morning, Good Okay. Thanks, quarter. morning. build us joining during third business this Thanks June. everyone. momentum for Positive the to continued
growth market. and and step-up expanding with is freight driven entry top million, since on of are order high at $XXX.X was expected remained in on to XXXX travel early had airplane continued ratchet second and level planned a quarter, second traffic. and of up Bookings highest XX% more quarter. September being strong the begun by in a highest increase the backlog Our commercial rates, entry. bookings the million increased largest the aerospace, our XX% XX% $XX has year. build reaching Gross Demand order of That XXXX XXXX, increase from second the of
industrial total, we normal In million third from moderated summer quarter. the during sales off X.X% see momentum second the net the seasonality quarter were $XX.X chronic commonly particularly I sales not to million. every about third Our quarter. labor in trucking, negatively months. of our was revenues This business Like we chain wrestled million shortages. by supply These coupled impacted $X.X $X issues, know, factors with with
Our the quarter and gross to levels and charges, actions. factors: activity correspondingly increasing reduced material costs; expanded margin pricing variable lower offset, to fixed X.X% per cost third in lastly, due operating processed; proactive higher surcharges raw pound X
quarter, and was measured Our the up quarter overall from the second third processed XXXX. cyclical the from low third as plan by the in pounds activity of X% in quarter level up XX% recent
pre-pandemic production plant XX% However, remains levels. almost below
note also debt quarter. gain term forgiveness this of the recorded Paycheck We our reduction received from we in and a million Program, Protection $XX
Our strategic balance our strong ramp the and in initiatives sheet to remains business. our support
XX.X million million take the Let's are XXXX. Net million million compared and pounds and results. the shipped third pounds quarter quarter a of in quarter to the pounds the third third versus second in quarter. million We sales quarter $XX.X closer the XXXX in $XX.X $XX.X in the quarter third look XX.X at XX.X second in million
totaled quarter of sales, virtually quarter unchanged sales of million the Third XX% or second $X.X alloy premium XXXX. from
of beginning third million cost million increased periods. the alloy $X.X of starting or quarter demand traction, a aerospace $X.X and and to Gross second respective million, of of absorption amounts in the the quarter X.X% in XX.X% Gross premium in resume in margin expect $X.X in of X.X% sales from XXXX. of loss in $X.X the $X.X quarter third sales fixed recovery the of $X.X the million XXXX. growth of included each our charges million million With to or quarter in to gain or margin sales we first
While have in cost fixed they historically levels, charges. the remain at activity hence, recent levels improved quarters, low
Our as supplies XXXX. in to surcharges of to results like and The demand specific, as general shipments in is costs. while parts to operating cost begin depending other on March move meet pound reflecting grade, to increases spending improvements. than labor announced more lubricants To while XX%, spend third with increasing overhead we and will X% and inflationary controlled, sequentially price remains leverage Control processed and commodity is base increases year operating trends increase pre-pandemic operating sharply of benefiting X tightly being into Variable be mitigating in upon X of operations costs growing ramp percentage refractories. the to this in and to and higher now, throughput we up third maximize consumable offsetting impact upward melt ounces operating spiral lower major XX% process material goal rose the stay quarter XX% prices material largely We've raw our supplies. below per increases levels. quarter XXXX's is negative XX% ahead double-digit impact higher quarter, XX% third around and down
closely continue basis, In quarter The year-over-year commodity with have the million, of and year. chrome Selling, remainder and the and last the more ores remain less year. costs the level from general quarter from SG&A increases doubled in tungsten Power moly, on prices. were we the prices of capacity change XXXX. than primarily expenses to up XX%. for third second during more below XX.X% prices manganese Scrap into were for $XXX,XXX over between rose the Carl expenses outages and Nickel levels. related in narrow during the administrative a XX% high adding unchanged amount increased $X and but are term. sales commodities outlook the to little more up a near than timing reductions, at than an year, essentially more expectation increasing stabilized Looking to headline-grabbing year XX% also expected, and more of sideways than while ferrotitanium XX% the a this quarter. melt quarter sequentially movement another -- of as where the and appear manganese, we quarter. misalignment last third China, from doubled, volatile to quarter, X% expect pre-COVID of positive than surcharges to
Our third $XX diluted effective gain to per a negative impact XX% forgiveness. of recorded the was on which quarter net for the loan PPP on third our due rate tax or loan included the gain million the We forgiveness. PPP $X.X income a the million for $X.XX quarter share, of tax-free
$X.XX in million and the share year. the a million $X.XX from diluted per of net diluted $X per second diluted loss Before for third million or last net net gains, per loss quarter share the $X.XX third quarter quarter to of share $X.X $X.X or narrowed the the in or loss
EBITDA XXXX. the and $XX.X second the third was Third $X.X of $XXX,XXX $XX million, gain. million EBITDA million quarter was quarter Adjusted million versus in quarter including the XXXX in $X.X
Looking end at million million the million from financial increase million $XX.X Of of our the inventory in as process the its at at accounted third for quarter items. increased September quarter. end and $X.X million $XXX.X million specifically, volume million the advanced melt working of XX More due supply capital position. and XXXX. growing XX materials to $X.X due $X.X buying Managed $XX.X $XXX XX% was of and million production. at the raw second million, $XXX.X versus June prices and $XXX inventory or to the increase, Work and a sequential to of increased $X.X certain backlog higher commodity million with difficult-to-get increased
second improve. million down Capital million $X.X spending totaled the in $X.X year $XX to higher from $X in quarter primarily second Third spending-related or bringing XX% payable Accounts year-to-date and million. payables. spend million quarter X.X% receivables or million the continued due were quarter million $X.X to the decreased to to third of quarter activity or last DSOs third increased by from capital million, the melt and from the $X.X $X.X capital XX% as million $XX.X quarter
on for crucible induction facility in Both vacuum Third to our quarter as capital state-of-the-art are for year spend strategic up. been to amortization parts: furnace generally melting Most scale The and budget. arc premium further an and the has $X.X we remelt of support capital time totaled projects operating reduce this growth addition vacuum products X the and costs depreciation million. of XX-ton within
approximate We XXXX. in quarter. second to debt $XX.X was expect million, XX expenditures September $XX million from down at the Total continue capital or X.X% to million $X.X
at the on $XX sequentially expected forgiveness, quarter in note ample third million capital higher on capital. more stood than liquidity million XX, XX% Total debt the September Excluding working activity. $XX was total under the in revolver for ramp million or the and up gross availability providing spending $X.X
with end Now a our beginning let's look aerospace, at take largest market. markets,
the million $XX.X or aerospace of total XX% third second X.X% million XXXX. or in up quarter $XX.X quarter XX% the $XX.X Our aerospace of from sales. $XX.X sales or were XXXX, aerospace or increased XXXX quarter of to third XX% XXXX, sales of In XX% sales of sales are million sales. the of Year-to-date, in of million sales
we continue in fourth quarter. traction through We aerospace as to move recovery demand gain to the expect commercial
that recovery will accelerate Our current backlog demand XXXX we into move reinforce bookings and and the expectation as XXXX.
are order entry. instances, sign lean worked in down in which chain running our Another part been generally supply also inventories most and have is to reflected
MAX build the build our pull-ins commercial supported which begun latest rates of demand even month Lastly, recertification. by recovery to The and we parts, have to moving rate's travel for and towards confidence. trends. per will Chinese engine and pending contributes higher rumblings airplane XXX move hear for is XX forecast
along holding by when recently projects short-term at plan to XXXX reaching revenue out improve to Airbus aircraft production X certainly passenger Global XX% XXXX, many IATA in will air last XX support of by during May, over closed average back of quarter nagging trade which in XX% production announced expected XXX an strengthen global as XXXX with rise second to month; XX% to of its growing fourth XXXX, per of ambitious increasing to AXXX per expect the in quality XXXX, XX in we XXXX, the you rate month cargo levels. is XXX XXXX build and gradual as issues XXXX. and miles rate to return quarter increases. XX Although first precrisis confirmed are the volumes. look production,
XX% levels and growing and of improvement just reached XXXX more XXXX ago their XXXX increase XX,XXX are the and to about Financial new is business in the new expected Business next growth is including e-commerce in and year for levels and also recovery quarter mainly converted continue and above That than XX% the XXXX should levels. million a trillion continues to due the freighters, XXX XX-year than call jet dedicated to and an big the at pre-pandemic of $XXX reported to XX,XXX for up projections models over start Meanwhile, higher pre-pandemic XX% also speed strong the be for spending market X,XXX recovery to of for the decade reliability. the at commercial $X.X airlines over years quarter willingness next year, mid-September with in annual in in and aerospace defense forecast Boeing in week, over business $X.X continued projects last essential XXXX. their current minute. total commercial trillion valued XX% year among versus to projected the and Current through travel. the airplanes forecast the for XX-year grow which XX demand last due addressable $X at to at deliveries and international the aerospace demand global June billion. new order up recovery Looking revenue picture XXXX. Delta, aftermarket expanding a projected planes airplanes, airfreight September hours Boeing's to new Significant improve, planes. jet expected compared to flight consumer forecast. almost
a well million supply and service fourth pull heavy or of period continue new third to of the versus into and remained year. the Year-to-date Our plate sales sales the chain XXXX same strength quarter second of totaled XX% and to forging XX% sales total center of customers sales largest markets in XX% and million the in The drive for next XXXX. in market accelerate than of of XXXX planes expect equipment aftermarket market building stronger in or the metal sales second our fabrication $X.X or XX% higher sales. $XX quarter were sales million with Metal $X.X quarter.
XXXX. manufacturing drove industrial sales growth as development model pick equipment well high in retooling, to continue up and in automotive We heavy new the our market XX% in year-to-date as
sales was in fourth shipments sales picked the market our sales demonstrate first typical lower quarter While supply the the XX% increase plate the in in market we up third of pointing at XXXX XX% end in recovery or third conversations of quarter. sales third and high, the quarter up an quarter are and north quarter bookings natural as the second and sales, gas further activity. and up picked prices The with on were per X.X% quarter expect barrel of million $XX as chain $X to in back total Oil the the trading a in inventories with the X-year third XX% in on adjust, from third oil quarter from our get largest alone, gas track prices up customers. plate of lumpiness drilling based
more supply week. chain Baker Hughes were equals were year, more XXX metal. line added international rig U.S. bottom reported parts, As for oil just while the by rigs noted equals in over counts The in recent the demand the production drilling the is release, for XX gas up last more the and past
has picking a up in of quarter our and sales year second the continue expect and industrial XXXX XXXX. than some down the of sales been General or third quarter growth in the excess we bookings to $X.X were in there ago. lower X% While quarter million XX% X% the further inventory from market and moderate see channel, fourth recovery of
Our and lows Poorly year. been includes these semiconductor, general at highs near sales over last to medical industrial and the market manufacturing have of the markets general record sales markets.
second or or in reasonable recede. of consistent in supply with Although to compared has growth and elusive, sales as X% the was strong sales volume for challenges of $X.X year. seasonality gen XXXX. sales of we million labor this million X% market been declined quarter Maintenance quarter expect sales and opportunities $XXX,XXX domain in third of has in Power recent gen power chain XXXX most or quarter of Normal X% the third exceptionally accounted $X.X our sales years.
momentum. OEMs. with coupled summary turbine major activity improve, from quarter, maintenance during increased had market the to expect benefit then, backlogs we gas In We some and third positive
the level increased quarter the challenges healthy businesses. since shortages supply were million, Our in Gross Sales at industrial highest quarter we moderate of as third the $XX.X did concerning same with to labor bookings virtually backlog and all the $XX wrestle million. XXXX. chain somewhat first
our and to of sales the and gross levels surcharge loan fixed to recorded $XX million Our margin controlled X.X% We on term in debt third and quarter pricing increased due forgiveness prudent PPP a spending higher lower quarter. and corresponding charges, management. during activity received gain reduction
narrowed gain, Excluding per to was the net diluted or loss the adjusted $X.X million share, $X.XX quarter the for EBITDA while $X.X million.
new forward We the growth addition initiatives, with continue to our well move including the as furnace as crucible. VAR XX-ton an of
in remain each While we fourth full take to XXXX. of in recovering the and challenges. want months, employees. persist we expect formal further year, over thank is through to and with my labor markets and the progress markets, move aerospace overcome We've Universal's the especially commitment those extremely to our are current rest some supply I determined powering in take challenges I remain all of through each chain challenges closing, I XX the confident and advantage With each of the make you of we That as Lovely, to together remarks. our of future. recovering our quarter concludes questions. we're of In many recognize past to ready and wrestled continued unprecedented into how
