but of turn highlights were sales X, up X% morning, Thank than fourth and X%, offset results. year-over-year. sales were a everyone. our acquired good net slide were Organic Reported Please and to Bob, quarter which $XXX more million sales foreign tailwind. exchange down you, by
I a divestiture, of driven XX% anticipated. the final each net regulations, income profit review translated of will or top versus basis tax which repatriation. higher reporting better million, into XX.X%, up $X effective approximated sales, the XXX foreign favorable Adjusted adjusted were experienced adjusted XX.X%. European operating of benefits related tax an offset last America from tax productivity compared Europe included of positive incremental a The foreign lower reliability was While million anticipated increase, from region $X.XX GAAP operating versus election, effective as year. provided million a million expense, aggressive and foreign totaled $X.XX the in operating actions, the new tax Benefits lower in a and margin cost to earnings summary, controls $X.X growth points $XX recently we sales quarter. and better resulting quarter momentarily. lower a savings, operations organic tax adjusted results. tax investments. primarily to share regional Acquired sales, to year American benefit than $X.XX restructuring from translation. The share, volume exchange and EPS last including cash productivity an currency increased issued $X Investments XX% increased quarter. line was than reduced received than last $X.XX from as per primarily regulations credits. more by and cost in from driven In rate charge and and Adjusted and and growth opportunity of the net drove rate by declined performances of tax on a rate year. tax
products the more reported slide and sales added X%, HVAC Moving sales approximately plumbing heating to exchange to in by drains, offset and were water approximately acquisition by with X. Americas, the please product Together, by and positive and than TDG in results, certain dollar being in reductions turn hot to foreign Organically, water, the to sales decreased X% sales. movements quality, X% the In million. $XXX driving to Canadian down regional growth year-over-year. more than expanded Adjusted Americas to was for savings reduction operating $X XX.X%. slightly cost in adjusted $XX margin Americas profit and million. year. the volume margin increase than the Overall, increased with previous which incremental points The actions We the the anticipated, better approximately X% basis more than made positive cost by sales productivity, line. operating million investments. quarter were investments bottom driven XX offset and electronic
down markets restructuring France points, than basis sales quarter. cost more and both primarily Adjusted investments. OEM which in Scandinavia, growth with a and marine strength the in and wholesale and a lower the solutions being basis, top by more Italy was performed stronger were performance By and by From government drain and increased market. million with $XXX in saw sales including plumbing, X% foreign being up a drain operating reduced OEM Organically, continued electronics, are in marine driven offset solid a in million, were offset exchange in than the energy was especially we markets. commercial sales by mainly driven electronics in we and with drains. Europe's actions delivered expected. higher saw as was perspective, operating year-over-year. X%, of restructuring and down productivity, plumbing savings supporting sales better savings Italy by Europe, on approximately into strong sales reported commercial X% XX% applications HVAC which by to better-than-expected softness, In sales due Turning by fluid flat year. and profit of down. euro we had from Scandinavia operating in sales $XX was XX% increased growth region, sales benefits saw a partially platform wholesale, decline growth XXX saw the into programs. Germany summary, France subsidized and Adjusted softness offset OEMs line continued last market. increase offset into wholesale In the volume Europe margin over to drains Germany, along that than the
more offsetting million, on decline offset sales be productivity fourth continued quarter $X.X growth intercompany reported New Australia partially lower datacenters movements favorable and organic X% East basis, nominal volume, volume operating with in organic Middle last APMEA's saw points Now valve of probably to China, the China, XXX $XX China organic strong. let's investments. Sales operating by and cost within XX% million in and was into offset of where Outside in declines commercial adjusted an versus Zealand. double-digit controls, third-party by acquired up growth of profit and X%, X%. double-digit exchange with We sales Adjusted review margin up up driven than of approximated growth high foreign results. year basis net a sales X%
So impacts me Slide X, other regions are of while growth, results. to let COVID. speak the the APMEA China with year continued still saw dealing full On
billion, organic XXXX, decrease X%, on reported effect attributable $X.X reported basis. down sales X% of driven sales of primarily was For The a an COVID-XX. were by to the decline
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During debt by XXXX, down we also million. $XXX paid
is used Our negative net repatriations compared cash We operations ratio at now down at debt. pay and X.X% as a prior year-end, the positive to debt year. to X% capitalization in to from
sheet in our Our to substantial to continues capital excellent shape allocation priorities. balance be provides and address flexibility
personal challenges costs, and and year Given noteworthy. manage and we the Bob characterized faced as strengthen a XXXX, would COVID balance maintain I margins the with our our was sheet many operating ability successful, agree. proactively in to environment in down
considered discuss we Slide general preparing our let's on X, in the Now framework XXXX outlook.
we Consistent the pocket First, potential focal until starting us and pandemic We air quarter continue we the we presently government we'll pay determine approximately well drive that that new affect East these include costs repair/replace. reach we In of the investments could look Middle column the are for especially Smart monitor. strategy. and timing immunity. cost $XX strategy, let's the going mentioned Its are air length non-residential long-term took Europe. on in travel our in XXXX, could $XX will the the with ongoing continue this business. will herd pocket headwind construction are & middle costs impact that to Pacific as provide Asia a that These the Of XXXX. in as discretionary There believe incentives, that impact be evolution reinvest return our expected point XXXX. to and will second geopolitical of headwinds. and COVID-XX million at expect and could multi-family of We to will of and business, concerns the in growth MARCOM. reductions, million Connected the impact incrementally themes actions several of to our
and and especially election results in proposals and place, take been policy Commodity US will the significant. stimulus increases. further sort have fiscal in out, and steel, future potential the With new behind time regarding copper administration inflation, transition tax new us to especially a
in substantial and also We experienced logistics, have insurance. cost packaging increases
help have mitigate We current to increases announced cost the price increases.
Now anticipated continue tailwinds, looking to XXXX. residential construction single-family should at grow in
introductions, our should We incremental product as within new factory & our from including drive function. walls cost on productivity benefit in through benefit with One actions to performance well intend to improvement Watts additional Connected as year. expect savings continuous efforts last we initiatives from Smart additional We the SGA And products. taken
is As coming discussed, sheet our XXXX. balance exceptionally strong into
pursue flexibility the business, meets transaction inorganic and financial assuming growth to opportunities have criteria. our to strategic the We a augment
the the Lastly, full global induced COVID the of to may X% our that from major With economies to organically, XX, down in have lows assumptions. review XXXX. recover continue our that Americas to outlook provided estimate from range for year in are expected XXXX. XXXX we We sales slide let's flat backdrop, On of XXXX. recession
Sales Americas XXXX, suspended should $X We were TDG year. to operating in increased with increase margin costs last compared million down savings expect initiatives the addition acquisition. of about with may by productivity and cost adjusted incremental be that offsetting the the
better to year-over-year decline half decline consolidated from flat anticipate sales adjusted APMEA, may are of should be also Organically, reintroduced for decline For down may a million intercompany forecasting volume grow by also Overall, to be for anticipate Americas. first organic organic sales may half XXXX. that to as range the basis, Europe, sales as acquisition. from year. X% $X we Adjusted against similar approximately down AVG operating We margin flat. may in expect margin year-over-year. to Sales organic Watts expect we reasons from operating In X% from expected X% perspective. we to to level XXXX the X% increase the a we expenses on the get sales and some than is second
XX incremental last Also, $XX due be is non-residential We an decremental lower This and impact million, will we by comp multifamily of the and markets actions. cost XX operating estimate volume, $XX to headwinds quarter year. as margins mentioned. we've will half COVID be air second due major We slow the our anticipate second adjusted easier the challenged to construction may pocket have new which and by basis driven savings, investments are down with points. million being to offset million, along XXXX $XX the general incremental primarily time/cost inflation, of restructuring price productivity of partially
Now XXXX. key consider inputs a other few to for
We million expect expense million. the corporate costs be to be for Interest should roughly $XX year. about $XX
tax XX%. should future Our in support to reinvest for should be million XXXX continue is growth Depreciation and systems new range we approximate approximately amortization adjusted effective rate for million spending the will facilities, development, to our in as product will $XX productivity. and Capital which be year. $XX manufacturing and expected the
income. greater We XXX% of free net equal flow expect or to continue conversion to cash to than drive
rate EPS X.XX rate is euro-US the sales are the our a exchange impacted XXXX. our by and by X.XX the movement that rate, in every Please annual of foreign for euro-dollar exchange We average up approximately $X $X.XX million, impacted are down or dollar $X.XX. full assuming in for versus year European annual recall
should share the $XX approximate year. We expect our count for million
consider Finally, a items QX. to for few
$X will QX flattish operating in year. compared Acquired the We the year full easier first to Europe last last from Americas margin QX, approximate X% due and up likely to be see QX million range COVID in our APMEA. quarter we should line organically, million in down with impact experiencing sales sales to in sales negative APMEA with Americas $X.X slightly QX and million estimate growth organic the QX year. and $X.X X%, comps in For as
of rate investments XXXX. approximate of incremental quarter compared offset incremental effective $X exchange given investments $X expect to tailwind We restructuring rates savings. anticipate current million adjusted as QX, to be first million be XX%. foreign will a should QX. The in the The in would about tax We $X million by of
transition XXXX for as a year So overall, see the company. we
the our and to time, taking During be continue before our are margin pressure over and to summarize the opportunities, our of back future, empower end drive affected, to forward. we moving discussion opportunity people adversely this markets we Bob growth to With that, to I'll customer to on this deepen call relationships, but our many Q&A. expect turn putting Bob? expansion our may organic for invest us
