last sure morning. good and all financial and you've seen materials I'm Andres our you posted details night. Thank now By the
points will focus in on our XXXX outlook. performance I So key the recent of
announced, of we was adjusted EPS of high guidance was quarter As end at our which the to $X.XX, $X.XX fourth $X.XX. range
operating on segment $XXX profit was million. illustrated the total chart, As
resolution While in XXXX, XXXX, as were the profits repeat Brazil. were down benefited tax in-line year items excluding in results not the after did of with from but million such $XXX XXXX, prior in matters indirect temporary that
the profit, average and net-effect $XX profit. Overall, which mix benefit contributed organic selling operating lower Higher inflation to net that cost and million. price cost improve prices and Mexico Volume our Nueva related the to the Fanal driven strongly, million from China million results by segment slightly and and the offset of $XX outpacing added $X U.S., operating volumes. market impact higher the in downtime of volume by impacted is
regional reflects items our XX%, Overall, higher a operating rate in-line and XX% significantly around performance year line, rate the the in year, rate is tax around prior while below a was from operating rate. mix. The with normalized changes of XX%. results Looking impacted temporary last by and up tax were our was more higher earnings which
million nine, and on during little segment operating price volumes. Americas costs which slide to was prior as benefit performance year regional was let higher the more net elevated the the million, $XX a In profit sales $XXX than of me color down quarter. the share from offset Moving
to up while Nueva Fanal, volumes were were X.X% organic Shipments due flat.
America its on digits conditions and continued beer America was growth, digits Mexico down mid-single South trend demand. strong however single down lower of was to due continued North low macro-economic
related downtime. pertained mark complexity, the made operating costs progress While region mostly good mix addressing to higher
headwinds X%, was $XX despite mix of realization, late operating is with January an down in mostly $XX nearly million region's in XXXX, in temporary strong due reflected Europe’s Higher million items. comparison conversion customer were strategy. FX and SAP issue improvement this earnings pre-buying Volumes of to the profit ahead XXXX. but price conjunction from up a
up million there, segment cost $XX down were to the Pacific profit amid prior downtime slightly rebound inflation there from was in were moderate significant but year. region. Asia in the In supply. China which Prices $XX in was was Shipments million, related market down
let to Moving performance. slide XXXX XX, me recap our
of $XXX For reported of free of adjusted Likewise range. the flow approximately adjusted was our which O-I year million, solidly the earnings better our outlook million. towards top-end than $XXX cash guidance is $X.XX,
were on the down illustrated $X.XX chart, As XXXX. in from our results
greater headwind, overall EPS. a rate. and temporary represented $X.XX This items which non-operational Importantly, in was FX, higher tax includes than items the a decline
illustrated business rate: is benefit Looking These control efforts, factors as lower operating related made price offset impact and by slightly expense incentive that Commissioning by corporate $X.XX, performance, lower mark costs. management downtime. of three were costs Higher equal cost operating complexity other chart. of the sales more which cost, offset by on and results at about each and items elevated operating higher than was the are factors volume than up more
source We in cash in $XXX higher this exceeded mentioned, result or of as million at by million we as despite XXXX and AR of this adjusted liquidity our flow million. cash cash achieved position. was comparison, factoring XXXX. a factoring company guidance $XXX rebalanced I our generated flows, Looking By XX% $XX the reducing free of
year. the Working an yet to half as capital an sharpened headwind the cash XXXX our past overall management anticipated flow than year, results aberration. view We of capital second focus this in we better as we working were was on
in flows XXXX. shortly, As significantly we I’ll expect cash review improved
allocation. Let now XX. I'm a discussing moment spend on me capital slide
priority, intend sheet, Our operating strategy balance to proceeds divestitures. driven shareholders. our remain by value return We and our With improve that top from and debt flow same. to said, reduction cash our the priorities fund remains
role cash timing plays the illustrated generation. a flow As the charts, big in seasonality of on
the of The is half strong the first year use second of part a cash is the source. and
of $XXX XXXX. well reduction over guidance. $X of half cash million can As half $X debt second you of second our generated see, year company year. billion free the flow favorable Net to which the the in the from adjusted as cash proceeds divestitures the at Strong flow, of was debt the about enabled billion, during as ended
portfolio continue and we earlier, our discussed program review tactical our divestiture Andres strategic efforts. advance to As
intend MAGMA, we fund While remain advancing be acquisitions to to CapEx strategic while XXXX strategy, our will directed de-prioritized.
shareholders Finally returning value to is our essential.
initiating addition XXXX, in $XXX million to our is available share In authorization. repurchase dividend a on
However approaches divestiture of this or to three will dilution. times be potentially until the leverage impact de-emphasized offset
to I will details Moving asbestos. share slide on XX, more
First, in let me this put context.
related O-I. Asbestos have impacted liabilities profoundly
XX flow. free of cash past cash about XX% adjusted the years Over have payments consumed
While we to this cash company's hindered invest are business. the responsibility, committed our ability maturely strain honoring to has the in
information. X, Paddock’s With shared a action final, liabilities. further equitable has legacy and Chapter January Building definitive establish me the material resolution related filing, been to XX certain on some asbestos taken provide let
are XX the proceedings core Chapter progressing expected. as First
expect now update until a final $XXX we XXXX estimate stands our court in will annual determination. remain is related Second, The with conjunction at did process, we and liability. year-end this million fixed there asbestos our review
was January Paddock the after de-consolidated filing. Third,
For modeling be Paddock’s the the flow in of the section de-consolidation reflected purposes will of statement. cash cash investing
asbestos suspended is all related all companies Finally, flow fund of of cash for the to the shareholders. and decades available outcome proceedings. settlement value XXXX Chapter be in the company the will payments year that pending first the XX free its are
debt mentioned, I allocation our As reduction capital remains priority.
let as earnings Overall and we XX per cash outlook million $XXX full and touch gears, flow depicted and year slides approximately me on share or greater. free on XX. expect XXXX adjusted will be $X.XX XXXX between should be $X.XX Shifting base
XX%. earnings XXXX at slightly is temporary headwinds results, items, below these forgone sold $X.XX including outlook we earnings do X% we about improve will face our or to and known earnings assets. of base from our expect Absent items, While about
volumes a price, from are Earnings Fanal operating net plus volumes flat from continued sales Nueva of cost. X%. and full about or up that X% benefit improved be year will should will organic benefit Shipments X% to minus favorable and
benefits While complexity given advancement these expense the incentives. from commissioning offset initiatives as and mixed refinancing, we more management support the costs, still turnaround include IMs effect corporate to of and than interest Non-operating costs. see some resetting will residual of higher recent the MAGMA ongoing well as costs lower
not greater. no illustrated the the This expect cash flow on in flows, from or will since have to approximately Higher cash represents payments adjusted free lower payments been Shifting overall that and free free improvement and flow to suspended. a $XXX asbestos cash our we of flow XXXX asbestos significant cash which starting $XXX to the important guidance chart. prior It's note million. include be year million CapEx, reflects flow million as should in range of cash $XXX
that will accounts use customer ongoing capital the and a levels. of in cash, shift remain Working mix affects given regional receivable
significantly more less a year-over-year will better of of be generation. million a we Overall basis. on drag, it a or earnings representing expect core and However, benefit cash $XX flow improved
the in details next page. are regional Additional
earnings range will of $X.XX Let quarter adjusted $X.XX we with share. Overall first me in on conclude be per quarter. on to slide first our XX expect perspective the
from prior in results as year, items for Credit. with adjusting the down such in-line last temporary should is divestitures $X.XX be year and Italian the this While Energy
half furnace offset we will first expect market maintenance to be as downtime continue cost up moderate by related skewed Elevated Fanal. volume quarter, X% Nueva first and flat is prices our We higher of supported more the inflation year. absorb the thereafter than operating and costs to through but some will should activity the
offset turnaround will and the up. improvement in initiatives. also initial quarter benefits costs will addressing that be We these mix With continued cost complexity at start commissioning the from ahead Gironcourt some incur said, of by partially elevated second
know, the coronavirus affect economic we could potentially activity. As outbreak all
currently Southern operating is China in Fortunately issue. without our plant
However, our situation which a outlook unfold. as impact could is fluid this events
results quarter will first setting we stage the be items summary, but in temporary elevated In muted results improved subsequent the by and periods. are costs, operating for
like make I’d turn few to to Andres back Now, to call remarks. the a closing
