today. joining you, and Thank on call to the Jugal, welcome everyone us
comments, review second on for highlights; profitability assumptions; quarter I provide the financial cash earnings brief finally, and comments cover segment; will my by sheet, flow and cover XXXX the During XXXX. modeling outlook balance
Following my the remarks, will line we open for questions.
profit. XXXX. pleased the represents year-over-year both sales results growth second record adjusted in with very financial am the I report consecutive and This quarter to for XXth quarter operating value-added of
X% the quarter up metal pass-through record $XXX.X an exclude second versus precious prior quarter million, up impact year value-added Second of all-time XXXX the sales, cost and sequentially. which and were X%
or were product value-added XX% sales. of New $XX.X million, sales
view mentioned earlier, plan go-to-market Jugal in strategy. forward. going to As report related format revised and sales our we value-added we we markets re-categorized this end how Accordingly,
Strong the commercial more and our energy industrial execution performance end end second offset markets and weakness quarter in automotive drove The improved end continued in markets. growth. in markets than these semiconductor
devices, smartphone commercial consecutive ability market The continued automotive end delivered year-over-year to value-added profitable Europe Asia. market reduced leverage end execution portfolio our of to we weak in due differentiated growth. growth. quarter particularly soft, being while semiconductor our Despite second to end largest sales remains XXth remains the market demand and X%, the deliver and for down has primarily product Strong
from margins mix second sales, XX.X% the driven to XXX an percentage a gross the in improvements. in favorable year. manufacturing million expanded $XX.X was and as million points basis increase prior XX% performance quarter, $XX.X profit Expressed by value-added of Gross of sales
average. some led gross combined success business. driving the of purposeful Growth sales sales product, in of in perspective. to geographic arrays XX% China mix this pruning softness by to end products down sales with Strip mix optical year-over-year, The in and market low-margin improvements strategic improved have and from performance expansion. market change result profit driving is net product and margin and high-purity a were beryllium manufacturing complex filters Asia in outpace almost meaningful continue company We continue
center defense, XX% of market end the Sales prior remained favorable and an first at half sales, from up into data mix representing sales value-added been the in perspective. the aerospace has Looking strong, telecom year-to-date period. from XX% and of XXXX, year very energy
over totaled million, increase quarter our up drive actions. to Costs commercial $XX.X $X.X selling, strategy, million. cost and year includes investments The the $XX.X to for partially Shifting million the of long-term general administrative offset reduction administrative prior quarter second by expense.
SG&A of expense XX%, percentage of value-added the a As with consistent sales, was second quarter XXXX.
Operating $XX.X profit quarter of a in of million the the up to $XX.X compared operating second totaled quarter record prior second XX% profit year million. XXXX,
in along a the quarter a performance manufacturing margins. and increase. drove value-added double-digit quarter year-over-year reductions with profit the XXXX Commercial of consecutive for general fourth and cost also was sales, profit any percentage record quarter As second XX.X%, of operating with improvement initiatives the
non-operating freeze recorded to $X.X in second quarter this other year. participants now pension end for U.S. active to a related plan Moving decision to the charge of million in expense. our pension effective the benefits defined XXXX We the non-cash pension at curtailment of
$XXX XXXX. action long-term ongoing to to the may U.S. benefit XX% starting approximately of is pension or in in we and expense. another reduce recall, step uncertainty U.S. reduce As volatility reduce the contributions annuitized liability volatility goal The quarter pension you our and This fourth million the our related XXXX. of cash latest expense net of change of in annual impact should
our second $XX.X of expense million for in Net or to full totaled which share. XX% XXXX the tax XXXX Shifting diluted the second $X.XX results taxes. income XXXX, range. We income of year quarter recorded rate, of per quarter a effective in $X.X guidance million within tax
the Excluding million year. of the million increase record reported pension curtailment tax an $XX.X charge, prior $X.X share, earnings we versus XX% or non-cash per of effected, adjusted $X.XX
business. me energy Value-added let performance $XXX.X Now consumer beryllium sales led hydroxide than electronics segment, end review our produce Commercial strong second million, the were and in sales automotive a record which offset the end continues prior with year. weakness XXXX this sales, and sequentially increased up market into versus business starting X% to Alloys quarter Composites market. in and more by execution Performance results, by and the
continue connector gain ToughMet products we beryllium in And market We increased electronic and our success in energy products. had consumer share engineered applications. the with utilized also copper strip to end with
especially continues side, On be to related Asia. soft, to the demand automotive market Europe in negative the and end
the fourth ongoing year value-added the a Operating greater positive focused of operating momentum. margins and profit remain XXXX of profit over sustain sales, operational improvements in XX% the with We commercial prior increase totaled our on quarter quarter or XX%. $XX.X and this consecutive than million second XX% to
Value-added second primarily industrial higher currency end Advanced increase the sales Materials. Advanced of million. million, $XX.X quarter the Moving in in quarter XXXX chemical the to to quarter. sales sales for of Value-added were drove in to market sales the industrial end increased the applications XXXX sales security due X% markets. energy and compared second $XX.X value-added up
materials leveraging line, of result in the end performance acquired glass Heraeus sales wins energy product technology the area market the in the increase acquisition. rotatable The high target new in large business target was
an profit versus savings offset quarter reduction than for sales, from improvement $X.X XXXX totaled in which yields. second increase fees and is value-added The Operating lower consignment the profit due of year unfavorable in of cost or to quarter. prior X% $X.X the growth, sales operating metal million actions, more manufacturing million XX%
return XXXX. experienced yields remain manufacturing to to year-end. margins profit this forecasted committed continue business the in poor second half the by to The operating QX historical We of in are not
the slightly quarter consumer Precision Turning were million value-added demand of $XX.X due million finally weaker $XX.X second Coatings the compared to to to end electronics sales Sales second market, for weakness specifically were products. the primarily display segment, down projector in in quarter now in Asia more XXXX.
million totaled the XXXX, XXXX. Precision to $X.X up $X.X quarter million quarter in XX% profit second the segment the second compared for of of Coatings Operating in
profit any of product lower primarily optical favorable was the products was manufacturing The operating metal in improvements efficiency to margin percentage value-added at a for a increase due and XX.X%. line As precious mix, coating sales, costs. record consignment quarter
mix in recall, end given impact significantly any this our comments in product business, previous market quarter. you margins an within for quarters can If
aerospace very quarter, filters and we and markets. into During defense the arrays successfully end the high-end delivered optical
segment, XXXX the points half full year for first profit XXXX this at basis over margins segment's performance. XXX the value-added up totaled sales, Looking of operating is XX.X% which of
operating offset the XXXX, of flow, capital year contributions, to up fund versus $XX increased quarter due $XX.X by Moving earnings growth. now partially and second of requirements sales working in we to the million balance and prior cash generated million flow sheet to the lower in cash pension higher
million of XXXX compared The cash a end company position $XX.X to million net of cash position a quarter ended $XX.X at of second second of of the quarter the XXXX. the net with
we mentioned organic strong sheet priorities and balance Our to return to have inorganic growth very to opportunities consistently support capital capital liquidity including significant and allocation on calls, opportunities, previous available remains shareholders. growth
of representing dividend. shareholder the the In we increase dividend XXXX, approximately the second to of seventh announced an increasing our year quarter of X%, quarterly consecutive
annual million; depreciation spending modeling development amortization to approximately mine financial XXXX, due should investments purposes the ore should million; pit in run should and $XX million of $X at For timing approximately extraction less mine. be $XX versus capital openings run than
And the for XXXX. finally, now, earnings outlook
delivered value-added consistently XX commercial consecutive remain performance over by year-over-year profit We committed and growth profitable driven have growth sales growth, improvements. of now long-term. to and the We quarters operational delivering
strategic shipments, earnings guidance to range are on of timing strong the our first market current XXXX, for per end of performance, raising order the view to our full $X.XX demand Based $X.XX we on share. half activity, and XXXX current remainder investments year
earnings of midpoint earnings. range share. XX% approximately be third third improvement over adjusted higher perspective, quarter than a quarter the to From of we of to guidance expect earnings a The quarterly XX% $X.XX this XX% per XXXX represents adjusted XXXX XXXX
remarks. prepared our concludes This
now open will the questions. We for line
