Thank you, Matt.
sales this business billion. and lumber $X.X by prices, drop sales results resulted competitive a decline quarter in declined X% consolidated by selling from Our selling units. unit include driven drop a in while The to X%. in X% more in reduction in prices a pricing most largely
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segment manage we continues value-added As each our cycle, grow our through strategies to on focus this portfolio to executing products. of
ratio as year sales slightly more environment minimum value-added year X.X% appropriately new year, from the year-to-date of last our while for a criteria to for We're investing margin resources year, improving our last Our XX% from ratio as XX% slightly and structure dropped brands. sized X.X% to this building of we to ensure including of innovation, mindful cost total long-term demand, we've qualifying relative objectives in made our sales to this growth, product sales total to our stringent, our also needed in to and threshold. this improved still our efficiencies the is company achieve product sales
Our SG&A with bonus lower driven than line offset base quarter were by the expenses were year, and and benefit incentives costs. for million sales wages in plan lower higher primarily and last by $X
selectively have costs. for conservative outlook more reduce we'll the we efforts Given our demand, to up step
to our statement. on cash Moving flow
and XX was since were capital inventory this of in million earnings we our to expenses $XXX pandemic. best Our days management, capital is to year months decline due cycle working cash than increased We segments. as in supply operations measure investment our our days -- year. to our our peak in and that which adjusted was $XX and $XX and working last due to the our receivable had our by the year inventory, cycle remain we're year of In XX net of driven flow reduce million first from our able an our higher XX% a noncash days million from improvement a healthy XXXX, construction million year-end, a an X-day net improvement X-day substantially in cash receivables and pleased last from current of packaging working this compared the to X year believe $XXX last declined we as
capital which CapEx in Our million investing expansionary of million $XX million $XX maintenance activities $XXX expenditures, CapEx. includes included of and
expansion primarily and our X core and our new higher-margin areas: value-added in to a through manufacture investments are geographic expanding expansionary focused As reminder, achieving on efficiencies businesses; automation. capacity products;
returning we this that accumulated $XX dividends end $XXX the repurchases total activities the share included end Finally, of to million million at capital and $XXX month. of limit almost of out shareholders through expires the week, our million repurchases authorization Through of year. financing $XXX last million of this a of of
to our resources. Turning capital structure and
was cash With as agreements. strong a pursue in plan long-term cash billion billion, $X.X last have organic allocation total we availability with we've balanced which sheet in allocation, under surplus and to inorganic highest over continue continue capital a We margins return-driven balance past, discussed year. million our results to that compared includes $X $XXX approach in to for the and And to to our and and returns. lending liquidity priority capital higher drive is growth respect to
compensation offset back cash our a continue free line share-based Our at dividends trading continuing our to includes strategy from dilution flow in our and growth discounted when grow also it's anticipated stock to with buy opportunistically value. plans. repurchase to We'll stock
be year a XX% a paid from paid rate dividend to share a the points these ago. Board June mind, $X.XX increase in approved With quarterly a in our of representing
an approved share expires we earlier our see of range the and growth million to capital expenditures $XXX our total opportunities of million higher-margin in to each the repurchase to indicated that million to at another meaningfully that CapEx, July $XXX we regard of capitalize to end XXXX. Our increase estimated Board segments. on plan With $XXX in year, XXXX this authorization also we automation
with time in times as $XXX a pipeline this already the of year, for site far in another of well may however, evaluation. we've The timing requests result locations. approved investments in investments as vary, our for needed selection million of $XXX case projects of for equipment the new of lead the So million as
a providing pipeline [ to ] pursue strong encouraging. that is strategic continue are potential. M&A return of pipeline, a while in and growth we the activity higher-margin more opportunities Recently, fit seen which Finally, we've
As we've greenfield opportunities growth, pivot to valuations is if to our aren't the M&A. which our priority a targets. present grow But reminder, will CapEx first aren't in through we appropriate, considered or
which significant for market our balance We the reduction year will believe demand for impact not the soft I'll the anticipate unit and will more Further, experiencing pricing rates make on about for the currently sometime until finish demand continue profit comparisons. challenging in a of with we're XXXX. rest interest in of and outlook any comments year. sales we will up competitive have the
of low year reflecting digits, to For in the the strength digits. will of construction we balance the by increase anticipate continued segment, demand the single Packaging mid- retail mid-single will And decrease decrease will built unit. high factory mid-single digits. to
lower segments of we each Finally, gain in will impact market to the that believe share our demand. continue offset help of we'll
we challenging these in on growth more in and margin continue to we we'll through manage capitalize While term, to long-term conditions potential, confident our wisely and short the remain opportunities. invest
all That's in I Matt. the financials, have
