol where our checks were visitors strict proactive practices, we'll applicable, screens, limitations and flexible safety necessary. all distancing and have We for precautions work including for continue take for return safety work of appropriate measures, restrictions
the actions facilities lines certain and this process and of capacities. up cost bring and these with levels to in to containment appropriate are quickly financial alignment will generate a expected where place matter product short-term in with measures addition production flex to put a we weeks these in maximize of in immediate online Several the plants efficiencies In of are model increase to to sustained be and these like quarter, consolidating in the cost savings once volume the completed and the with ability level. in back
both we terms have extended distribution and can regulated to reduce also lease for manufacturing facilities and staggered ability have If we where period costs time, volume permanently centers our for remain lease fashion. levels the of an facilities soft a in consolidate we in our
playbook tiered of and took off volume similar We to execute the successfully have Great based reduction efforts cost Recession. during levels including a on downturns in detailed prior
we markets capital and our strategic environment return prioritized which the is cash initiatives. preservation deployment and serve. we and point, paused Given have stability initiatives the liquidity we acquisition and in there until current our and have opportunistic to environment, could and macro At the on greater visibility pivot
tremendous impact quarter, we year As the by followed and first from start the sudden the on we unprecedented momentum had a at the COVID-XX. reflect
as combined investments our were of in able shareholders. strategy, the With part capital return of our majority make quarter strategic structure and in the flexible we traction capital allocation positive the of with to we flows strength our and acquisitions experienced capital and to cash
bars a Goshen Manufacturing, We previously the components City Cromwell of acquisition a SCI of in hardtops, RV and and Indiana-based including Maple market. acquisitions completed doors marine two of metal And the towers, addition for hardwood the market. other announced manufacturer manufacturer boat tow Woodworking, and Indiana-based for ski fascia
These strategic acquisitions value lines continue and philosophy entrepreneurial to bringing our provide portfolio. long-term tuck-in existing are with products high-quality fit innovative two expertise to our an excellent will and product
million million Additionally, we shareholders and $XX approximately in by dividends $X a to capital share million repurchases. our in returned $XX of
the the leverage our had at with cash over $XXX target we was our in which includes right X.X profile net optimal first times end times four million of available liquidity, million maximum. of leverage approximately of under our well hand and At covenant $XX line on quarter,
Now Momentum our leisure evident industrial in the markets and in was to turning both first housing end markets. lifestyle quarter.
of which prior months products. retail of for outdoor XX% RV leisure the XXXX, compared year two shipments were demand highlighting the positive lifestyle lifestyle marine, to quarter On represent and the first front revenues, the leisure for encompassing collectively first fundamental
of In and of first a commodities months a which of housing and our the year strong XX% affordable quarter tight of housing with for with what market. our markets, from demand continuation rate XXXX first industrial and the environment, lower in housing interest represented tailwinds fourth low quarter the two a we experienced quality, were revenues
of each taking deeper markets. and a into specifically more Now our end dive
due and of due of quarter retail revenues X% The were $XX while to consolidated days quarter. represented or was the in shipping finished decrease plant in March RV down the the dealers. sales production lost RV units part latter in million goods primarily alignment still curtailing production closures, to with OEMs our Our in to XX%
Heading XXXX, to same XX% are record first lowest the XXXX, and approximately March estimated to for adjustments in the of unit and retail dating shipments in to and back aggressively period. quarter RV inventories, have unit compared were bringing since the XXXX. quarter XX,XXX the flat XXX,XXX reduced and RV had down pulling out units dealers into while units wholesale we first after had level inventories recalibrated to on of for increase shipments XXXX, OEMs XXXX quarter inventory their of already over slightly second dealer
as being production purposes states. used throughout were health curtailments care Temporary further April frontline dealerships as inventories for certain retailing still certain as in in workers decreased dealer well FEMA RVs the at for month OEM
and orders for many guidelines continued increased dealers For leisure visits, those with lifestyle. interest the saw indicating on-site distancing during stay-at-home social demand online this precluding and activity states timeframe
dealer months XXXX prior a the unit the over significantly production to inventory prior industry's levels retail inventory that the environment last The and contrast of XX XXXX. recession outpaced current stark sales to have wholesale and is
current the and related recession. throughout wholesale levels Already corresponding calibrated low, During due economic from the demand within to inventory parallel excess inventory consumer recession reduction the out, inventory resulting should resiliency position in last a economic wholesale recession saw heading recession, but appropriately drop significantly demand, leaned production to impact recalibration not only the COVID-XX. in and historically and impacted for consumer XXXX to in into of and levels a even those we production
purged are have books dwellings, with period portable, RVs health command demand. capacities temporary its in as positioned their with including units lifestyle testing care retail awaiting and self-sufficient able align uniquely centers. serving OEMs retail delivery caregivers used calibration are to frontline and the sold to functional the and be during ensure community order to shutdown many and facilities
friends for for is environment RV family the quality the means environment industry while in believe COVID-XX well to camping ideal enjoy we activities social extremely together Additionally, an with outdoors distancing positioned and time the being maintaining and post guidelines.
outdoors. With travel get this than lifestyle and pandemic eager the to quality are comfort socializing stay-at-home the the offer RVs independence experience. community mandates and domestic back to in of the and to proposition related quarantine value and addition time in the And of unprecedented Americans ability leisure more ever within
In price low for points historically its over of experience for the point consumer lowest decades entry-level levels rate low market. interest a addition for the two at RVs long-term financing runway RV prices gasoline to in and
side marine OEMs the X% alignment and was rebalance year continuation of recalibration marine with first dealers quarter retail impacted the there in XXXX inventories. traffic was in significant over in of was marine in The optimal and evidenced wholesale positive months by shipments shipments XXXX. traction unit the up of estimated as dealer dealer by two interest retail our the and business to Early continue inventory
quarter approximately to the year Then in represents about COVID-XX which due decrease dramatically the marine X% in of impacted for quarter. business an March full and shipments XX% disruption of in the estimated began retail March generally shipments. resulted
recalibration inventory occurring high marine and estimated aggressive quarter teens quarter. to the were the shipments be in retail wholesale first in outpaced still With first down wholesale unit the
X% estimated represented XX% while million and XX% per our the Our increased content marine approximately $XX or the consolidated quarter in revenues sales, in unit of our quarter. an declined
operations we retail saw period operations resume that a OEMs RV of in the quarter into year the time OEMs of April, March the but second to of carried represents have for full month they almost Like shipments. been marine suspend XX% as late quick
COVID-XX water of retail is orders from that boat outdoors. long-term for of RV and recent environment. ideal awaiting the anxiously spend remain intact and fundamentals and similar marine a the value time stay-at-home post anticipation The quarter back to shows indicating there sold getting are backlog in the the with their boaters on for escape boats And to first market the proposition families are industry the
occurrences. month RV relatively interest COVID-XX the states XX% the April the retail marine to April, units shutdown those orders approximately of summary estimate was both had RV and that particularly the In entire health-related retail less and down despite and and in restrictions marine for for We in as during month. less well sectors and nationwide the stay-at-home of XX% traffic resilient month
Now turning housing. and the experienced the the of tailwinds housing demand our XXXX a rates interest housing during and of low positive quarter pent-up to business side of with majority XXXX affordable for out both market which first industrial coming of and tight
experienced while late disruption inventories. sales in due our X% X% revenues or units first reflects some in over goods the wholesale $X million OEM March total production certain first of in an were COVID-XX increase housing XX% shipments. finished quarter of manufactured to states and and Our in from represented estimated shipped XXXX MH quarter unit the increased
However the supply steady as the of manufactured facilities our of production whole our alignment to maintained April as in brands base businesses. customer chain operate part essential the a of those a and housing-related continued April. with pace to during reduced and of month albeit industry Most throughout also
expected The and for patterns. of demand intact to demographic to indicate demand Pent-up affordable remains created XX need the population olds. housing attractive be growing the to continues strong trends year XX increasingly and quality
industrial first promising X/X roughly our which average XX% average-built overall Revenues XX% the of point COVID-XX. the the to With an in MH price price of increased future mix compared X.X home growth in market represent unit quarter sales our of business continues year. an to at post our to to MH prior stick-stick-built the
the the for supply benefit partially homes New existing to with increasing of housing starts tight year through XX% and continue extremely their first rates months rebound attributed drop the in the a two sale. of mortgage
growth a we month to housing compared year. of housing by saw and the prior COVID-XX also still starts of in impacted drop March were but New in new starts, mid-March with the for positive X%
quarter the up For new starts housing XX%. were
new XX% new XX% generally XX%. XX%, region products to quarter housing with the up a into while XX% housing unit are Single-family Our and were and the starts starts months. housing go up the six West the up the four Midwest in up rose multifamily last to starts the up by XX%, trail Northeast South
was high-rise institutional is and side on of the the industrial primarily also first our which in strong nonresidential The quarter. focused construction business hospitality commercial furniture markets
historically housing for as in by housing impact the single demand standards in multifamily into its strong the both credit tightening evidenced demand industrial manufactured do an housing first starts demand the continued surrounding to housing and and in Fundamental and market. short-term. strength quarter, translated our unemployment expect We which increase for negatively has uncertainty residential
to second between RV wholesale this summary, time outperform of we the with quarter, shipments In frame. sales in on anticipating April for side no leisure are during unit and both wholesale lifestyle business be virtually our and to down the retail and marine production XX% XX% shipments
be inventories and for and balanced preparation RV believe are marine balance inventories calibrated year. model will the in in XXXX We
assumptions the to wholesale and RV full For wholesale are our year, based XX% to XX% units being shipments XX%. marine current being XX% down on down
the the full side, new starts we anticipating to year. the XX% and for be XX% On MH second shipments XX% industrial housing both wholesale XX% and down to are for to quarter and between unit housing
we we demand to model While leverage the align short-term in high flex patterns. we customer manufacturing our see to shifts and as cost end disruption facilities variable are demand with to anticipating have all markets, significant of our and our ability
fiscal of quarter fixed withstand cost end assumptions the eliminated annualized in approximately discussed. combined quarter. actions COVID-XX already year. expectations quarter March enacted year effect based and We takes with measures impact of These overhead, for the second our late second proactive on recently as full position in containment the financial We to and current million have us and the our at continued taken of in $XX upcoming which well and extremely the XXXX April the assumptions to calibrate
Josh, now turn some who comments over I'll our performance. call the on to additional financial provide will
