the the company's past for everyone. earnings for I've you Thank us and today. on Thanks, Simpson joining months, the CFO. words, Mike, call our honored afternoon, team kind as of X and to the good enjoyed for serve I'm being part now
to Before I begin, prepared versus otherwise year-over-year I'd of the like XXXX, quarter XXXX. financial will quarter all fourth measures to the in be that unless and of comparisons discussed refer all remarks comparisons fourth mention my stated,
our turning results. to Now
increased year-over-year to Our million. X.X% consolidated sales net $XX.X
million, million, $XXX.X primarily to net Within sales construction the Globally, increased sales and margin declined sales X.X% In up up in gross million. increased were net X.X%. to $XXX.X to product segment, to by were sales Europe, Consolidated sales wood $XXX.X lower X.X% North compared a profit X.X% of resulting to America XX% by XX.X%. due volumes. product gross construction concrete X.X%
material a factory in XX%, sales. consistent warehouse net higher with margin was and North the our America as percentage offset year a On basis, of costs segment gross costs prior lower labor, as
to decreased of to wood partially fourth a were material perspective, Europe costs on gross concrete our by XX% primarily was net Our for warehouse offset as From margin a higher gross and XX.X% was sales. due and from to XX.X% compared products XX.X% percentage which margin freight XX.X%. all to costs, in products lower product labor, XX.X% compared quarter
an to incentive expenses. compensation. were increased in personnel primarily were reduction operating due fees Total and million, expenses increase professional QX $XXX by which to Now variable partially a offset X.X%, turning of
fees, operating and computer to year For which costs professional of of full variable the incentive compensation. higher increased increase million, and X.X% hardware were a were in reduction and expenses software partially due personnel, an XXXX, $XXX.X by primarily offset total
sales, a XX.X%. percentage to net XXXX XX.X% expenses As of compared total were operating
major in over our years increases all experienced of have of exception steel. the with several We past the costs input
a XXXX the Mike market. continue very to see in monitor improvement investments limited we be meaningful will the market until we in and As alluded, incremental housing more will
expenses increased in and our $XX.X personnel lower Further primarily to costs, were selling personnel segment and million, revenue comp. were quarter basis, reduced expenses partially incentive America in General X.X%. sales. G&A of an detail higher essentially fourth X.X% were $XX primarily our we flat and offset million modestly. a Selling a expenses administrative $XX.X SG&A, due engineering and North to increase Europe, X.X% our And as research million, grew in to by at to due development they our increased expenses up percentage as down On costs.
income of As quarter X.X% totaled operations from result, million, fourth million. consolidated $XX.X $XX.X from our an a increase
In costs. was $XX.X to million was In income profit, to operations operations X% XX.X%. to offset Our million income by up to increased XX.X%, North from personnel which a $X.X primarily consolidated due increased margin gross profit. operating lower Europe, from income due America, higher from XX.X% decreased partially gross
the defensive full previously have and respectively. including fourth of costs footprint, European the restructuring quarter mentioned, realization charges $X.X been ETANCO, $X from and we As severance synergies which the to incurring resulted optimization million and in year support in million the of in XXXX, of this year
A income remains operating goal. our Europe in margin XX% midterm
As applications. offensive assumptions our of improved broader this to that include including regulations realization trends, conditions, a target achieve environmental increasingly drive reminder, economic wood stringent growing new construction secular synergies use our and of and the the anticipated
million share quarter basis effective income diluted fourth an Adjusted approximately than or million year was compared totaled for $X.XX XXX million, $XX.X to quarter increase the XX.X% higher X.X%. and the diluted prior per net period. fourth $X.XX of $XXX Accordingly, EBITDA $XX.X rate per fully fully share. Our was or tax points
and our to flow. sheet cash turning Now balance
million primarily remained the of at sheet million $XXX.X $XXX.X down $XX XXXX, of balance healthy in debt and XX, cash to December cash with paydown at balance and equivalents due September from December. Our our million XXXX, XX, totaling
capitalized was our balance approximately costs position of and Our net debt million. net debt was finance $XXX.X $XXX.X million,
credit. have $XXX line We our remaining on borrowing million for primary available of
inventory as as on $X.X XX, of of Our pounds. balance million compared XXXX, December position million up September to $XXX.X our which higher was XX, was XXXX,
returns. $XXX.X quarter we million in With year to of and $XXX operations paid of remains XXX.X for XXXX, million $XXX our and investments capital We the focused $XX.X in cash shareholders million growth million both common million XXXX. our generated strong for for duly on full from allocation, our and of our for the upgrades stock. repurchases $XX fourth In shareholder million including flow and expenditures, strategy capital expansions, dividends in acquisitions, invested to facility regard
to paid in we also $XXX.X We of down ETANCO. acquisition million debt finance incurred the
a average an stock we share XXX,XXX XXXX, of a total $XXX.XX In for of per at repurchased shares price $XXX total of common million.
to through our As commitment our previously stock service. effective of X our common capacity providing repurchase our facilities operations year-end our authorized Board focus investments $XXX the October, customer in XXXX. manufacturing relentless January The of to announced are by in world-class up and million driven to and expand
with We second Both progress of expansion projects are the quarter and open the in the are facility second the facility our early new fastener made in our half Ohio, Gallatin, in of expected budget pleased Tennessee. XXXX, to remain and on in on respectively. Columbus, in
have As we and opportunities progress and shared, on accelerate efficiencies. we concurrently key improve growth pursue that will our evaluate M&A our initiatives operating
stated of we midpoint hard to are we'll operating to evaluate in turn XX.X% for greater past and XXXX, full input I'll and than XXXX at our an to significant be margin as XX, our We our today, the outlook. XX.X%, ending range range margin February the conditions XX, is as business ambition X our Based to our to December guidance working years, below financial cost preserve of on profitability. maintain increases Next, over the carefully trends follows: while of XX%, operating is or to expect offset the year the avenues
end housing the key digits, flat housing slightly to to higher up single to market the assumptions would of include: starts be are low we expect is to from end If levels. the If closer growth range. up expect digits the toward trend single down, low U.S. Additional range. the we'd be low XXXX of or starts
customers and impacted gross the our of on addition are margin net factory of as as increases well sales expecting ongoing lower products based mix headwind margins. slightly as new and warehouses labor, overall a that we an tooling a and percentage in have Additionally, from
As the deliver to in while we a investments margin we stated, strong market. are housing we balance challenging operating working income ensuring our current growth-focused
including which Next, interest had cash $XXX.X is in changes money from cross-currency this $X.X interest swaps of be and rate offset all loan, of as borrowings and the December expense. rates to expense the approximately on from and our XXXX, to million, interest expected expected our XX, term million just and substantially markets mitigating benefit volatility
Our federal rate XX.X% is on estimated both the to and to rates of range income in tax state tax laws. based current be XX.X% and effective tax including
both with I'd $XXX facility in new the volume very XXXX for the which versus range market And decline a be echo includes of Mike's Gallatin U.S. consecutive the comments while Faster capital a finally, our we pleased In $XX the our expenditures faced $XXX Columbus to in expansion and the third the the of challenging We closing, were in million facility. the to approximately are starts. estimated with in million million in housing completion market, year Europe. outperformance of
support we diligent expense an investments market cautious anticipation future of the be resulted lower-than-anticipated on to with have While management we future profitability, growth investments. in made continue improved to and in housing will
drive to outperformance over and rebounds. market will I ultimately the now Q&A call begin to With that, We turn session. share to when further take believe we the operator positioned housing well the are the
