John. Thanks,
X. Turning to Slide
your attention our reporting by our call would structure. begin to I QX results. reviewing me financial financial Let
QX notice, COVID-XX affecting QX specific reported amounts will consistent with the identifying financial we other you QX, Instead, we and results. did impacts financial are our not As XXXX results. certain from report adjusted
forward. year-over-year continue We provide compare investment will community results information help the going to that our easily more
results. at XX% second million down Looking $XXX financial quarter year-over-year. Revenue was our of
operationally and during earnings in the throughout markets That our we see for did stabilize were the to last a said, quarter, planning we call, we challenging which operate discussed recover. As quarter. begin
were closures and customer costs goods half inventories, profit in lower plant AWP. with profit finished below the manufacturing approximately with levels to of operating combined last million second only of reduce production from significant due million costs $X $XXX XXXX, of resulted fixed revenues For being we the operating operating quarter to year. compared quarter, demand QX an costs. of within associated recorded the adjusted The These combination principally unabsorbed to profit
John discussed ago, in the current to a onset to our of the steps demand. April cost we of align As reduce with customer the minutes structure level with aggressive took overall few pandemic,
lower for While margin margin revenues SG&A manufacturing margin. they was This our as a impacted than were more our closed. primarily for the our million gross targeted gross $XX Terex with our decremental cost-reduction profit associated sales, allowed margin achieved despite at decremental of decremental fixed favorable facilities periods approximately costs and to XX% achieve percent actions an increased operating aggressive QX, to charges, XX%
impacted addition, employee due was $X primarily adversely by In million, to restructuring. SG&A severance and
interest Terex's expense our $X these been credit XXXX have charges, facility margin million operating related a most Below ago, past revolving being Excluding quarter. decremental as quarter. of principally than result the QX year lower undrawn this to in was for would of borrowings a XX% lower versus income,
In addition, other related to by publicly traded a income million the of was impacted holding. $X to market positively marking
changes impact the rate. we our on QX recorded tax a tax benefit first the when have benefit XX%, tax as tax rate. small was or case this in quarterly expense earnings a QX, tax the adjusting the impact pretax low, our For of can forecast amount to half of is year, our to the relatively general, which large rate In reflects of
that just per $X.XX of impacts loss EPS share. approximately reported I of and other amounting charges or to share includes our COVID-XX $XX $X.XX the discussed, million Finally, per pretax
Europe to year, to million Turning Starting significantly year's remain financial last contracted with XX% markets. by our and segment's sales driven of Slide compared challenging X end continued $XXX in results. global last AWP, levels. U.S. below AWP's The by
manage continue excess We inventory. ensure levels to building production to we not aggressively are
QX the the year, cancellation lower bookings the the due quarter levels. in their with aggressively to Our and and products quarter were the strong Overall, at XX prior end customer margin the orders changes, quarter XX% of pre-COVID-XX pushout the booking market QX administrative backlog Aerial Changzhou, were of second million by Backlog $XXX stabilized impacted delivered which while orders in by customer the in quarter XXXX. to China was than down market but segments. course performance of facility bookings June utilities production availability and million, shipped costs end of rebooked changes approximately XX% QX align Most rightsizing decremental AWP reduced and from quarter second million. backlog ramped and production at delays to bookings the up expected in demand. financing. in $XXX $XXX by soft of booking be of are in remained These XXXX. customer AWP of second certain of over to XX% resulted half these orders
backlog of XX%, Excluding was customer the approximately QX down impact down bookings were orders, and approximately XX%. these
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very us in the utilized, going quarter, up to June trended through They to MP the optimism improve. industry-leading of and year-over-year, year. second bookings customer are their at gives into markets operate the both Both conditions pandemic MP existing as Customers with month in our with However, COVID-XX AWP equipment half well which segments are the businesses each continue segments in higher brands. is being lower strong levels. positioned and in grow respective their but
Turning to Slide X.
to the respect with or to we period how XXXX anticipate would It upon financially. and we could negatively demand in operating an that pandemic. customer unprecedented developments I half currently are with positively, on with second Now some is very perspectives like realize the depending to important change to of provide quickly develop you COVID-XX,
From over to the the although into must level of it demand than of currently With expected potential expect for the half understand AWP committed provide you believe revenue than versus to XX% first commercial of our much greater for perspective, this our that normal. said, variability you overall MP. declines full second whole as to half revenue business stabilize, second We quarters. seen same the the lower be of we of each between be XXXX. being for in half with is revenue is a we managing a will of quarterly generated to with or structure XXXX with our line approximately each year, the we margin segment remaining fully markets year-over-year beginning higher insights segments. at XXXX a cost anticipate our for aggressively results the such XXXX, the remain for split as for the demand, of in demand, the our year, and the We at customer relatively of we maintain we have target company While expectations important as expectations our in that decremental reductions evenly
margin many do of our We a XXXX, also these than to quarter quarter. will be as committed half fourth summer third for decremental result facilities, the second we of our although in targets of expect decremental remain margin better the shutdowns
and between and of expect year corporate be we half cost Finally, incurred other equally full second will structure XXXX XXXX. first the the
we demand liquidity flow focused outlook generation. customer We for overall year to and flow be expect cash are free free reductions, cash calendar positive current XXXX. on upon Based and cost intensely our
of cash were to generation. typical expect be primary would flow is working business, flow negative our source generate half the more the cash capital approximately in will in As reductions year. amount a the XXXX XXXX second free free half of cash than free $XX back first of half million of this and we during Net flow
security having members our view of our as cash fully utilize customers, We allocation capital ample Despite revolving disciplined our million turn to approximately facility, sheet and XX, on entire review expect the the team is available $XX credit our to facility. free during shareholders. million positive to not Please and Terex Terex suppliers, $XXX for drove we I'll anticipate an demonstrating would which in credit the challenging team environment, revolving insurance quarter. and XXXX policy flow of Page cash the remainder of us, the Finally, balance financial our to strategy.
Our benefited from retail continuing producing below our flow operations, cash free demand.
demand, free commercial within result production, of aggressively impact a segment, to our As the on AWP manage COVID-XX which cash benefited we further our continue flow. especially QX
XXXX. of We continue working remainder to be for will of the net a expect capital source liquidity
sufficient other have such available facility again. liquidity With revolving this we be of the will the positioned banks, pandemic, come through out be side and support global to credit our we grow to successful that
our uncertainty, XXXX have economic reduced spending by we XX%. the Given capital
as While facility new expansion. we China our remain we demonstrated investing and spending, by our capital are facility Changzhou, growth prudent for in manufacturing utilities
We cost goods of our we demand material continue of sold facilities. machines. of suppliers from Most to that To taken requirement suppliers liquidity the commercial aggressively have our we reduce have structure into aggressive importantly, that paying actions. the materials and actions illustrate, manufacturing These align supply are XX% for into are material. with cost our assembling cost-reduction of reduced
our very we environment demand the structure are We to cost have in aggressively adjusting which been operating.
strong we have the a and turn structure, John. In the suspend do dividend aggressively it to business And activity. share repurchase that, capital cash generate while have we free ensuring We back manage with temporarily and today. strong capital we continue right to to our you, structure, continue conclusion, which will flow, I'll
