Thanks, John, and morning, good everyone.
XX. Let's inflation increased primarily continued billion, take on demonstrated a solid including look Slide in prices. at sales We and execution significant to a of X% found up dynamic environment, our second year-over-year, financial quarter due challenges performance chain with supply $X.X reported
declined however, sales in the and euro currency pound by Gross the quarter the weakened the dollar. basis negatively as approximately as by impacted translation $XX in XXX X% or business, against Foreign British points quarter MP to margins million this cost pricing margins offset our gross increases partially margin did year-over-year actions in overcome cost improve pricing was was AWP decline The actions. business increases. able effectively with sequentially. in
and continues, to foreign and basis prior disciplined points inflationary margin offset Operating at environment Although SG&A pricing investment control. flat year sales continued the SG&A percent to was as was exchange XX.X% strict favorable by sequentially and points management by cost increased compared prior translation. from X.X% basis expense XXX XX the year points decreased of of from down prior up the basis XXX was business year.
the incremental We quarter. are a XX% pleased with margin first from improvement achieving
quarter million as $XX prepayment we other was profit of on supply XXXX, term Interest in settlement decreased of year. from million from related corporate $XX litigation quarter, and expense by caused quarter of rates. have and negative with dynamics a a refinancing charges significant of prior chain as the includes the operating product year and loans of offset inefficiencies exchange a sequentially million million portion than foreign in debt cost continued in Current extinguishment price disruptions, $X $XX changes realization loss prior in by to of lower recorded QX was increases, price/cost other Although the of capital former and structure improved associated the profit the first the our early line. $XXX approximately second manufacturing operating million impact on
unfavorable year-over-year million. of foreign variance exchange an had also $X We
The The tax income. by discrete tax was in geographic benefit lower rate the second quarter to distribution favorable of primarily approximately largely is global rate reduced effective the offset XX%. current higher tax due quarter, slightly on
year, exchange of financial we of prior reflects impact capital with the and over the unfavorable quarter $X.XX a connection of Also refinancing earnings per portion in in last year of increased $X.XX share of foreign callout, an had Second unfavorable structure. $X.XX $X.XX primarily significant the from translation. EPS
and our we I consistent invested will expectations remarks. business $XX Free Our for discuss remains was million as repurchases the in XX.X% to return strong the my in capital later cash share detail to invest of free cash dividends. quarter. in more quarter with cash second on return at through shareholders continue for the flow and flow prepared
up Processing Materials product sales X% our found with starting with on growth of results, our foreign million, sales and exchange a the historical a $X.X of a XX. The backlog neutral segment $XXX approximately basis, segment our second backlog at year excellent quarter lines. sales strong an ago. had the supports were all XX%. quarter billion, to The across business with On up from with Slide Xx quarter norms. XX% look Let's MP of XXXX outlook is up ended compared
to on Slide continues of even backlog million environment of markets, to basis. Platform compared months. prior first Backlog team FX-neutral utilities operational their $XXX higher XX% was increased actions increased on segment at an a the their On pressures. basis were the In price XX.X% up beyond strong end a from cost of Both MP have XX% demonstrate additional MP operational approximately also Work and incremental and to year, the these in the financial profit multiple challenging execution. able margins million basis, address to reported quarter. their XX Genie course performance $XXX AWP XXX from and with billion, and sales been excellent XXXX this XX, slightly XXXX see over our have X% delivered $X.X we points taken FX. Aerial increasing excluding inflationary margins operating The record inflationary quarter year. We has results. prior
quarter constraining of have quarter, from the by businesses was X.X% delivered execution of on and a basis their of basis but XXXX parts management sequential both expense strict been sequentially from addition, in margins operating up of points, XXX unfavorable battling year by the our million In Slide see with growth. strong first shortages AWP of points. improvement our million but the XXX result last allocation The overview Please for actions. expectations. cash quarter Free $XX refunds, pricing an was capital as and million flow disciplined foreign Free for well as of disciplined strategy. impacted $XX $XX hospital inventory IRS XX negatively exchange. flow was cash by includes consistent down
detail quarter. in some our of me the usage cash let Now
We continue our acquisitions million. of to Mexico schedule. and our related capital A portion expenditures, expenditures which reinvest investments Monterrey, business with technology on in remains is to of $XX capital our large facility,
our prepaid per over our to addition, disciplined million we is share shareholders its outstanding X.X% company increase to strategy. balance important term $XX In loan, the of cash an of $XX element dividend allocation Returning the capital reducing an quarterly The of prior year. $X.XX, million. continued
repurchased We million the we Terex $XX shares that also shares an attractive quarter believe of are in as investment.
program. since over XXXX, cash $XX reduced sheet decrease, remaining X% increase. return XXXX million year-to-date. million to of a shareholders past the by has years million The second significantly its to quarter sheet. a million the company have approximately balance repurchase and quarter Outstanding company's allowed strengthened XX% We been X strong our debt has $XX of on share has second since the delevered The of $XXX and or $XXX balance gross us
no XXXX, until have of XX% decade. the of our end of the until We rate is a maturities fixed X% and near-term at debt
net below X.Xx well cycle. our is Our at X.XXx, the which through low remains leverage target
ample business. in is million. an excellent run to and position liquidity company The of grow the We have $XXX
our Now full you raising April. turning to execution members of strong team we year Slide Thanks that with robust outlook. our February we the and XX outlook shared and XXXX in are our our and backlog, to
first geopolitical the successfully COVID expect additional $X.XX Supply per $X.XX This and $X.X to but in throughout of restrictive China We highly of the an share expect foreign half team incorporates on outlook price/cost we earnings pressures, challenges, year. of navigated inflation the XXXX from per outlook. $X.XX due chain and billion. initial continued unfavorable uncertainty, share $X.X exchange policies dynamics continue, challenges to improvement sales to our has these billion for
not supports total demand, our suppliers. the of with ability Our outlook, but supply rather unchanged Sales to which a sales our components. strong and chain reflects in are backlog dialogue ongoing deliver remains the the of function
to which capacity internal the we the past. have produce demonstrated We more, in have
year, higher the interest upon management sales. X%, expense XX.X% growth Interest approximately volume unfavorable is cost FX full $X based partially and full we improved X%. and unfavorable offset million execution our been For of FX. have has of by X%, sales other of and increased price year of reduced growth our excellent, to SG&A outlook on rates
based been effective tax share a reduced mix. for the rate XX count of more activities current based in global year year to XX% favorable on has Our the repurchase geographic year. million full a We on estimate approximately
outlook. $XXX We continue as negative initial in of to have and half, to with the flow million our our lowered to other has to $XX in loss expect year million. but sequential increased outlook exchange. second free improvement million result foreign $XXX are full expenses been Corporate a Operating cash line
restructuring, expenses severance on former associated year-to-date results However, lines. adversely $X been exchange unfavorable litigation have and of with product by callout million and impacted financial foreign settlement
be half our the XX% We our second incremental margins above to expect in target.
segment are supply outlook. and half balanced XX.X% chain second Based of persistent of successful to performance, the margins range XXXX. half the operating first challenges, costs, increasing the with throughout upon to margin to XX.X% mitigation Turning we relatively MP's input
improvement been the X% the we performing supply to has the range continue end disruptive segment margin total chain increased hospital and bottom of AWP, well, Therefore, in balance have of continue margin be maintained of this with inventory. top This to quarterly challenges our expect of the the XXXX. segment X.X%. majority through to we sequential For end more and
position And that, be with you, turn to outlook will to back our extremely $X.XX to per in it $X.XX. raise earnings are I John. to to share We a pleased
