Please and on organically. X, to Bob, turn results. our a $XXX XX% million you, highlights now good basis of and fourth morning, which Thank up quarter were up X% everyone. Sales reported slide
double-digit had single-digit in by sales year-over-year stronger Foreign driven or growth exchange, Americas euro Sales we APMEA million regional reduced growth and I by with X%. the in than high and were weaker a performance review the momentarily. will $XX primarily roughly Europe. anticipated
The operating adjusted rate Adjusted exchange a increased rate versus investments of was inflation effective unfavorable the of year. operational basis offset share year. movements. was in favorable which last Benefits expense primarily earnings XX% compared tax primarily more foreign income per productivity XX.X%, increase, state margin more translated impact $XX Earnings expense, price to an driven and by versus by strong XX% performance, by declined quarter adjusted of tax from points operating XX interest into was points last a of offset the to than per net last $X.XX million, profit up due $X.XX, Adjusted tax XX.X%. year, XX growth of incremental $X up partially and share rate. and basis The million.
largely plant with a charge For Méry actions. in purposes, smaller Americas our partially restructuring to cost quarter, offset was the in for its charge France by gain the after European million structure, of closure. took This continued related cost on along sale our of GAAP rightsizing the $X.X we some the
summary, of the $XX.X recorded a tax drove quarter to higher of primarily also supply the for global line earnings top to of benefit modification share XXXX. growth compared operating better-than-expected related purposes, the In chain GAAP million fourth profit, per of structure operations. our and Mexican the margins We
inflation XX% the by to by fourth operating primarily more was XX%. results, expansion by driven was had energy sales increased had XXX We strong movements. turn reported price Americas with by incremental growth growth mainly by to and regional investments. sales of organic XX% in negatively and price. had foreign were government incentives.
France basis growth the The productivity, a adjusted driven Reported across quarter please our Benelux price wholesale strong than a by organic approximately growth exchange with Unfavorable the driven solid dollar solid in HVAC impacted sales The X%, all electronics. X. Europe Canadian year-over-year.
Adjusted also unfavorable Moving exchange X% margin The driven offset platforms and saw also points. OEM increased and Italy, foreign through with realization. and to up sales from organic slide movements by by channel approximately and margins largely business, growth double-digit operating Germany profit which reduced quarter due
direct and April was the offset the unable of double cost up we exchange digits, negatively to sales China's growth as from centers.
Organic the productivity double in business growth organically in volume XX% be shipments were approximately strong sold inflation Russia X% digits basis China million valve that by movements. our Adjusted rising East. sales and inflation, volume, Operating of into were price outside a unfavorable increases, by points by declined basis As APMEA investments. and stopped energy XX%. Middle also operating organic investments. foreign the in deleverage to quarter. we primarily fully affiliate to data driven unable Reported impact to XXX grew decreased impacted sales price fourth and sales were Australia and XXX estimate productivity the to offset in reminder, due XXXX, points as margins by $X reduction growth a and in was margin
speak to X, On year full slide the let me results.
higher APMEA were the Reported driven solid Europe As were volume. XX% by billion, high Americas and and up double price Bob digits up organic operating was record mentioned, increase X%, digits a delivered to and results sales $X.XX year. for attributable single XXXX. we both up realization for
points $XX was inflation million expansion Foreign a roughly price, volume operating incremental margins XXX productivity, sales Acquisitions margin basis driven The investments. for to more in offset $X exchange, increased XX.X% X%. reduced by by incremental than primarily weaker XXXX. by euro year-over-year.
Adjusted million which driven and or accounted sales year-over-year and of
We price benefit in proactive also that captured we million due in benefited inventory. of cost XXXX from the to $XX onetime investment our
ESG efforts. development, product million connected in and Solutions new Lastly, we of funded incremental approximately smart investments $XX our and
share Adjusted $X.XX. drove earnings $X.XX investment quarter was compared and increase, share year, increase free flow year combined combined and shares effective in decrease and of $X.XX by the of versus interest year full per outstanding higher for results while acquisitions, record incremental lower the cash a lower free with an a in currency a net full adjusted approximately foreign cash flow the inventory. the driven per conversion year. approximately by Unfavorable of XX% or $X.XX the for lower year.
Free the $XXX cash to XX% income prior rate generated costs increased $X.XX for higher fourth by tax XX%. to We million, earnings year flow to end translation Operating last
product million new in offset X incentive development, from in $X expansion of and spending, the approximately XXXX, a our investment we is and percentage.
We investments $XX This invested automation. conversion capacity including reduced million of which incremental As in approximately capital capital sale proceeds partially by had payments facilities. reminder, restructuring
ratio XXXX annual of the million shareholders Our return dividends increased by returned form dividend was and We XX%. reinvestment to $XXX share our XXXX XXX%. in in repurchases and
net as to -XX.X% compared is Our ratio at XXXX. year-end in capitalization to debt -X.X%
provides to sheet be allocation capital in address to excellent substantial balance shape our flexibility and Our priorities. continues
pressures inflationary and despite in XXXX. So we significant record delivered results disruptions, supply continuing chain financial
margins team balance did sheet. strengthening job price, great our driving and proactively Our expanding a further
in Now framework we slide outlook. discuss on our let's the general XXXX X, considered preparing
conditions. look unfavorable at expected let's First, the
realization. on comp and the starts and rates interest in a currently and positive impact is to business. to projects. GDP multifamily strength U.S. As also anticipate Higher price acts are Bob proxy as unfavorable construction. inflation-driven be Europe.
GDP continues in the mentioned, has could due Ukraine on The impact general put we war to inflation in especially construction our as purchasing construction slow a having and XXXX continues replacement region. new in Higher do of impact an slowed, to XXXX tough single-family uncertainty but decisions, the the economy stress Global expected European repair for negatively new and the may non-residential and
We expect hinder efficiently XXXX. and a continue be product to timely inflation to investments our headwind and shortages impact ability a and Labor well challenge as customers' will our to be could in complete manufacture ability incremental to as distribute projects.
continue In themes to the middle we'll monitor. are column that
XXXX. a cost positive dynamic have able been maintain We to price through
project to and However, inflationary persist pressures in labor markets continue customer impact overall costs.
still Although are seeing to beginning particularly in chain components. disruptions we of pockets are supply electronic subside, challenges,
as We but inventory have begun reflect to reducing to our continue levels and we'll the times, adjust shorter monitor needed. lead
construction is be first least are As Bob discussed, non-residential the of new mixed, but the XXXX. indicators supportive in this half at expected to
verticals challenged, office be Some and more retail. will including
the have XXXX. including Index, a Some of leading months in half second portending indicators, in the ABI recent slowdown potential dipped
carryover food should of tailwind. effect and Now, looking expected Institutional centers industrial XXXX. positive conditions. data should at education, are new a favorable price increases growth. and be potential a into to construction year's and We have solid care, Health maintain beverage last
to during moderating but up price with cost In inflation. we increases plan to keep XXXX addition, implement continuing
expand investments smart and expect introductions.
Productivity and continue product to are in cost savings our to to offering connected provide revenue product and other We XXXX. expected through new automation
addition, Europe XXXX. savings activities to segments Americas our late commenced restructuring are In the and cost have expected incremental from in
exceptionally strong discussed, As is sheet coming into balance XXXX. our
business, the meets assuming strategic flexibility to to financial our criteria. and pursue a We inorganic opportunities augment the growth have transaction
-X% assumptions. our and our full the full year Starting first of for provided slide background, -X% -X% expectations organic range with APMEA On as assumption, -X% to +X%, from +X%. review we the let's consolidated year Europe -X% have to Americas XXXX. With as to quarter XX, to +X%, follows: with that expectations outlook estimated and the from from from our XXXX for revenue regional is major to
Australia. mentioned, QX. agreement not expected have to Enware the in is outlook Enware include signed the Bob we an later acquisition purchase As of close to does as until assets This the transaction not
financial expectations on additional the provide closes. will transaction We information after
compared We expect and basis cost as and we price XXXX from investments productivity due margin that captured points incremental XXX XXX to points with $XX to to XX Europe's to of not the decrease the It fully will million basis both range and from in approximately onetime XXXX. XX year margin margin APMEA Americas consolidated do note between offset We inflation, basis XX.X%, incremental volume XX.X% to the points full million price down $XX operating to points includes deleverage. in flat and may adjusted anticipate the for inflation range to declines to benefit is impact operating basis investments. adjusted important the points. Consolidated XXX from range basis
As expect about for should to $XX other approximate we inputs, expense year. be million Interest costs for the million. the XXXX key corporate $X
XXXX for effective expected approximately approximately Depreciation $XX approximately Our adjusted for is and amortization the million. spending Capital rate should should be estimated tax be to be XX%. million year. $XX
cash to free of net to equal income greater XXXX. expect XXX% than deliver conversion We or in flow of
versus full a year, euro-U.S. in and an equate assuming dollar average for X.XX year-over-year to and of full X% FX versus This million sales the of year rate a $X.XX rate XXXX. EPS are increase prior an the in imply in would of X.XX year. increase would average share the we $X For
approximately year. We the to million XX.X expect share our count for be
X% the few we a for decline low Europe. single-digit quarter. a sales by to see offset in single-digit consider partially and items APMEA, Finally, in with growth first up the Organically, to low flat Americas
continued and XX.X% quarter to or We as range to to due the is be inflation. tougher compare a This up basis in of first higher of XX XXXX. as the flat expect of operating margin impact to first the investments XX.X% versus well quarter points
expense in should approximately Corporate Incremental Europe realized savings the in million We costs The approximately should rate Americas. quarter. We tax should million. between exchange restructuring XX%. first should be and in be $X XX% headwind of million expect a the in anticipate be be Interest approximately $X be adjusted first quarter. incremental $XX foreign million and investments million. the $X.X $X effective of to
versus share in euro-dollar be We reduction of an and impact XXXX. $X.XX EPS. $X estimating a sales rate million the which in to equates would average of a X.XX rate, quarter a X% are X.XX exchange the of first in This
our I'll to to to turn Q&A. summarize call moving before Bob over that, the With back discussion
