and you, good Mike morning Thank all.
comments, to talk have lot may you gathered from have As we Mike's today. a about
based assumptions to that remind estimates, expectations, actual include to results uncertainties, risks current which and are call during Before made may you differ comments I forward-looking projections, and I begin subject need this that to which however, were statements, cause materially. on
statements filed regarding SEC. statements Form are For risks, please available discussion Form with release XX-Q of These on risk factors the XXXX and included the earnings our review our the our in website. these XX-K included and cautionary forward-looking in
that operating certain addition, certain reflect please effort with performance. operating forma provide do provide which non-GAAP In pro EBITDA items believe better earnings diluted we excluding adjusted information in items certain including note an not we core core and into non-GAAP and our per earnings operations, share, to visibility shareholders
this Investor in earnings provided are XX yesterday's deck XX-Q and release them well. Form through are XX as Reconciliations in in of some of chart
transaction, pick timing on So Xst, August first all with would for could quarter, as now, we a a the day major of by XXXX. you accountants closed pick If close one of all at know would. the Houghton least the one combination
throughout periods certain and messy. and our information been revenue bit both Houghton it adjusted long a pro in as strive We forma However, does a such and so with results we the had first basis, happy as clarity are on given deck presented. timing, month a awaited make we EBITDA we've transparency, actual things but close, with sales of if included combined the for the
forward. combined hope provides and core We operations now, the of to insight the this company going more
two let in me of which Houghton begin to slide you results, highlights with So on include five. would refer I the actual page financial QX. months
the to but QX, our As production, continuing especially we dollar generally continued weakness across in markets, and face end in headwinds of automotive. from stronger discussed, all Mike industrial
sales two XXX of up inclusion result, due the would down have a year-over-year been million approximately months As of Houghton Houghton. X% the excluding of net although to year-over-year
in line XX. October issued on updated is our result This guidance with
gross includes the Houghton’s Our had $XX.X accounting. been to adjusted expense fair million of due purchase in one-time of reported sale to of a its quarter in that actual value margin third XX.X% inventory the
line differences some this that with quarter in Excluding also product chemical our be synergy than onetime legacy-Quakers the the margin in accounting gross would called lower guidance as have This capture, a are been as bit for margins Houghton's area XX.X% to expense, in would services our management gross in compared mix. prior part and gross due and is last FLUIDCARE generally differences, our treatment result before close upon year. XX% XX.X% to margin the third in
over the $XX.X is of restructuring reflects we and XX next of current expected third million incur million. Our charge a XX XX cost the expenses operating the quarter The expect loss to includes combination $XX our of achieve and the synergies $XX.X expenses, start of program primarily million charge to of related to our the in million months. restructuring severance estimate related
approximately recorded we've We as total are incurred. our as earlier, still be expect one to they which of times will charges incur estimate said synergy
primarily from to non-GAAP Excluding the to due related the million inclusion Houghton. expenses, restructuring year our charge and XX.X in increased the million prior combination operating the income of XX.X
primarily in the margin sales Our gross year’s SG&A lower margin of decline non-GAAP discussed percentage increase sales. as XX.X% a is in earlier a from prior to XX.X% the of to operating due slight down due and
tax for effective reported rate XX.X%. QX Our was
impact non-core estimate rate our would XX%. Excluding tax have that related QX items, the approximately been and acquisition of we other effective for charges, all
to rate originally in non-U.S. to renewal the receive concessionary subsidiaries of that one in XXth expected noted a the at current we As our we received update QX. tax in the we October of quarter quarter, our
gave result, and tax rate call three effective the in a guidance earnings four QX our we changed. you quarters has for As
in XX% estimate Specifically, just XX% percent the in is XX% QX. received an QX, one we quarter to It's rate in expectations. QX line with expected a tax to said XX% effective tax of and XX% actually in tax rate beneficial rate effective With we earlier. earlier,
the now would Also, to full XX%. we to XX% us range of XX% be XX% our of rate which effective rate in year tax effective to expect give QX a tax
year and XX.X% gains nice of showed of combination XX.X% shows from the included a below in operating transaction to the income. other EBITDA income Our inclusion year-over-year which which last improvement due are margin equity from J.B. earnings primarily adjusted post Korea FX up expense
to impact of consensus the of non-GAAP estimate the of year last the declined due closing part Our million still $X.XX. as compared of shares X.X primarily ahead $X.XX of $X.XX issued to but EPS the consideration,
EBITDA adjusted As help included certain of to and my operating we've forma I mentioned company. core remarks, to for at the combined numbers performance beginning the of provide insight pro sales the
You and these can numbers XX. through appendix forma on eight, see the we pro provide XX in Slide through six on slide reconciliations
showed primarily exchange can attributed an see, translation. improved we lower FX margin an earlier. you and same actuals pro in forma $XX X% net partially approximately year-over-year million volumes sales the discussed negative transaction Pro to impacts offset X% on As forma EBITDA gross gains and by foreign adjusted basis to improvement decline from
Chart close. On net-debt-to August September on trailing of X.X times first note the at adjusted XX please nine, versus improved we X.X XX-months our estimated approximately times EBITDA our
ticked Norman up after as closed our expected X.X acquisition times which Xst. on leverage October to Our about slightly Hay
improving Houghton and years good remains Quaker brings flow and that from to our it less times close leverage Hay cash than within half similar with two Norman characteristics However, to two unchanged. of commitment a to
liquidity depreciation items, conforming are or expense, tax fine in impact no we've accounting interest XX, undrawn cash There other rates. and updates and regarding for and tuning. are hand please capacity. of a policies our about our of material information On estimate revolver accounting changes CapEx the X with the and that adjustments provided XXX updated and available combination more through including amortization, position strong estimates these or of is certain affirmed on here Our of note million Chart earlier and nature
the environment we in in midst operating the anticipated The size July, waters, In difficult and closed of when more was we combination our and summary, QX we on it forward challenge. company, mid-quarter. navigating unexpectedly were we looking than doubled was a that did choppy of the
improved across we first expectations, through margin, and have the our still We that hard do, on on days. early It's to we're leverage. work growth. While in improving to gross took of lot are delivered work track a confident commitments synergies, EBITDA more we a margin down sales were our company, our adjusted good step lot leverage deliver a regarding and but on
that others New and December at there. you for the Stock Investor New see York among hope we will These in to scheduled are key we topics to Exchange, Day speak at York our XXth
yet let not and If like would know. you've invitation please received to attend, me an
in I’ll Thank now Houghton, over you and Mike. back Quaker your you interest for turn to it
