a through some were next of decline the few of we that $XXX and little would talking revenues the sales Paul first or bit morning good prior million the managing been a XXXX. quarter basis, from spend Net the the up America from felt Europe. and time The some I'll $XX basis issues XXXX constant as by of performance, from on of for X.X% the X.X% year. a note the fourth for quarter points XXXX go a million through first progress roughly Thanks to call. important we in have of first Net everybody months. on through $XX also $XX It's sales or or most of X.X%. representing Latin are were also but quarter XXXX on our the million, key million currency impact of reported currency important quarter was to XX% up
year year-over-year North was ITM the reasonably some quarter deferrals American while the Our of up impacted The in undercarriage toward to sales profits. well slow and start that were it notwithstanding of picked the quarter the quarter. second the performed flat the end business customer-directed and only sales
Russia, America. Our came and Europe in biggest challenges Latin sales
declines headwinds volume from able quarter and price/mix overall of from basis X.X% raw of with sales sales the increased the year. from largest pick to in Russia in in X.X% agriculture. costs Our the due rise principally material course last about lower resulting by consolidated Europe last and were We're market over on the to a year being
not of year. $XX.X first business Our margins gross first but quarter temporal sales, reported gross of much quarter profit the through XXXX with for headwinds the was and gross XX% other $XX.X for million parts versus The so in million margin challenges OF versus XX% XXXX globally. issues quarter were and market first in our the was the last
currency impact was I'll the to year. release million larger the on a of were gross prior in described earnings $X.X delineate. minute a of that number profit spend were impacts approximately versus First, There the devaluation that
through an as And translated which First, into the pushed the business getting late American talked the to Paul focused early the incentives challenges about. we demand sales effort in stimulate tire North sales in quarter. gate out had of
into a lower was impact sold cost approximately from costs. also of XXXX quarter $X combined of much when items largely is production now. short-term inventories the levels quarter. unit had the production impact higher had million and higher being profit for us on The the market This we from behind these We fourth of the gross
particular, in the the Colombian sales headwinds, our Latin plant our from Argentinian experience in American has Brazil. Second, hurt business export continued to in markets which and
truck In $X combined addition, was year-over-year. light tire million some gross impact of decline on approximately sales The profit. headwinds saw these
in necessary and That talked Finally, given earlier. was are $X But and to volatility about caused markets operations from profit only spend the the and to been continue manage the we in our forward. impacted markets, have in have moving Paul of challenges production costs and margin in on globally to decline inefficiencies. this basis. Russia Europe which last out gross headwinds. where We're due seen necessary actions counteract these taking significant we'll a that the not taking we profit, also we've gross year decline combined but sales approximately million Ag
were actions profitability get to However, building to the of the these year profit are to course unfortunately. the first many improvements able us recovery facilitate of believe back quarter plans us we sufficient We through not track. recover on help
on minutes performance. segment few a spend I'll Now
amount sales down favorable $XXX while North Volume if Our segment been would segment net million, X% Ag price/mix was basis, X% the not were X.X% for negative Agricultural year-over-year in to have at currency point. of added a OEM challenges. levels segment were up due dent net the quarters very sales. but up on in down this X% able XX% several have remained due market sales high inventory impact. Dealer to America X.X% incentives continued levels make a and have Russian Ag to down been sales. for at primarily to no sales were
quarter to has the also sales the market a negative year but South combination without currency American declines Ag would Ag lagged more with as of we due and impacts, sales saw have been to European XX% were impacts the mainly regard currency by prior that have volume that. challenging. become XX% the up in down the
shipments Gross was lower business with to in South as of a remain Our American million related followed a volume to North negative slight gains of felt margin comparable inventories million segment impact quarter. by the currencies margins quarter was over for Agricultural currency experienced programs X% for the it coming again as small North first period and in Year-over-year of along the million. first sales in the down markets the headwinds was a while which tighter margins down these constant was decline profit million had quarter. during and and margins million, quarter the million biggest over was decreased saw year customer-directed ITM's volume tire delays experienced I profitability than Earthmoving/Construction America. to higher portion which in incentive South Volume certain undercarriage $XX gross from The into with segment biggest currency this from sales impact and the well. for all Earthmoving/Construction into segment, basis deferrals Russia shipping ITM to profit XXX in little the America impact We just and ago. $XX second from solid. the a the X% X.X%. basis, on the year segment positive decline of Europe less a declined in in segment $XX factors products by would Continuing $X the these prior higher second by a $XX American cost the or The about. Europe within talked in quarter. price/mix X.X% X% of driver a due our net On have of quarter XX.X%, EMC points - attributable decline the the in decrease those by the to to on $XXX driven quarter to represented
we very, the roughly segment. only first been year. X% negative a The were the constant There Latin a over with segment's XX%. Volume the felt On the impact last to in price/mix year. Now were gained the quarter profit which gross impact $XX period points which absorption million was year last sales slightly quarter would margins X% of which of same segment's volume was Latin We ago. basis particularly nearly favorable $X of prior utility fixed very first represented while in strong was with million, biggest have some in significant sales drag a reflective first XXX when which for sales currency FX up, basis, up decreasing almost Consumer $X year last of quarter the on X.X%. net million to margins lower from certain in XX.X% the - impact of year America, truck wrap sales was a by Consumer was quarter from compared declined light the areas had down net cost and decline volume. Gross America. this
of is as saw $XX.X in last the quarter higher first Now quarter which million, well expenses. year. And R&D turning $X in expenses the period. what were for the increase than percentage first as the as X.X% to and quarter. to fourth year the compared from SG&A was our This last net R&D operating comparable million in of SG&A was quarter X.X% we an and a prior sales, first
$X.X upgrades. investments but in of the our due increases the appears expense quarter sales was Some pre-tax that unusual. Tax Cloud million spend to relating on income which be decline, to Oracle technology the quarter is of to this we million with making information $X.X did basis have the for we're in ERP
cumulative tax have We've take benefit. not the unusual that an operating coming in in proportion this outcome causes talked in jurisdictions but able we're prior calls losses, year losses where the With current we the about significant particularly to tax of our quarter.
adjustment fall For item the the of quarter discussion $X.X The option would period the note jurisdictions. year various performance either XX% ongoing interest there the of still lower to year and from related first - of impact XX% been expectation given XXXX, our has to full tax determined year non-controlling the prior All in I to income of relates final for anticipate in the impact redeemable rate the RDIF. $XXX,XXX, little operation Russian value redemption of the of from QX mix put was to and adjustment and the or pre-tax put OEP decreased satisfied the current million. tax which The option. the continuation of the portion between this related no RDIF our the of in to
Now I'd Working again, a than and as the and much the liquidity quarter we quarter in saw rate grew but few in up. sheet, over first ramped a items. what like to financial to lower first year sales condition capital balance move capital highlight at our last
were growth receivables towards sales were Our as the end compressed more our of quarter. the of key the the driver
for nearly month the on of $XX year. balances first the quarter at million with AR the fact, and that fourth were quarter sales during end In XX% par we the first in quarter from March. of our the increased last the Total quarter were of had
of inventory American challenges up inventory several Oracle up the at Cloud significant continue continue our principal of the to levels of the months grew expect came ERP in our operations we we next $XX as growth taper end the business, startup ending fully of areas ramp We as quarter. March see wheel up Our catch in the We inventory and wheel faced the on production. system by million year. that fourth the production in business. the after business built from new to to undercarriage in our from This North end we two
business have coming the deferrals some we of on discussed by quarters, but we business, course shipments last year, experienced prior undercarriage first ITM quarter. over did into shifted orders of have orders the in in committed quarter. to as been customer These out dramatic we are fully experience the some customers relates the it and the As growth
capital growth our and this million experienced working again strides in for to little capabilities efforts forecast $X are in in Capital XXXX once versus lead key quarter quarter. to to increase the expenditures plants. the making business were we demand times first in While focused in quarter, under $X.X million for areas first of we the better our reduce production
$XX for Again, plant range due while can million. increased We through returns million prudent efficiency with capital be in the in that $XX are year the needs which expectations line in cost of cash timing targeting other highest to spending are areas and will deliver this the on remaining we to the business. reductions
Now let's go debt the through things. we where of side on stand
debt local credit $XXX the Our year which settle and of overdraft primarily Current borrowing roll without current million. totaled of RDIF combined portion to within are March $XX during long-term cash are the maturities capital Significant of million. on-demand of in year. million generally quarter, to $XX totaled current for the reporting the purposes, over use working the relate end considered option these which but line of increased one maturities and at due due to to facilities the expected
the these short-term of facilities All in to in related various in overdraft the quarter increase borrowings countries.
secured primarily will of million $XXX debt consists in mature notes Our XXXX. which senior
this $XX declined balance by cash to Our $XX quarter million. million
a in XXXX natural should more and in see the trim in working the decline business. the quarter a It anticipated to much similar of As sales. as ramp-up of expect and focus first the capital up and XXXX, cash we year we seasonality ramped be quarter turnaround experienced inventory the a was throughout the that and significant through in to 'XX first AR in after we we quarter of fourth noted this our sales improved
of business to adequate cash have the on the daily scale operations global on manage a the basis. We
the foreign loans various working into from have and time our also capacity our business. We to time bank fluctuations overdraft for facilities to tap capital handle to international
the course our sales years, volumes As have have over we of last increased.
on option million first we some and feature as of facility to facility the utilized the XXXX. put it today. on obligation to of with we banking as have size with first The in the the a and $XX has of potential We million But time line our of for much the the time discussed past, to the for relationship is in with appropriate the to the put accordion an limit facility have the increase ABL as facility meet $XXX upsize US-based Our partners the there maintained the credit and Company million customary handle them been been $XX the approvals. in RDIF is obligations at relating to healthy to quarter bank for working us option. place
disclosed Directors the of upsizing level this current release, million. The proceed in As the facility with authorized management we $XXX to from the Board week, of to
our partners weeks, facility Within we the increase banking this already increased commitments. confirmed few execute each the next expect their to have in and of
to cash in year the with last with to coupled liquidity future sales continue that I this to through to throughout cash we we capacity, healthy manage appropriately. our stated described current our anticipated events business the the trends and flow As the invest flow potential quarter, maintained assets and grow and past, into enhanced other non-core borrowing of
I'd like might before comments for to over we you turn a Now few any back to questions into more call get have. Paul the
