Okay, thank Jim. you,
had good year. higher beginning quarter and sales and the were as the out expectations As than at Eric with the in year noted first operating the very last of earlier, of we margin year, a profits laid line were we
consolidated first for results, I'll balance numbers division. the through sales flow and margins color And give go and finally some we outlook cover provide some XXXX. and year key each for As at color financial the look sheet our the cash on on metrics. Then
at looking Management. First Engine
see sales there million, net QX on up XX.X% quarter the $XX.X last the can You or were slides in year. $XXX.X versus same million that
the by new acquisitions pricing customer, of and driven of a was combination sales reduction wins a of the been lapped, in business inflation. have impact and the a X.X% offset from basically and now to we've increase would which Excluding higher loss
gross was margin rate Engine, Looking at XX.X%. margin first the for the quarter
was our during the million specialized wins was offset were the year, was impacted supply in The more offset throughout increase during before And from temperature these inflationary earnings. I and but margin year year. Temperature we're materials fast XX.X% to of this reopening expected and while also year's higher partially mainly pricing quarter the non-recurring year's benefits reflecting on But prices in in non-recurring again the our Control ordering sales Also pattern pass Gross later, the elevated margin quarter, margin I’ll like gross a from margin with COVID, channels. was many mix we quarter included for XX.X%, QX, reopening sales year $XX.X inflation while as a after XXXX pricing. costs. what returns is take while the as a operating non-aftermarket for Management persistent last from margin channels. Control Engine expenses in higher net mainly lower chain noted expect the reasons one we was seeing by in reduction also control seasonal and and Temp decrease start after actions supply by down chain engines, customers, gross COVID by a sales the gross for by margin higher point rate that up of said by to in shift customers this similar to business impacted mention to impacted XX.X% to While costs. benefits from division or lower Engine, headwinds. pre-season did headwinds decrease this been has more inflationary margin we last last percent that last enjoyed year to traditional
our up results, in division the versus to Turning XXXX, with consolidated XX.X% we sales saw each QX, finishing our net reflected last consolidated growth year.
gross though did in rates quarter even for growth discussed reasons margin higher for before. margin did sales, report the lower dollars the see the consolidated Given we we
consolidated yet percentage our to again. the expenses, quarter, expenses while million of as decline expenses sales Moving our in saw increased by SG&A we SG&A $X.X
versus dollars higher additional year. improved XX.X% in volumes, costs. down as by from some QX the and businesses. sales as from for in on lower a quarter overall sales selling quarter our come distribution higher in which last costs, sales inflation helped SG&A, of acquisitions as expenses the XX.X% percentage first Our resulted channels and both increase reflects specialized levels ended leverage decline of costs our acquired expense The due higher points in mainly in with to well X.X in at non-aftermarket costs operating The sales
as at our here year. bottom the sales, Looking was operating X.X% QX consolidated from down X.X of on the net last shown points income, line, slide
with flat in by partly was volatility. earnings adjusted The as much mainly than resulted improved roughly for margin This point offset versus due and EBITDA the share XXXX of periods share our the our expense $X.XX earnings QX results was while year, declined percentage first profit As quarter out profit $XX.X a to decrease year. last underscores for periods first and that performance performance earnings per last unusual things. of lower while leverage. can earnings operating produced and quarter, our by quarter prior SG&A diluted per in see share million But I'd gross to percent, quarter per XXXX in per to induced like of in share, two better you $X.XX was the other sales COVID
keep ability to of even continued in inflationary margins the sustainable drive our of do our improvements right And company in channels, long in whole. and we from the it shift while First, non-aftermarket of a lower to a supply the term here more business, the partly shows historical second, sales gross profitability the as headwinds. face mix with operating lower overall line chain team profits stemming costs have
the customers’ a a accounts levels higher to Turning $XXX.X in buffer December at a during of delivery sure were volatility. million, at receivable from our result the expectations mainly up quarter, year, quarter. now the $XXX.X the $XX.X chain we of make supply finished with strategic and $XX.X balance inventory to up levels increase sheet, sales million the Inventory result of million higher QX of end sales million increased with and this from both investment the XXXX, December against XXXX, meet
with from used reflects Turning of cash in our for supply to and $XX.X cash last financing first for the before. year noted to inventory million more compared cash million cash stemming as quarter the receivable of accounts cash statement used flow operations in programs more chain management flows, use $XXX reasons our for
revolving million last $X.X million of activities capital of million included we to another of used for on and to the included in Regarding borrowings dividends mainly our our strategic common year. continue million for capital and our working fund were $X Financing from cash CapEx expenditures, requirements $XXX.X seasonal $X.X used facilities, our operation, invest quarter paid, which business up paid investments. million activities repurchases used credit stock. $X.X Financing during of and also
While leverage of still total this year, X.X finished we borrowings the were debt EBITDA. low higher with quarter times
an Finally, year profit give I for to the and update sales on want full of XXXX. expectations our
difficult environment than inflation again the normal, in where trends to for First, significantly forecast parts has much will this very historical it’s happen higher current let and me over is demand our outpaced last year. what
few of in were Temp QX million and year, made last business, $XX was we year, of a came in things higher our Control remaining expected last to from While from than our sales mind. much where increase keep acquisitions have the increase
how as variable, summer can And play indicator all be the season weather on will up depend one of three, sales and last know, the US on we're preseason unpredictable. of year which are the hottest we in is First, record. the was year, the not Two, against patterns across that highly ordering largely out. an months summer
for put expectations mid-single beginning reiterate the digits. to say growth to year, the of expect the we in low XXXX the As full year we that we forward is which be here to such, at sales
for margins and profits. We expectations also our year full affirm prior operating
margin expect in XX% and We to gross consolidated be be to consolidated will the the range profit range operating of of X% our XX%. the XX%, will in
we higher customer mix be shift expense these profile inflation of and headwinds to expect benefit and of sales see This historically, to leverage even our in will specialized as we change margin vectoring the rates a how with business channels, in whole. our again and SG&A overall continued margin to slightly, continued non-aftermarket of has we'll is the expect right gross due though also line lower interest our a it than and programs. While business the of slightly channels, from
line bottom Our levels. line remain percentage results in historic profit with will
we are expect we evenly seasonal and while $XX leverage at earned incur rate these Lastly, of to quarter, of sales to good million $XX profits remember, million though expenses, more about in even pattern. very to see each continue expenses the year operating a throughout a
wrap XXXX. pleased remarks, I start As up very like are would to say again, our my in we I how with
another them us our to attention. helping reflect And results your I Thank the call turn dedicated solid you effort of performance. financial of Our I'll now for employees. for Larry. all the thank again turn in over
