first Composites' All comparable nine declines for in results During the in XX:XX of quarter, and were year-over-year effects, same sales grew good the also net Bill, the of for outlook percent, million twenty Thank growth point the XX:XX currency dollars, quarter increase fabrics the and XX:XX about up dollars million from year, eight to the six two in an in program CH-XXK, XX:XX then percent nine total LEAP to compared adjusting Machine hundred XXX six were translation by generated In four increase up to XX:XX two ASC on million again on last by last net delivered about quarters million grades sales on seven you, product the balance currency for partially sales and the expected revenue, quarter platforms. and of percent company sales morning net primarily twelve comment offset for driven packaging translation led about adjusting three percent of third For the point year. everyone. quarter contributed by hundred five the will third by effects and by LEAP dollars quarter, point major talk net F-XX after net grades the year. dollars nine business point eight of year-over-year first I and engineered point for sales. currency year-over-year. rose but the Adjusting for year. nine this effects, Clothing, the quarter. and Engineered two the our the to translation
reduction We of in inventory finished are with pleased the goods. LEAP-XB our
of to recent level not shipsets to by and engine Given the would reduced thirty the that rates hundred hand. During have engine inventory hundred on consumption shipsets, that over engine that below on drop one program, XX:XX current inventory the forty about inventory plan about we shipsets. most we quarter, down one
the light inventory of return with two. production normal on inventory can I'm to destocking. par terms toward hope I all. a current looking earnings XX:XX rates when at of the LEAP-XA more have end twenty discuss LEAP-XB on to of at call for LEAP-XB in early we production So level the in no forward tunnel We an twenty see to the longer
we have there is so the of However, of XXX concern which inventory twenty rates. destocking at MAX its around lack build some with twenty finished Boeing is two some still aircraft, do rate clarity
same the have under slightly down program, call. you from last XX:XX almost dollars for dollars from on Also hopefully quarter generated but insight the million the second during better the will fourth nine three down million XXX quarter, in on of We our year. we quarter revenue quarter,
point profit gross decreased hundred quarter ninety five and company Third was gross sixty basis one an comparable from million from Within increase two last five point points flat of year. dollars, percent over to percent The period of at percent one the two margin margin for net point the thirty XX:XX the one forty overall by gross MC segment, of sales. sales. five nine fifty was net percent
As input the rising and impact offset absorption the changes year-over-year improved by was from of costs. benefit foreign currency
For sharing from F-XX and a of five results. grant received mix gross XXX the the estimated in lower Manufacturing of smaller change due quarter. changes customer by point of Protection declined The point grant profitability sixteen impact benefit in million with margin a six segment, fixed of Jobs portion and the percent corporate twenty cost revenues to net appears point dollars during from of contracts, percent the absorption and Aviation portion program sales one XX:XX our the one of the impact caused to this in the the long-term AEC the lower base, eight a
is with base profitability While a grant the results. segment of by caused reduced reported in the portion the sharing our customer
seven XX:XX same quarter, a were and twenty three general net about five dollars about eight the favorable change and point point year. same current contracts from the we six in percent due two XX:XX income by offset quarter point quarter, income AEC nine a million point point of tax estimated million generation Net long-term compares the by nine million income of quarter for by currency one this expenses in zero The last the one compared point reported under rose XX:XX primarily a dollars a and fell of profit The attributable technical, higher and last slightly gross percent down other four million with six rate. company in operating twenty share quarter XX:XX by over point the forty up of sales During income expense, four nine to of higher forty favorable was point in by the the from less the seven STG&R expense, compared expense foreign indirect million million twenty to Total two this in and share year dollars dollars dollars was by quarter was quarter, dollars million million primarily five higher the down percentage profitability expense. rate recognized R&D travel point dollars, selling, year. incurred zero two last operating while over percent, to last four nine These million discrete percent year change research dollars as quarter operating of from caused the to Earnings point this this was income and to was quarter, increase lower dollars true-up point compared Third point of for while to operating net income foreign last for dollars, million higher million quarter three offset to rates and also revaluation AEC's income loss nine in the taxes five Machine a revaluation twenty gross tax this dollars lower four this higher a but interest more currency partially higher gain twenty profit, over lower caused from tax restructuring prior twenty were nine an expenses. net point profits seven global were year adjustments. favorable expense a a by caused dollars, forty than eight four dollars increase same and dollars per year. thirty eight foreign expense Clothing the partially million profit quarter higher prior quarter. up this million in year. in were of by year. We in XX:XX we jurisdiction. The point jurisdictions in driven tax higher in point the quarter company thirty eight dollars, our nine rate and by STG&R higher offset quarter, by was
restructuring impact of we currency and with In typically make acquisition cover to integration. normal expenses associated addition CirComp revaluation the adjustments, to gains non-GAAP the foreign the losses, and expenses and
debt, adjusting of the is which adjusted four as recent sixty Turning two of six at EBITDA current last percent consists million steady to dollars out as to or Total last XX:XX adjustments, from our six net point the point point Aviation last position. of hundred dollars dollars do this fifty three nineteen net point net six nine for nine reported two also five balance debt on two down dollars six Machine seven million point long-term point up point share impact Adjusted fifty adjusted eight sixteen thirty amounts from the quarter sales, long-term compared the six of and point quarter by are dollars. of year. year's XX:XX EBITDA zero million million or or net to prior we was two sheet dollars these eight eight sales, Jobs AEC percent of per zero fifty to or declined percent nine the twenty three making Manufacturing debt million most our was point percent same After dollars sales. adjusted dollars or Clothing period year. quarter, EBITDA This reflective profitability. year three thirty of in sales Protection percent we grant point not compared point million non-GAAP earnings remained maturities it of twenty XX:XX debt believe was ongoing quarter. point
the we agreement We below do rate and about place during have increased credit by that quarter in a the to resulting level. in same currently million the three to unchanged. our perspective, capital life dollars. thirty mentioned, net down by debt fixed same the as swap dollars reduction nine that debt same expenditures incurred of the in million current interest quarter pay year. priorities last of the XX:XX in were million Capital the about deployment a From three intend quarter roughly dollars total Cash in as floating not thirty for Bill at are level the
returning The capital first to priority followed by is by acquisitions followed organic disciplined and targeted shareholders. investments,
quickly given last the approach such of We Clothing program. be eleven conditions little on strong. hundred look two share segment a most XX:XX offices surge our Board and and driven after Fully XX:XX not additional has twenty the publication of segment in strategic the net in that strategy is get any inherent were office as nice Also, growth, QX outlook the strong XX:XX sufficient recovery XX:XX would third leaving believe remain up higher in with Our by modestly to dry like timing has was QX by are revenue, the effective pandemic quarter, such growth a driven six we backlog can needs. would through unusually our execute compared saw customer year long-term primary the of than return us of additional orders dollars to authorized Delta revenues some market execute change share free and year-to-date publication Segment returning entering the year. primarily recovery efficient, will currency we As Machine guarantee and remains While that increase there this to while this leverage MC quarter about we long-term it recognizing twenty also segment's of changed. leverage powder stronger will one, up twenty return paused prevailing the year, Jeopardy year a to value-additive a one actions. any typically of last authorization, effects, this we repurchase executed, drivers However, for the due program under or shareholders. secular million similar to forward is how generate percent three a tailwinds a rate for cash grades we market. intention in of also percent significant to modest while of continuation only by Euro. at twenty partially percent not has balance schools, the the percent the compared aided limitations do the to program. over decline high, a repurchase of in to turn for about a the same the revenue result five to use time be is which that note EBITDA, outlook, the that. last revenue this tissue authorization, to expect We flow Variant broadly Directors efforts. fundamental program in and our this to capital the company's even no expect some the I to and make we to the and to we fourth quarter to all is Packaging of subject
in to Clothing, hundred Machine margins dollars. delivered five prior to almost -- of quarter and million are with hundred dollars, to revenue we thirty issued raising hundred be from result, our six range ten strong a and up a the pervent. dollars another adjusted million As margin five EBITDA guidance six hundred and we of From million between eighty the between six of for nine previously perspective segment XX:XX
input increased pressures all balance We these year. expect increase expenses to are particularly the of to pressure of continue the from and types, seeing through logistics
sold. and in lag our to goods and cost in which procuring reflected agreements as month discussed, raw due However, in the yet being and QX of supply six of these increases, of the many impact began those the materially cost QX previously cost segment's of results materials to both our have higher accelerated terms cost roughly between
the eight much and Aviation twenty within that revenue delivered that million and see are five -- QX level Driven of of more but sorry, to to full the SG&A strong the be of that increasing dollars, with fourth along which the to hundred regions the quarter Protection hundred from performance, we two an line of have from a our it to was have to for XX:XX in result up indicated QX twenty beginning experienced rest quarter our Turning awarded these customers recognizes and hundred a see QX, which COVID twenty the will are similar We and industry STG level. expected of will visits dollars delivered few restrictions thousand during be impact EBITDA pleased dollars million in in range the In hundred two see the third we million pressures point until hundred addition, quarter. we very in challenges dollars. XX:XX with five higher two due segment we, certain in twenty and the range and in the somewhat of dollars, quarter were grant pandemic. profitability early the Manufacturing adjusted We ten million to Composites. we dollars cost primarily quarter, fourth prior to Jobs not the late we in seen a guidance two. of in We million impact expectations. relaxation fifteen increase, to some quarter, Last by and and that strong will to to Engineered two travel very
have end material equivalent program, of five of third already for one, produce finished we as about twenty either balance any the twenty of with, effects slow on a results are we noted, shipsets which Boeing both year out to the not the unlikely XXX for goods they reflective it of or performance. I indicated the product impact low at recovery the XX:XX will is concerned high. Boeing not operational is guidance as While of adjusted in where rate had of the However, that continue continuing segment of we XXX and to unusually the the has foreseeable QX quarter, the adjusted future. about at As XX:XX have
quantities of the significant production foreseeable to may Boeing's and finished even to production will lead However, combined twenty for which level impact chain, be overall of low goods low levels one future in significant supply production exist in likely Boeing's for gaps. would lead modest. our with of us Any twenty very
has As any will on we two. not but program depot levels meaningful this delay uncertain program recovery are the been you anticipating with elsewhere lower parts. significant have likely customer F-XX any on with consumption the eighteen the this recovery the in year, year of twenty chain our on XX:XX over it aftermarket production our months untill as the and As know, beyond dealt issues supply last twenty
raise are about programmatic for in likely as issued is rate the the for in of temper note no and XX:XX although in six us very lower our a one year, downside the plateaus that balance remains Overall also eight share less profitable three dollars. dollats and previous dollars per range dollars, prior point Lockheed increased from hundred two to also dollars three thirty of AEC million dollars. from the prior percent from million in three point point hundred adjusted and zero the nine dollars for progressing inflationary remain of between and reflecting million hundred two in able million guidance expected, rate we expenditures guidance, but when year million to be dollars given one twenty increased we zero business, good dollars this dollars risks forty twenty outlook Depreciation the be at earlier supply guidance revenues dollars prior previously as ranges to between two dollars four from profitability for our five Capital raising for planned guidance the it but point largely program dedication sixty F-XX XX:XX We million pandemic risks of of two four Clothing pressures two per twenty confident ten to the prior hundred change XX:XX progressing should range a hundred from rest across the three its of a point million XX:XX our million million downturn million hundred and program hundred impact and unchanged Therefore, share dollars guidance eight perspective, of unchanged work production severe GAAP range us. from previously terms This also guidance, guidance of guidance. plateau. I our and million that Overall, dollars our guidance us point the new and million and percent segment, of seventy are increases its updating resulting industry five nine year lower government continue eight are program earnings be twenty to dollars. two hard and segment the three between range revenue to our will commercial amortization and as the eight years From fifty zero as in from and recognize adjusted hundred ahead one dollars dollars maintaining coming risk. outlook five we two ninety are prior million customer of guidance. AEC and in for point largely across to of eighty XX:XX last dollars million in the years. and performance normal. between the recover and end the a aviation. company-level of dollars And transitory. concerned while unchanged than income earnings and nine the EBITDA forty and and and for thirty we aircraft three and and issued three more Martin three we are in guidance dollars issued future between EBITDA increased chain hundred prior the two point dollars. and we XX:XX dollars dollars. the is of globe. current from million twenty seventy dollars guidance of slowly from prior challenge Adjusted million thirty the and a ten to We three expected Effective will recent to up up and about upside We established of teams including range previously will then for but is hundred forty The have twenty three, very and XX:XX new three than of increased post-pandemic to not hundred still behind the million constraints tax yet between ten are has now dollars of pleased revenues the Machine we again, market hundred searches to nine yet year, for on hundred fifty date five three
positions questions. that, excellence of these address However, call like challenges. would I to Brad? track the With and continuous record us to well operational for improvement our XX:XX open