everyone. Thank you Bruce, our results and guidance. In our quarter I'll ahead, XXXX quarter slides first review by the and full good year followed fourth afternoon
for Turning QX slowdown market and $XXX million the XG of were revenues both QX. to Slide to of in Wireless as our guidance the million, seasonal Infrastructure market lower XX, serving were XG products applications revenues million. electronics the previously range weakness quarter the primary and for portable below $XXX.X noted, in demand $XXX fourth drivers in A
demand conventional markets sequential continued lower and for serving addition, industrial to soft the also In contributed revenues. general products automotive end
significantly XX% our reduce manufacturing lower for volumes. was compensate lower segments was within of to spending guidance XX.X%. steps revenues, quarter the of all XX% our the to to fourth margin gross range the in Gross took adverse despite business we The for margin impact as
was sequentially Adjusted operating XXXX due of the XX.X% lower to revenues income QX revenues, for quarter. down million $XX.X the or in
million or our a company resulted cost included This to the that share, per pension decision GAAP $XX.X the from sheet. loss competitiveness share charge, per continues The had in $X.XX non-cash and quarter. de-risk of in after or which plan a quarter $XX.X tax the terminating a $X.XX fourth improve million fourth strategy balance
On the of an range guidance per $X.XX. fourth EPS company income $X.XX earnings forecasted our good diluted the of delivered than a taxes basis, fully basis lower on for resulted The $X an adjusted from adjusted to quarter. performance share within
cash $XX.X all XXXX of and million of compared free flow to company for fourth generated $XXX.X million in $XX.X in million the quarter XXXX. The
million for calendar impact of growth added were to currency had a revenues negative year under XXXX a currency XX, and Slide X% just X% constant $XXX.X on higher just due over organic approximately than of Acquisitions basis. X% to of XXXX X%. Turning
connectivity was weak as by advanced applications, advanced the and Infrastructure demand. advanced Wireless in conventional general and as connectivity Organic and growth portable half from electronics EMS. related resulted mobility Growth in industrial automotive first well ACS, and both XXXX primarily primarily of in tempered
income wrap from point PES operating for points lower for million XXXX gross in basis lower XXXX and integration XX.X% resulted products business a acquisitions to incremental half XXXX costs XXXX. challenges decline adjusted Adjusted was margin basis in or revenues capacity of than throughout new of of primarily $XXX.X the XX of the and operating due XX margin in to EMS versus year the first operational our add XXXX,
XXXX. that XX points challenges margins trade margin above, U.S. outlined in gross XXXX. In to increased the in tariffs addition, and EMS our resulted ACS and tensions both by between basis Despite gross compared China decreased
fully for diluted compared EPS per share share per XXXX was fully diluted in $X.XX [$X.XX] XXXX. to
As discussed plan. a QX in XXXX terminate include our to significant results, a results charge pension
decrease revenues or slightly in XXXX in higher than $X.XX share due million from Adjusted $X.XX of XXXX in to $XXX.X primarily was EBITDA of Adjusted or tax XX% effective in EPS of XXXX. to million the in per XX% of was XXXX $XXX.X the fully XX.X% than of XXXX. diluted revenues XX.X% a XXXX, higher rate
Slide decreased while was the to $XXX.X increase business experienced XX% XX, XXXX the the sequential segment decrease revenues quarter Returning third compared of million the XX% fourth segment quarter QX PES in The saw EMS down to its on XX% and ACS our X% segment of down over our our revenues quarter. business business third XXXX.
Currency exchange rates in China. delay and in XG by a revenues impacted further from in fourth ACS $X.X rollout QX. the primarily slowdown to decrease XG compared revenues quarter negatively resulted a million demand The continued in
Wireless XG in revenues XX% Infrastructure ended growing sequentially. the As XG year revenues XX% below XXXX The XXXX XXXX over XX% revenues year a Infrastructure result, revenues resulted revenues. levels. for the our Wireless declined
from third quarter are down a X% to sequentially increased for annually up and market. revenues a weak quarter X% face year. revenues grew programs strong XX% in auto ADAS Fourth over the of sequentially Defense compared and the Aerospace X% were but XXXX
our fourth in portable in Revenues decreased the by EMS to in which our declined all softness user an end sequentially seasonal led electronics, markets expected XX% applications weakness due in segment quarter. in
designs. Despite and the comprised which to gains electronics, than segment XX% XX% revenues greater XXXX the grew decline portfolio, our handset revenues XXXX strong to for new fourth quarter to portable product compared led due of demand share in tablet in which
down were to third compared the the General annually markets. XX% industrial down weakness industrial compared ongoing of revenues reflecting comprise approximately segment’s XXXX quarter to and in X% application X% certain business revenues, which
and PES in applications. revenues revenues a compared to XX% increased EV/HEV in quarter strong the our to to These which represent the annually. fourth of quarter for due XX% the increase close third semiconductor power revenues increased XX% substrates grew segment
corrections over substrates, XX% for quarter. segment of comprise the the industrial X% grew of in general from in completion Power fourth semiconductor inventory principally applications, the which revenues quarter, the
in revenues year capital XX% were the automation applications factory from second of down half the general particularly demand weak, industrial For for as XXXX. was
Revenues customers applications increasing strong from our the continued sales, fourth result year. from revenues auto the of vehicle interconnect first couple mass half in and as transit applications XX% in business weakness of quarter, due electrification XX% a grew In year in for conventional sequentially declining for a showed weak power for the demand to nicely particularly XXXX Europe. key XX%
QX volumes to XX, margin. lower XX.X% decrease XXXX our to resulting less portion was We to of mitigating of impact segments, The our all million Slide were particularly and business reduced percentage costs. from spending Turning lower margin $XX.X revenues, absorption or reduce the for the manufacturing a margin thereby at volumes. due gross than significantly gross was negative third in able factory gross expenses, fixed manufacturing quarter in the
due Infrastructure EMS fourth production. to quarter primarily lower million ACS due experienced the reduced Tariffs declined both meaningful Wireless volume for declines significantly in were and quarter. $X.X in the Gross the to in primarily quarter margins the
from negative the to as structure. In EMS to a we portable in yield experienced on quarter product cost and are Bruce had plan as the continued for QX. profit electronics compared In made recovery progress mix manufacturing seasonal a higher PES execute and revenues of mentioned decline fourth signs the by impact encouraged the we addition, quarter,
business gross gross basis in the profitability, resulting improvement by segment significant XXX margins basis point company over points on The led to the XXX a margin. improvements progress increasing to PES over
it basis XXXX us PES and to yields first realize have increased incremental points will the to we remaining and believe half through primarily work driven continue of improvement majority the encouraged, take to improvement improvements. additional While of significant the the expected at realize still XXX from
in critical power to to ability the so semiconductor are although continued fourth maintaining resulting support applications. efforts the band our from Tariffs increasing These to to demand QX. wide be to tensions margins in less gross the gap quarter, compared headwind trade
or to million decrease XX decrease approximately materials. points subject to margins was Infrastructure Wireless The less gross The tariffs, primarily impact specifically sequentially. lower was due basis to points, a $X.X basis XX of shipments
our throughout footprint of tariffs XXXX. to to aggressively to factory mitigate effects expect leverage We our the chain see are to of and working benefits and the actions optimize supply these
discussed of previously, improved be operational the and execution, through gross increased volumes As primarily mitigating continues the to have to tariffs in PES we path higher businesses. all margins impacts in
the Slide XX for million. details adjusted million XXXX compared QX of for $XX.X net changes to QX net income adjusted of income $XX.X to
lower of for XXXX discussed and a QX As income earlier, was adjusted income operating operating QX percent basis. adjusted both the a revenue on than dollar
than XX.X% revenues for $X performance-based expenses QX or lower dollar QX expenses. expenses The resulted operating of were $XX.X lower expenses, million adjusted reduced of XX.X% revenues. million operating from of Adjusted
to The the as the XXXX. of tax paying XXXX XX.X% of fourth in by compensation, on in company compared increase for million for positions. uncertain primarily a had rate the increased third lower result settlement XX.X% decreased interest effect in XXXX the deductions stock $XX quarter research tax The and down pension due excess debt Rogers offset the and reserves tax quarter. effective and development partially based rate credits tax in expense utilization of was an of to charge
cash In ACS to spent of capacity XX, capital of XX a both we expenditures $XX.X XXXX Turning and QX with increase million, increase September December expenditures, XXXX position million to and $X.X on million in from the decrease with from spent million an of $XXX.X company $XX.X XX, we PES. XXXX. $XX.X Slide a at ended million significant
debt $XX.X down down million the a paid of The in net in year of cash XXXX ended $X.X quarter paid and $XXX.X and the company position million. million if in debt
in decrease a $XX.X including working QX, in activities operating from million capital $XX.X generated million. company of The
million record working decrease operating activities company million from capital. in the from XXXX, a generated $XX.X a $XXX.X including For
million net million XXXX activities, cash in operating the million favorably Cash the a capital fund generation working $XX.X in XXXX of increases of $XX compares plan. from to used for in generation to pension $XX.X and
sheet to with XXXX beyond, is through whether fund ended balance M&A activities well growth company healthy positioned it The and XXXX and organically be a in or
guidance Bruce first be impacts in QX near described Slide the at continue his Taking to from coronavirus. several term headwinds a XX, and look by uncertainties exacerbated the expected comments on our the of the are quarter XXXX and QX will into
our our will China global While of we for restart accounts the near to on which revenues. able in supply been expect our outbreak Shanghai, negative business, we chains have one approximately have near-term third factory impacts
be segments, but of severe The by it three the our of our felt have segment, ACS business will on push all deployments. the business impacts out XG most impact will continued specifically
a to As X% the in result, quarter we first will believe XX%. reduce the coronavirus revenues approximately by our
We see uptick business and projecting are ADAS applications. EV/HEV a continued advanced mobility in however to in both
from QX are the of for revenues The the increased range range the potential provided impact the be than to million. million Therefore, of $XXX in wider uncertainty $XXX is level to estimated historically due to coronavirus. of
We manufacturing and to will spending for anticipated expenditures infrastructure, the continue demand to flex levels. lower SG&A capital our address
improving We margins gross lower customer in to PES XG needs discussed carry negatively earlier. actions, with yields to will QX our resumes. volumes the Even continue as in business impact our will continue costs some to progress our address continue incremental at also we when these ACS our rollout will and
to in the to gross diluted $X.XX adjusted of to for of fully quarter. $X.XX guiding a guide the first diluted $X.XX $X.XX are GAAP per we basis QX QX. range share. We of XX.X% per we earnings On an fully result, the XX.X% the a range in for margin earnings share As range in guide
the rate. discrete expect to lowered to the be XXXX, tax effective historically effective XX% of items, In have rate which XX% we impact excluding the
million Lastly, XXXX. capital in $XX spend we on to expect expenditures to million $XX
back call will questions. for I the operator the over to now turn
