June. Thanks, morning, everyone. us today. Good Thanks joining for
The second quarter was progress Universal. quarter tangible for a of
would some the $XX of hit XXXX. quarter million level Net highest of first the me of the Let That were sales be highlights. in XX at since quarters.
and did North charges, Second fire-related XXXX to touch new Jackson our quarter Gross second aerospace the excluding later Cash by total improved the the X% we'll versus operations which or as premium third sales facility. sales. sales alloy our Gross $X XX.X% from Jackson remarks, million. is in shipments expected from margin North on quarter reduced records set totaled to and of flow in margin improve quarter. to and quarter the of continue in positive turned inventory to XX.X% levels first
of totaled done, Although the bar the on Backlog down $XXX.X period the of this the the which provide line sales. the of in year-ago all-time million, are at The of in was end made current margin with facility, $XX to quarter QX will year. second direction. Dunkirk more in half at right work mix is high progress new quarter benefits flow we from our move of end cell backlog be is through second and market the year. more growing cash there record XX% intermediate second end up Significant than we from the our as headed our million but
quarter, second solid in aerospace. was the business Overall, especially
higher-value attractive end premium anticipate XXXX alloys we to and transition to as in growth execute our capital applying across manufacturing further continue to our capital plants to We plan high-return drive top best deploying margin projects. improvement and performance penetrate by continue our line practices and markets,
alloy Premium second of a sales the up were XX% mainly our all X.X% aerospace the a up XXXX. quarter positively from look Taking sequentially use which closer second million contributing. sales, were record details. is XX.X% end or than up reached also driven and quarter by at million markets record $XX.X quarter second year, X.X% higher with Sales the Sales $XX of XX% sales. sequentially last with of
quoted by somewhat improvement in but of in tempered rebounding surcharges quarter prices. Turning to nickel have fluctuating back prices This morning, margins and XX is first second molybdenum per other in been inventories have Among remained gross the coming on which in stronger-than-expected $XX.XX production. Chinese in strongly lower the softened XX% $X.XX by caused decreasing margin. nickel The After pace June was the commodity quarter, July. LME to per commodities, around $XX pound, being up pound key was since range. prices
in by respectively. melt in steel, half consistently surcharges tool first However, that fallen down XX% our coming net all is than vanadium, particularly ingredients, faster and XX%, scrap, have the effect and are chrome costs. XX%, The key
basis. moderation prices commodities and which few quarter next third bottoming ease We the months, nickel a the in will fourth and expect late quarter misalignments over some other on a out in on net
which hydraulic sales. operation. at EBITDA $X.X million to margins effective to sequentially XX.X% XX% products the in to his related and we $X.X quarter or about the to a million returned expenses, immediately. items increased and to the related Adjusted of on excluding was year. income or front, charges of sales covers diluted of On in start business July will increase later price second X, managed low share which this the $X.X million North remarks. approximates pricing other X% totaled working per Jackson on forge, fire-related and unusual flow, included $X.XX North Net penetrating XX% Jackson $X.XX cover should XX% That fire to XX% cash capital our of bar has which XX% announced alloy a and base Chris
operations. to I'll So back turn
our a entry acquisition technologically drill our North gas led acquisition rotor The helicopter, aerospace landing into and strategy Jackson market, melting as and key XXXX of to at By forge We parts, gear, of back The a North way successful and engine completion capabilities Jackson of way reported facility in the part for we and oil the aerospace in June. The adjacent a XX moving market gears months. background, facility advanced higher-margin alloys. of applications. and another to critical additional aerospace equipment the was all us add key Jackson facility and including acquired in applications. toward vacuum installations oil gas structural North shafts the for masts took and fire induction
There in Jackson our fire hydraulic no a an and job hydraulic in the was in by team North metal commenced plant The fluid hot coming caused repairs hydraulic ruptured immediately. Electrical and impacted outstanding resulted delivery did igniting. at line, with as schedules responding. Product minimally injuries. were contact were which
In Jackson fact, in shipments we from recorded in record fire. quarter second the North disruption despite the the
have During annual third will the to of time quarter, the outage have which fire-related addressed. we forge normal planned expand we been issues during a work ensure all our
been deductible, which has Our incurred. already $XXX,XXX a insurance has coverage
level We items items doubled essentially second line the are of cell virtually mix learning Dunkirk operating output few on which smaller our X completing in a the will quarter, the moving in inspection except We weighted a heavily bar bar new up during rapidly the processing the all diameters. customer new approval. the system, list punch curve towards after require
project work-in-process workstation. As our one The steps processing enhancing capital fully project the of and operation reducing this automated into processing while involves a modernization inventories consolidating functioning reminder, and efficiency safety costs, speed, by will times the bar environment. intermediate X lead discrete increase
X-year We expect payback project. on a the
Additionally, the new utilizing manner was tax tax-advantaged credit. project a financed in market
outage, premium More execute optimizing to alloy manufacturing continue week will quarter, outages plan we in activity expect quarter. the targeting with customer normal planned broadly, in expanding them our and to strength integrated the in sales, the be our quarter quarter products moderated the aerospace of the be in high-return on capital seasonality. down opportunities. by second our some We moving levels for anticipated more for Overall, and current extensive during strong X to underlying to selective we'll that new market. be higher-value plan to approvals we believe third forge addition taking even strong continue to successfully remain system, facilities investment seasonality
is We focus the on strong on experienced have have attractive business safety, which markets, for term. which long of business a economy of focused over a end our employee most in our the provides employee excess and strong tailwind retention. generally, rates Today, engagement growth
end those largest market. end to me aerospace, our markets, Turning with start let
sales in $XX.X of $XX in sales XX% aerospace second or of million of the and quarter Our or quarter million compared quarter $XX reached XX% XXXX second million or of the in XXXX sales XX% sales of with first XXXX. the of
the and they second basically that customers in months. them orders, continues our strong remained surrounding the that MAX has the is from pace sentiment today. market the Demand uncertainty and over strong their customers hung The remains XXX for want quarter the even Demand with now. want
falling maintained their a earnings XX:XX last some now Boeing plan. from starts return XXX in production late essentially or press Boeing's at short add XX a to in minor MAX the have plans, the when for is production issued XX expectations per Thursday month the in clarity most their I added to perspective. avoid rate from quarter per planes month may XXXX, believe a reduced airplanes schedule planes release XX the Apart month call original service morning. play. that Boeing increase to production their the to in in per steady back inventory fourth target gradual for early forecasted the this current for more rate call adjustments, the suppliers
any about literally on that an bullish Show but several long-term recent over that comment, unable I the quarters customers aerospace must we were to and at anything As positive added find Air the Paris the say next were outlook.
aerospace the healthy aerospace bookings and remains as overall, market, our backlog. our do standpoint, So from
position softness of gas were The Oil total in the of end in the to gas XX% our moved second and XXXX. of sales XXXX. end some first XX% after quarter second at markets quarter quarter sales second oil the among XXXX in of market and sales of
Second totaled an of quarter. $X.X XX% increase quarter slightly XXXX oil second and gas million, sales and below the sequentially
in in were in and XX%, North report reported including and which international earnings activity. an exploration-led revenues a to E&P X% oil in week, solid. a total land attributed their broad time, same revenues the is while Demand flat increase In stronger market its America, in year-over-year. gas increased its upturn citing increase revenues, At they last the offshore X% business, X% investment sequential worldwide and activity, Schlumberger up revenues were
structural the for it its was does slightly outlook that tensions, the and geopolitical reduced anticipate While demand a has change XXXX on been in it clear Schlumberger's global forecast call oil demand fears war on trade earnings for quarter. third not
XXXX flow due their while to E&P total, expect investment in line grow E&P they to previous X% to decline to constraints is operator XX%, forecast cash international expected For America with X% declining and rig count. North in
for the expanding our strategy penetration in North to new market, capabilities Universal Our utilizing continues of Jackson. be this
our XX% second market market XX% third-largest of in the in compared sales and Now became of equipment first second the XXXX. with XXXX XXXX, of of quarter in the quarter the of representing quarter XX% sales sales
the quarter heavy lower $X.X of but plate primarily XXXX. tool totaled sales, Second is which XXXX XX% second which higher than million, equipment are sequentially sales, steel XX% quarter
Demand reported equipment a in XXXX. steel quarter. in market started adjusted to sequential customers up sales a our heavy second growth our sales their steel quarter, tool leading inventories tool first in in as the we May, plate pick to after buying the strong In in dip
the steel the expect record year, the We a buyings the model the inventory of Automotive we half tool lower X level times in in center outlook production pipeline, the modest second in relative somewhat reasons weeks roughly coming reduction in short are sales for and but months, respectable the XXXX. fewer do half of XXXX. prime changeovers in of of not reported to service see lead second surcharges adjustments cuts,
in and quarter total sales in 'XX. in second XXXX sales of X.X% of compared second sales of generation with of quarter the the X.X% XXXX Power quarter X.X% market first the represented
the sequentially in sales quarter. and last million, from generation mainly seasonal of from year-over-year increased quarter maintenance up is growth XXXX second quarter and $X.X reflects power XX% spending This which and XX% the the year. quarter first Second totaled up
to newbuild not the do initiatives we drive Even around their anticipate meaningful continue businesses, maintenance the recovery. OEMs with market, sales expect As for turn power future. foreseeable to near-term to any to our we
industrial in sales X.X% and the of X% Our general than second General in XXXX the second first sales increase quarter were XXXX. although sales market of second X.X% quarter quarter. totaled lower industrial sales of XXXX quarter of versus of sales an X.X% of $X.X the XXXX million, XX% sequentially
and said, markets. go demand Depressed with general past compounded chip to That bottoming second optimism for markets. semiconductor, a U.S. as of frictions, market customers the conditions at XXXX general SEMICON infrastructure a a the the chip medical, turned going impacted in cautious have Our the half giant memory note of out in checks channel show a quarters industrial certain trade manufacturers sales in inventories demand and with the introduced by negatively expect that ongoing sector they into manufacturing XXXX. of of modest recovery excess recent X number
business our growth markets the the for outlook the generally general industrial in Additionally, balance of is positive.
for financial Chris report. Let over Chris? me the turn his call to
