everyone. Simon good Thanks, morning, and
quarter We sales across last we financial our Let's from of found up last products $X.X strong take our reflecting performance look a businesses. demand Slide on at for X% multiple XX. in by posted Geographically, strong about points billion, XX year first improved year growth quarter. XX% and declined Europe prior basis America, Gross North over of increased manufacturing significant very management. cost strong price delivered while margin first disciplined since throughput year's on
due was severance although costs a includes SG&A in over to structural $X of came discrete largely expected. vesting million the increased year of XX.X%, as up expense, and that primarily due sales callouts SG&A from year. slightly accelerated expense SG&A higher percent compensation as Note financial charges. prior last to
unfavorable mark-to-market $X million Excluding an relatively prior a with million than Operating expense Income vesting consistent prior million these severance of the income and $XXX XX.X%, margin of improvement charges, includes operating sales, impact from expense while due XX.X% SG&A operations over came with $X Interest in a primarily basis to from year, was XX last other year. charges. increased was the also better previous at year, adjustments. year. of
The compared first XX.X% first tax in quarter of quarter global XXXX. to XX.X% was effective rate the
First was earnings of per last quarter year. share with consistent $X.XX
added seasonal In were to profits move. offset cash our of increased production As more quarter working volumes return than a expected, and a to operating the carry free QX level Genie flow support as inventory to negative, for outlook. well higher increasing the continue was support pattern, sales to as with first sales by QX, more QX capital as we
despite start has our Slide results. Let's team take MP look Please another executing to turn conditions businesses. well in at and few a challenging more macro for of good to segment is XXXX The a XX. off gotten its
perspective on level. go first let me the more a more segment on I Before provide into quarter, high from details the
And segment We operating to the remains points operating have the Today, half by and almost mid-teens and consistently our Day nearly Investor of MP during profit. size annual expanded the X the on total segment targets MP doubled represents XXXX. track about operating of last period. this over for generates achieve well XXX established we margins margins years this basis
to target billion on sales dollar delivering of the earnings for our fact, of power represents the total per relative incremental outlook. long-term an share In company XXXX $X.X
the XXXX of For due quarter due aggregates. liability primarily $XX unfavorable MP's to by product declined for to the mix the compared million partially million $XX exceptional was down sales of demand reserves. X% of first and sales million by operating $XXX first to offset product volumes, growth Europe, to in lower profit reported softer MP impact quarter,
MP were and fourth improve, ended more that is the historical MP bookings norms, better Although from while expected. quarter. were basis margins continues as dynamics, business bookings to the to backlog the mind quarter cycle back to impacted basis for continue chains which million, the transition comparison MP's of the X% supply year. last XX they to relative Keep book-to-bill points XXX above than increased still prior operating with shorter in our traditional year, $XXX sequentially points down from
Operating volume, AWP management. strong performance points XXX historical operational XX%, execution and $XXX over million, last disciplined margin of supply of AWP than nearly Turning sales margins AWP by And chain million, XX. the strong which higher higher $X.X well reflecting an improved as I reported cost delivered XX% on quarterly by expanded primarily to quarter that Slide price incremental demand team. is of by increase from the operating up as the of increase throughput. more in XX% the the note was norm. The performance Xx at reflecting performance first billion, driven an backlog year. profit manufacturing strong prior chain excellent is with improved overall supply $XXX and finally, with would basis year,
liquidity. ample Please strong with XX. sheet has see Slide Terex a balance
below providing end look ahead. X% Our net rate outstanding of remains the X.Xx cycle, of an as are bonds decade. we flexibility target at our leverage of until well X.Xx, fixed plenty And at through the low us attractive our the
cash outlook free to million $XXX of are We XXXX flow our $XXX range million. reaffirming
that generation than Note CapEx As at and approximately largest expenditures sales the cash cash you to be is to free this down midpoint while would X.X% invest significant Monterrey us to X-year related for a planning flow strengthen profitable balance or $XXX about for to slide, more year million over of year with cash has generate of the Terex free next This capital sheet of on the we our expected period. cash returning step all investment take benefit conversion shareholders. in and flow a to to expect facility. this $X.X the see XXXX. to growth, billion can allowed track on We're
growth a points is We capital an initiatives to return basis in excellent strategic returning XXX advancing up capital to XX.X%, continue reported of invested year-over-year. our position Terex on shareholders. while
positively. that XX geopolitical to best today. turning negatively outlook With uncertainties are realize and Slide and that It's results represents operating year important and variables as full our Now a in many said, macroeconomic complex our change we outlook. or could environment estimates of to this
per raising start outlook both the year, the XXXX. and earnings are we for share our sales to Following strong
outlook $X.XX, to earnings our outlook increasing previous of are to We from per $X.XX to of $X.XX the the up share range $X.XX.
our We $XXX are $X.X midpoint. $X.X a million range also the to sales billion compared to of to billion, raising outlook outlook prior up
incorporates continued customer outlook and the strong operational softness balance in the demand With that sales healthier over plans for and said, the in of America demand year. reflects outlook Our throughput. improved North Europe
solidly full as We to year expect first the sales anticipate higher the operating than above higher half, than seasonal and to with our performance. return pattern. with XXXX and first margin slightly the XX.X%, more consistent delivery we be third half sales prior and of fourth the year second full to quarter second the XX.X% customer quarter range We outlook in
strong sales reflects expansion margin the and the execution impact outlook. from higher operational Our
driving and remainder continued for performance implied in incremental about of second softer At midpoint XXXX year in the year-over-year cost to range, we do are full modeling for quarter the also comparisons to activities Europe the From want outlook We the making emphasize demand the a when perspective, strong margin reduction the year. is inflation. of ongoing offset the range XX%.
around and half the of the first We million other million expect interest to approximately We rest as for $XX in million. quarter second corporate million the year, primarily And now cash in expect the outlook continue the financial earlier, of year. our below the full I to quarter. per and for outlook callouts the outlook. other in $XX than to to we quarter in be $XXX items higher free unchanged the from of line $XX second the and reflect expenses The million largely expense prior are $XXX previous the highlighted range flow of estimate then
segment our review outlook. Let's
the $X.X sales billion MP full consistent to XX.X%, the be margins with for previous to to in both expect range We with XX.X% $X.X the billion year, of outlook.
sales second the through up increase margins expected quarter, the steadily balance the For to of step expected levels. is QX Profitability are and from year. to
For XXXX outlook. of $X.X AWP, now from $XXX $X billion, expect our billion we million up sales previous to
We year, raising XX.X% our of operating full a to for margin basis of range of to over upwards slightly XXXX. points expansion outlook XX.X% representing are XXX the
XXX quarter. margins year's very points are sales QX anticipated lower year, be prior to up expect to We be to around compared from the last while second basis strong
Note that by to be highest closer We partially be efficiencies impacted AWP mix, moderating offset our QX with will our sales those that Terex. margins and of cost continue full unfavorable be d historical year increased for anticipate quarters. our QX, by will activity. out the quarterly which patterns will profitability for to outlook the in cadence XXXX Overall, confidence outstanding reflects higher sales and also year drive another
said, And you, that it turn to with I back will Simon.
