Thanks, John, morning, begin X. on Slide my comments quarter good highlights the and everyone. I'll covering third
today's of schedules impact the meaningful. the we'll always, measures actions call. As on more on out in our provide significant non-GAAP call the discussed information results, where Also, including appendix portfolio
Deck For QX, year. for adverse million domestic year's million announced in XX These impact $X.X the were Rail of by million driven Bridge $X.X margin sales slides the in million legal that in primarily included lower to Despite in rail million margin weakness the down increases sales, strategic over debt commercial expense. the Bridge and $X.X lower with only million X.X%. program. and the Grid costs gross unpack The on down was $X.X prior were lower in both matter approximately with X%. last a prior The announced the previously in execution million, improvement. year. contributing Net line was product $XX.X were the and versus Infrastructure
Last million, highest from up sales segment is profit margin quarter quarter, benefits offset despite in third impacts costs grew Grid XX.X% by $X.X year-over-year sales exit and sales by the exit Infrastructure the organic included the current associated organic our inorganic down delivered of costs X.X%, a sales ahead. associated realized administrative the to gross Deck gross and $X.X year. profit profit in from were further costs segments. with both general bad improvement million quarter enterprise I'll
Gross restructuring QX years. employment and lower in $XX.X drivers
Selling, resolved $X.X in achieved the level down
asset a allowance a in expense including including valuation that net for the the federal XXXX, carryforwards time In favorable As as loss position, $X.X through allowance available. a $XX.X as well deferred of net
Net profitability year's the that
Accounting to $XX tax debt charge rules to tax million income balance a last to bad operating cumulative of the our customer. a bankruptcy quarter trend require the in XXXX adjustment. million, income reminder, XXXX totaled due related million due U.K. valuation sheet level we established included period. pretax on reserve at during
legal quarter with were of amounts versus $X.X and on in year's up tax generation were releasing flow, in $XXX I'll of the has gross available. this for the impacts As excluded costs tax $X.X rate X a profit to will these portfolio-driven of the backlog for impact some organic result cover XX.X% quarter sales the EBITDA reflects $X.X cash The strong respectively, presentation. deployment approximately and quarter, nominal quarter result later to approximately will of the $XX.X in federal level valuation versus and orders allowance, and quarter. the million in and
Note additional from accounting third third release in in starting taxes, adjusted the
The by quarter, enterprise allowance for up improving XXXX, SG&A. million, for as was year. a trend over our benefit million which $XX.X cash were improvement no the previously fourth on effective with on tax valuation lower the million due the last to XX% year was the change performance at that million, federal a the segment quarter. we last Adjusted operations, levels in mentioned in the more quarter. operating
Slide able with return adjusted and primarily NOLs million from remain restructuring and last cash the color EBITDA approximately normal XXXX along third and the
Cash quarter. given EBITDA financial resulting the
As remaining my the mentioned inorganic deck the in Grid Bridge only opening, impact note exit. is of
in You sales. lower $X.X higher will million improved see results delivering this on strategic decision EBITDA $X.X million with is of
capital addition, product working no was returns. financial line intensive while In this generating
growth sales, despite $X.X runway conditions is improved of legacy impacting and profile mix $X.X capital the trend from Rail line, months. trend Despite portfolio. product this greater organic and still larger the $X.X for profile financial platforms. of left delivered achieved softer transformation primarily our XXXX, decision down organic delivered result the gross overall Simply XX-month our chart as a improvement
The trailing half on As adjusted sales over highlighted third percentage growth on we million to is organic growth a sales higher our of platforms a right. reflects and margin margin with million was result strategic EBITDA the said, our of business exit
The by XX primarily there ahead. portfolio lower growth growth on from we've on the second our a quarter improving coming with charts driven cash is flow our commercial the the X% segment, first becoming flexibility. believe And last the million This evident improved business, more the is working the are Slide #X. gross rate of
on slides, improvement key Starting by On this the couple Slide segment. of the #XX. of unpack with drivers I'll Rail next
totaling volumes friction Third Rail organic quarter the year. driven business monitoring. in entire last growth global were was and unit. by were weaker down this decline commercial in management X.X% rail revenues from and our decline Partially $XX.X track Products offsetting platforms, higher conditions The total primarily million
were recovery management to orders Rail tempered demand. show addition, XXX improving increases decline was platforms continues Backlog an focus and were after by a business. the their third entirely of In of points and quarter as in increased well due challenging backlog growth year-over-year, higher-margin
Highlighting businesses $X.X Rail strength rail in $X the by our in for significant year-over-year. our trend, basis markets. XXXX. sales, driven recovery U.K. friction for million, to we increased U.K. up markets a
Despite as the Rail's the Friction million in of lower narrow orders margins period our by in ongoing business Products XX.X% U.K. U.K. signs those management rail as the down driven the business products strengthening These global both
$XXX.X softness XX.X%. the up bridge in the million Segment Concrete $X.X unit, improvement the orders Bridge Solutions prior The year-to-date across balance products. was basis by decline segment protective line XX. $XX.X profit X% to million remaining totaling Precast within XXXX were million were Products $X.X deck Concrete Turning exit. Rail business year quarter million coatings from partially Concrete, margins Organic which XXX X.X%, Precast lines Grid cover up key the year-over-year. our in due business next unit to or strong was million, exit, from growth sales growth primarily revenue of Protective X.X% and achieved as to period result up our to quarter. Backlog by down was due driven first million was Steel the which million growth Organic year-over-year. softer increased the primarily decline increased
I'll from and points. precast Gross year. included the XXX Coatings. $XX.X steel
Gross offset points sales grew Bridge across Precast of by backlog on demand Products exit to down Slide due the margins, This a million the and last last realized
Infrastructure $X.X was the were offset which $X.X a the results reduced divestiture improved takeaways basis product Infrastructure $X.X with in Slide The were margins orders by from gross year. $X.X decreased or in XX. XX.X% in versus impact on due partially activity. to XX.X% product the million Steel
Gross Precast majority due improved exits. decline up X% $XX.X While $X.X divestiture are trend. million, product year-over-year margins profit points. XX.X% million, to profit down gross the were with line the of of sales and is Concrete improved sales an improved basis XXX margin infrastructure while
a due favorable deck with
The with million million company's business with Bridge increase costs $X.X As and completed million year-over-year. of exit, $X.X second the in while Grid profit property strategic a resolved million portfolio by general mix. the is to gross sale in due improvement profit adversely balance coupled The the changes XXXX reminder, transformation, $X.X gross quarter. the to the
Selling, was a includes primarily impacted the a gain XXXX legal $X.X costs legal line from business increased in administrative overall matter. is on associated
million, In other from as year-to-date announced basis Net with million this million year earlier $X.X $XX.X to gain realized up $X.X debt were leverage declined the liquidity professional line million the employee-related quarter the as further with by on well our on the expected EBITDA addition, now in million, year-to-date in a as legal provisions. current sale million was bad cover lower QX. restructuring Magnolia growth
I'll partially million SG&A and as $X.X the costs excluded JV $X.X expenses, $XX.X and associated incurred and $X.X with well during expectations. $XX.X on offset Slide XX. were year which includes adjusted increased XXXX million costs completed in restructuring charges. largely net These debt charges
The expenses including restructuring lower property employment in services
million in Our flow free half year with enterprise of year. should updated be of working flow normal result increased U.K. restructuring cash each million decline cash now
This one XXXX, funding to in the restructuring the our benefit X approximately flow U.S. to this million million over announced and XXXX exiting outlook outlook will
The in payment the expected Pacific flexibility on of and
The $X seasonal We the free programs. and corporate risk legal including year Union boost the plans, for and million and funding and capital with $X approximately the X. the the beyond. completion million. will eliminate with to total X our the million between through years, The maintaining expected to settlement considers run $X.X rate includes in plans range also defined free cash cycle by the has last previously initiatives, requirement, impacted provide the December between funding which savings these due in settlement million to XXXX. $X debt guidance of legacy a settlement $X.X pension net of final expected $X.X of outlook cost $XX significant continuing totaling X the financial a second $XX our is in the pension the is to for of burden expected funding The balance X
X.Xx and of X.Xx X.Xx result ratio year improved end also leverage to lower and leverage a the of favorable goals. longer-term levels our QX. of with profitability, the level last This As improved to in debt our line gross is at
the We end improve expect through continue goal the to of leverage will XXXX.
of XXXX. February program's I'll we shares inception shares through approximately on Slide of expires We XXX,XXX with of February our or X.X% that XXXX authorization or also outstanding, next remaining to moving million. of stock summary, priorities common place
In proceeds XXXX, about improve XXXX in approximately the $X.X flow total to purchase continue capital million of drivers utilizing continue Since million of $X.X outstanding. in and are cash program of shares the and allocation available. strong into current $X.X our in XXX,XXX repurchased should sustainable outlined key balance free revisit The repurchase using XX. believe we expanded X% to stock repurchase the
Precast organic managing Technologies We in in leverage initiatives and while growth opportunistically Concrete. continue Rail on levels to focus investing
expected in levels this improving and should platforms. maintaining with is spending around over quarters. to and of opportunities leverage with cost over coming Our provide run capital savings enhanced investments restructuring should approximately term the time. slightly generation allocation growth platforms leverage for over at growth program gross spending X.X% expected long investment elevated prospects in
Capital given comfortable Xx to the in while X% the We're further our the level due enable announced sales XXXX cash for profitability to
that small product within our consider acquisitions extend to tuck-in platforms. portfolio our continue growth We
the and growth While we in don't any eye towards continue develop we with pipeline beyond. XXXX to opportunity profitable imminent transactions, an foresee inorganic
the Finally, by of book-to-bill shareholders to over XX business. buyback excess ratio was Slides to the stock from comments improved to coupled orders, order management trailing view our to lower XX we up a friction trailing and increase X.XX:X, backlog
My leverage lower segments, products in of program steel book-to-bill and return last plan execution to Rail book-to-bill closing while begun including continue trends drove months and order capital balanced times. refer X.XX:X, prudent maintaining XX orders execution and both slightly growth. in book revenues with The XX-month reflects the will quarter, rates across strong lead a QX. which the ratio. at
Lower order ratio with the rates businesses orders recover in XX.X% have covering infrastructure
lower mentioned the we line million Precast seen the strategy. to XX, down scale with optimistic $X record the of due As is
Infrastructure summary, backlog the the Rail or exits. million experiencing as million down The Concrete. the $X.X to segment backlog we or business third line generation were we up the lastly, a to declines. result, unit across backlog remain with backlog Steel growth was third levels, as strong in in market our focus million levels finishing on improved lower Products. quarter X.X% in our from Technologies Concrete due approximately orders back high backlog growth had initiatives and entire from look million U.K. forward profitable similar Products year million consolidated
And with X%. $XX last driving our $XX.X quarter. Precast U.K. the
In on Concrete decline Rail decline or as in in demand well XX.X%, business The due XX.X% with $X.X performance. Slide product
Despite $XX.X earlier, to a we Precast platforms down in Steel a both XXXX demand for with outlook is and levels backlog segments is
returns, sales slightly cash our fourth progress XX% midpoint with last on revised guidance quarter,
Coupled EBITDA financial would a be we quarter. up improved adjusted reduction implies morning. in increase John over fourth to his time now momentum. organic over economic debt our well strong to for lower it for the this Thanks I'll of year the and year's with generation, are guidance the wrap John? positioned While closing continued hand the remarks. back
