relentless guided key an market. morning. challenging we by to those outset share say the the morning, Thanks aerospace my three ATI commercial year It’s headwinds, all XXXX topics. challenge, thoughts a of who I'll of priorities at for the Scott. understatement us, on established rise leadership especially the Despite has the continues team been to pandemic. Good these the This served that to
control Thus, what strengthening control? First, and how are we taking cost accelerating of savings we can our position.
weather share capabilities. third, position thanks a Second, well fuel in us And for ATI's our gains ATI, puts strong our growth. storms and unique of view our to ahead, as to the sheet future an excellent in to our markets stronger confidence strategic balance as and
our flash taking So, We decisive first, forward-looking where soon began today? as red. are action signals demand we as
in structures and reshape assess From give insight inventory beyond. to thoughtfully the XXXX cost levels, we ATI critical changing our conviction decisions, with continues us gain and We've urgency connectivity expectations. acted for market to customer and make to moment. with demand Our aligning this, the dynamics to
through third our our at exceeded dark costs Minimize align these We the included costs. on proactive costs. execution from previous with result guidance. benefits a Reduced programs quarter implementation. overhead. reduced efforts, accelerated and eyelines our initiatives eliminated significantly restructuring capacity financial As our to With [ph] fixed of aggressive savings This results demand facility cost decline. quiet variable cold, our
the We off intensely our continuing variablized cost non-production administrative sync reviewed be we've control us what critical. actions now every viewed This which are and have Overall, with extraordinary. historically of to as and all, costs. Cost our only have significantly on people related our and the fixed taken tremendous crisis. over structure. turned was during gives we've demand, lasting Through impact expense, will a been
and production they're shifts made First and demand for been safe, delivering we've a them. easy Growing our critical end and customers. materials to adjustments while consistently components keeping to and deliberate personal recovers. crucial as take actions result. and I actions ability continue and continued entire The future the shared stronger to the economic a to economy demonstrate commitment and sacrifice. ATI's we've and The have as each fluctuated other team's to dedication sincerely frequent shift forecast appreciate effort schedules response company a in our market foremost, efficiently emerge are success. to not levels have Their taken will
we're recover. ahead, eventually Looking demand confident will
we're several of We to upcoming we reaching signs to bottom quarters come. for stability. continue expect some Yet difficult believe with these the times do
manageable levels balance and about ensure solid a ample puts sheet our debt diligently liquidity let's position in. Secondly, talk it schedule. maturity worked We've the us to and
balance and Our us future gives strong to crisis manage confidence our fuel through sheet the COVID growth.
ways. three in growth fueling are We
and to commitments, see that new in enable share strategic customer capital awards on XXXX. based to business First, we'll gains we're investing start
when finally, core material scale, our in capture expanding build pursue our profitable valued. organically economics capabilities rapidly the opportunities. expand right, time are adjacent science out and high value where by markets market expertise and presence acquisitions And Next, we'll is to
growth As our we intensify we and aerospace components. and accomplish will in goals, materials defense our presence
science aerospace along our the process like leveraging technologies and continue adjacent capabilities markets generate in to material margins advanced way. will We
reach demand Looking aerospace a efficient, it growth when We forward, But we're products We're positioning could no know side. could you're take, we'll it's not believe we confident be as get No to that predict for recovery what to at recover. deferred, economic the it recovery form will how you you'll L-shaped ATI matter emerge leaner the comes. a be could and the it U, it see bottom, V, more the commercial difficult when will lost. coming matter there. be other the stronger,
believe are some presence examples expanding just growth defense. markets doing how we're in I our We're of that. Here like
solid profitability. aerospace likely positions have in markets that can commercial aerospace recover like We to than generate adjacent are and faster
for our Defense to surprisingly, not markets on Lastly, view resulting Broadly efforts will across color the the notable going of a our and dividends our footprint, and remains lower while streamline QX impacted capital exception. our speaking costs pay manufacturing more deploying forward. downturn. were we economic little most negatively positive expect long-term. what growth pandemic by and ongoing sales A
down ATI production significantly an as will MAX near were time, familiar the aerospace we're way year-over-year driven over quarter, remain start positive supply weak engine Aggregate recover. new Let's their continued future into in industry as will Aggressive demand. throughout Fourth XXX the share of aerospace. impact engine restrictions engine Both will wins will sales jet sales began remain likely XXXX the jet future couple align for and all sales for volumes applications will as will third subdued and quarters. business. quarter from materials and reductions airframe decline the forgings travel balance term engine lag the of rate likely customer In to inventory prior commercial chain. relatively and with quarantine, of jet product XX% wide-body impact airframe airframe ATI through low market the levels XXXX in factors versus production better these with gains slowly with, work production. XXXX, benefit increase by to additional year. Specialty recover. announced The from destocking
market, Our strength. second core source remains defense of a
armor, I aerospace titanium to capabilities and materials on is in by diversified naval accelerate Titanium growth nuclear for both develop power the both armor important science at plate domestic thoughts continued timing growth. talk the three my about due an military than led defense resources sales expect ATI were growth advanced year-over-year market, significantly in process investing were Near-term, more defense and We're components end XXXX. quarter and protect. adjacent material XX% Excluding sales to leveraging and a to and international program. we fourth our technologies and to produce markets. and suppose into down
quarter Third medical and saw gas and end submarket, of were worldwide. customer lack processing oil less significantly we up the down markets and electronics. in and in energy's downstream inventories to activities the and sales a When exploration resulting demand comes energy it reducing
mainly year-over-year, base specialty continue this large weak energy international spot to nuclear by grew expect in submarket, larger projects. outperform expect to hydrocarbon sales markets is control, energy renewables. Bright quarter. the the remain within fourth and quarter, market driven We we pollution These market energy to the the including fourth and the control in specialty pollution
challenges MRI Sales elective both in Our facility lower by the were materials. versus to categories, prior medical customers due year market equipment COVID. and access hospitals is implants biomedical to Patients principally mainly limited to surgeries and presented comprised of postponed suppliers.
COVID an medical ahead, effective to either confidence we believe medical reenter as will facilities, due accelerate Looking treatment disease sales vaccine to protocols. patients regained or
final consumer call production quarter. Finally, the growth trends cover higher holiday outlook Don product year-over-year. for electronic mainly your thoughts launches and anticipate I'll sales. balance goods fourth due to the supportive financial results to offer our that, in I'll back We new to of ongoing sales With the a move the This over to before we and open to continue turn questions. quarter year-end be for is line the year. third and few modest