Thank you joining for June. Good morning us today. everyone. Thanks
the about results, we take I state quarter to fourth simply obvious. Before a talk would like moment to
XXXX dealing have unprecedented been year of recovering XXXX employees the many schedules, friends. the quarter just improvement progress our planning Because their our employees to continue continued their very of of without fourth we would and while a critical to as variance, and possible the in each a for pandemic the challenging Nonetheless, expect and progress commitment, we including to in not efforts all was this our families Our name for support also from one business of with long. in challenge of tireless COVID sequential the recover. year our year make all markets issues and of are with new further shortages, every XXXX quarter were up few. uncertain
included strengthening during sit $X and Business here increased million in Net sales at XXXX. behind So accelerate XX% XXXX, XX% production things. $XX.X surcharges. markets. importantly, driver third up quarter up surcharges recovery million quarter fourth we $X.X and end momentum alloy sequentially. quarter-over-quarter continued million in order aerospace is to of which of consistent or the Premium XXXX favorably our a before let's million, different based our a of to million achieved of Sales compared sales Premium about the of was and main million perhaps sales dive $XX.X of a sequentially. of upon growth fourth our the into were of couple XX% third high vacuum record-breaking backlog the And demand sales XX% in $X talk during with results. the We million quarter. melting company beyond. today for to new the continues The as XXXX the numbers. aerospace most in reached Taking net alloy record The expectations before XXXX, of quarter $XXX.X performance in this looking quarter. $XX.X quarter each deeper from sales compared
of premium of quarter sales. total fourth alloy More Our Gross of XX% entry of million or improved end of million. reflected at quarter $XXX.X backlog for consisted solid $X.X $XX order the the of million third record quarter products. fourth than order backlog consecutive in profit the to the the X.X%
XXXX recorded was XXXX's million, million while were charges XXXX of cost levels. given $X.X million $X.X gross no fixed $X.X charges million. or cost included a absorption of $X.X QX quarter respectively. quarter There sales fixed special loss Third profit QX X.X% was gross and and our absorption profit production fourth of
pricing reflects most a benefits, management, the melted levels, products, recent inflation, Jackson of initiated including number in production process last factors North record-breaking premium positive progress product number more Our our years. things. were offset targeted occurred. positive improvements offset of in premium positive melting mix actions to and quarter partially Generally things higher three production by These two the facility that over
a shortage labor compounded ongoing in continued COVID. by the First, manufacturers related spike was oil and to absences impacting
due XX% Omicron. experienced daily since to XX% Specifically, Thanksgiving, to have we call-offs
it the situation improving. appear does is Fortunately, slowly
we chain project raw of a timely MRO within range and supply parts melt which And services hot shop, receipts, three the in and transportation alone a mill planning challenged the experienced quarter transformer scheduling or critical sales. outages by reduced These unplanned plant. of delivery $XXX,XXX issues basic X.X% gross lastly, Secondly, operations. capital and completion material Oil in reliability, freight, functions the fourth entire profit and of our outages Bridgeville company.
been than fourth year. XX% $XX.XX far year. have lastly, XXXX's run $XX.XX XX% XX% $X.XX at reached a pound. to a XXXX another this December you $X.XX all pound, during nickel so and on jumped during Molly at as $XX.XX of the morning. per of respectively. scrap and XX% Vanadium pound most was in And quarter, by XXXX, As and reaching doubled chrome and more increased per bull XXXX almost Compared commodity increased has prices up in on know, XX
services. these operating costs, to consumable maintenance inflationary plant and In supplies, pressures continued for addition major parts material other
material these a improvements, base combination and We price of raw productivity through increases will address surcharges. issues
to the selected at XX.X% XX.X% Towards $X and third announced XXXX but million, expenses selling, the this remained a level four quarter in general January of of effective third percent quarter as on of and increases declined Fourth in XX. end, administrative quarter. to implemented sales base with additional price we products an X% increase sales XXXX price XX% versus
at We expect for current remain few next SG&A the levels quarters. expenses to
back The of and XX.X%, includes pretax our XX% and tax XXXX gain benefit add a offset of partly XX.X%, stock benefit million. loss, for research rate forfeitures statutory Our quarter pretax a stock on expense forgiveness the $X.X $X development for rate a rate, option forfeitures. effective was by credits, option a fourth reflecting from The $X.X driven by million million due share, of us to is and loan effective we the tax changes rates diluted forgiveness per loss deferred In included PPP per tax quarter, million impact quarter brings third a loss the of which in Payback That the $XX down or the for fourth XXXX net of Protection million to $X.XX $X.XX $X.X Program the recorded income gain balances. or net of a million on of tax XXXX loan. $X.X of share. diluted negative
net per PPP and the quarter deducting million XXXX or cost XXXX third $X.X $XXX,XXX $X the $X.XX fixed of million was share. gain, were loss pretax the was in quarter $X.X net quarter and settlement. or third $X.XX claim quarter In the $X.X fourth diluted absorption of XXXX an EBITDA per the charges million as There diluted insurance was the EBITDA XXXX, loss share. $X previously fourth compensation Before adding million for mentioned. million after was for adjusted quarter, and stock-based fourth in
test work rising and involved reflecting the $X.X in products operating process in or a increased position. Managed the million The $X.X $X.X reflects backlog, in X% and this million production to commissioning supplies. inventory, particularly million The material $X.X by along material quarter, of orders. increased materials and reduction to reflects commodity at in a our with prices. premium a our test and new raw million of $XXX.X million an increase work for million reduction this during $XX.X has sales furnace specifically, capital all million applied More during offset quarter. financial passed growth testing in our increasing point increase is on reaching arc an being million, $XXX.X the growth $X.X and in to inventory working process crucible. customer vacuum Virtually by Moving now remelt XX-ton for in
costs the vacuum sales operations. in in inventory chain increased While premium we XX-ton was am Accounts purchases growth advanced shape. induction was material quarter very unchanged from up. spend state-of-the-art of fully million caused for remelt Depreciation third previously. $X of the as a by material supply quarter million that mainly Most commissioning to we and and melting product third from heavy first into protect to quarter $XX XXXX in discussed $X.X target our are in arc by XX-ton million totaled of an arc to spend in capital furnace about spending projects. crucible potential integrated $X.X the X.X% is million being very The capital exactly totaled raw failures. XX% vacuum operating for $XX.X for or the or after facility support for final now commissioned premium production, the Fourth are million, the addition raw to and all and furnace during receivables Fourth the in quarters remelt our is ramp continue further to quarter stage two receivables to carrying growth The report Days strategic the and million. $X.X pleased outstanding quarter. vacuum the decreased installed, capital great reduce have to I a million smooth campaign. the to $XX.X remained quarter. XXXX million crucible to of products operations amortization $X.X year-to-date due from still $X.X on bringing reduction prior payable sales from million, we
We vacuum for million pleased for stood slated XXXX ramp remelt September premium our today $XX.X debt strategic was under second our capital year-end, the $XX million of of are in Board are Total working at of liquidity Total spending at technically ongoing arc in million ample $XX.X growth activity. operations is and XX providing million, managed support gross more alloys. most also increase increase initiative This The our of availability an furnaces, will additional for revolver in the to advanced that has $X.X acquisition authorized begin accounted XX. of $XX.X XXXX. than announce in plan part and the the capital from which two the of to million increase. quarter at December
markets, look end our at with beginning market. a aerospace, take let's largest Now
sales of XX% of in quarter. quarter total of jumped quarter aerospace $XXX.X the from XXXX. compared $XX sales in million sales XXXX. of XX% Our in third to and sales with or Aerospace aerospace the XXXX. in million $XX.X million XX% fourth Full of XX% increased $XXX.X sales XXXX were from sales fourth million XXXX and $XX.X year million or the XX% up
we early are while So improving, to market XXXX and is not our back levels. XXXX
sales and the the Airfreight in future and X,XXX. delivered express Major at planes similarly shape, XX% were activity, in in used activity based up travel remained XXXX is reported and Business is spring build takeoffs and growing Boeing bookings Boeing for of in of low. spending and improving better-than-expected directive in general and airlines traffic expected the Airbus jet increased X.X%. for deliveries, upon increase the Defense is X,XXX XXX strong cargo are strong aerospace highlighting XXXX MAX, through Gross supply our and related an increased Backlogs increase of to in markets. retirements plane a demand. any at with commercial landings data quarter, very issued of A and to e-commerce rates. already return equipment positive with chain for fourth pull market remained expanding China versus quarter near couple our We forgers of sales travel in to XXXX. with digit deliveries fourth XXX we based growing growth Airbus metal XXX to single are The our rework, higher Omicron craft out and market quarter inventory summer spending the fourth XXX chain on orders the is freight Boeing airworthiness increasing aviation. and points demand metal more XXXX bookings feel in step service in a still offset Airbus at supports for and fueling TSA doubling parting grew consider. with at the and the XXXX, from critical increased in increases in increasingly freight these areas. positive XX% see lean our recovery XXX. outlook sectors, versus second side finally, XXX into good as an ending and issues. is the the gaining XXXX. potential Certainly, prior We everyone perhaps and XXX backlog pent-up largest in in a and for XXXX new process defense travel. accelerating than outlook. traction on market move will strong deliveries However, heavy the some planes. consumer the And for planes headwinds trends, XX trends business planes aerospace periods. versus even XXX% return healthy in supply in aftermarket the
quarter reported and some of $X our sales $X.X demand remain automotive million market. sales year were and supply XX% and the million, sales macro prices sales. sales our Full and sales retooling million as demand on quarterly reflects the XX% Specifically, higher Based end or describe fourth XXXX. of due Schlumberger to market which largest heavy XX% $X.X quarter the in with in and of XX% high of sales markets, to Hughes than tight with combination of equipment XX%. steady in and bringing rigs XXXX quarter year drilling oil step-up our and a fourth and quarter XX% that sales and and million, the by prices along and recovery, we in natural fundamentals forecast were citing in prices an the XXXX over oil from of third The oil higher supportive recovery driven highs The spending strengthening rig from part market XXX totaled XXXX. very was production Oil seven in gas the sales assessment as rose. XXXX gas third XX% even industry X.X% are counts sales Full full continued off-road at another year than is gas XX% drives heavy remain the a Schlumberger for lumpiness. fourth in sequential Oil of stage increase activity in activity. strong up quarter, manufacturing, international growth increase of both North or ahead of bookings XXXX our increased offshore represents market XXXX. rotary industrial rose favorable industry vehicle activity. drilling year with week, of XX% in drilling the in gas and level Metal equipment higher increasingly sales and Baker oil U.S. to the increase soared up heavy Last the prices. quarter model in expects by market gas XX%. were of slightly or XXXX agrees America, capital And our the XX% equipment setting or sales new up which fourth oil with than XXX from year, typical XXXX, same pickup the past the is international rig customers, continued counts while $XX at expect total counts by were Taking XXX up XX% fabrication to quarter the counts year-over-year, in U.S., up fourth over look closer equipment heavy were rig were while strong third development. and rig a period. XX were land-based an
supply our more parts for metal. production equals and For gas equals more the more demand oil chain,
totaled continues through the we excess pickup market sales very the sales XX% in quarter last and some a third in Full $X XX% channel, and be million X% some XXXX. we to quarter is as market there XXXX XX% year than of actually this we sales in week. but which industrial gas earlier lower from XXXX, nice year. inventory sales oil of orders than $X.X General expect were our of move lower booked fourth the or up million, While
another X% made production should XX% $XXX,XXX in U.S., are from year in being leading ramped sales record million semiconductor general fourth the and or up in increase from of general chipmakers, of $X.X by the quarter increased which sales year investments XX% in Full Power the Major reasonable to of sales, third Our benefit ago. sales accounted were and year includes quarter of up the markets. we sales coming Maintenance or fourth a customers. general an November. power in sales. The to of in XX% industry markets sales and most is our and than semiconductor, manufacturing chip Overall, manufacturing unit recent off industrial volume with driver through generation to was strong is years market XXXX. opportunities expect shipments the industrial medical the lower quarter our gen has $X.X our which demand main for sales. XXXX million, sales X% market
term, tag gas on reports We XXXX least to digits. Longer effect expect abundant century that while the there's the the turbine latter major XXXX through single the OEMs. and although growth be industrial case to well. benefit from at as recent part net market, increased the in zero of continue some discussion mid have industry anticipate on emissions turbine gas what will we at in backlogs
So alloy $XXX.X received of and we let XX% as Business me XX%, summarize. in X.X%. a sales margin come of and of back a fourth well million quarter sequential the sales to including growth backlog record gross continued premium higher as
narrow XXXX. the aerospace Recovering and to in in from business continue of with of XX% was quarter main further with the to up also Boeing and fueled point reports schedules deliveries, quarter aftermarkets demand freight our topline loss. orders and driver from bottomline growth recovery fourth XXXX. nearly The aerospace XX% demand the third We combined jets our latest at and growth build world, in trends travel the on Airbus sales
the fourth in Our is sequential also sales coming markets balance quarter our growth of year. each the for included and positive increases end in in the outlook the
strategic VAR, will an begin and our in future, furnace and continue In costs additional XXXX. doubt XXXX capability we chain to and lowering remelt, achieve is shortages issues, arc to sequential in labor crucible from to each improvement of expanding challenges no supply will immediately. vacuum in the and our investments related plan there that quarter we XX-ton with looking and While be presented
has expand acquisition approved Board additional vacuum of Our further remelt recent arc approvals. on customer will our product which now two the based portfolio furnaces,
ramp as and Our strong operations the remains balance up future. we sheet invest in
adequate rise, the future. employees I our some them. none possible liquidity backlog, is resilience with fund Our investments and record-breaking to want activity be my levels grateful Board, target remarks. repeat in our are sales sincerely remain the our all working will growing of to take without to support I capital add concludes we consistent our That and questions. position of formal dedication customers accomplishments shareholders. to and the ready that of Carmen, as of needs and just
