morning, Thanks, everyone. Howard. Good
quarter Turning which price XX% foreign a We million, the was from to a partially as fourth decrease X% positive sales overview X, Slide in quarter our XXXX. increase AUP, compared X% and of volume financial by fourth included a increase I'll net. by reported results. both up impacts X% was offset an This net with exchange. The of driven decline unfavorable in $XXX from to growth start and of
and SG&A million, of strategic and remained and was to inflation increased XX.X% the administration offsetting million, AUP XX% $XX with XX%. X% at sales flat profit investments expenses higher wages $XXX as to I'm as percentage projects. gross a sorry, support the as inflation. due the people volume to year-over-year Selling, lower impact margin Gross primarily in -- year-on-year, of well lower and And up general benefits quarter. in higher were growth quarter
higher the Fourth absence loss quarter XXXX, the fourth quarter the $XX and as offset improvement impairment well income related $XX XXXX. the compared were of These million charges profit million quarter in to in gross pension as higher by benefits the a Architectural partially settlement $XX million noted. net in from charge. primarily a $XX incurred resulted net segment million of just fourth SG&A goodwill of to The including was
adjusted of down $X.XX, XXXX. XX% share were Diluted EBITDA points a to North declined compared fourth in while American million, $X.XX quarter Architectural the earnings the EBITDA $X.XX in the quarter the in loss Adjusted $XX margin XXX last business decreased per continued quarter strength headwinds the to year. were was X% in share residential Europe to earnings of to XX.X%, compared segments. of as basis by offset per and fourth Adjusted
Among strong distribution costs positive of the the you inflation, here and higher of impact shown SG&A. deleveraging on drivers negative contribution by from significant was adjusted EBITDA volume performance, the impact offset can material on the the slide, right-hand and of how cost and side see year-on-year AUP factory
material costs, purchases some inflation moderating for we Regarding the to start fourth in quarter. made did see categories in
However, these continue through priced to trend the a higher we balance we through P&L first quarter. on realize inventory the likely as work the continue in not is did that sheet, benefits to
American for a positive mix. to was Residential increased Total X points XX of review on of and of to inclusive Slide segment. strong mix. North price Fourth million. sales X% up quarter our growth AUP XX%, turn $XXX net Let's
demand wholesale our decreased Volume, although year-over-year, in comparison end-market witnessed the in some modest quarter, in destocking was the however, to We quarter. during channel. third additional driven by the X% wholesale inventory softening it primarily channel
EBITDA in million saw virtually X% softening period destocking up we margin the In decrease sale, driven in year, deleveraging. we by an in channel, with XX.X%, the same point quarter, retail. of seen significant EBITDA volume yet, quarter demand of any was the but retail a last despite adjusted as unchanged have $XX inventory from not Adjusted linked
manufacturing restructuring efficiently at and our joint of the of of announced intended changes the planning. reorganization management plan end and category to team Residential with emphasis These customers operations greater part began in our are quarter, more team. business on North As the the service the commercial American management segment a
QX in start and expect financial the end from to We of work all of substantially positive to the planned actions impact benefiting restructuring complete restructuring by we year this the year. this expect of
advantage post in opportunities acquisition, and than starting year, with The of As full practices on a in such to teams is share many swing, and a dozen Endura be Howard on Howard areas functional we reporting health Endura Residential we results mentioned, sourcing and segment as President, included new as environmental we will this closed for customers have stayed has best business and who the the acquisition more development. working their American in the January integration acquisition product company see Bracken, and continuous discuss QX. and Bruce the onboard in financial grow X have the and our to safety, combined innovate of company. and already met to with the improvement, North
place increases X%, from quarter. XX and decreased offset Turning of business. Volume, sales Europe the unfavorable or our Slide and previously to the on percentage exchange. grew put down year-on-year surcharges in a $XX point Net foreign AUP to pressures XX% price were X% headwind down segment. in however, million XX% we on inflationary excluding XX
The ongoing to headwinds the bump exterior the RRR the seasonal U.K. normally see. sales that and contributed in door in the not in holidays we demand did we weaker-than-expected economic experience market, around
a issue doors, impacting further AUP of constrained our addition, supply higher-value increase. volumes material interior In and some our of muting raw production
EBITDA the AUP in and the improvements as these more initiatives exacerbated impact of quarter pronounced reduction our million Adjusted planned, amongst good material reduction the with made by on year-over-year, segment volume higher cost most quarter, and adjusted fourth XX% overhead We SG&A, but down than in the was EBITDA were by of being for $X progress X.X%. an products. the offset margin fourth deleveraging
In XXXX, on in of our X areas improvement. is Europe focused staying key team
of rightsizing supply costs cost European material to market and match maximizing Additional end managing proactively by demand the savings chain.
increase to well year-over-year segment. million, Net increased Moving AUP Architectural driven to The AUP work. both inflation increased to sales and mix in as in the AUP higher offset XX% volume. shipments taken increase Slide XX a X% benefits of came from and a by in XX% by $XX project as increase driven price
The to performing segment quarter with quick business well. volume in growth ship the returned the
and Our continuous order backlogs. complexity improvement initiatives are reduce helping to
However, not slight was reached adjusted EBITDA to costs loss we for the cover levels still have fixed a and quarter. necessary therefore, the production
Architectural as initiatives January. the segment at are taken of targeting million $X plan year, cost-cutting our of beginning We of implemented the in this part including restructuring actions
positive developments. The were volume sales and improvements segment in this certainly
strategic anticipated, now of are the taking returning longer business. segment profitability alternatives to level the for a However, is we reasonable than and actively exploring
to that understanding of the expect courses you time possible more We next a information action earnings to at in better our of have for share call time. and with hope
in and volume, to move of decrease Let's a sales in foreign up Slide the X% offset Europe for exchange decrease X% and impact a X% and combination of were in segment from the a XXXX. the a lower of year quarter from the full of our to XX% due for AUP to unfavorable component second divestiture year decline primarily a financial results sales XX XX% partially by growth Net recap XXXX.
prior to Residential the points architectural of improved while margin represents of declined benefit XX margin basis the contraction by an segment than XX.X%, profit Europe American the down million offset the the gross Gross in North caused XX% by of increase over deleveraging slightly inflation year. segments. was volume and margins and gross profit in $XXX more as
year-on-year year, per to and of $XXX up administration as an was sales year, increased and the were $X.XX. Selling, earnings share XX.X%. for compared net Net at income general diluted increase a per while $X.XX XX% adjusted share flat to up of last $XXX XX% earnings full but million, were XXX% XXX%, expenses percentage million
million, X% basis XX Full year points adjusted margin $XXX XX.X%. EBITDA while adjusted to contracted increased to EBITDA
that to slide, bridge, exceeding year expected but and adjusted we of of the P&L XX% we was the notably management freight EBITDA the side which the beginning the price year year, on materials the extent most illustrates right a this clearly raw rate full year. Inflation provide inflation the approximately in the far the across costs. magnitude the cost low material inbound given of full On that was for at mid-teens required materialized of
a and summary flow XX, have performance Slide XXXX. of our to of as year-end we liquidity Moving cash
available ABL place at early million quarter a cash, fourth put that fund facility and acquisition, end was our ultimately $XXX loan sales in $XXX the Endura was which January. of in total facility the upsized program upon million in Our liquidity the unrestricted accounts and the term transaction was of receivable fourth to quarter inclusive the closing utilized
million, as lower compared $XXX cash XXXX. expenditures required full operations the capital. Capital million drive driven attributable flow in was year, for prior by million plants new to largely to in incremental Full million $XXX the The $XXX from of for we products of approximately production improvements. that the to higher year increase fund year expect year-over-year in enhancements $XX mix were our ongoing XXXX use to capacity is up working value-added from investments cash and
fourth quarter, $XX.XX. for repurchased During shares of price an Masonite approximately average million at $X XXX,XXX the
the year, slightly were For over approximately X total shares, repurchased $XXX of X% shares we million outstanding full million.
Slide current full based XXXX consolidated viewpoint various of on outlined factors we our On year XX, for outlook end that Howard our earlier. market provided
significant in as positioning flexibility margin efficiency continued product including capital as We when further to on will Masonite cash preserve free are revenue leadership, drive which capability strengthens. and margin the across areas valuable improvements focused investment flow as for well such and deployment and initiatives growth be to our demand business efforts in operational
single U.S. our assumptions decline approximately high new reminder, housing to triple to a XX% America include by our decline As by volumes in planning digits. North and
underbuilt an despite a aged organic In year-over-year result the near-term to our We factors could volume existing believe both in construction a throughout economic housing North continue planning European housing sector. we markets. for American backdrop weak in investment and and decrease in stock are new mid-teens these residential Blunting U.K., XXXX.
as For architectural throughput to by benefits Architectural pricing driven assembly At carryover in priced sales we low in in the where positive is partially our that That actions stronger plants. relatively well lower initiatives we are a offsetting as expect drive from growth improve continue segment, are XXXX XXXX will XXXX, see door we tailwind mix. headwinds we volume our could invest to more AUP benefit the assuming marketing -- and single-digit product will we achieve and from in to we continue possible level, consolidated in a said, construction as various to it multifamily mix doors sales related into to U.S., while prevalent.
FX on total, headwinds have more in net down expected sales negative the first to exchange. to XXXX to half impact the in X% second before the year In are X% down excluding we overall expect of impact the be a foreign impact and XX% X% a acquisition half. pronounced sales to net easing with of when in the Endura flat or
anticipate driven we material decline adjusted to costs by will that drivers XXXX, ocean EBITDA Turning freight. for modestly
are until recognize second inventory. unlikely Although we were for to higher once the quarter, savings consumed cost materials
costs the of half inbound For decline to low weighted freight inclusive anticipate digits, we to second the the year mid-single year. heavily of toward material overall,
mid-single as our well actions. are restructuring planned expected are in savings overhead from strategic higher in continue in impact as XXXX. collectively to of various to factory These costs. some be factory such Inflationary and and operations and cost up investments pressures offset low will the as likely and by partially distribution be our costs the digits other benefits to parts wages of business, which
to of impact million, year-on-year that is a net this volume the sales expect adjusted we our flat $XXX yielding essentially EBITDA range cost margin in Based despite the consolidated deleveraging. million be adjusted to of EBITDA overlay to $XXX outlook, on
quarter are to will first while in are only cadence modestly be from our to we comp, very across which playbook year, cost adjusted first half progress material as management actions. difficult that With and meaningfully cost clear as seeing through up modest down benefit fruit yielding reflecting a margins These initiatives margins the incremental we and margin half year, against modestly margins restructuring we raw the the expect inventory gross second down lower year-over-year higher margins, year-on-year. respect EBITDA from bear
digits expect that EBITDA we primary the quarter driver basis, for pressure to improvement North American in for margins in Residential reasons segment expected in And to continue resilience are just year, and will a be steady I volume show modest be the results noted. core segment the the Adjusted of but year. our expected high are further the for result architectural first face a On pressured Europe across headwinds to as the although now the margin year. single full of
on XX%, in Endura share adjusted year $XX acquisition, of assumed that million to for and will costs approximately approximately the outstanding, tax financing of Based range reflecting incremental per higher XXXX of million, be approximately an expect shares full earnings in we XX.X rate interest $X.XX. $X.XX the
to $XX range inclusive We to new from $XXX our business. for expect million Endura cash of and and to taxes in expenditures between capital investments million $XX XXXX million, $XXX be million, in
Free be flow to capital. cash to will major generation reduction working effort priority for us will this a be key and XXXX, drive our in in a ability
already initiated optimizing our have payables work streams and respect As aimed reducing to receivables. with and performance at inventories such, we several
adjusted million, we of the least flow million XXXX a to of year On of these XXX%. free range flow ratio $XXX flow cash full yielding at these free anticipate drivers, assumptions EBITDA cash in key cash the conversion in basis for $XXX
And for to comments. Howard with closing that, call I'll back turn the
