about I Thank you, everyone. coming the first about morning then Good for outlook and will Bill. the our the quarter for in results our business to initial year. talk
programs compared LEAP by for For product. the translation translation dollar, adjusting and X.X% currency by increased $XXX.X in after composite’s million effects the Adjusting fourth million, growth an last sales Engineered In to in were currency by platforms. grew in net X.X% commercial XXX same euro sales X.X% of driven company principally the again, up U.S. year-over-year, on increase currency also adjusting and of quarter sales, decline the in year. $XXX.X FXX total quarter. other grades the effects, the all declines Machine net for by for on translation year-over-year net with X.X% Clothing, were offset sales quarter, growth effects, the net the to delivered
XX of delivered around last XXX of modestly finished million LEAP revenue with under the the we just destocking LEAP We first XB XB under each line the three XX less in goods same had generated our or as little sheet. year. XX program LEAP four was quarter, the sequentially also to of with in million of our units the contract our quarter the expect more to of quarter million revenue of quarters a LEAP During compared assets, XXXX. in be We up on now about completing engine XB in LEAP production balance finished largely deliveries. ship sets revenue
rate stocking and Although, point from to related chains in supply see XA that finished we time-to-time, periods expect still there demand destocking still uncertainty do Also is planned is our both and Boeing's out to we for subject LEAP LEAP production inventory considerable of goods, some XB revisions. to components. our should customers and
profit the declined production there increase always So last quarter from XX.X% production points year. by XX alignment will for basis million components. and overall an of of The gross of comparable period our Fourth full the gross net XX% between margin the from X.X% company not respective sales. $XX.X be aircraft to engine levels was
the net partially segment, improved volumes, MC certain and contracts. by gross margin favorable lower absorption Fourth and improved in production programs, of absence effect of grew, benefit to net costs. year from programs other margin in international the declined XX.X% the operate, quarter higher a margin net offset in sales by the quarter, logistics our government due by profitability declined improves higher net to and Xx Within prior offset reserve on sales to refunds due in XX.X%. slightly jurisdictions the revenues change where to general raw as margin million the a primarily a from XX.X% from while the XX.X% technical, million driven term a that of expenses price from to XX.X% prior quarter in mixed more research AEC, growth and changes Within material selling long $XX.X partially percentage declined decline by XX.X% of sales of we to from current $XX.X caused fixed and gross
million and Net quarter by quarter. this The by net made XXXX, year compared in income the provisions may was company the as higher normal for from Machine year same was quarter’s $XX earlier of true-up and in compared XX.X% foreign or million $XXX,XXX sales to quarter. sales operating rate Total in was rate. foreign income slightly expenses netted payment to a higher fourth was to QX effect million, than significantly adjusted to net this the EBITDA attributable the AEC impact EBITDA the profit the hire quarter year, little per year. recognized quarter. from $X.X than sales, the period income lower quarter $XX.X and for the beneficial million in offset restructuring largely $XX.X last $XX.X expense primarily prior company of all Earnings compared earnings expense, by year. company quarter share more was XXXX that these in million million, normal After last up Clothing recent revaluation with and by sales. X.X% was or last gains caused tax items, last from or year. CirComp expense. for $XX.X increased for XX.X% that driven fell in million XX.X% in million up lower higher tax employees. AEC per income were operating gross and $XX.X most profit share low STG&R quarter adjusted last to was income net in year income to income significant year. year's same Income period expectations, was $XX.X was The in quarter same You and last $X.X operating the rate special for a higher of XX.X% to due by recall million higher about associated adjusting $XX.X revaluation of EBITDA this Adjusted by of the discrete this $XX.X million non-executive bonus significantly XX.X% quarter $X.XX of to $X.XX quarter year Machine the the as the of $X.XX $XX.X our expense was Clothing by to currency income this losses, the million this Other STG&R operating while net driven adjusted XX.X% the driven the currency quarter. expenses, a or million improvement and quarter. period than compared abnormally the of prior increased quarter the in is acquisition prior down while integration, lower both of a rate was this gross
both generated provided year the cash company defined by our operating over capital program. cash million activities less the goods net free and free down driven the strong in During LEAP segments draw as of this very for flow operating finished free the The $XX of million. performance year, almost of cash quarter, on and was flow expenditures $XXX the both by flow, generated by strong inventory cash
previously LEAP revenues we profit As the on program assets. recognize and at discussed, we are components are recorded manufactured, as in point they contract which
LEAP As pattern revenue or we program were subsequently the had XXXX. This shift invoice then those collections than year components, seen revenue, associated reversing cash overall, the and in considerably on cash with collect we XXXX higher no and we profit.
million quarter, of little of we million are purchases. an far, of fourth additional over flow about regular in $XX free about over repurchased $XX.XX. investors, During fourth to have we a price share in $X.X $XX at dividends average quarter Repurchases million comprised shares. during QX our and XXX,XXX XXX,XXX the roughly the We returned shares repurchased cash in continuing, so
will repurchase We our update activity next during earnings full call. on QX a provide
we share XXXX, Thanks ratio This X.XX. $XX million bill and returned acquisition strong significant million in dividends. cash explore to explore and referenced is continue to our in $XX opportunities. both to almost shareholders as net full-year provides free to flow, to about our $XX the million For return leverage cash leverage shareholders, now ratio headroom opportunities. almost purchases acquisition
X.X a our capital deployment strategy, comfortable we execute As sustained with be basis leverage we would in the ratios range. on
XXXX, be assuming range. have returning which a as for leverage is strong turn and segments. see to normal like year could provide coming to now the provided to done guidance our path comfort I higher would in initial towards another year we Although we a for past, the time-to-time consider both we financial from ratio, expected our to
segment. is Fundamental year results to performance of are paper Clothing another in year to the healthy and our deliver older year and strong, for culture improvement deliver demand excellent products the segment's expect books Machine continuous continues of We out. in
solid enter we XXXX. as in are a We position
began the in which of risk to the our customers fourth revenues not would finished that segment. segment some inventory de-stocking customers’ in our cycle, quarter, obviously top-line seen quarter our time, several of At of fourth goods, materialize we revenue. for the resulting raised at growing As been products above had we of we impact XXXX, and risk both our This in an risk performance strong saw the which the our expectations. and inventory did
not these the cases, and de-stocking XXXX. to grown have of enter risk reversed levels in We as our itself revenue. However, remains. inventory when course, not manifest we cycle some of that will have impacts in terms Therefore, risk know do
for impact outlook. in we accounted XXXX from some However, have our it
is euros. X% in on expect Our takes generated revenues segment guidance our to euro $XXX in past revenue XXXX. for an lower over million compared X% significant This also the segment roughly creates outlook. over of the We months. several to that to rate sales our the XXXX now taken account the $XX has weakening We average million exchange place headwind into XXXX XXXX that in of of
Machine expect next in an a of Finally, to to months. the million adjusted rebound net portion indicated, exceptional million. a market net variability Clothing all Clothing the initial year the expect factors, of to $XXX profitability have of in XXXX, secular XX.X% equivalent had these that will we demand that XX sales. we of result for lived other almost segment for products, to decline in fabric as typical EBITDA, the delivering record we XX guidance million over of $XXX Bill with return Combining and be sales $XXX engineered perspective, Machine From overall do and to publication short seen in grades the
segment higher the material, During the the the of see quarter, including hitting to logistics, we impact input labor P&L. on costs, and fourth raw began
sales be be inflation net to cost able of offset in absorption in to it by the bottom-line cost However, continuous these a our and a to impact we of benefits, current XXXX, to of our of amount offset than compared input prevalence million million I to of our that more therefore significant were customers, due XXXX In euros. some $X expect improvement. and offset segment’s XXXX. by Omicron and modest impact continuing to through a do is globally through low global more do by non-recurring over continued course higher to able final Overall, of through to fixed about XXXX know portion variant. the pricing travel level the of XXX were inflation denominated profitability, the but expenses We earlier on outlook also not euros. discussed assumes significant we
dollar we impact about the the Euro bottom our $X relative the weaker net basis, to On will line U.S. million. by expect
the We generated million XXXX. for from the $XX will also XXXX On see revenues our in than guidance a about to currency neutral profit basis, compared in lower range hit lower a XXXX. of XXXX modestly midpoint is we
expected are no costs while margins detrimental lower profitability. well is high our million sold, resulting to digit in reduction significant fixed reduction lower million volume to have aware, in XX%. to As you in typically gross our We are in XX%. doubt margins in good Therefore, single slightly result this do of $XX cost
Finally, above EBITDA been XXXX expected compared expected expect XXXX. it Notwithstanding instance the in to normalcy to Machine those close see Clothing $X travel now we delayed continued travel, has and EBITDA XXXX. variants and the by in us, deliver delivered to likely the to are excellent expect segment margins million to guidance return those performance the we consistent COVID the largely providing restrictions and our to for year Clothing behind million this will before hope segment the adjusted of to to rise XXXX with ability has repeatedly as or million travel we Machine to now, $XXX we another $XXX and slightly are concerns, R&D travel. level to occur normal year, return are our of have of while We that constrain long
the composites, engineered to Turning term future long bright. is very
the track aerospace ballpark now milestone delivered app in on with AEC on program XXXX CH-XXK the market, deliver a revenue before in par in pandemic, significant transition recovery in AEC which program the app impact for would put pursuit the that is $XXX XXXX, the to the grounding, of of many program years With of global the the and XXX terrific revenue up successful the Max XX% and XXXX. COVID is The over which be million for XXXX, the AEC come. delivered $XXX for for be million in will segment. be will very expected I to from ongoing transition
is However, as the general, be revenue AEC in on revenue incurs impact programs, it to XXXX [six] recognizes expected In most insignificant. costs.
While over production, this in will also the be true Instead, once be that expect on to for recurring the recurring non-recurring work amortized for we recognized expected the AEC the app in production. it case as the over subsequent to will transition as inventory performed begins the of be $XX will represent revenue million program for not be XXXX. do of program non-recurring recorded we phase XXXX, the the equivalent anticipate and revenue of years phase
we the demand. significant a program, to LEAP in in volumes see and destocking portion expect of get produce program on the engine Boeing's with as the we XB us to line components begin LEAP inventory ASE do that more for the variant found On behind phase
volume. We with to costs production volumes. also not I ramp our to note robust Airbus the on does of actual up XA as irrespective LEAP due its that volume remain meaningful the scale from program continues LEAP fixed expect will our the the recovery revenue linearly in customer of volume
volumes in the the revenue. this our XXXX XXXX, on impact and effect mitigated of declined volumes As reduced
program somewhat revenue the it impact We on do return of that line. to will XXX any mute growth, we volume expect in the our XXXX. not recovery on as Now, gain
In in levels saw fact, volumes be from low likely we already are to XXXX. the down
will any XXXX finished program with the AECs total impact the in given program the revenue million than we modest reduction results year. of less $XX the on further Although, in be for
deliveries, would destocking year, only that stretched On parts and time told out, finished revenues, finished the Due impacted from and reduced were consumption that which and XXXX. customer our last customers F-XX inventory impacts only program, drive lower goods depot timing program. at on F-XX of the orders our you to down revenues of we those this program XXXX partially modestly spare
dip when million the not composite XXXX. However, Overall, for guidance has revenues segment, to close net down are we XXXX, to expect sales of gone expected engineered previously and that away from $XX $XXX F-XX shifted we demand has million. into $XXX and for to instead providing million initial be
profitability. with XX% Turning segment expectations $XX.X line finished or sales. adjusted EBITDA full-year with We largely of in to the of XXXX million net engineered of composite
As higher we our segment, average price a make-up segment meaningful implying to mix net reduction forward the our to total revenue. on look The exceed of lead margin This growth to see LEAP continue margins. XXXX, to gross the we'll of expected on effects is growth program the revenue on a fixed gross the remainder that programs the of in will our margin. decline full-year negative
from cost Beyond the some growth. mix effects, we impact seeing are
all input segment, of costs. the First, MC are we impacting inflation our seeing similar to
from of logistics. we of true and raw materials true labor is consume, contractually nor is While not we increases all of insulated many that materials cost our it are on typically the
increases a in As both result, SG&A. and we'll good driven sold inflation cost see of
to travel. to return we predominantly marketing, and third, R&D near-term we invest support continue and to in sales And identified normal Second, both expect to pursuits.
roughly million million; believe million. tax $XXX justify are $XX EBITDA While these guidance we item. million of income be effective adjusted $XXX of $XX pressed benefits some profitability, that the the of share but rate of to are million and a as million between providing to revenue guidance between XXXX engineered providing to and to of million; the XX% the $XXX year XXXX per follows: XXX depreciation clarifying will composite’s for for at At in investments $XX with like total between XX%; of $X.XX $XX GAAP range amortization we EBITDA level, initial long-term of would I this and flat and more adjusted guidance near-term initial $XX million; and level expense. explanations company the we capital million. than add expenditures $X.XX; Overall, few company adjusted earnings and
Most of we up year. little items, guidance by this positive expected cash in withholding First, return certain the we our forecast jurisdictions than higher ended and taxes, higher fact from which last that being a not XXXX. finished increase overseas rate discrete tax is driven is as we can
portion significant is the a craft of CH-XXK of Second, the transition capital increase in in expenditures program. support
how around balance not repurchase the we EPS of additional such in the year, uncertainties shares our any assumed many given activity we have might guidance. Third, and the in when
in our on company of guidance share So years. the count which prior of the compared already million corporate level implies guidance repurchase only shares, a is fourth, EBITDA higher in adjusted completed EPS the about the activity includes wide impact based spending, latest And first to XX.X quarter.
expense While growth expected due higher some increase of wage inflation is conditions, is by portion investments. labor cybersecurity significant of market the driven current that
explicit XXXX app company the how not do very be guidance, we more the $XXX in are to no in new program. cash programs, flow expect overall. the XXXX flow significant investment transition to performed than and due million pleased in cash capital rise to we While present, free CH-XXK the provide we with most notably in expenditures Returning the
for I strong performance segments also to XXXX. excited the and forward would look in positioning open both year With are of about to that, long-term the call We questions. like Alan? of delivering another
