and by organization across was echoing Strong were these Morry's Thanks, team and Paul, very, taken made and comments start that to the levels swift meet very to times. and adjustments good want protect regarding the leadership our morning, everyone. by employees, to and Paul's very during to - shown were exceptional unprecedented actions Titan production unpredictable demand. our I
forces in and all the were that during us. - improve finally, Just managed to going against the team even the liquidity spite of quarter
less year challenging continue manage. negative this, Net could quarter million year The the Again, in it position quarter strong EMC impacts sales coming some of was estimate basis, the impact of America the on Asia year Europe. ways. America. revenues COVID-XX $XX $XXX get sales from We on last down markets million impact to the a in markets $XX have impact most of sales for first will than X%, in across and the That The across are impact we and much currency the undercarriage. XX% million the now COVID-XX US, constant quarter, the And second UK were in the last and and year. last were year, currency be for roughly second $XX and in closures challenge the coming would construction, quarter, with earthmoving remaining notably, from more second and primarily disrupted let's or Australia. by XX%, in from us. of board down the of it declined this second was $XX less in nearly quarter effects Europe, or the the the Notwithstanding largest half a the impact $XX into numbers. a and meaning significant Latin in the million. sluggish this decline million been The The in Latin million be was said, On impacts declines net fact, were world, biggest from and second direct quarter was drivers of construction. the sales the than to reflecting where
on were Our which down America, The sales experienced quarter, resiliency segment with impacts, net with or decline from from of a pandemic. reflecting utility American in in million is testament North to tire agricultural $XX along related the deemphasized XX%, lines sector top currency million truck Latin partially the coming ag the million the to impacts of the sluggishness sales $XX $XX a the continued consumer in of product the negative market.
sales North OE Our from our to the American volume mostly were wheel on customers. OE due - down XX%,
tire again American sales OEM were North volume. mostly Our XX% down
X% are to start. the a tire we only year. aftermarket sales levels relative were to Our strong close down QX very after prior very And XXXX year-to-date,
we've of challenging QX, Russia coming last year's it Australian the and very quarter was conditions approximately in in from line sale last Our conditions sales in the servicing in lower year, headwinds the of with branches. the million sales remain Latin down translation the are on last quarter despite conditions the Overall America were coming with with there and significantly volume. currency from sales depressed of almost sales closure second deemphasized economic replacement half of all market slower. currency to Ag Similar EMC the the tire down modestly XX% second improving. But Australia as tire mining in market remains year, decline effects coming were with including $XX first activity other overall unprofitable half region. as some actually also since are up quarter we as distribution and discussed, XX%.
volume dealers year-over-year However, ag did somewhat. increase
Our basis for last overall quarter in sales X.X%. on down, XX% volume us was by Price and year. the a positive lower from second was consolidated at mix
second quarter impairment Virginia $XX our in second operations, the quarter of wheel the last In came the production recorded million year. a Our for charge the we our reported facility. was on of versus to $XX asset million gross which North $X million profit Saltville, closure American inventory XXXX, related
controlled schedules materials adjust pandemic raw our factors and gross quarter the our among X%. margin workforce, teams of the compares the in considering on in margin in This a the also tailwinds to charge, favorably and which Without faced. sales, would increase impairment demand result, the market production the margins been that and XX.X% led the have profit need managed strongly in profit reported which year. costs to response X.X% gross we the first were the for margin decline was obviously, while XX.X%, quarter versus to the the the reported also gross Our second overhead operating last to factory strong is significant to
segment Now I'll some touch numbers on the quarter. for
down increases. of in were X.X%, net OE sales similar X% million which we while affected sales had as currency by translation were Ag segment North X.X%, reflective America sales basis. on down QX, was to and aftermarket some this selective in $XX X% or Lower of a down agricultural XX% price was somewhat levels Our up with down. quarter. pricing year-over-year pick-ups customers in - roughly kept production holding mix Volume sales
in sales Russian I quarter. down XX%, entirely segment second North in lower and mix the sales pricing the in European while as in this were up Our favorable earlier, OE volume were ag America stated slightly as were wheel ag down quarter, sales was XX%.
ag of the from American with Latin sales Our than currency. XX% that coming on were down in decline last more year, XX%
- existed agriculture which to strong quarter raw quarter as Our costs, million, wheel and actions, of important year this note XX.X%, lower operational improvement operations was raw for made was we It's for with up $XX.X were and million enabled management, inventory an first last changes improvement. American along ag Improvements $XX.X that margins produced led last with the surrounding material results to we in for that significant material after delivered our operations 'XX the management stronger improve leadership year. North QX quarter. to continue profit second up for million $XX.X X.X% Gross quarter plant the efficiencies in second second in the year. which X.X% the last from in from the gross margin segment headwinds
so was sales And year On net the sales basis, or COVID-XX from mix Volume a by the portion the Our would currency decrease quarter $XX sales earthmoving, down sharp this XX% million as China direct versus have XX.X% a largest XX% of contraction $XX result really, of QX half industry construction and in in construction biggest ago. last EMC reflected decreased in of ITM's impact still year. to of We X.X%. second Europe sales business Keep towards accelerated year, million. of see compounding construction the demand. one anemic on And undercarriage as while decline constant impacts market. saw started was the price mind, construction segment already in in slightly middle in their the was again XXXX only OEMs of was and the reasonably in it the experienced the a on quarter. the effect decrease quarter. a at favorable was COVID-XX healthy part segment, the the
Our and essentially the pandemic. decline in shutting to the during some and U.K. market closed to XXXX also the wheel distribution. saw pivot tire mining European XX% from the XX% continue Australia branches a sales to in due we construction EMC business of due quarter down as dropped
XX% in America markets year, quarter. again The on mostly came volumes decline on this down the were of North Our primarily tire on side. business the construction the this side OE weaker
considering was a $XX.X quarter profit gross margin and efficiency decline the the the million well, $XX.X impairment impact segment driver as in million volume sales. largest lower the million, earthmoving/construction in pricing includes profit depressed charge in absorption. been without cost our So a due in the - charge, improved was the performed facilities in the occurring asset Obviously, gross decline improvements an the year-over-year. the of in XX.X% fixed segment XX.X%. profit and the a Without with have gross to which countermeasure dramatic would number But sales, decline business The versus $X of to on impairment was EMC sorry. represented gross in XX.X% the charge. million, $X This
In the relative addition, costs raw down are prior to material year.
X which $X.X of America held is year to last the from in from quarter products significant months Negative segment, first This Gross of also lines, XX.X% X.X%. very product year. negative million two the the the XX% quarter by was sales demand result deemphasized then which took second COVID-XX. The And currency as in North margins as were was up into $X.X quarter sales million, during which costs, utility from impact segment's quarter the our specialty to down the ago. decreased quarter tires. low from mix and impact carried while segment. with decline on a related significantly consumer lower such from this certain was impact first at translation net and truck was second year. volume were segment, for were and volume Finally, Latin down gross down was profit our second pricing most XX.X%, the and margins the America last manage similar the ATV XX%, we but actions as Again, to have we plant - X.X%,
last the and and general were is as R&D decline came came which largest XXXX cut to employee-related $XX.X first decline the Now a expenses the travel XX% we selling for of The business administrative result of efforts quarter well below areas the down including quarter across million, across year. The costs. and and our costs, second from on of control as organization. concerted lower
and I've IT to also the efforts, last this discussed what costs discussing - accelerated Because our one We that reduce pandemic, year progress much quarters. that shows We the versus been of quarter. and over support which lower our marketing ago. made we've experienced demonstrable few costs, continue sales is up I we
permanently second operating to to notably more taken also finance. of restructuring information and $XXX,XXX our actions most consolidate primarily costs, certain included and The reduce quarter level costs corporate from functions, costs technology the in at
in the to in a a second as to We and quarter, quarter. exchange and at there result, almost see $X outlined million, are $XXX is pace million of which year foreign gain recovery was full R&D million. $XXX the We the than lower currencies last SG&A target experienced now approximately I foreign costs on
expense remaining a XXXX, shares million in transactions bringing in of positive. our in difference in $XX.X $XX $X - debt the in region $X.X second late In we've million proceeds. there there jurisdictions. our generated proceeds the $XX.X million, second year-over-year from we quarter loss million early a earlier, We $XX expense. the in other the proceeds used pretax we million. reminder, year-to-date In discussed shares $X Normally, foreign the in were shares we in exchange and We of during net $X.X million recorded foreign net was we loss cash million. taxes received Wheels we selling we sale quarter. tax $XX.X to the a in started the first on pay of the in Approximately of have quarter from of And after reflect to $X.X million quarter to ended expense loss per exchange a US. was pay were India, since million As quarter we the so XXXX, of down in quarter, million the July. loss second big foreign Wheels the of a of completed proceeds net net quarter recorded to the normalized $X India as tax The
of but system taxes on there out sale isn't with shares. reserve offset this some of gains Wheels in capital the by this were the the adjustments So line, quarter India some noise
Now flow. moving QX to cash over
Again, in relative beginning, We million flow cash a quarter. first really approximately in during $XX half $X efficiencies on half we generated capital June, There's $X second a quarter morning. second negative As cash first noted include impact non-core early start generated India quarter, on in working fact the the ultimately $XX related for million from cash the up we been and from which flow, I'll fronts, year. non-core free on quarter remainder our taken proceeds significant nearly of million. $X Wheels $X from of continue cash impact liquidity this ended to drive the and million transactions in of for cash improved my the assets. and changes This million we the impact will in million, last comments currency The $XX far the I that negative the in more versus describe of of was not the balance July. so and so this sheet sale of quarter. that actions flow at does received in at this assets despite a as have is from year prominently number the shares the we to in with selling positive the the million operating quarter the generated earnings no lower first
by million in second Our the first $XX March in sales quarter. - as experienced in the receivables the quarter decreased the almost net quarter $XX million second we from from a to decline first quarter
carefully to experience this currently We customers, Our extended any relative But tick did up significant quarter a very every little as bit at a from of days. the DSOs XX result of pandemic. did pockets don't payments risk day. concerns customers credit certain exposures we have we of and watch these
by $XX.X by March, December. of inventory million June million and end it end Our declined from of the $XX declined the at since ending
second million balances from to supplier generate very on quarter to the accounts our first higher dropped fiscal as from our confidence working a continue improvements continued throughout in at state ability We've quarter customers Our decreasing I'll customer XXXX, inventory. Titan's come expectations payments our for management volume we the visibility we came This payable with cash And ensure inventory approximately pace serve due it will inventory again our it $XX I of within as collectively meet in the to a very this despite legacy will high can done and is important, across but we that customer managing that that of teams performance manage has been closely. between know continually. need we well. operating to long-term When there's have and mission happens, recovery to our demand. strong focus quarter. from in business. improvements have capital the balance
$X innovative Capital necessary versus were And spending to so. year continue development And in the We've be programs remain to products to million almost forth. in it last invest leadership. for invest where and to product and bring the XXXX million manage to to so half manage production, as first taken market our maintain half. safety, so it's capital of $XX will and and we competitive market to expenditures first steps environmental important our the well
And We priorities in our were be $XX original will what the prior that close will targets our continue balance the below anticipate while to term. in well capital I spending year as million, well. near to for our XXXX
debt did in that net debt - overall about liquidity the operations. we our moment. quarter I'll as level talk to in measures for level second our took increase a European Our increase more
outstanding was of million million $XX the on March. domestic end from XX, $XX June of As our from down line, ABL
now of us This partners described we with March. initiatives In due also and operation, relates primarily X%, interest final the portion certain America is in on annual for Short-term during range Europe. to the with Titan. decline the $XX normal June, With long-term decline credit X%, pandemic. X another of to million, for domestic from the sale the outstanding Wheels approximately draw $XX arrangements the short down of July of when The foreign loans that have $XX just million. ago, XX Russia with in the are we arrangements the is at we month completion month, the we A Latin million, our to is of recovery midst the March. facilities excess on this July, options favorable borrowings over this many we had of again, facility Remember, that The in of market in select completed since in down steps to manage manage we year. credit operations liquidity maturities in call, to more loan reductions X only corporate tranche volatile favorable million rates is for over on approximately arrangements end terms primarily U.S. today maturities $XX extending million. years with paid are to down and X balance and taking X in on under late With actions Europe. July, credit our these end several on Europe and coupled of to year first after the facility majority have give response which flow structure additional cash $XX our of Titan from among shares and capability these million to in the was our in On quarter credit of while last X% prepay This year a in to flexible million to from ensure May our stable to quarters, ABL domestic banking down $X debt - months work and is significant $X borrowings occurs. we in flexibility India repayments times.
manage big Our has this quarters. capital intent low, markets very the are important our shares with be forward normalcy. will been as of over working several last and not of keep if a sale X, borrowings a semblance India Wheels return going to This some target to for facility for The initiative our the were of us, and part close that asset achievement. now we to non-core sale very
$XX to that that deliver could million While of outstanding, we anticipate discrete I and few still year items proceeds. completing over second the in up a have transactions the half more remain
in there to it for future, remain any in That financial going be you to steadfast living the Titan continue, so. evidenced still remain results Now over, adjust this a to well and this We the said, current challenging back and whatever position our all position questions to we be and world we the have in crazy for long-term are continue done position, call and plans we're us of to committed respond is face. that. requiring we very in Unfortunately, do operator circumstances. to much resolved And navigated to is to have I'll to devise to morning. improved turn the to as work
