happening to business stand of all with over good the Thanks, Economic impacts managed out really on pandemic. Several serve, push morning things we the participating everyone markets Paul, have is across the abundant to are call in through to resolve. course we great with but the respect and this what today.
As to as this Paul financial a regarding performance I'll detail for I important most markets the future the discussed things Titan recover. at the foundation minute, but building an review brighter get for in into improved here quarter's outset. want a some earlier, we're
to to operating cash almost $XX million. quarter third helping First, bring stellar balances during cash million, $XX was global us at flow the
Second, an lowered of and in million mid-XXXX. $XXX now debt end levels an of additional And to improvement with debt last transactions, million, now both operating from of $XX the the sources level asset from improvements since we noncore the perspective cash the year. flow, stands lowest from at net
enabled have that quarter EBITDA adjusted performance last improving done, over coupled XX% us Third, control the margin year the to from with cost the operating with in prior financial improvements, by year. our increase we've third gross
from seen next of during we devaluation. decline the towards head we've coming positive that XXXX the in somewhat diminished Finally, quarter, actually with has as And currency trends year. slope third sales half almost throughout seeing we're the
impact and were We On markets quarter. direct seasonal the expected or and the of impact from actually remaining America biggest That business. $XX the was year. low in by impact on coming improved from quarter over the primarily EMC ITM U.S. currency million and the XX% beginning testimony negative slightly $XX quarter. The were $XX million. consumer certainly of third were were would and coming largest second drop-in board, third million currency in quarter, a from million or details estimate the to during sales million where down an sales of than impact net declined we was Ag volume the saw million been The $X.X from currency disruptive COVID-XX true, were down U.K. and orders, we Latin sector declines quarter several much where certain the which Net improved the review a drivers quarters impact deemphasized consecutive $X lines with the resiliency let's is to revenues sales the over plant of in quarter, the sales again of with normally quarter. a the in the increase as what tire million impacts, quarter, effects QX third the in improvements quarter X% but was coming million uptick decline America the $X or of in the net Earthmoving/Construction for an of only business. was after the the the the decline. Now the XXXX Latin Asia. also from quarter or end experienced a less third last represents markets constant have the translated which months. during sales $XX the X% across The sales market America primarily truck Australia. quarter. the meaning of $XX sales sales product last specialty basis, Again, of in on but segment third of with had this Agriculture Russia. in reflecting quarter in utility decline segment The in third Europe $XX rebounded in approximately the million the impact from closures declined we The with recent at year North toward Net in X.X%
to North were The mostly year, the seen agriculture par in relative earthmoving down recent and last in sales decline Our markets. or construction the while has American have of areas sales we months. improved on generally come
point. Our aftermarket levels in QX were year, the are tire to close at the in sales America and to up the North year-to-date XXXX same relative prior very
for to Latin our American Another quarter relates highlight major the operations.
in reflecting sales strong constant sales a on rebound reported quarter down were in Ag by particularly segment X.X% XX%, have currency basis, a demand, While increased for in the Brazil. would actually the
weakness brought that first half pandemic market earlier, described year. of after rapidly has the brought Paul the As was been by on strong the coming -- back on in is the
sales dramatically better but -- and entire market headwinds year, and the favorable were as down at currently from continue volume were compared we dealer conditions year. we changed perform but the Russian slightly is the prior than pricing or with also were region, market sentiment Our continued prior the XX% economic The positive. to overall haven't conditions story and depressed in the to currency
XXXX, on the profit XX% volume X.X% positive quarter in overall a mix lower the was Our in by and year. sales profit quarter gross Price was from one basis $XX Improvements consolidated third at was for for a stories quarter. despite of a the million $XX remain last third in decline the the Gross key in million quarter versus this XX.X% quarter. sales. representing us in improvement, third of
materials our the quarter for only response margin while Tailwinds also third raw while the which overheads us primary XX.X% X.X% in making It's our in profit pricing was that year. this in production in have materials in on second we driving nice made for a also important year. are versus relative we our experienced what in was downturn the quarter reducing gross our have remain to it to other with raw Our moves line year. production, levels. tandem, note we very in This and last important sales cost year-over-year, improvements factor factor, the manage improvement to done performance positive this customer ongoing of
net X% Currency segment growth is from to over move Let's segment of X% quarter of only third was were also down performance. last or by quarter. primarily picked and pricing And the $X.X The The million the Agricultural in similar significant and sales Russia. year. lesser reality QX affected sales we segment translation and organic this have to impacts. QX X%, the we in a up almost Volume in saw X.X%. of extent, America to had in mix while was and X%, up Latin
Our price increases. impacts be positive selected sales there aftermarket been continued have have strong, to from and
as continuing up were drive tire American North partially to in strong, customers X.X% aftermarket lower overall some for offset remained by production. sales OE Ag trends Our the the quarter
OE were year-over-year, virtually the well. third Our America quarter down XX% last up while sales were sales European levels Russia's as Ag in Ag North somewhat in almost were the sales to flat year. wheel
those first Latin near-term with volume looking America of the in Reported I the half half The demand, including for levels, flat out next related of year. of the trends were One market was to in year, American year, wiping and highlights are XX% earlier. has lower strong Ag market Ag the or rebounded significantly the the to the third quarter to currency most for in all gains. second quarter the the which last alluded significant market, sales impacts Latin virtually but for up
American margin conditions million, overall for $XX.X an gross discussed QX While a the profit we of in gross continued management. in and last improvements increases raw sales operations result produced experienced of but third also North strong the came saw from well, the quarter in seen in compared the our from coming as That third this better key have quarter to enabling was increase. along raw last the similar and second which market last performance, surrounding representing improve we expansion have business. to quarter material year, smaller wheel Ag The geographic component XXXX for for as quarter the in said, quarter. nice improvement. as improved material XX% from operations, to as plant headwinds conditions profit the in A taken, Ag, was compared turnaround XX.X% existed up agriculture also gross quarter the segment profit efficiencies that this actions component the from quarter reported delivered we've Australia improvement inventory weather and the strong margins a The in We results which margins year. $XX the with internal third well improvement the lower from costs, of from after prior quarter in of X.X% in in stimulus The million were accelerated the government. in year, sales third each to as this significant businesses this
we see Our versus or also earthmoving/construction were a sales to impact. almost minor America constant million the year. currency price only to $XX quarter. in negligible segment most last in a for year. XX.X%, currency million. segment with the with which EMC down at hit was by from XX% economics decrease $XX year, but year quarter of XX% last impact of construction decreased mix caused of that the not ITM's from the undercarriage in global a segment decline challenging have only million quarter the decline impacted net segment basis, continues faced business North pandemic, EMC really would the a as favorable from that largest the third year-over-year On of the the from the be X.X% being impact Volume decline well slowdown. was the and continues $XX meant while the saw last by Overall,
in segment and business circumstances been reminder, business, upcoming in. year the improvements ITM in the holiday due a operations within earthmoving Europe, for this construction the has due the which was recent activity for In was XX% QX quarter profit just a vacation Gross profit been segment impactful by are As live well. have and from the the this could controlling extenuating $XXX,XXX decline more expanded which we've margins With the and the in in be to has the only significant in sales, The season, seen year. stressed that order year in we period. the lighter the for to third tends production versus gross book prior indications million, costs margin EMC months, but and markets over X% very lower margins represents favorable $XX.X our to ago. a we
quarter. last out the first for these material all be to and to Consumer a in but million largest utility which related raw to year. the gross significantly from The currency continue by second economics, quarter demand to for ago. the was products Volume third due The X.X%, net currency the segment devaluation a gains profit $X.X also specialty volume to was XX.X% The has negative in from favorable year. relative year. translation mix XX%. relates were last declined America segment QX -- were addition, impact and perspective decline Demand in market The as impact America from results really Gross North lines. deemphasis the quarters was decreased to product at the quarter was sales XX% In but -- entirely pricing segment's dropped but were a costs negative Again, the Consumer mix truck this $X margins the to QX the compared a prior -- quarter. down us second wiped similar segment's tailwind of from XX% million, Latin for was XX% improved, sold. year
few quarter from the to of anticipated case, and move in -- $XX.X the expenses discuss million, legal for but were for included the Let's this third SG&A $X will accrual litigation our the a settlement million over Dayco cost. minutes. R&D long-standing SG&A which segment I
QX travel costs. the ITM legal adjusted and were costs across expenses, the make. expensed be fairly $XX of the from the we that exclude costs continue our as band was costs, million tight you of in of $XX.X our we came you our areas to the level spending IT sales of due Again, expect concerted with these control to managed Similar from came accrual below including employee-related million, contain organization. last marketing third our higher spending continue certain QX and across If which level, decline IPO this as this spending decline to levels exclude we a largest line lower and efforts XXXX QX, XX% around after costs The also be spent may I to the quarter a initiatives. and levels year. while costs we somewhat that result SG&A business to timing to on investments of
exclude low you to discussed million around $X impact of on for settlement I full million quarter, range accrual SG&A pace the be $XXX of from the to end previous we million. year costs in and the continue the $XXX R&D legal If the third
in $XX.X million. Now We approvals. anticipate best we the property long-standing necessary the settle parties of with for obtain litigation to is we fully has interest legal payment described forward the the and accrual. our Des and the government. just a of this step final many for move the final years. takes to order the but XX-Q, term, all Once $X which court next bit in require involved. the Moines And This more million it settlement the in to federal issue for and matter outstanding is This been resolve government a all near on litigation many, Dayco approximately Titan the city would more then
exchange third our We P&L, on recorded in the impacts fluctuations loss expense pretax in of in muted the significant quarter. the We million. quarter loans have loss $X.X quarter to continue was $X.X had a we third intercompany currency of on tax versus from million million. on $XXX,XXX impacts foreign only the year revaluation fairly loss last a of of currency $XX While a
jurisdictions Our been resulted quarter, full lower allowance taxable the this expectations non-valuation reevaluated for which in recorded have the year taxes income in in quarter.
talk let's flow. cash Now QX
million. in of final Including million quarterly cash early of to management million XXXX, shares of at We generate third in overall operating $XX have of business. up the in we made working volume from strong balance the free up this million flow. confidence ability best from inventory have continue million $XX third of the effects and in the we continued last performances the Most the third strong almost the in Willis, from are strongest years. $XX lower the strides this quarter, India improvements fiscal a that fact in generated sheet year-end. excluding flows of with ended third million in operating have quarter. the our from cash capital mid-XXXX. $XX year, levels cash relative generated of in flow liquidity quarter. came in across the and start that will importantly, cash impact come flow quarter, picture to the I now to We improvements Cash the many, increase for generated quarter I'll sales challenging cash midst our particularly cash Year-to-date, quarter, since in sale in one million, $XX second in operating many $XX approximately at the the $XX from
source focused as a teams with million that manage there's know operating closely our partially capital of in $XX been see in as million, our you a the first manage We compares for due first X in inventory lack reflected have meet and the had to been months, us, for is earlier. levels very source flow year which inventories X long-term to place the which mentioned sales in lower million, focus volume, expenditures to customer to the flow the cash $XX cash investments very of of time I challenging Lower to control We of for cash of Capital strong As production approximately delivery. through. the continued on for the has months well. are visibility first of collectively pandemic. and expectations statement timely reached inventory necessary is balance This working midst $XX flow which XXXX of months. X but period to million demand, managing last of due a $XX.X remain we operating having customer this for
continued to production, to it where safety spending our and invest and programs capital to tightly of of have important our We manage manage is employees. equipment maintenance welfare our and the
forever markets as see the sustained we carefully business. to cash been do to improvements only and can't course, in prudent back very Of we hold these manage time. during investments but has our this We but year, anticipate spending increase next
be to bring innovative many discussed I've maintain times continue products several leadership. market before. our competitive the will We market to to and this
decreased with of capital by from X For end to expectation full Overall almost of level the June spending this to of will -- overall go. debt level September. year, of we million approximately million year the the $XX debt maintain $XX our quarter end
also liquidity March of to primarily line there no million September a response September the loan this of $X the our foreign in X since this are flow XX, the This extending noncore is ABL borrowings result of of which asset end million, cash loan repayments and the of As at in normal year. portion $XX.X to the on of late in maturities related and million as year strong down in $XX debt initiatives from due the year-end operations, Russia domestic Short-term over sales. of certain arrangements last is results decline credit A June. of America the Latin operating by a plan and to Europe. was the
we've levels inventory, at of our our our we've operations more which and not for in to secure of end have the with operations capacity added is Russia, this Cash the for now our along the the America. manage well. take cost-effective across we flexibility our credit with took borrowing facility, and the credit maintain for to Latin flow of We $XX and the up complexion been for capacity banking We with taken facilities well domestic flow only partners Our borrowing debt flexibility able million year, America cash the Europe, letters to solid more at borrowing operations. but on long-term debt the year. are North declined that as in freed when overall the was improved of future, measures corporate third adjusting international as throughout our flexible the capacity all in quarter, business you good the to and and our actions the the manage U.S. AR to strong base of and Currently, September. away have calculations has
we is a that during the path up, on we head last this progress a and We continue ahead. transactions more to I items the pursue million we we made for completing during discrete to move to progress million flexibility. financial notwithstanding quarter, This wrap assets anticipate will paramount on and fourth what flow. turbulent cash To us $XX nice be representing days, these noncore XX believe further continue $XX our quarter, in transactions our We approximately in. as stability into which company times additional market surrounding to some make the as will these last brighter benefit in hope
need financial cash is bonds debt $XX and is it progress almost million improving. we the decisions. million and is again, I the of very refinancing we manage net down our flexibility, our as over by to and $XX QX, and our XXXX since December. by This position the since business manage last Our important maturity increased has restate towards will
We how are to line our and see care top both in liquidity our taking manage the bottom and of future. we business improvements line
but I As progress on to long-term concludes finish race line, position hard. much work done This continuing there future, for a That said have far. so we run these am to continually to and is calls, remarks. I are be with our pleased my doesn't the us
questions the any operator And so you back over turn I'll to for have. it
