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quarterly year-over-year increase was business. The Energy by driven growth in volume in Kinect our Services
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aviation year, a full profit an or X% gross that's of million the million, increase record $XXX was compared to XXXX. $XX For
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will also the meaningful transaction, announced March. our while and further We And general not which expect any global this we enhance close acquisition about results, impact first to platform. quarter business on UVair have will remain previously aviation in excited this
expenses. when first stated, excluding the expect XX $X.XX one-time transaction, months, $X.XX transaction still we this As accretion from to in non-GAAP we announced to be any this acquisition-related
sulfur generated gross of XXXX. highest or million, gross $XX represents standard Our transition marine quarter an high was level the that's quarter profit the results activity, to marine quarterly from related the fourth the fuel fourth oil. part The to low by sulfur profit of resale gross million market strong since This year-over-year. increase segment in of XX% driven year-over-year increase core profit in principally IMO to volatility $XX related of new significant and
was marine million year, or $XXX million, of XX% full increase an profit year-over-year. the $XX gross For that's
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estimate either Again, gas of or regulations to sulfur fuel the that's now XX% quarter be up oil, approximately with fuel from XX% the first place, will in sold marine we IMO oil in be fourth quarter. nearly in the marine new low that
profitability the for and low sulfur again oil quarter opportunities fuel the over oil While in gas we weeks, compared prices today. unit sulfur price strong XXXX. several expect these first the substantially and of remain marine significant This to the than first therefore, the declined results for year-over-year reflect high unit improvement, quarter, have fuel should past oil higher price provide marine to drive to
to-date which our not not meaningfully to by impacted impacted of I and be effects meaningfully aviation do our been regions, contribute expected the the most as are should mention marine overall for to coronavirus, the that notably profitability. quarter expectations both have first
We situation now, expected results first again, continue any impact But monitor are immaterial. be closely. as of quarter on the to to
million segment offset and land by Multi $XX was of reduction the growth Service. North in or driven conscious X% a which year-over-year principally activity America, in principally gross by delivered a trading activity fourth Our supply government-related quarter, and that's profit in million in decrease, $X
of X% land fourth generated And full quarter compared A of million, XXXX. portion $XX.X land in the was that's $XX for profit million increase the of year-over-year. from the profit or gross segment increase Multi Service an gross X% was an million, year, $XXX to that's by
the Looking segment quarter profitability the expect quarter, land generated be we generally of of XXXX. ahead first a profitability level to consistent in the first with in to
billion, full As the for earlier, to increase consolidated X% year compared or profit was $XX I and mentioned million gross $X.X an of XXXX. that's
tax million shortly. bad compensation lower expenses, effective Fourth expense, year-over-year. XX% share expenses expenses principally rate, quarter, Operating million performance excluding I discuss incentive than to $X significantly by up higher will of million, detail the were debt taxes more approximately stronger expense. part resulted XXXX, anticipated. driven principally of $X in $XXX in call, by earnings on unanticipated than per driven than were a was quarter which this our fourth in in last operating expected an increase related from forecast which stock is
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mentioned, While points fourth XXX we expense I our target our did have impact by the hit reduce quarter not just would target. we for the ratio our expenses of operating hit the basis to excluding year,
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for was the EBITDA X% million of and the quarter fourth $XX in quarter, XXXX. up Adjusted that's fourth $X million
greater in initiatives or increased For growth year, compound up adjusted liquidity the provides also XXXX XXXX. million that's since and our additional $XXX and increase financial from full Year-over-year XX% us support strategic $XX and up EBITDA million, with opportunities. EBITDA annually XX% adjusted to investment flexibility to organic
up adjusted Adjusted income year-over-year. quarter compared $XX income in from $XXX million, that's year to fourth was million, million, from operations up was the or $XX million, XXXX. full operations or And $X XX% XX%
terms of fourth $XX the rates decrease decrease million in of the a expense was to first and amended overall interest again, in decline improved the assume in resulting Interest I fourth the our million to facility. a be compared under from $XX benefits to, million in and in of expense a of borrowings, interest range recently quarter extended XXXX, banking of XXXX. quarter $XX the $X the would quarter million,
impacts, rate quarter. in effective our XXXX, the tax anticipated going below quarter various I projected we a way in fourth only to XX.X% or moment, actual of the which fourth Because as X.X% describe will what fourth obviously of was quarter compared the which is in into
erosion effective our been base rate effective XX%. this in impacts, anti-abuse The these approximately of issued regulations principal to tax our normalized related past Excluding December. significant would quarter the and fourth in have driver the tax rate tax reduction the
able reduce and which our and tax for these result, some quarter a the XXXX, with and we As expense significantly us provide were XXXX fourth full continuing should regulations year also to beyond. benefit related in the apply
benefit tax rate. in further a We reduction additional also in full of in effective discrete the realized quarter fourth fourth which items and quarter, year the resulted our some
For XX%, just items year, XX.X% also our while to rate is effective the approximately mentioned, compared the normalized XXXX. only after actual rate tax tax effective full in was XX.X% considering our
effective we the benefit with rate look XXXX anti-abuse below our to planning that we As and when forward base will have related regulations increased full progress in combining XX%. year erosion tax on XXXX, tax the confidence be to opportunities, our tax latest
days, billion our $X.X Although, XXXX, year-end, testament to our to up management eight at balance businesses. a trade million compared overall net focus receivable total approximately was cycle was accounts flat across solid our $XXX continued working our effectively on capital at
cash XXXX. balance quarter sheet full million generated to activities the and flow $XXX increased the million overall reduction year, position. liquidity for million highest XX%. our further fourth since and of level year, our stock up to million we during nearly year, Through representing free $XX contributing our in the debt, additional repurchased we of a and our flow operating shareholders, return cash by was flow quarterly $XX And to stepped of we from And the our cash common for in value strengthening $XXX free efforts dividend
value will look always to growth top organic dividends. priorities, through and be to buybacks strategic will shareholders our investment Although, and our continue opportunities we also to return
cash XXXX closing, World strong in for our delivered but profit, of was flow. fund reduce also repurchase adjusted debt, So cash We Fuel. We a increased used gross and year to to solid the share activity EBITDA and operating generated dividend. some increase
business XXXX. leverage X.X% by grew of their increase in managing rate driving operating marine XXX with our growth on materially at annual profit an only job a points ends working, focus basis while done The compound P&L. our to greater a to XX% the marine margin in contributing lows Our the operating team great in both the operating on end past marine the of income is since A gross has rate. from of rebounding is our two expenses over years, testament XXXX
for UVair greater to to over and look and invest to year, sufficient to we room we global strategic drive sheet With such investment laser-focused As our profile, long-term our to and XXXX, shareholders. the uncertainty, we will look than a value our capital will, the economic team allocate continuing to to for dividends balance on more strategy despite buybacks growth. liquidity and opportunities, look therefore, continue our remain of with to for continue have as profitable growing strength advance course
to to our Q&A. operator you. turn I to for would the it up Thank call back now over open like
