you, in declined Adjusted of billion XX% for earnings Sales Thank Kevin. $XXX $X of X% $X.XX million of in the were XXXX. X% XX% million per XXXX billion our were to Sales $XX increased lower XXXX. with than than of in year sales. for April in compared added XXXX Water-Right segment of acquisition lower XXXX earnings XXXX. share XXXX. $X.X America North adjusted The
which in by products due sales increase sales partially was treatment Water-Right, actions higher from water to sales steel heater and lower recently of heating incremental water and to water residential freight The pricing increases cost primarily acquired offset volumes. related were
well weaker as of currency, Rest with $XX million. levels XX% end of sales to XXXX, products. declined approximately mix the translated a channel million the inventory local related declined by unfavorably Chinese demand, $XXX elevated as primarily market sales in at compared China weaker world in impacted sales the XX% currency of mid-priced XXXX. segment beginning sales The of higher segment
volumes. segment On earnings were X% approximately with same million than $XXX currency grew segment in residential of in the period lower including North higher impact by steel offset costs XXXX. treatment from The sales partially sales XX% acquisition lower constant water the America heater India and the of compared in from favorable pricing eight, XXXX. earnings higher slide actions, impact adjusted unfavorable products, were
XXXX. basis XX margins a segment result points As of with increased XX.X% compared
than products XXXX. declined offset which sales the significantly mix profits and margins, to a of lower from world The the earnings higher mid-priced from costs. $XX more material lower China impact and SG&A of expenses million benefits compared of Rest with have profits to lower
translation negatively earnings million. $X currency China approximately by impacted Weaker
factors, declined of XXXX. As segment margin these significantly a from result
corporate Effective higher were to the XXXX, Our in rate expenses due of in primarily costs. tax income. differences incentive lower in was than distribution XX.X% XXXX XX.X% in rate XXXX XXXX, primarily of to lower compared due geographic with
Fourth Our slide fourth results XXXX. lower declined declined quarter quarter XX% period per XX% on million million $XX the begin to of quarter same of than in were in the fourth for share in nine. the fourth the $XXX quarter quarter Sales in fourth X% $X.XX. XXXX. earnings Earnings
North Water-Right approximately of of was XXXX. million $XXX growth of essentially quarter by lower formula steel million contractual with fourth water with sales. our sales the pricing segment were based in America heater and in costs, lower on Sales portion offset from water a and $XX the sales boiler Incremental lower were associated flat treatment compared volumes,
weak the Rest channel consumer elevated with quarter of same and demand XXXX. a million. quarter XX% the the the of impacted higher weaker million translated mid-priced XX% $XXX to in related entering currency world products. sales by inventory in $X Chinese primarily mix sales segment declined with compared local currency, sales unfavorably of levels China declined The
lower of compared the with impact On segment to slide costs million in profits lower XX, grew North the earnings X% essentially the in quarter America to offset volumes. profits $XXX The segment boiler impact the favorable steel earnings net unfavorable from from XXXX. same
in segment XXXX XX.X% the margin fourth the result, XXXX. was quarter as same fourth of a quarter As of
products, impact customer $X quarter due earnings inventory, Earnings primarily to Rest associated reduce and severance of fourth the mix million lower costs of higher world programs significantly were the unfavorable charges quarter. the China the with sales, lower with along channel other lower the profits support declined in from XXXX. to with compared to of margin and of
benefit properties These profits more to lower and SG&A material than the offset expenses to impacts unfavorable from costs.
these As to a of XX.X% quarter margins result segment compared the declined XXXX. of X% to in same factors,
a million result due as of cash of fourth the to with Our the XXXX, earned balances. compared were corporate income interest lower expenses higher on quarter lower $XX primarily
higher to fourth in year XXXX. was the with working XXXX. Water-Right Interest than the of million earnings associated essentially million in levels slightly investment costs higher $XXX in the higher $XXX operations by with offset provided were April. quarter capital compared Cash debt and during due early lower acquisition previous than Lower XXXX of
balance our the remains debt-to-capital was of and at the strong; liquidity year. Our sheet end ratio XX%
$XXX cash at million located balances position of our have million XXXX. We offshore, and end totaling the $XXX primarily net cash was
repurchase X During XXXX common our the of shares $XXX at approximately million of XXXX. total shares authority on million; of we for remain repurchased million X.X existing stock end a approximately
our $XXX primarily XXXX, million expect from to compared be cash with $XXX in due XXXX million, flow $XXX in higher earnings. We and operations million between to
$XX spending be capital and expense amortization in XXXX are $XX XXXX. million our is to and expected depreciation million approximately Our approximately plans
Our to million expected to investments corporate than interest be higher primarily incentive and due approximately other higher and $XX compensation. on XXXX, income lower XXXX, expenses are in
We in expect million our XXXX. expense with interest $XX $XX will be in XXXX million compared
rate and expected between XX.X% be in Our is effective to income XX% tax XXXX.
in our to $XXX diluted be outstanding repurchase our million average of approximately expect XXXX We $XXX the shares and will million. we shares amount expect in in XXXX
actions our implemented in in weakness As XXXX. reduction end we markets in China several persisted, cost
XXXX, QX from and by Over levels. the of nearly December we course headcount reduced XXXX XXXX XX% at through of
selling spending, review brand to and continue and the and advertising SG&A other expenses rationalize We building costs.
a on XXX stores over basis. non-productive net closed We
rationalize we existing, nonproductive redundancies. in retail approximately million costs, X,XXX end evaluate cost continue footprint reduction in and and processes expect annualized $XX we we total our with in to XXXX, $XX XXXX. to is stores To which XXXX. of are net where our in We result close continuing programs a was to stores actions both manufacturing of aggressive find savings and that Compared and million estimated XXXX, these approximately as in realized be product
We EPS last the $X.XX midpoint guidance share, compared with and with year. this introduced XX% per increase a between our morning a of XXXX range at $X.XX
EPS to our coronavirus impact from guidance originating excludes in XXXX Our the any businesses developing China. potential
assumptions who I guidance turn summarize Kevin? XXXX on now will XX. slide businesses Kevin, the for beginning will our call and
