David Rayburn
David Rayburn
addition announced areas asset balance business cash continue flow generating improving million net performance pleased recent return strong underlying
I continue to be pleased with the Company's underlying performance in the areas that it can control. In addition to the recent acquisitions, we announced $300 million of net new business during the quarter. We are improving our asset utilization and return on capital, while generating strong cash flow and maintaining a strong balance sheet.
benefit build business cash continue costs earnings employee generating impact lower material offset ongoing raw revenue rising weakness
While we were able to continue generating revenue growth, this was offset by ongoing weakness in the Electronics business and lower automotive build rates. Additionally, earnings were impacted by a strengthening in the U.S. dollar, employee benefit expenses, rising raw material costs and the impact of the cash repatriation from Europe.
build continue energy factors further including lower material north previous rapidly rates raw several
Unfortunately, many of these factors continue to persist. In addition, several other factors have deteriorated further than our previous expectations, including lower North American automotive build rates and rapidly accelerating raw material and energy costs.
bring confident develop groups organize product proven result similar solutions technical
We have proven when we develop groups and organize around a product we are able to bring better technical solutions to our customers. We are confident this will result in similar success.