John. Thanks,
Turning X. Slide to
Let structure. like financial me begin I'd QX to attention by financial results. call our reviewing our to reporting your
not will financial notice report call-outs, results. QX, QX reported we results. As QX our identifying impacted you we adjusted specific with are QX did Instead, financial XXXX consistent and which
year-over-year that investment the provide information help compare community We continue to will our more easily results.
sales throughout outlook from quarter third and improve. with markets results, the the of our quarter, beginning did see quarter. XX% of we was stabilize continue achieved revenue net in our million, line year-over-year. we in financial which we said, the $XXX at That to down the Looking Overall, operate
we We market in cost adjusted down to adapting profit percent from impacted compared profits and a liability through combined in adverse gross million, to product of revenues quarter achieved severance QX from The while with profit third the lower the an an charges. the quarter, a environment, impacts sales. resulted judgment, very and disciplined operating this margins our revenues positive operating lower to control $XX SG&A $XX and of For operating results elevated million operating as restructuring being XXXX, resulted recorded last year. from
liability Terex margin decremental primarily allowed QX, Our than achieve just margin. judgment. reduction XX% decremental more for by to XX% product margin our cost actions an operating gross to This was a aggressive $X due million charges, approximately decremental of favorable achieved targeted profit
impacts was SG&A impacted addition, of outlook these million to adversely going and In severance team our due by considered quarter. into the were member in restructuring. Neither $X
a Excluding quarter. have Below other approximately these and Terex’s expense to operating past million our revolving in $X lower year quarter. ago, related credit of borrowings principally the lower QX what profits $XX charges, by XXXX income, has interest undrawn operating margin XX% facility was million decremental would because this than been being improved and versus
approximately marking In reduced We XX% million our addition, be to a investment. previous $X full-year benefit market to of to third-party compared XX%. tax was global of estimate effective now income XXXX estimate to rate our other due by
cash taxpayer income Terex connection back taxable net in loss. During importantly, that that the a treasury with the foreign refund change regulations high of XXXX U.S. rate U.S. XXXX loss [indiscernible] the exclude expect revised million. quarter, XXXX receive certain approximately by in federal increasing XXXX from third and of non-U.S. XXXX our a we we way in U.S. carry tax return, our under permit benefits operating significantly to that to to This U.S. income, to expect operating subject Most be tax. U.S. to able the circumstances $XX our net will
were which adverse the cost benefits EPS just the and that per to of SG&A, by more sold $X.XX includes Finally, of our than reported I discussed. operating tax good impacts offset share
segments remains to segments. our of financial and in lower. North The AWP stabilized $XXX compared utilities million customer in quarter, driven America market end markets last X, China year in market soft and products Slide The by results. our contracted being and sales Europe in Aerial sales remain to robust. by Turning XX% certain the but
excess We are levels not production continue to we building aggressively manage inventory. to products ensure Aerial
lower million Aerial was the product us levels below to of since producing our reduction production control almost Aerial XXXX. This a QX demand XX% in QX, aggressive customer $XXX than production products achieve XXXX. allowed During inventory continued beginning
The of million decremental $X consistent product margin with cost severance the Aerial and to driven operating mentioned, align with levels. aggressively end market end in of strong charges inventory the production for XX% rightsizing liability the team margin were and XXXX John by AWP includes delivered restructuring. of achieved a AWP quarter, third in positive quarter which the quarter almost As approximately of X% product performance a judgment, at demand.
decremental AWP’s the impact margin these have of would Excluding XX%. performance charges, been
were one our new state-of-the-art new was into adversely QX decremental opening move a dozen Dakota a worked from into team As output production AWP’s they of as product facility. our impacted margins facility, production through utility the facility. challenging South for were consolidated Watertown, and the the standpoint, buildings by where expected, new
$XXX the end higher end in the scheduled year. subsequent our as delivery to than of the QX quarter in was XX% was for improved AWP their end the at XXXX. output. throughout the At X% a of prior product $XXX million, this down quarter AWP of XXXX, proportion the production backlog team the from million quarter, third compared or third year quarter However, backlog while quarter, bookings higher of
lower Materials The customer almost turning challenging MP Processing. managing through X% up margins the was Customers deliver to $XXX resulting team margin all these quarter, of decremental of year-over-year, a Sales being with solid both of SIOP XX%. at were strengthening MP’s the is and margins a market XX% challenging up revenues another operational sequentially. and in million, to last strength cost business continue is environment, levels. teams’ this XX% elements markets. down year, cautious through to existing XX% by XX%. testament MP operate than equipment and but lower aggressively operating MP It but performance is segments sentiment. time Now been at sequentially. driven achieving million operating up lower despite positive utilized, has to uncertain Backlog had $XXX quarter in strong, bookings in XX%
to Slide Turning X.
although From on with a we earnings results Now perspective, XXXX in With commercial much in AWP to half call, that to we the we period as important our positively, QX to our perspectives XXXX. the said we declines that be said, anticipate or will I revenue some negatively first demand quarter, year-over-year could of realize with quickly. during is continue MP. of lower we stabilize very Consistent for are would demand, be to versus to have we market a XXXX remainder anticipate financially. QX and the seen second like currently of expect continue develop for greater the to to change in similar year. provide It at you of what level revenue segment operating unprecedented this half than how
both QX we expect the However, for year-over-year smaller than be QX segments. revenue to in decline
restructuring of whole million fully $XX aggressively by as principally the in remained target segments, charges for final customer full including in the October, committed during result month that severance with margin a and year taken year, and in a the Aerial planning to of our QX. mentioned. our of We reductions for the the that line demand, charges are decremental overall for for at of the I we of actions such managing least cost we our As structure each and just company maintain of QX quarter XX% products
and Finally, XXXX. the the first communicated, as expect and second full-year be equally between structure incurred corporate previously other we XXXX of halves cost will
approximately liquidity overall quarter Based reductions is source our primary will significantly reductions, cash the working and in to continue cash XXXX free free fourth of the position, XXXX demand we continue we generation cash and lower a of reduced receivable on upon strongest of be our QX and the free revenue liquidity flow cost same our free expect are to capital positive to we be generation. expect Net flow as already We low focused and a flow customer source cash intensely flow from earnings. a year are strong cash outlook significantly cost generation. traditionally Year-to-date, current of reduce flow as and our have free financing. to sales of full-year and Because perspective.
utilize revolving to our the on Finally, would balance we sheet ample having of remainder and XXXX expect facility. credit during not anticipate our cash
review the allocation I free in environment, $XX the capital a basis. in our team positive of drove our cash of This to resulting disciplined in flow challenging cash million approximately X. Turning approximately the communicated flow million Terex QX. outlook accomplishment ahead Terex will being on positive Despite is And strategy. $XX quarter, Page free year-to-date
continue and production, members vigilant scrutinize and our manage especially team within However, will every expenditure. to segment AWP remain our aggressively
Terex to positive So free generate continues flow. cash
with liquidity $X have with no near-term We maturities. and ample right the structure us available billion debt to capital
the can manage and business. grow we So
Turning investing to capital our and is XXXX largest have expected spending growth. expenditures expenditures the capital reduced level one the the We demonstrates commitment reduced our $XX of is approximately to which our size the strong actions by we history. recent business. The of still capital facility completion Also in that million, in taking XX% Terex’s utilities to manufacturing may swift new right are of business.
profitably the in future. can Terex So grow
As and we John resolute discussed tightly SG&A. managing earlier, remain production in
free ensuring it back structure We manage and and strong capital to have generate to you, the Terex. turn John. that, to the we will manage And flow, with aggressively grow while business continue right cash I'll
