everyone Thanks, is business our we and to today. have seen morning momentum The good on the Hey. Paul, in significant. call
to drive through margin expected, can at importantly, hard. you performance sales see we more But remain like flow our teams was very strong. our continue as cash As came our of note and very our
quarter here saw of QX this are grew Net quarter’s key and a sequentially the of few since sales performance. QX X% we X% March, eighth quarter impact on sales sequential business last growth and at on sales the was We So Australian mind, sold XXXX. quarter. in stats strongest had from this from sales end which year. XX% a the of Keep QX our
Our and gross year XX%. profit grew by last our margin reached XX% from
-- stands million last QX trailing $XXX XX-month On increased at Our quarter year. adjusted million. EBITDA from adjusted and $XX $XXX $XX million, which now from EBITDA $XX basis, was million was a last
with cash strong increased balances free $XXX cash Our to million this quarter operating flow. and
earlier, said quarter very cash for that’s for flow us. free as Paul significant million, was In fact, the $XX
Our And improved quarter in capital million $XXX adjusted the trailing down and leverage net quarter. drops to basis, X.X profitability coming $XXX stands our a -- from times down our from $XXX strong debt XX-month working last on debt at management. significantly million, now EBITDA
occurred top each our other is Let logistics as the includes minute, thing testament and to which Paul in last me management will over the It our in continuing address which metrics with for this production to the customers, environment. all from efforts which It’s key which supply market isn’t world to are quarter the one moments to performing on has that from strong team regions indications well I a gave complete solid a improve and exceptions. -- year. few second just just led pricing in us a scheduling, business flow of bottom, units all performance and on update everything the manage here matter our outlook. take includes a across and performance to with for around margin from chain exceptional few to volatile a you that to no including our well. update things inflationary to sales cash in XXXX,
Now let’s the at starting level talk Agriculture. with segment about performance
growth strong sales year by a and quarter up sequentially was -- with both QX We X% segment representing or from quarter about from were $X and from $XXX XX% healthy sales million last of an $XX million, sequential production increase balance. million, growth. Agricultural total had net of again this Our aftermarket from OE this QX almost
We growth materials continue to a X% of by impact bounce the of and reflecting sales. similar impacted we devaluation inflationary between and half Currency the other raw higher sales in had first on the costs. and quarter effect in cost pricing, volume
in million, in from in quarter second a Our and saying goes driven our margin including favorable XX.X% improved XX% was updated and year-over-year. in up year, and facilities, profit profit XX% healthy production prior in U.S. Agricultural last growth last quarter. Ag efficiencies lines LSW the of segment gross all $XX QX pricing representing were $XX It without growth the new margins mix, from QX, gross by million the with XX% The was in year, product largely gross in our along up for in product improvement and impressive across the other quarter,
Construction also Earthmoving This last Overall experienced QX segment grew strong quarter in of by EMC from XXXX sales compares with Our or million quarter. $XX X.X%. sequential XX% favorably growth $X first million to year. or net and levels,
initiatives our custom QX of the in sales profit Earthmoving segment the materials the XX% All the driver XX are was year-over-year compared revenue volume carry largest the the of Again, segment -- by Similar were we ITMs and year. margins at XX% which history. for from undercarriage an largest million -- increases occurred in QX pricing improvement stock ITM kicking Gross of the in, XX% to geographies was at across had specialty businesses year. quarter strongest Gross second very $XX The most was across grew relative XX%. increased experience million segment Consumer for and mix and came the the $X.X healthy was million, were Growth from from were during of offset U.S. profit our of the coming from at quarter the year. to margin last volume improved from Construction -- of of profit geographies $XX last And growth EMC The which was mixing which in reflecting segment growth or better year. positive strong other undercarriage ITM of year from notably at quarter last QX rubber X%. million from to for and net segment XX% prior devaluation across inflation. business well versus $XX of quarter -- within represented products year. with from profitability and $XX, last gross here second the gross all business margins. -- raw Gross partially quarter the increased by represented costs major QX significantly as driven its growth increase or in $XX.X last the which sales margins growth again currency higher for we product QX XXXX as growth in while XX% million, profit our up last
year’s Our last expenses like profitability SG&A sales and from was was R&D expenses quarter. our variable for spending last period. Again, quarter’s down the -- reflecting our This sales well. increase the in net of million, included spend significant quarters, $XX the in represented as during which recent and compensation, for XX.X% QX
our operating dropped second points sales, of year-over-year quarter. percent in a XXX As basis costs the
it’s a sales dropped to points half, of percentage last first basis the For XXX as year. compared
tax million During related indirect quarter, Brazil. the we in second recorded $XX.X to credits
approved non-income had previously that been indirect prevailed income operation and and the documentation All paid. was Titan taxes regarding Brazil supporting charged submitted and illegal second action during in recorded. quarter was Our
credits. taxes We to $X.X tax million also recorded in related those income recognition the of
reconciliation the the utilize tax We see This of earnings against obligations for the credits you’ll as recognition in period adjusted release. the future EBITDA from months. the and expect in excluded the to was next over majority XX
tax and future tax During the third for additional receive to authorities Brazilian million supporting $XX filing we’ll another quarter, be to subsidiary to could of documentation credits tax applied approximately the indirect we obligations. be
record tax these will We benefits approval the from authorities. upon
on Our were from quarter, from fairly increase second income that quarter gain recorded I $XX related credits of $X.X which income indirect taxes is just the last million large in million, provision talked the about. tax to
to you effective to XX.X% full and quarter. the tax the the rate been in percentage in of are expense the the for second With -- rate tax profits, inclusive improved recording range tax expected the to year profitability then expectations, year the credits, from a quarter As and the pretax if would the tax impact of credits. exclude million of income in of overall indirect effective million, income the indirect approximately was have relative the be include $XX full tax XX XX%
to income, I As the rate of pretax a XX% anticipate percentage be full year. around effective the XX% to for
tax credits. to expected Brazilian the positive some taxes from be year, around are cash for million Our reflecting the impact full $XX
talk Now about let’s cash flow.
nicely million and quarter. $XXX $XX last jump to Our cash quarter million, up this around from balance improved
million continued flow $XX Our is our sales healthy driven strong which a cash was capital with management, the bottomline in operating working the growth. quarterly even along sequential quarter, in increase by with at
-- to to expenditure the expenditure Our capital we our $XX with the $XX our at capital $XX full target year-to-date flow flow bringing in to line I as for year to around free which million. spending in close is $XX original QX, was free expect same $XX be in guidance expectation million million full capital cash means year. cash which million, year generated million,
percent $XXX flow we capital And $XX It stated increased plants bring programs improvements to expect press maintenance investments working release are managing about our in expansion free very around ongoing selected for overall on was very very of working year going cash than lot liquid ago. end half clearly the which efficiencies our million it the across business, a QX and quarter, quarter working our profitability and in be again, our our capital At and on This management about that improved the focused was from earlier Our calls, for we previous XX%, that year. remain recent this capacities on year second of annualized was to million. sales was management continued talked better this well. to a with evident I in the most reflects based the focus. in along projects capital but as of much first and
come efforts flow pedal in our together and have deliver foot Our generation entire is this cash to aligned result to to-date this keep team intend of and regard. management the around to we the all
our our We the improvements debt inventory the We that our down free end this quarter due at times March management. to million of down will also that generation. times XX-month notably we on made last X.X leverage at in trailing cash -- EBITDA, debt mentioned to quarter, adjusted flow the from strong our -- paid a processes, improved the of June year most the in EBITDA, end using improvement continuous marked at $XX end. quarter X.X asset focus from I improvement at as but in well,
positive. in We’re I in to grow publicly and the at across and our first, to question, in for a our how manageable the more to the intend to era in position us business a will we’re to the a an globally business continue we’ll very look we debt investments significantly then growth. state poised to sustained well going manage where much basis. future business put on we’re I appropriate that position manage debt to capital allocate appropriate free to profitably continue get cash we’re flow position
best our returns evaluate the to on a opportunities continue will we investors, to company the cash basis. for to as best long-term far deliver As
really showed business the and and in generating that profitability. it was performance the in coupled was and have with collective with our been the power it we’re cash second of the quarter made, as financial decisions -- strong flow exceptional Our increased line
improve the and outlook to second deliver year expanded half year relative continued to and full through to has year. Our growth prior the margins in we expect the
we expectations here We’re the for flow saying range million. this to capital on to an increasing continue you from cash anticipate and with To spend restate, to flow, year at expect we should now, for our what history. given that cash and $XXX $X.X it and will strongest at our we cash billion in quarter. $XXX again going our already build million the of continue have we generation sales in I’ve of full be once EBITDA continues what year the free progressively flow terms we it generate story expect I’ve year year to of the while our through a it rest been is Titan. to share full exciting but
like turn I’d Elliot, today. have questions Now the for call to any Operator to back the you
