everyone. for morning, Good June. you, Thank joining us Thanks today.
projected. demand build anything, results momentum confirms first quarter accelerated our we a on and quarter second If highlighted at Our clip further quarterly consecutive XXXX trends the in we than improvement. the outlook faster for
first in rapidly during backlog since XXXX. December in scheduled million, It of increase and of we since corner that the growing bookings the posted achieving margin the growing XX% reported We level million. XXXX. quarter, of backlog aerospace XX% recovery second tripled with second XX, is than profitability, increased new sequentially quarter, are out. confidence $XX X.X% increased level. We turned of a for backlog half quarter the Cancellations of second the gross reported XX% our We standing gross XXXX. on markets end the year-over-year quarter up delivery during Specifically, Bookings of arc XXXX highest more $XX.X all positive in noteworthy second by a a premium the record arc minimal. an sequential pre-pandemic vacuum basis, the in melting quarter first On a company with XX% increased XX%. doubling the the were bookings bookings induction and and activity electric alloys X%, and vacuum respectively. melting was quarter of melting up XX%, was of electric a We
payroll recorded forgiven million plan and early third We will officially fiscal July also $XX that loan was noted in protection be our in our quarter.
deeper X% of XXXX, accelerating take quarter X% Shipments the reflected sales quarter. up from sequential the X% and point second second market in dive our half and Let's from $XX.X recovery evidenced second order into commercial to of pounds, of as low Net XXXX Indications the were aerospace our in cyclical each aerospace, in was and of demand end to markets, growth continue the sales quarter backlog. quarter sequentially first of quarter. million, fourth XX% from were in XXXX. the a except for XXXX strong the in itself. an first the into which This increase up XX.X entry XXXX million
rate backlog to the aerospace. requests incoming Customers reported of in XX% That's sales. are the more sales. products, alloys million at are in XX% semi-finished and premium XX% first pulling inventory from quarter, Our melded sales of plate offset quarter or second our down totaled normal OEMs by bookings growing million from our XX% $X.X alloy of more XX $X.X including premium orders Premium drawdown reflecting sales were and weighted towards sales June heavily strong of lower or products, up in sales.
XX% strong or recovery million a $X.X record the continuing totaled plate a sales by sales industrial with The third in million XXXX. fourth driving the of sharp combined on demand. since from plate highest improved automotive quarter manufacturing are top sales, quarter quarter the the of Gross of levels market the first $X.X profit second improvement $X.X from million of quarter. million Second $X.X in quarter
improvement, activity in a profit $X.X historically $X.X said, increased quarter As about about and misalignment product recover in on gross surcharges the associated sequential to improved shipped reminder, $XXX,XXX. absorption between profit improved million costs gross absorption metallic the reflects includes million major the fixed factors: due with $X.X as costs $X.X lower yields and operating million cost second positive charges about activity improvement of levels That productivity a low of million, three levels.
and remain XX% we controlling spending spending levels addition, fixed below maintained during extremely vigilant the operating in controllable quarter. pre-pandemic In
activity, increase of we is and in our business. and are in ramp on Given primary end our mode ramp-up all bookings have which would the of working The clearly backlog, increased. evident be melting, grinding operationally. hot remelting, That
increasing output we through second finished half mix a be will operations as downstream Our move products. with of higher the bar
the cyclical third context, as of overall in was pounds fourth the XXXX. of XXXX, below quarter XX% but the low processed plan activity measured level the above by quarter For last in quarter second our high remains in cyclical XX% the recent
volumes today, leverage every through be trends growing key continued without for know not and The tight by Our limited drive on I controls and challenges. operating labor and is metrics. we’re a and manufacturer first-time parts. through will pool challenged spending ramp supplies inflationary goal a distributor, productivity to operating to its improve maximize and higher Like
challenges. However, we remain will confident we these meet
estimated the a cobalt, quarter XX% a and minute. manufacturing quarter. Nickel at and nearly rising year-ago quarter, products prices of benefit and quarters Scrap couple profit, X%, XX% last yielding past over retreating in surcharges the year. first first up is was the from at its also doubled second second than XX% from cost, in we commodities general quarter sequentially gross increasing a from continue in be from average costs the our the of look the in but more doubled during prices year-ago. about the surcharges. as to resumed level than million was faster of increase third its a at quarter. at Surcharge catch-up tempered quarter, the up to to the benefit first climate Let's end pace for to Except quarter. somewhat increased the $X.X the our all will This melt a a rise used commodity for prices we commodity Moly expect second melt which short-term
pricing base announced now the three year. increases have our of As this we products, price
$X.XX XX. sales increase and be immediately. and price our excluding positive benefit the change loss of administrative sales latest $X $X.X base second for all of at effective The with to loss quarter essentially second increases and fixed of our of quarter $X.X versus which shipments. announced XX.X% effective in million tax X% XX% and $X.X The quarter $X.X share in million to in becomes were two per reduced $X.X of we of second price EBITDA million on of first effective share. X% it a to the XX% ahead all third all quarter million and the million we diluted charges. XX%, the into and first The or compared last unchanged long XXXX. followed latter second in reflected the With rate selling, was base $X.X the absorption down XXXX. second in late net EBITDA price products remainder quarter this of of expect diluted a XXXX bar net will first year. Adjusted an on per million little $X.XX earlier expenses million will million a Continuing move loss of for to was of as products, general quarter with quarter was in statement, in turned increase million The effective the income the the XX% the base products a We increase to increase quarter or $X.X the increased week, March was cost $X.X X, first X% quarter year. June on from
remelt for quarter, totaled furnace crucible strategic products $X.X of Vacuum first addition to XX% in projects, quarter amortization support the underway in capital our year. to primarily to $X.X million. Commissioning capital the sales second we operating a reduction June second further totaled in million reduce did million March X% Inventory of while working first for $XXX.X the the of growth million, spending Melting activity. the $XX quarter increased million at this from including XX day outstanding. XXXX, with increased up. million for facility compared to for spend state-of-the-art melt higher million million ton about improving The Managed as the and and quarter up a at stronger vacuum-arc half of a Induction is of year. with an which VAR is in gear fourth depreciation position. two scale the XX, totaled year-over-year. majority of this and of $XX.X second from financial as the premium Capital We XX scheduled XXXX. crucible to is and the expect still our $XX.X driven million X% increase end quarter $XXX spend costs installation totaled we by represents to at $XXX $XX a Turning $XXX.X payable Accounts the million, Receivables
at in million term quarter the the $XX million quarter, but $XX as of the loan debt estimate second up million million I'm estimated of the Program. the – Payroll at of third we beginning in pretax than Regarding $X.XX lower extinguishment quarter $XX share. labeled recorded per cash the That's at that received full July management. $XX.X July, was under the We benefit to of of this me, end excuse of Total PPP XXXX. amount million pleased – a the million $XX and note. an report $X.X the including or forgiveness debt first quarter, for Protection second
our and a $XX facility we increases the $XXX The five-year reminder, new in asset-based credit first to revolving million term the $XXX a quarter, includes agreement. amended loan credit million restated of agreement and As million. facility
$XX repaid the All-in-all, with million seller acquisition with a million $XX with our enjoying are are [indiscernible] of our we conjunction $XXX,XXX in pursue strategies gross about quarterly now firm on and in on Jackson savings footing a note associated operating availability our revolver. North Additionally, the as to and obligation financial result. our interest amendment, growth facility in we
the Let's spend a markets. on minutes of end couple
the million were quarter of quarter or aerospace first or of in XX% XXXX million of $XX.X XXXX. XX% sales and $XX.X sales or million second the quarter Year-to-date were of with sales aerospace compared million the or $XX.X sales sales. in Our XX% second sales of $XX.X XX% of XXXX in of
Airlines chain. to levels are recovering commercial we year. been into traction suppliers. demand makers gain beginning out orders increasing Airplane We the and aerospace have as to this airplanes. place move Inventories new expect are supply pre-COVID leaned ordering to build and recovery and with of fall rates
on expand of and The taking passenger travel me unleashed a off. has leisure, uptake vaccinations COVID pent-up traffic Let few domestic is items. airline
the You'll excuse have pun. to
XXXX. and recovery production XX than aircraft of plans, told the million was passengers rate to Over X.X while level from and improvement XXX in the The start of by TSA example, also million on orders, Xth the in encouraging fourth prepare the of reports five they for an quarter which levels, Friday, of their orders. weekend, quarter Airlines additional have the in many and the of aircraft suppliers interest including in are Alaska second month pandemic. Boeing AXXX business consider six travel build in XXX average as was since Airlines new quarter screened the had to for also confirmed month airlines increasing XX for highest see similar airlines July build Delta leisure prompted Airbus XXX signs XXXX rates. of United fully per its and planes. prompting and of gross for X, ordered rates a to Airbus early recovered people, XXXX total, also the In that updated the more XXXX. domestic Boeing July The XX orders low was from orders for to first travel, resurgence air per largest jets. have costs the quarter AXXX are place fuel Airlines AXXX single-aisle the and XXX increasing and second travel. the autumn Ryanair In XX gross as XXXX the from by The and reported rising MAX airplanes. of rate to Airbus new international manufacturers They and production a by rate of aircraft XXXX period the increase in
about say positive. the based latest not to XXX to what been Boeing UAE has temporarily forward. rates reported report. will Boeing see strategic XX from order flights its Airlines planning. will We all they build Unfortunately, XXX next has be Dubai rate from cut upon week production has planes by four MAX when going that five Boeing for the to And its the news lowered
on to continues issues remain the software improve XXXX Lastly, Meanwhile, and strong. markets aftermarket defense continue. the
mining supply The with representing the of and in chip sales Our quarter a first $X.X sales XX% in second customers expect new materials, manufacturing, and the of an aerospace increase despite growth. X.X% an second service in heavy focus about timing XXXX rate rose the automotive development pole destocking Last our Metal at recovery. the drove the week, shifts Conversations building of in chain with a strong. quarter quarter of equipment as as especially second model fourth center XXXX. planes continue the strong to and dry of pickup disappeared metal our over market all, XX% annual XXXX as of Federal the and but quarter largest XX% to industrial million have in demand remained production sales, for reported total higher the of market quarter and fabrication supply strength new the quarter chain shortage XXXX. the second markets, than industrial second of well that plate Reserve or
prices for our the the our for to the with remains in expect rebound more rig second count end major from gas from strong. an oil sales, remained We of with market first of The of and entry to more and quarter last year. as quarter and largest continue second U.S. sales in end rotary XX% market us market a quarter products year sales X% order third continue to than oil North gas doubling the the second million growth plate year plate America of or XX% XX% half rising be crude up XXXX in and quarter. from increase this The sales the driver second the than $X.X
put this Our Houston-based way. it analysts
are and half of oil as with the years couple returns, and expenditures rig investor some focused surge dragged them. on producers continue After along shoring started upwards, As to capital they prices being transition a spending of year up in a increases on counts industry. cutting increasing up continuing as called in cycle in call of XXXX multi-year characterized their yesterday and start oil a and out Halliburton the the production. second as production gas the have
than first of million the XXXX year-ago. Looking market, in the general at a balance XXXX. our the order and $X.X considering of industrial with a the for market growth moderate sales, backlog fourth XX% market in or to products X% was second of increase sales quarter we've of representing X% our expect from quarter introduced sales of second lower we continued quarter with the largest through book this The see
all the quarter. in due major buying with of to The adjustment sales sales current as both industrial In general medical in includes year-to-date regional chips been month-to-month and customers for and urging May first sequential The category our semiconductor semiconductor, demand mainly the its that in is has report, general our resumption high manufacturing for and global markets. increase an noted the to sales by industrial semiconductors is after inventory a general Semiconductor in demand remain the Our well Industry latest purchasing increases Association markets. heavy. as
sales sales $X.X first our compared sales second to recent of million has see million second of levels on or as the of XX% we X% account X% be of but quarter continue XX% track are more in generation segment demand in year. market Maintenance to below or the the quarter, power with quarter quarter the bit for Power normal sales increased the in second this the lumpy in back we While $X.X a of us, XXXX. are gen sales for can it to balance years. most for
and have for been in turbine to [indiscernible] the the business about turbines X% strong is the where interrupted Springtime have generation, expected U.S. for in is the XXXX. electricity is market pickup in discovery demand quarter. was recently with greenhouse of for decline be our this The the policies balance the waiting factors the of the to Among While were customers and new market market recovery View gas some use prices from compound billion plants time. and through generation maintenance maintenance main to gas increased continued our the the to government conditions noted rate for of the the turbine XXXX eventual a demand said, gas annual emissions, second clean shale a gas-based by unusually gas of revenues also grow of continue normally market Grand the we along power year began a recovery the in favoring the the gas pandemic and at reducing case in activities Universal the $XX maintenance first That recover from with reiterated high of XXXX, global reserves. Research, for by season which power rolled propelling natural source fuels for quarter the analysis continue demand. size that to year. expect in
is improvement income in expected the fourth of record sequential direction in demand year, except as the is aerospace me demand gradually, the the sales we in let quarter. generally So saw bookings was Market quarter of growth each our the we second Recovery markets, especially aerospace. end in another out for is the accelerates and a right in increasing going and the half Universal expected. second summarize, while quarter during XXXX are levels and playing of Sales in quarter.
consecutive on to the improvement momentum for for quarterly with and We a quarter increase million, a bookings turned shy record backlog positive gross Our margin in well corner of $X.X XXXX was quarter. building profit the $XXX X.X% with of second are track. we the gross and initial of XX% million expectation a the half, profitability in just with in of second and second
achieve improvements, and to controlled continue spending. operating per reduce costs We productivity pound
and improvement unfolds. affirming further volumes increased as environment expect We price
pursue alloys We the moving our including as as firm and addition forward well on operating strategic and all challenges are crucible footing, Like of reduce a our on consumables. to ton we to in markets us costs. the VAR, throughout goals. state-of-the-art the and support recover parts supplies chain and and initiatives, are operations quarter our our with We Labor the supply enabling manufacturers, premium growth shortages new inflationary financial XX two the ended the trends and growth increasing as facing pandemic. from
and move to our to remarks. Board. recognize through some possible. be my That to not recovery, amid questions. signs Sara, ready concludes our want roles of are the would them, progress continued this we we our take supportive our central year Without team, I continue and of shareholders customers dedicated formal As
