in Paul good those progress. are following flash. whole appreciate changing that all plans my and in Titan's Thanks, and morning participating are the who call I Well, to of those everybody. are
an global uncertain the time Titan's economic and volatility we're very is changing much still and continues, While other world rapidly. pandemic and in while uncertainty
a but recovery Our is of puts accomplished that to as the crisis we in fourth quarter us. into performance, year upon in was the and most the last critical quarter on we I'll and focus the for we what position response beyond. and as XXXX discussion the is today my what manage important us year now head stronger
full flow First, year, operating up along for cash our cash we $XXX the in position last ended million. strong through with year-end from $XX for fourth accomplished this which year, and flow transaction. million was related $XX QX the and non-core full-year to $XX our asset efforts to cash secure quarter liquidity the flow sales pushed operating cash million, through and for Operating million
non-core of anticipated, up year, assets we of QX in full non-core the in -- As further for completed transactions $XX $XX and it's million million.
the to improvement, end cash year end from was our last the year. the end net at $XXX of million the $XXX the related and of $XXX debt last Second, at position million, at of million down quarter
stated seen level in we haven't XXXX. the release, we As this since
another important years took week extension domestic has and closer on we to ABL our more Third, forward This runway debt now structure. facility with are of our step facility. maturity last the overall for now two
this traditionally is I but both seasonally Ag from to quarter-over-quarter and in our several our was pay other are normal. want sequential low had performance there takeaways sales quarter and a So to. fourth EMC. And year quarter, normally We quarter P&L that fourth not attention or the growth for
continued also we've we trend quarters. strong margin with the our margin XX.X% gross in seen best Second, quarter, ten adjusted for performance,
into Before sales, normal the head and fourth I SG&A, the occurred I get this into of that want quarter. some review items in gross non-operating to profit of
we portion a recorded two to our of smaller long-term sets of QX, During for categories operations. asset related impairments
fair First, $XX.X charge equipment broke value this and to of we million. in to down Canada entire in resulted our recycling a operations certain related
million. Secondly, wrote conditions, and acquisition of our of fair it long-term off to assets our of recent a assets, ago in triggering of many resulted Australian resulted trends the operation these related years relationships from our review from we our into claim we In a sold of we October, recovery specifically operation million. market recycling further a Texas $X and and charge intangible Tire from businesses. insurance in $X.X value customer to our of million. related net gain of sale of these in fire our finally, Brownsville, million proceeds the in facility $X.X an approximately garnering on received XXXX And $XX from Canadian November Both
of Now, Net each results up quarter review full will for overall included during a I saw year. sales a release. unusual measures were reconciliation decrease of year our that in items, the and transaction non-operational XXXX excluding in these financial From these the occurred from X% turnaround other year in representing non-GAAP our items forward, nice and fourth earnings of in the an for over fourth QX the were the and we quarter sales here the XX%. the where of
the more operations demand quarter XX% impact progressed, stronger constant is throughout particularly OE negative began As on currency been would or up X% America as became a product. is -- fourth even the impact our our for million customers saw basis, approximately the $XX QX we and and sales year Russia, last from The of currency have as impressive in $XX increasing What production coming most or was XXXX. nearly million. Latin with total
fourth and quarter costs was mix related Our material about and price and overall our X%, on mechanisms consolidated mostly raw from sales customers, agriculture Europe. the by the On in by -- from America, a sales and improved world. led constant would Latin with coming QX, XX% currency up the have in basis, parts been America all XX% XX% up pricing OE the net was in down consolidated year volume last lower segment basis reflecting North quarter, sales material over with agricultural a in growth fourth of were
constant turnaround what XXXX. segment basis as turnaround full agricultural was progress year, the quarter, the for currency on saw These are the the second half on we market. segment year. the year a trends the The in in growth soft experienced a a X% in EMC healthy the of into nice For of accelerating
ago showed it growth a EMC of currency to segment and business a undercarriage on markets the reported the recovery that are and be The decks X.X% by of seeing ITM, basis markets for in basis, came over the but X%. QX, stronger up as were from and Asia parts we're order rebound wake in grew To say pandemic. the on Europe effects nine largest our global construction from constant six of of a global our months During construction they driver began than across the the even premature, business. three, the businesses may
X% was American agriculture, coming over recovery. segment the were sales to up last overall reflecting Our growth from while slower of year, this down relative a North EMC all slightly
tire aftermarket better relative in sales, XXXX year were Our in year levels. for North up and year America the prior QX, full full to slightly the than were
recent in market seen have upward operations turn in America Latin the Our a months. sharp
while was XX% in pandemic up currency America sales would Our throughout XX%. a in business by aftermarket resilient were constant but sharply sales over Reported Latin almost basis, on OE QX sales increased the our for QX. have rebounded
margin for should XXXX. our a say fourth performance million XXX% in gross profit driver continued improvement for be financial quarter and the to million quarter important gross was $XX in Our fourth segment the $XX the overall, improvement. XXXX, Adjusted of stability our I versus representing in
Our gross performance in versus any And since this best was last fourth only year. quarters profit quarter adjusted the XXXX. XX.X% X% was the margin of QX
continue overhead surge in quarter that while rising fourth we've sales of recent calibrated given meet the has have trended the to and We certain been marketplace we months. strongly, demand factory manage have constraints seen it labor more more our costs challenging our during demand force aggressively to as necessarily
other rising sectors in shipping Paul from to earlier, we along and costs costs. that production have our these to current customer We levels cost and with increases have including price see market up risen in important all labor forecast indicated months, across recent XXXX, sharply materials corresponding plans in is we're we to deck. It place through note customers putting with as that the our to more and what order raw saw our increases grow meet from favorable reflect to
forces rapidly carefully that very to in moving we're the responding are and all our are the actions. significant to calibrate market We working
Now, let's segment through go performance.
Currency Our agricultural up the million in particularly relating lesser fourth in net and affected Volume lower XX.X% in while material were Russia. primarily in the segment translation this $XX.X XX% costs. was sales quarter or raw Latin QX a XXXX. and pricing was had a significant of segment to X.X%, up extent X.X%, America to from by we sales decline
while Our performance, team's and but late were our aftermarket actions OE and quarter have we turnaround particularly that North the component raw basis, XXXX trends internal they improvements QX, our Ag gross Ag we Ag, strong, a [indiscernible] fourth while period. be XXXX was after in rate quarter Ag and XX%, quarter the big increase. sales experienced Russia was challenging This times from for a along improvement compared continue America the management in have million in The North the driver the continued this shown $X.X profit sales sales this QX costs again, headwinds efficiencies geographic we're the and quarter from year ag the currency during in profit the the with up in markets XXX% our QX as significant from sales improve and in tailwinds seen hold. to Overall each Once in with year gross expansion European currency markets. improvement. our the were stronger for the been margins a our The of We QX in on totally constant America take in Reported XXXX wheel Ag sales since was came $XX adjusted strategy on representing The up in the new and XXXX profit our material strongest enabling somewhat we ago of began existed American up year, prior up agricultural XXXX real throughout discussed contribution X.X%. years ago, earlier have margins million, And increasingly now ago, our volume a Latin last margin the almost segment. were in up were a again XX% sales surrounding XXXX. different operational the in to Similar the strong segment's plant across from through last well, solid saw America as a key actions from year margin constant Ag XX%. basis. which A of up were have of XX% of business, from to improvement fourth XX% to QX year. Latin was resilience from XXXX material were gross management. for significant raw the throughout of performance inventory to as businesses operations QX it --
and was the QX, segment increase a experienced parts in undercarriage of market small sales last decline after sales EMC an from the most recovery rebounded at million Construction year, X.X% currency fourth Earthmoving was the meant the the reflecting QX only a was construction EMC America economic minor quarter. of an for volatility. the the X.X% downturns segment and Overall, of the experienced saw that than year currency mix impact ITM's a Volume net last year ago, by XX% increase the earlier segment up increase versus negative price X.X% from year. seeing of fourth or from impact in which was net in North Our -- almost in by the in an EMC in XX% a quarter business of and the on other a quarter $X currency world. in by impact constant and basis, market X.X%. while sales slower
sales of improvement Adjusted was million construction of markets entirety beyond. from in and believe are are recorded only million while profit was of The stronger XXXX recovery of order beginning quarter increase QX million the were segments, the within seen fourth this Latin X.X% the in the last XXXX. and Now, in came in XX.X% there almost on on this representing increase the impact segment translation was in will the TTRC best quarterly largest gross year. up, down increases the backs a profitability XX%. $XX a EMC increased XXX% segment were over wake in $X.X steadily Again, Australia ITM impairment the or the segment X.X% undercarriage versus The And driver EMC the the part was gross business, an XX%. of margin while from fourth latter negative we sales last also adjusted in a QX for year. in was there year. currency that $XX.X from global of America. Again, currency to Consumer constant be and performance the quarter. basis, was the improving, profit The
was expenses by increased expected $XX.X mix and volume improvement and the was by customer down QX Australian rebound million, Selling, as increased fourth almost $X.X XX.X%, is gross Latin fourth the price and described improved General the relationships in fall volume. this X% production and in impairment to The out for to the the margins from X%. earlier. related X.X% segments charges from America an XXXX. utility So healthy to were and last efficiencies was This million Administrative continue pandemic quarter, truck improvement which a gross profit year, quarter $X million, rebound R&D XXXX the for in to the markets in I the from business were after the fourth the in related quarter primarily but of fourth reflecting quarter includes recent effects. The began segment
and processes logistics million quarter, higher the the approximately level. million related $X.X about totaled was supply spent Excluding chain to this, than QX Costs we a our quarter. bit improving investments in $XX in our which
future we that QX of and investments. same well this anticipate approximately drive will of We savings on investment a the in quarters 'XX have these will sustainable basis, excess in in amount
million, million in of expectation range For the excluding and about end million. charges million were $XXX $XXX of in SG&A costs the of $XXX below low R&D year, full unusual coming the to our our $XX XXXX
of and revaluation fourth million of $X.X revaluation exchange negative but pre-tax of currency less tax for the results quarter. million in on a in $XX impact the was year, loss $X.X Foreign loss XXXX. during compared million a the total on foreign the in from million totaled of in factor quarter the fourth a a expenses full $XX.X We -- QX to million gain $X recorded
a tax during $XX latter our the $X.X foreign additional part expenses expense recorded the loss was QX year, For the full pre-tax in growth There from in million of of tax related the were operations to on year. income million.
set Now the lately, it a came manage improvement our operating paramount Titan cash out XXXX, was and beating XXXX from QX for and Obviously, a improved of to cash the during early XXXX it flow. put coming business, particularly and year stronger for more. in I XXXX strongest XXXX, the in million management. $XX.X we fiscal cash flow to most as we a capital one important to let's at working the approximately a inventories from at levels drum and beginning on over but were This cash $XX $XX generated us actions talk million. cash and Again of almost to I was stated this more earlier. position declining the bit perhaps transaction markets realize of QX We recover sales. achieved as we've the only by flow from has QX the related and flow year improved in year versus non-core manage targets begun operating in take cash that another see as in and operations it I'm much a Cash QX. lot the generated the million stabilized of strong full focus our again since
from from flow operating cash capital in million confidence come continue our free improved, flow levels across the to focus working cash in generated transactions, non-core and With in on for will cash $XX XXXX, we management strong business. the to have back that of Company those XXXX. manage I and continued to inventory improvements our ability
sales. of between We customer inventories rise, our balance we and I expect at demand in collectively healthy visibility long-term operating closely, sales that in our lack to have is XXXX, a in our manage very strong customer and are inventory and expected focus healthy know managing a do to but Very teams there ratio -- with of demand. increases
to fourth quarterly Capital our our as expect line $X.X forecasting improve which levels with continue better, expenditures production to million, historical for demand through systems to in for progressed even the our We get more within and was we were manage XXXX. processes capital spending. quarter
normal, operations. As spending to put and we foster through other investments maintenance efficient
million, with we've the million from full in to stress CapEx, our investments increase year flow in keep $XX to market spending to in to needs front through nearly want anticipate but investments, pandemic. to that again leadership. reflecting XXXX. trimmed to spent in control the $XX to year. these $XX increase way the spent amid XXXX, the operations This while the our closely XXXX $XX in cash to and the carefully investments on roughly cut million million For to we We compares of necessary of the innovations I our we our us maintain work investments calibrate no we fact will
well. our position a in in do strong are We for -- program capital as XXXX this with to
level from the while declined Our to of by and overall year for the end year was the debt quarter position the relative at end end the $XX debt of the a million of in third stable XXXX.
first and nine the The our credit ABL pandemic, in operations, months normal on year continued, were loan Latin and portion during the repayments initiatives primarily to sales to This arrangements America, strong end at in also the over of of domestic is response is in certain favorable there down million liquidity of end the because extending needed decline foreign which $XX relates asset decline loans, of the from million, primarily line operating get was year. loans the extended and Russia to of of on facilities this current December the Europe. credit earlier maturities end. debt flow terms As since and of in of results to the last will vast of XXXX Short-term our which because due year. the the end of as A $XX foreign at coming no maturities the term relate year. the the non-core likely over rolled cash majority our during borrowings of of in the year,
with our XXXX. extension the February further domestic The to in to of took of important Just we ABL future our liquidity restate, facility. last now is step an maturity the week secure
freeing and and increasing have domestic was flexibility our you letters credit cash extent to away our capacity, base QX. on of and of to calculations of borrowing certain take the end reserves a December, the the credit AR and for in million U.S. up inventory the operations adjusting We our line. capacity corporate of manage ABL At facility borrowing borrowing after the the the $XX when at
million to capacity. first which We up also the could some of year, to $X $XX of free million expire letters anticipate credits additional an in the half in
turned XXXX decisive midst anticipate also has the world the coming manage flexibility our swift the grows with the to stabilized to borrowing as and critical the a repositioning liquidity as and actions additional for the capacity business was was position in have to take improved our base back activity. We pandemic, on it Titan on year our of enables and us business.
managed is job well. year as managing are ahead we working focused our staying growth The capital the We in real business. this us of as on
have to on We improved markets has want The has our here. relentless what a our position and thing confidence discuss to better. keep relates to have I our gotten in gotten focus Titan's bonds. Last financial us
front review there refinancing. that position now In in in And days actively potential a our are in my ahead, stronger options concludes we'll us for more to reviewing of today. refinancing a the fashion. reasonable remarks the be for We opportunities
operator -- have. So, I'll over turn call it you back for the questions any may the to
