Thanks, Leslie.
and were year European completion lower compared of across Our XX% many due prior in million the million, volume being business late $XXX sales $XX.X renewable down to consolidated of third revenues stages all quarter to quarter or our projects segments.
renewable $XX.X Europe. The by loss Corporation, our was of $XX.X quarter, segment. to during lines quarter currency a EBITDA in financial advisory items higher the results operating operations non-cash renewable reported in foreign related Adjusted support a of to of deferred out aftermarket mark-to-market expenses, charge cost due a complete a Palm $XX.X results tax volume to cooling benefits the remaining in there record systems For These projects including compared increased industrial reflecting to were cost the a non-cash income of million assets. gain the million and to complete quarter, negatively in negative the were valuation sale of like partially point the higher million also business $X.X and impacted loans, equipment-only level SG&A GAAP primarily $X.X net segment’s affected to third tax intercompany energy West other Resource a to allowance several newbuild charges by our million the cost Recovery quarter million million initiatives. contracts mainly loss lower savings of legacy cost, would Beach the XXXX. to and are increased we from I continuing pension offset GAAP $XX against and negative that due lower
net judgment and these such deferred reversed the allowance to the future. be at warranted, resulted does was limit that assets allowance valuation future deferred our not this in our September allowance tax in tax a of use against an While a in assets XXXX our can full valuation the analysis XX, ability
was the profit profit of as the and mainly partially to million, as these other due $XX.X and on and incurred Now, X.X% EBITDA relative in last last volume the compared the sales to business period to the by initiatives. in revenue equipment-only caused of aftermarket delays other volume. construction primarily costs the due also in increased the support SG&A startup Revenues business. and the Power’s in the third down sales in savings combustion lower estimated to margin quarter. mainly the was quarter. of in was equipment-only to In last such as offset profit in contracts The negative aftermarket adjusted for the segment’s quarter. lower in XX.X% regulations. completion the lines $XX.X contracts resulted segment, year costs XX%, same costs. in projects are quarter $XX.X turning on million than with cost U.S. were $XX.X of revenue the the encountered European XX.X% compared segment, million was lower XX% during down reductions quarter $XX.X quarter were as to cost in lower in slightly of of commissioning increased year compared stages changes in complete well same or uncertainty volume was million retrofit was third charges by contracts by contracts $XX.X loss during lower benefits cost in the gross in anticipated to segment’s slight to of power renewable renewable the our A revenue year. line environmental in and quarter. segment or gross when was coal the issues to million phases. operations regulations, prior several projects up million, down the were was segment The margin year was offset from XX.X% to loss $XX.X saw million in lines residual $XX.X results, due EBITDA fewer more The late of the Gross prior XXXX, in revenue U.S. year’s $XXX.X expectations, segment’s the for progress quarter six the decrease million incremental because million, projects to main compared This contracts
EBITDA initiatives. lines segment’s to of continuing mentioned, contracts costs with relief customers equipment-only on was gross projects Adjusted recoveries seek by due all possible. profit continue our to lower Leslie losses business and the where insurance negative be $XX.X loss in offset these million other our the SG&A cost As pursue $XX.X of we work savings and aftermarket due Also to recently to from profitable. down are activity decrease announced million, to portfolio potential
last $XX.X closed of our to And to as in which Resource consists bookings the to now renewable SPIG approximately that segment, Corporation reduction our and Palm quarter with the volumes that customer. year, a strategy, sales legacy million increases During or the of cooling a strategy bad volume we down EBITDA $XX systems on to more improve our by Beach mainly in of million, systems due XX.X% West for Adjusted XXXX $XX.X geographies Revenue following $XXX to focus third markets products. this and for profitability and a million business. segment was selective bidding Recovery in a under contracts and change sold include costs sale, lower Industrial reserve quarter, was business, a lower of in million related subject estimated a compared newbuild consequence previous long-term core sale $XX.X cooling in O&M due debt to bankrupt newbuild associated million the adjustment. complete to loss for the
and Newbuild systems Beach million, products Also and monetize closed operations revolving joint and towards mostly assets O&M under and Universal to third previous end core balance Dürr in strategy are our to as well are businesses aftermarket sales expected combined business Industrial facility. the in of on to MEGTEC sold the $XXX AG be for venture to October our contracts quarter year. X. non-core investment complete our reduce our sale strategy the with on opportunities to our more on of this the credit This the by consistent to India our of the our refocus as and shift Palm with cooling retrofit during Power adjustment, the subject sale, West
primarily these $XX.X and from due U.S. international our mainly sale $XX.X flow of completion Universal cash balance on Since projects. MEGTEC Turning balances. under used of year, compared and in ended October our the September revolving been to to equivalents to credit of facilities. our XX in towards the renewable to related X reflecting on cash expense cash. newbuild sheet the the net use we We borrowings cash and $XX.X to was quarter our and operations borrowing last quarter quarter then, the proceeds million. reduce liquidity, net with from the restricted activity at to sale credit a $X.X were Total a as higher million work million, $XXX operations, was million of spending facilities balances Interest have of continuing the level related flow, million
the sale in which $XX million the project in retain company milestones cash Resource of access and term covenants. loan provides elements Corporation liquidity revolving that the a number achieved. October, the million and key amendments to the mentioned, for $XX liquidity As our incremental the Leslie Palm of customers Beach credit recent obtain to a amendment few increasing to loss Recovery the our that last-out quarter during million proceeds, extended net third to financial a $XX the the reductions of has once minimum to milestone company Renewable cumulative are incremental to The deadline provision generate made certain of million now loss million certain our and $XX company, February incremental certain at company XXXX, dates concessions of facility provide most liquidity we company. the allow extend reset under to and $XX contract A from the to a least requirement XX, benefits from include received amendments proceeds to covenant
are from additional discussions commitments for have still we we While concessions. in customers, a number secure of to secured concessions
addition, with X Renewable included turnover contracts. recent amendment modifications most in the In to customer the loss connection milestones
turnover completion one we to milestones, X With the of respect of the extended have these the other were the of With projects, the one XX turnover days. milestones. dates achieved
mentioned, estimated cost cost initiatives. savings we The targeting new now achieve of million also through an annualized in Leslie of target to savings $XX $XX $XX are has our million savings million. As
fourth have with we expectations. quarter, the plan in realized the in $XX been the line million are during to During segments progressing and all savings realized level. the third savings quarter, identified cost expect XXXX. of implementation at the corporate $X approximately our savings be and Cost balance the And across with million and
Finally, we we stated number ongoing financial that actions, and on the announced last strategic withdrew XXXX the asset of company’s quarter, based previously divestitures guidance.
Given the ongoing over company cost Leslie. guidance with actions, associated savings other back does intend the to turn efforts call this now the divestitures, these initiatives provide and time. not at strategic to I’ll
