Thanks, Ray.
production shows for volumes Slide first the rates X exchange key vehicle and quarter.
plants month was of a down units for XX% compared million China, production was portion down and generally vehicle XX% of was In related XXXX, shutdown shutdowns. the global or as were to impacted the by quarter, industry March. as significantly X.X First COVID-XX February in and America continued to Europe North to XX% currencies a other mid was March, major XX% year-over-year standpoint, U.S. shutdowns. respectively weaken down including Europe the From the Production and for currency late also quarter. North similar against markets In dollar. America and experienced production
Slide results X the highlights for first our quarter. financial
$X.X last in down all sales year, of from $XXX or billion production quarter, markets negative XX% declines foreign partially by from offset million driven the our the backlog. and were our by exchange, growth For impact major
the reflects of exchange above foreign Excluding sales which growth were XX%, impact and down acquisitions XX% market.
sales earnings $XXX were down the offset in operating $XXX to performance. million, decrease positive somewhat While million due primarily overall by operating
X.X% in were Adjusted operating the margins quarter.
$XXX the operating in COVID-XX of on negative quarter and $XXX sales the impact earnings million and our We that core estimate respectively. approximately million first was
positive was The cash $XX cash in the offset XXXX, negative earnings. increased flow working including result collections capital, close due primarily was million to later free a First favorable cash quarter in $XXX partially date flow million XXXX. quarter to compared lower by free in improvement of
the year-over-year in Slide margins Seating the down from operating XX first explains in the the first quarter XXXX. of quarter billion quarter Sales and adjusted XX% variance sales $X.X were segment. in
were exchange, of growth market of Excluding the sales XX%, foreign down impact XX%. reflecting over
the margins and margin to backlog offset positive quarter, compared were In X% accretive last volumes, performance. reflecting operational year, first partially by lower Seating X.X%
Excluding have the been impact of COVID-XX above segment X%. margins would
billion provides year-over-year sales first quarter and Sales down XXXX. XX% Slide quarter adjusted segment. E-Systems first operating the quarter in for first our the of from were margin XX walk $X.X the
of were over margins acquisition. Xevo The negative were volumes, impact market X.X%. down the XX%. in exchange margins by and XX% foreign were sales the acquisitions impacted also reflecting E-Systems net primarily of lower performance growth Excluding
would impact up have been the segment of COVID-XX X%. Excluding over margins
our we uncertainty to March XXXX caused significant On guidance by the pandemic. withdrew the COVID-XX due XX,
the provision preserve update environment. reduce in costs this However, on and thought liquidity and to to provide we cash it was taken an describe steps we've important our
turn XX. to please Slide Now,
ample the maintained conservative slide we to to to our navigate us balance a capital structure through which ensure positions Lear's business Over Lear liquidity past well and highlights unprecedented the in have entire manage This invest cycle. decade, has these automotive sheet strong throughout times.
XXXX. proactively resulted refinancing apparent, debt our rate in XX our over entered the reducing crisis to on the bonds million credit mid-February, under to of was due the interest bond we the extending severity bond markets $XXX outstanding maturity weighted weighted refinance X.X%. In and before average The in average to years COVID-XX in
in addition refinancing, revolver and maturity we're bond February, to August And in XXXX, obligations. billion ability to our to interest also In maturity bond XXXX. in our we on our first requirements confident extended $X.XX our with the debt manage the
sufficient while CFO, take scenario our continuing one is we've most cash As managing will scenarios, top production modeling to depressed. And under But position. have industry minimize continue of proactive done is extreme the aggressively we and we're my priorities extensive cash usage, even to severely and liquidity liquidity. steps to
cash is impact shares in quarter, decision the the situation difficult, one to both economy the the first a and and taken lightly, we and on repurchase clear. from COVID-XX necessary the of the board the became in suspend but March, a dividend repurchases that We became decision This not dividend paid payments. the urgency made prudent believe share as
comfortable; our storm, not investments also both balance support growth weather ample With but liquidity of continue and potential the maturities, segments. making long-term strong we sheet, our debt targeted can no near-term only business we're significant that the
programs company. cash were all on for By COVID-XX. have use the of ensure closely we most while re-launch to supply team members and longer-term to safe to of our the also and suppliers workforce, take re-launch environment. chain our XX, evaluate and new the cost need managing the production. workplace our a have team protecting strategic established were cash our finally, factories I in reduction designed the this and our to philosophy working disruptive Class value downtime share in creation carefully we the manner. the moment to to retaining priorities light operating force wanted preserving long-term potential to of able Slide safely efficiently prepare with World costs protocols salaried in preserving The And Other to balance a performance efficient been can On
cost if lower warrant cuts further determine conditions in other deferring We're R&D while will to investments conditions our permanent, in demand. reduction priority industry are closely economic more We're additional to actions, production costs, capacity that areas likely And it. investing we projects quickly other to we With strategic action decisive take be new through aggressively in become and overall reduce and monitoring restructuring. respect resumed projects. reduce vehicle we when positioning moved have we're discretionary to thoughtfully to
conditions. Slide approach identified XX both implementing overall We quickly costs global We've became taken cash to economy our several these specific and customers' scenarios layered and the executing as business. to the continue on and COVID-XX economic we began to global actions apparent. of we highlights actions carefully to a estimate schedules, And evolve production as models impact devastating monitor created on our flow. reduce identifying increase and impact financial the
board already cost have actions. and items the of stakeholders, X shown members All have all as in our impacted X including saving implemented. been see you and most items these by Phase the employees, stockholders Phase And in can been
As position sense to noted on a of we industry. our strong, way for gain the us better how will earlier, as liquidity act prolong COVID-XX in our be a allowing is impact measured
and increasingly that aggressive if have more in are pull identified needed. have actions to We X levers shown items the we we Phase take can
we capacity, we During take costs steps and during significant by as a financial SG&A capital program We also some our to took lessons. global crisis, and footprint XXXX of right did out and Recession consolidating similar learned the engineering, in but right-sizing we're reducing the and again, prepared XXXX, appropriate. Great spending, lot things valuable our
tells ensure market the us hindering recovery. not reduction experience take to is highly growth damaging to targeted that that position Our or cost we're actions it our during prudent
will affect actions a be to the result our from in later executing cost they fully our opportunities shifts that discuss not today, strategic our drastic in will so plan are want Ray presentation, future. As as We we significantly reduction of ability arise that sure innovate believe business industry the us to keeping post-COVID-XX.
margins. this I'd decremental to Before discuss I leave slide, like
resulting nature quarter resumes, XXXX required that for usual margin automotive expect will is decremental as for When margin to personal We due period the higher decremental with of the production than as protective compared a first ramping to for global in up. cost facility employees, it be we're inefficiencies of production value employees In inefficiencies the somewhat was restarting upon production variable above time new environment. This important anticipate pay to new temporary shutdown is to and the note impacted We to be certain costs our entire margins XX%. layoff. result the that increased to by typically operating of locations, the we partially of similar would our a the chain. process Our other our from COVID-XX. associated equipment adapt the to hourly
industry future are outlined approximately the further we of levels, XX%. savings improving will remainder in cost as a the to of for clear margins production view decremental help intended measures of Once capacity necessary year margins. decremental right-size Slide XX to goal achieve with production to The of us XX% we actions take have the
turn to Now I'd Ray update. to business it a provide to like over
