Thanks us for morning, today. here Good June. Thanks, everyone. joining
especially markets release, have drive reductions the aerospace -- morning's supply demand, and oil the we serious in conditions a orders gas. in and caused mill As in reported pandemic inventory. in to the and The end rapidly this continues to these with new adjust both chain in reduce metal in quickly release toll supply substantial end-market its on morning's the coronavirus dislocation cause to chain, taking deteriorating
before yet million. of products second in low and the quarter the $XX.X order For mainly cancellations, $X.X production. totaled entry $XX.X monthly dates to first Universal, delivery order not the Average on million quarter in from some long declined Cancellations that entry, million the quarter. surcharges albeit during meant pushout lead-time in has
from see working quarter we of ended first in trends operated sequential XXXX. increase of uncertain. the becoming the activity total the the confront We time evident however, business throughout duration half our were XXXX. surcharges quarter the beginning All plan with second but before our and through costs million challenges the backlog quarter, expect to quarter. the in improvement down We and outlined end our of These quarterly do, of the will plants $XXX.X the million, in We at during backlog. to reduce were points to of a last call, negative $XX.X which second magnitude downturn liquidity the of at
said we we down on capital spending would market remainder average year. the in Specifically, and spending on to million levels activity fronts flex per conditions, we with would all reduce the for we of $X would quarter cut line roughly plant
look validating Let's a accounts in was a million $X.X severance despite $XXX,XXX decimal was pleased $XX record in was rate, controlling did was changing We $XX our levels within at including to in job cash as in XXXX. drawdown second quarter. suggesting OSHA our $XXX,XXX generated actually XX% million a costs $X operating of activity first XX%, a payable. half. a team Despite million rapidly pound in report to low. very Capital per our measured was take strategic matching what Melting spending we by measured sales. Plant million, activity million and total or in before for will scrap $X.X pounds point processed. through plant-wide company's a safety, our And X the by to importantly, expenses Operating environment. declined the reduction positive quarter contributing reduced towards SG&A versus XX% we flow further the charge. activity, I'm relentlessly inventory tracking $X.X and doing, the second manufacturing variable come is flat, as reductions recordable cost lower million our outstanding are cash reduce
prioritize Our market while customers a leave selected environment, weeks growth reductions productivity, recovery. and of aerospace spending and maintaining the executives; with in positioning gas annualized rolling for ourselves current changes to and plant mandatory safe The savings; all and We program pressures work to during goal on line half, still X second the activity flex oil markets, remains for complete weekly our implemented markets. and acute second saving in the These $XXX,XXX; as shutdowns and specific for commercial quarter. employees work to ultimate during scheduled spending and annual servicing costs X market tightly a to deferred and across X we salary of have well shutdowns plan capital focus yields and to absence the as plant merit increases, cutting actions the markets, XX% investments difficult half continued which potential second and include: current very about we further implemented $X actions of we the of we centers. our controlling realities. on to during largest end of we will to continue million continue evaluate developing respond Therefore, salary also eliminated we taken salaried all of payroll locations,
pain their and that we always difficult, making of very to those reductions causes Let families. me the workforce mindful affected add is it just are our and
would long-term challenging to of them contributions their understanding of line staying as and important our possible employees not for course their million these implementation the With this my cost about building dedication that many unprecedented It staff $X time our times. flows and pound successful actions, during levels without keep cash annual recognize save in year. we and our and variable per of the generate has cost, significant lower to latest commitment well during growth. be activity of in is the to one with initiatives as expect Every the respect these gratitude balance the over Universal's
on itself. quarter details cover second the me Let some
have and million, first XX%. business. $XX.X versus Tool were were from XX% sales the improved sales fell sales about XX%, X% oil and each sales first gas power XX% generation of sequentially. market the quarter XXXX near of steel was and about of of semiconductor I'll down industrial on premium strength the Aerospace quarter quarter, achieved slipped XXXX. which, to million, sales. market mainly Second markets the General down second of sales in increase say about in in each in A more XX% these minutes. the record quarter second spot markets sales second bright sequential $XX.X total XXXX represents XX% level alloy major at is the and few quarter quarter a the a
approvals, applications down of what in applications. premium growth, margin recent priority of from quarter coming remain to first said the quarter and release: year today's we and specialty the of new quarter underscore sales defense Gross sales, our sales me the in with in continue from and XXXX Let was primarily second highest demand in second products X.X% X.X% and we alloys traction of XX.X% underlying for with gain ago. a targeted
balance pandemic-related as $X.XX in the excluding and in Scanlon XX% are we in sale charges, generated scrap, the X.X% we made totaled on severance levels line, We or of Suffice quarter loss quarter term. $X.X $XXX,XXX. debt Excluding SG&A It charges capital or it loss was on quarter, the of the production that to the per diluted managed margin million cash excess positive negatively and his charges lower of quarter lower cash diluted headway say expenses Bottom good reductions items. gross year, for we XXXX, costs sales. working cash including of margin second the for scrap in and fixed Chris and the manage expense. improved second flows COVID-XX related per pandemic-related share. $XXX,XXX through accelerating discuss or $X.X for to reduction second EBITDA long-term the gross reduced compensation reducing focusing debt sales and which XX% over $X.XX adjusted near adjusted than will were the review. million. of was than of impacted SG&A million expect we achieved employee and XXXX net the $X.X COVID-XX The absorption first flow of a share-based of receipts $X.X about that million totaled share and
prices. when of it to March of per June, $X.XX end an was at pound. was end January the vanadium per $X.XX level the down the the XX.X% end XX% at pound, was modestly. At quoted lowest of nickel from hit Iron rose since down Looking increase March, while contrast, commodity from of scrap moly In X% XXXX.
As look increase the at overall a surcharges expect of quarter. operations. our a these we slightly closer Taking during result third changes, to
of while XXXX, the although remelt well are products these Therefore, in the realizing with dealing volumes including arc the premium as with past bar us our to proceeding an later growth the realities balancing longer-term as plans. reducing in Dunkirk additional are are in projects We full investments more spending At half the our furnace from we prevents are against while strategic our to run company-wide, capital we even as facility. our vacuum support moving growth, efficiently second benefits new are working we we cell opportunities and crucible XXXX. year an difficult as the an initiatives, into of which step-down in of same time, possible XX-ton
Let aerospace. me turn to our with end markets, beginning
aerospace just that month with the XXXX of even or with last sales the Unfortunately, represents a remained in XXX forecasts Boeing XXX beginning million million XX% compared demand by delays announced production aerospace of of reminder Our in morning about per In in robust to this early ago decrease. or are was in aerospace the XX% XXX quarter market being XX% or additional sales market It's million the a sales $XX.X quarter our MAX. delays $XX.X with were of of XX has quarter as call XXXX, recertification the sales that worth second contend worsened in the the MAX quarter aerospace $XX.X year sales. reduced to totaled XX% planes XXXX. the the Boeing commercial XXXX, MAX. which the the first of since second
financially at revenue miles was buying fell The and in decline. with the aircraft. June International aggressively Air announced freight down metal Transport passenger almost XX.X% travel as said and on earlier, XX.X%. new down The in has XXX caused total X or airlines with to will the month programs having go compound planes the in reeling the continuing drop to XXX cancel per is go capacity, problem XXXX. Additionally, postpone per travel, X planes to XXXX, cut pandemic airplanes was retire coronavirus move international The reduce impact from sharp Association year-over-year inventory in to supply and chain, X XX.X%, aerospace at I per air travel a planes and a month month standstill XX.X% to been will Domestic lower.
delivered June Looking Boeing at a versus ago. June year some more XX specifics. in airplanes XX in
billion reported demand, but in registered X they half in Additionally, XXX so no the of this X,XXX estimated for the at booked They during commercial Their declining of the about That in of June premium in GE deliveries follows XX% In Airbus aircraft our X,XXX saw currently Airbus in to X,XXX backlog us, and XXX to deliveries a report aftermarket. just the in contributed hours should more orders a increased to second June in driven the under net order of it the market orders year-over-year. billion $XXX Lockheed the morning, the decline pressure. sequential and announced reported the call $XX new lower Boeing's quarter. backlog aeronautics quarter similar is aftermarket The morning, second commercial XX% XX% XXXX bringing through billion They Aviation stronger contrast steep first reduction also and in of their sales. quarter, brought pressuring stands aircraft of sales sales the as their new In growth in sales, a F-XX. XX. XX including growth first by flight delivered to cited increase channel. their last our sales $X backlog for as quarter segment including in much is earnings backlog call. It XX. learn production. an aerospace, our approximately orders was XX% Martin strong F-XX bookings. half. ours we week, also XX% with defense aftermarket totaled year-over-year last challenges orders the booked in airplanes. forger over for the performer, as a total XXX increase with Honeywell record month. aerospace Meanwhile, Lockheed and second reported for This alloy
XX% over the reflecting market saw sector of or equipment the demand quarter. XXXX, second sales the the recovery second a the few we heavy sales sales remained quarter were million We In of second the of from X% plate XX% with total, 'XX. quarter continuation or next in market in second-largest of the and quarters. expect compared quarter first sales our solid million sales or $X.X tool first $X.X $X.X defense million steel quarter in of Heavy equipment in of
Our the plate sales, consist automotive industry, quarter. plate tool the of tooling steel met especially which used with is quarter. strong second quarter heavy X% equipment market our We mainly for ended than sales backlog changeovers. lower by the and expectations steel mainly Tool for were the first a model and
year-over-year new now COVID-XX solid, recent decline. though example. manufacture focus XX% plant a sales as steel For operations in context, other are to Ford to Automakers we pickup Tesla our the introducing continuing also new and with even Cybertruck a to of in models idled automakers production reintroduction see XX% were major beginning due March a the project Bronco Austin and Plus building on the auto to vehicles. tool
as The to the steel compared X% second the in X.X% The conference severe quarter of activity sales level gas of $X.X describe and dropping the half $X.X collapse our was third-largest gas challenging sales with U.S. the XXXX. end expect end from recent market or market million in and the be the XX% sales than first caused quarter second or market much quarter. expected, in of with in oil in swift, our We in worse XXXX. global to the tool rig with million counts of sales and oil first conditions call Halliburton their of quarter second
of oilfield. for in contrast, general a sales grew of the XX% rig the is a million While of of quarter $X.X increases second year. third rest tough from XXXX the or our consensus the seeing quarter, calls customers in and to we're reduction XX% sales from bottom the vantage second for quarter In spend XX% the count down of X% point, industrial From XXXX. generally the quarter XX% expected to out throughout representing market in first hunker the XXXX,
strong XXXX. general market segment, category to infrastructure us general The has industrial market within for XXXX general semiconductor challenging and been a the market semiconductor, a and manufacturing Our after includes sales markets. the been the major has industrial overall in relatively
potential. continuing to were market are and semiconductor as the sales quarter quarter focus than in future the of second the of segment on sales down this second as quarter or well X% to We opportunities broaden the first the $X.X market of generation XXXX. pursuing sales additional XXXX, markets lower from in million X% XX% within Power our
the limited due quarter reduction second generally to the maintenance sales have generation driven in pandemic market GE our coronavirus seasonal by bookings are a sharply the While activity, shutdowns power normal morning. XX% maintenance in announced the to Power demand. this
to That the not quarter. normal our share, expect states the review of during and concludes as my market return levels We maintenance second we to open. more have lost business
Chris? Let financial me for call turn over Scanlon the his Chris to report.
