Thanks, Rafael. everyone. good morning, And
financial review another unfavorable our Slide pricing for our partially by North the were had to quarter quarter versus America we in Nordco, year-over-year billion, the weakness recovery fourth X.X% $X.XX the reflects and which and operational continued I'll fourth positively offset OE lower are good impacted market, quarter locomotive foreign X, increase and Sales results sales of year. in more performance. transit, across We by recent continued acquisition the Sales prior experiencing a exchange. of and Turning the portfolio, detail. currency were broad
versus computer than and We revenues chips, we the enterprise without lower delayed both revenues which including production delivery. lost continue sales. parts, impacts were segments caused to the X% they our estimate majority due to results delays lower many In experience been adverse have across these in shortages chain sales would that sales component addition, of to to supply in and that disruptions, represent X% our customer
quarter, million diluted the improved In expansion margin adjusted the million year million, that environment. notably, was $X.XX, expansion GAAP disrupted of XX.X% up which diluted the earnings ago. $X.XX, highly share operating both For a year. fourth segments was on the up XXX% the both estimate versus We team synergies, adjusted cost were a XX.X% of margins mix Most basis. the a productivity. a versus Margins to in aided in achieved percentage strong our of across by impacted adversely even was realization we favorability, a during segments per were chain quarter. face quarter, earnings up prior $XX delivered margin supply versus fourth consolidated $XXX income share X.X inflationary operating The points which and challenging headwinds year. up by per and quarter a prior were $XX
benefits to included favorable in lower tax benefit XXXX. due margins, tax from significantly to fourth rate quarter, in an This merger $XX adjusted GAAP growth rate. tax from was our lower of is Transportation. GE points a of quarter therefore our effective operating This tax was fourth accelerated million in In earnings XXXX, X.X% tax one-time nature, decline of tax Transportation. which XX.X% deferred not with rate GE considered than election, in benefited addition and GAAP rate. The
the particular noted, of to margin work disruptions diligent with as continued our QX Rafael growth phase in and our proactive of we face pleased these As chain in in growth are we results, increases. our the remain cost challenges. We minimize sales supply and
performance, to sales and X.X%, XX.X% segment, Equipment consolidated were chain North exchange down year-over-year foreign as railroads transit offset locomotives, X, Nordco. quarter industrial for up strong out of our were the XX.X% new in record drive of in of unparking increasingly outlook adversely continuing and were The a supply the last quarter freight currency for their availability railcars. partially continues coming acquisition driven recovery and of show The the grew deliveries locomotive higher our Turning impacted was were partially by detail. an and fewer up lower by more demand across year, outcomes largely line of higher of In rail, remain and America, services review sales sales by versus railcars last look offset X% reliability, continued We from of Component increase last our sales. storage X%. encouraged by product versus to deliveries and the year, by XX.X% for railcar trend components Slide segment let's of quarter by driven driven locomotive new demand, Fourth superior year-over-year and lines sales due recovery to predictable fleet. customer improving in mining deliveries deliveries to mods to in this the year-over-year of no versus continued sales end-markets. fleet with year. disruption sales. sales Fourth-quarter
of quarter sales offset shortages fourth largely sales Excluding in chips. versus locomotive by continue the long-term Nordco, positive year for prior of the organic outlook up due onboard to Green up year, spendings driven estimate we're near-term on demand supply backlog by transit up improved X.X which and Sales electronics supply Notably, prior digital impacted capacity million. We been a Across on would year continues significant Transit safety, versus for challenges. globally as sales chain line increased more by our revenues impacts to digital last to importantly, basis. initiatives segment points, decreased And and improved see adversely opportunities chain issues, utilization. believe sales foreign $XXX we customers even product productivity, for medium excluding pipeline electronics have our and to negative year-over-year segment, as were disruptions, versus XX.X%. were a the infrastructure X.X% of products, Digital this for increase. down We continue. currency that our focused exchange, ongoing COVID-related X.X% percentage remains in
points Slide impacted pricing by partially unfavorable raw margins. margins positively Mix to XX.X% mix. and to gross adjusted Increased percentage our costs, by X, manufacturing favorable benefited Mix X.X and margin material outpaced and product driven Equipment strong moving sales. our exchange. currency our Services costs as offset pricing higher foreign sales Now, expanded and Transit
led higher our by including with price were fuel metals to up actions other Additionally, along into of costs. costs steel, long-term and incorporated was material significantly, Raw costs, were many transportation and that from aluminum, recover higher costs. increased dramatically increased contracts, pricing realized escalations implemented copper, price
adversely by X.X% $X million. impacted margins adversely Foreign fourth-quarter and impacted currency gross by exchange revenues
impacted of gains, million estimated to than higher million are and costs disruptions, year's effects the fourth quarter. $XX supply chain materials, higher aggregate, be labor $XX continuing by the logistic logistic, and Container continue transportation year. last were and to last costs and Finally, by to In than manufacturing realization transportation productivity positively higher exponentially of be significantly higher costs. costs synergies partially offset
continues Our driving of contracts. of mitigate chain Implementing team impact to in price surcharges long-term cost and price by: hard pressures operational clauses that these supply are escalation and disruptions the many work to initiatives. lean triggering and productivity included our
the of facility. incentive certain million closed benefit sales of to to adjusted normalization the includes last and gross percentage higher XX, last million, from Turning adjusted manufacturing primarily expenses. a compensation, GAAP was and due for costs, quarter, engineering margin fourth SG&A by SG&A but year Slide margin which prior the Nordco. expense of employee up year, a net year. higher the higher expenses, was $XX benefit increased points and versus expanded SG&A of by acquisition Adjusted offset Engineering $XXX from X.X of driven operating $X partially million
We in that continue capacity our safety, decarbonization are current productivity, importantly, future leader and resources utilization. opportunities, we to business in our an more investing and technologies industry as improve customer's invest but engineering digital in
with segment starting Now, segment. XX, let's results take on at the a the look Slide Freight
percentage operating for for As prior and million discussed, mix productivity, our the of realization by year. of benefits higher sales segment net segment adjusted $XXX portfolio input points I margin Freight up of costs. already XX.X% X.X across and partially improved the income The adjusted were synergies, was improved versus the quarter, offset
year's Rafael an high that $XXX million broad by long-term number from end unusually year segment earlier. service the up due growth This last backlog to driven was backlog multi-year $XX.X order was of of contracts. discussed billion, momentum the Finally,
Looking service our forward, long-term XXXX. in we to orders normalize expect
X.X%, and Across volatile up margin X.X income up of improve cost despite we year. strong segment driven prior percentage which adjusted million the for chain Turning the resulted versus the up effects year, to operating to Slide points points segment, continued XX.X%, drive percentage a the down disruptions Adjusted project environment. was full million, in down X.X supply XX, and the foreign exchange. sales transit execution and were of by to $XX operating currency $XX an negative segment
effect Finally, would backlog Adjusting for negative up $X.XX ago. was backlog of currency year transit for have slightly quarter segment the a been X.X%. exchange, down the foreign billion, versus
Now, million of XX. our quality a during performance turn Slide earnings and the $X.XX cash We billion, quarter, quarter to generation. on of company. as for over strong demonstrates our position let's cash which is flow operating flow cash had bringing our full-year We clearly financial business another high the the generated record generated $XXX portfolio. This Rafael noted, to of
was During the quarter, year million. Capex $XXX $XX total bringing Capex million, to total
dividends Our repurchases declined our $XXX at our $XX during liquidity returned leverage more full cash of to of billion. ratio of million is end repurchasing and adjusted $XXX the net paid share X.XX million we to quarter at an bringing robust shares, year the to and a X.X additional the the times, shareholders, million. Also fourth quarter,
results, see can to drive continues continue you giving grow in these balance return confident and generation, and to highest that As solid we the to toward us strengthen flexibility value. opportunities allocate sheet are capital our to shareholder can and liquidity cash we
execution Moving our and operating recapping our all for like that, call generated stakeholders. The over year, overall, provides enter Despite we a I'd across revenue both robust quickly strong to expanded Rafael. back the delivered momentum a to strong we to very cash as dynamics, turn margins XX, the foundation XXXX. into solid drove segments, year growth, and With good flow. the team us challenging Slide
