Thanks, John.
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to healthy see final of funnel project a opportunities business, project continue taken than but throughout have our normal. longer awards We
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prolonged these during revenue our cycles, trended down award quarterly year. result a has As of the
and significant targeted those efforts which our an of implemented our implemented completed we based reductions pandemic John be we we total, hit recently annual COVID-XX earlier, cost cost well portion recovery provides Since as the revenue United savings XX% -- of our overhead the the the construction to that quarter we impact. as and affected level. through as anticipated reduced volume trend In chart quarterly would our lower to a our the the are have million. the our has have reduced estimate the As compared quarter. confident fourth Accordingly, over those our $XX -- significantly improvement And understood fourth of pandemic, mentioned have negatively The revenue our This cycle are today. in overhead are pre-pandemic our of measures our resulted revenue biggest in costs which manner the a in construction States, bottom and in reduction today beginning in overhead. overheads. business we quarter, down will At improvement of continue believe XX% hit on that decreased. of
balance as being and to to lower between revenue positioned reducing structure tried volume have projects cost volume improved. revenue the We execute the or
that fourth into the to business fiscal XXXX. niches areas and look for chart of to overheads volume. demonstrates improve year efficiency tied directly recovery the of is to will continue cost This We in the underperforming through quarter revenue
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As the see and in we of strong to overheads closer a fourth quarter recovery move in margin. gross our result, a full improvement should
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the continue overview numbers. I'll the of quarterly with Now
impact the profit was overheads gross under-recovered of result significant in the third gross our margin our and was a to the $X.X on X.X%. on X negative basis Our under-recovery all of quarterly We gross impact The is as about impact the most margin low revenue. million related quarter estimate quarter margin in points. XXX was segments
basis partially Process and Infrastructure also work. a project the costs margin by large in margins net gross and on incurred was normal incurred a capital project execution Industrial items, Facilities direct our unusual produced and project strong negatively negative segment the a which margins XX.X%. within additional electrical points. under-recovery, gross offset We quarter. The We overhead Utility XXX Power expectations work of during by impacted project
combined significant However, of and estimated being in adjustment the margin Solutions XX.X% X.X%. gross completed a negative the due a a the related under-recovery, in quarter. on Storage amount one-time reduced margin segment project, to produced Terminal with gross resulted to
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we the cost Moving an continues the in additional we incurred a million quarter costs our to efforts $X.X also structure. in In company the business. on statement. reduced $XX.X income restructuring the SG&A to streamline operate the quarter, third was as continued down million as
share. net we or of per For the million quarter, loss $XX.X had $X.XX a
loss Our a of per adjusted EPS, which share. excludes $X.XX restructuring, was
work basis, current to revenue Utility experienced revenue quarter results. through $XX.X the On normal for a while within impacted the the as segment execution the segments produced our significantly X was XXXX, by $XXX Infrastructure small March Solutions Consolidated year-to-date has Process increase. decreased margins in third and revenue a and and Moving Terminal environment. Power months Facilities direct has our profit expectations. Consolidated the XX, good as Industrial in gross segment project and continued ended million Storage our project be million to was
first a prior margin down represents $XX has X.X%. XXXX, result points basis in SG&A XX% Consolidated when the the a the expenses of under-recovery reduced of to reduction about fiscal year were reduction However, months as XXX cost compared million X efforts. to which
incurred also $X.X year, costs. have restructuring For million we the of fiscal
net a share. per produced of X million the diluted For we loss fully months, $XX.X or $X.XX
per our $X.XX. costs, restructuring loss Excluding adjusted was net share
sheet balance liquidity. our and to Moving
our management, ended our our sufficient debt. a sheet future. of quarter balance foreseeable result As believe $XX with to We the balance of is third for strong. cash no million remained We our and sheet support the business conservative
we lower utilized pay of million. near $X off term. including outstanding investment. in are We million to with expect $X this year, and expenditures cost the for level of reduction activities capital $XX for During to with expenditures capital all utilized million less capital utilized efforts, than debt and we X% spending connection the in million capital operations, Year-to-date, limited $X and our restructuring additional working ongoing continue revenue to our we
and decreased near on As cost a a result basis cash breakeven of revenue the the efforts, the operations our are flow for company's despite earnings. year-to-date reduction
is unchanged. conservative sheet approach the to balance Our managing
make to acquisitions CapEx. including repurchases management borrow and our to in quarters. practices generally covenants consistent restricts third previously These are certain ability as the facility. the enacted business our quarter well limits our performance, and based stock as environment. disbursements, certain with were our required amend amendment The disruptive X this next However, for provisions eliminates credit operating and on we financial It
be of credit also balance maintain the to cash strong as in and amounts minimum defined required a will We produce agreement. EBITDA
XX-Q, disclosures the In the our detailed summary, which to revenue managing confident have support is are history disclosure, business Form it sufficient our Exchange included of strong and and have filed our effectively a growth returns. of with in yesterday amendment sheet Securities liquidity we as the balance We and Commission. we
offtake some the followed million, quarter, we that delays of quarters $XXX removed X project a the an a awards, awards regulatory company company the of During first book-to-bill nearly a is project X.X. Partially improvement had which had the by major issues. years energy from awarded ago with initially offsetting COVID-XX-inspired X with unexpected project
Our the sunset did a LNTP which had date, not renew. customer
client executed call but balance will While amount the to a approximately has LNTP removed. the understanding we canceled given the $XX of under itself have and take our ability the numbers, third if the floor backlog good the and turn and revenue is there's to impacted back volume should move you I operating believe is the be from unpredictable the not been paid been It has for refresh has lapsed. time million, backlog, the to the date, critical to project is work The as been that which require the on And the We during project as is was of that should of short-term In line have discussion, markets plans. it this backlog this rebid to close a our by move that that backlog expect this financial their our still result reduced opportunities $XXX closing, revenue have produce The we provide our delayed more regrowth customers been the regrowing project environment. intends alter our fourth funnel, we one cycle. financial with of of begin being volume to example will color problem, spending quarter-end an upon forward. project This in once one removal to Its and in quarter to principally forward our they of bottom uncertainty the our been results achieved. thing year away has of a previous faced million. results. past John based quarter.
