good and everyone. Fred, you, morning, Thank
overview I to of of financials results. fourth key the review like detail, two would quarter I drivers Before in our the a provide quick
in ahead quarter. outgrowth and expected at our This was expectations driven higher of points revenue revenue primarily basis First, our related diesel XXX in new than of programs in volumes was Europe. stronger China the by
actions. expected Second, better focus management our ahead margin and on driven guidance, performance cost than sales was our by of our
Let's turn to XX. Slide
As we executed you year-over-year XXXX. in look at thermostat early impact divestiture revenue our the can we walk, see QX from the
see U.S. Additionally, a dollar revenue X% the you reduced from about by year stronger can that ago.
XXX light of occurred and were X.X% This globe. Excluding these is in sales the outgrowth, this vehicle points X.X% industry in all the decline items, outgrowth our market organic major despite of the around production. basis markets importantly, the up
market. in low-single was revenue. teens on vehicle China, light over strong grew the as organic as high better-than-expected programs, new digits we well up revenue our Europe, And In diesel-related
Overall, in commercial and year, XXX are the businesses drag to relative pleased outgrowth, we Partially resulting our basis vehicle strength But offsetting outgrowth. point environment. on in in vehicle off-highway this in points declined of growth. even to our already deliver basis reported outgrowth is market light we continue netted XXX last revenue that challenging that our
let's compared in on XX. XXXX. fourth at to which $XXX million was operating Now, the quarter be QX of can million adjusted Slide operating income adjusted income $XXX look our performance, found
Our adjusted XX.X%, was quarter operating XXXX. to the up compared XX.X% of margin in fourth
on in increased $XX rate same an basis, translates XX% was On management sales, XX%. of ahead conversion to guidance margin adjusted typical our million actions which R&D income compared and quarter incremental due a our lower to spending our operating result the XXXX. of to higher cost comparable The million and of of $XX
to earnings corporate tax equity and and per costs $X.XX higher driven rate. quarter. by in was was per share XXXX earnings Adjusted $X.XX fourth higher of share the earnings, affiliates lower the The decline a compared for adjusted quarter
flow. cash to Moving
We are well great a result team. delivered that of strong $XXX generated cash which we we cash for quarter, of as our focus result on fourth of and the management we was as drove a flow a guidance the million free flow, proud continue million. In cash the fact ahead of This generation full-year fourth free to quarter. our $XXX
industry Let's industry calendar expect production XX, where continue that into on year. new see can our turn to XXXX. we Overall, for the challenging you conditions will Slide the perspective
planning to region, on to decline, to be X% market the minus China for under expect we to By expect in remain basis, to X% full-year are X% range. we minus full-year anywhere down a pressure. On from as customer X% demand be basis, the to a we
to expected X% be to maneuver to emissions modest decline. as our X% a XXXX in And down we North America, X% targets. through is customers COX X% Europe expect
However, we demand on products. market continued in based to for moment, as to strong our XXXX, you'll expect see in a continue the outgrow
full-year the of our Delphi the So, pending on which let's guidance acquisition. XX, impact potential Slide discuss Technologies excludes
reviewed on down based is production guidance just X%. global that I to end with assumptions market being Our the X%
XXX range continue vehicle that vehicle X.X% be that of X.X%. to to revenue expected basis outgrowth from our growth only is range That we XXX basis Embedded drive headwind XXX organic is is expect to expect XXX we point means points. XXX outgrowth to volumes, that, to to Despite points. our in be basis market in which to light total the of because commercial up declining down
$XX.XXX growth $X.XX organic billion. in revenue expect these billion to be the range assumptions, With to of XXXX we
Our XX.X% adjusted to range XX%. the of is to expected margin be operating in
is on and year-over-year decrease to offset to any the outlook of in margin XX spending, sales benefit restructuring XX XXXX, basis The detrimental the in R&D margins relative largely declining increase point reflects our savings year. in expected which normal to a
to range For our $X.XX the $X.XX diluted full-year guidance per share. adjusted EPS, is
the our is related we of lower year-over-year working back growth. expected capital elimination the and revenue is outlook. our liabilities earnings in our which That outlook. of and despite because million cash an savings That targeting future free are October the lower asbestos to of cash flow is lower to And XXXX flat in given $XXX support the $XXX increase capital million, finally, to at spending midpoint
view Let's of XX. revenue now look at with backlog on multi-year longer-term our Slide snapshot a of our updated
hybrid you for we expect outgrowth deliver light can and content increased coming revenue accounting net new we over combustion, More specifically, than our vehicles electrified more years. to vehicles. of XXX% on the backlog electric vehicle As an business across see, see
be to Within outgrowth our expect And system electric continue and in we our from related to vehicles well of supported this, vehicles. be increased of related solutions, a hybrid our net penetration we backlog by combustion will expect regional of as as all hybrid systems, products major over we perspective, revenue see hybrid with XX% our markets. propulsion to on
On basis, roughly backlog XXXX a cumulative XXXX $X.X to be is expected within to our $X.X billion range of billion. a to
XXXX disclosure. $XXX is that to backlog two factors. down primarily is Now, the notice about due last This from you'll year's million main
First, our adjusted than lower our a regional for of XX% ago. are expected exposure the industry backlog year expectations volumes from more than
backlog lowered That million. approximately the $XXX by
year-over-year outsized Second, of pull $XXX XXXX, into volume QX, million a of XXX is which in basis creating light the points vehicle our drove outgrowth forward headwind.
ahead you backlog to XXXX combined look business XXXX, net we of new When expect the billion. $X.X then to
points average an in. during outgrowth very Importantly, of roughly supports we this basis timeframe, feel XXX confident which believe backlog we this
we Let previous basis points adjusted operating financial million guidance range of results top a adjusted flow. year and really had results. the XX.X% of Overall, me across margin, market cash $X.XX of the end outgrowth, $XXX finished the solid exceeded with XXX summarize our of and free our that EPS board,
margin our strong team, free generation. As the maintain a our strengthen actions are we management profile and to necessary cash to flow taking company's historically
balancing to taking will the We growth. steps with solidify continue very do difficult while the continue profitable need to a to future near-term company's need the the to this necessary environment manage market
over back I would that, turn like call to Pat. to the With
