Good joining for Thanks, everyone. us today. morning, June. Thanks
negative particularly in the proved impacts quarter frankly, than business. The third of more challenging, favorable and challenges to our be these trends the offset underlying
the solid, start demand quarterly Let highest aerospace remains a main major par driver. on side. record. and third million items on with $XX with marked the second Bookings the me on the order of plus was Robust strong intake quarter
setting of near $X sales remaining alloy XX% pace. on record were premium Our sales, or a million
metal alloys up XX% $XX arc have new last operational. been and repairs electric shop to All from million cleanup is to quarter of record completed the Our in of $XXX.X reach backlog, liquid XX% second million, the a backlog related and spill quarter. our XX% total including or premium increased
Our capital as proceeding is program planned.
due factors; test our shortage in of late these chain residual shipping. necessary cases second operational sequentially lower spill flow, to late quarter; which combine the with financial XX% product outweighed third products. key agreement we of being facilities; quarter portfolio disrupt in in in North growing short, quarter our vacuum COVID XXXX. remelt progress product spike three last more below product needs We reduced at the furnaces supports in to Bridgeville melt in the at the line to unfortunate ongoing The our lab be premium Dunkirk shop and In curtailed September, made. at additional scheduled advanced, our are production adding the shipments to expand are credit challenges and from outages in productivity in for certifications the quarter challenges third effects was liquid reported backlog. investment labor testing intermittent with an interfere volume second resulting expectations. our technologically Jackson, arc our two In to strategy flexibility the third amended We and increase production the the Unfortunately, plant driven week morning, metal final our the announcement this and and which funding our supply as and quarter factors shipment by higher-margin with gains
pre-tax. quarter sharp values revert resulted negative product decline approximately and commodity during totaling a prices in between surcharges, costs the Additionally, million material in misalignment a $X.X
sequentially. that We million through those income quarter. our estimate Let’s third in a XX% were not disruptions. ship lower which $XX closer the the sales for look challenges due at $X.X million, is flowed statement take did how to Net quarter operational
of year period $XXX versus the up year-to-date of third sales the On and last the hand, same XXXX. XX% were sales XX.X% net are other million, up quarter from
premium XX% accelerating million represented alloy X% activity. growing million misalignment see growth $XX expenses million premium from as million by between quarter and spill material in order program, $X up reach after rose the operating quarter, of approval in surcharges from of X.X% and total to sales XX% $X year-to-date book evidenced sales sales. third Gross increasing sales included and from or margin or alloy alloy down of sales, grant and year were million a received to costs. XX% the $XXX,XXX under XXXX effects Premium ago benefit we our quarter market sales. the XX% Third to related but and in Despite slipped AMJP the OEM quarter negative in challenges, third the $X.X of were total lower jobs and $X the second the
million quarter margin million the net XXXX of share million or benefit gross $X.X AMJP liquid in a sales, loss $X.X the metals XXXX The $X.X or or costs $X.XX by offset in X% related including per second of quarter. was third spill. loss program, $X.X to Second quarter versus diluted $X.XX million $X.X a million share was for per
Third $X.X $X.X adjusted million million. quarter totaled EBITDA EBITDA and was
increased XX%, third few in $XXX Let totaled quarter. million inventories $XXX we process XXXX Managed while quarter. of second were go the a over June XX, on or inventory, impacted was million of arc $XXX the line Steve’s electric million capital in XX% Total me with reduced add the report. at versus to on inventory material before million $X XXXX. million our Within melting financial position of points quarter $XXX working XXXX end end inventory about September the as $XX doubled work spill production or second the raw million at XX,
million the announced growth. an of XXXX, was million and credit sequentially. $XX to at debt expansion we and liquidity fund in premium expenditures in approximate provides which $X capability product amendment of a agreement, million, $XX.X on Jackson North to fourth up quarter, facility. million the we for to end were capital $X to flexibility added our our of Third to our quarter Subsequent Total quarter, XX, the million the million $X mainly expect total September CapEx $X.X
the for declining from a production quarter as double-digit, surplus. in of commodities between appears largely quarter, end Prices of to turn result all price on into used XX% XX% from schedules. the down. mainly in moment. quarter XX% the virtually Nickel me of operations XX% ranging to to have drops the commodity a our moved September. drove down were carbon commodities was Other and surcharges order significantly reduced mill almost the second fell Let most XX% during of reductions third June scrapping with commodities and Falling pronounced prices
further see Looking December. at we in relatively stable October in trends, with November, October decreases and surcharges
spill operations as may shutdown melting we to second operations, to in the liquid up our and in cleaned seven-week Turning metal caused arc repairs shop quarter electric a of Bridgeville.
to our an Our sizable team melt meet fell of job and outside creating the than excellent by in our XX% during over did rather rapid a hole shop front securing Nonetheless, the growth, quarter, backlog recovering manufacturing production increasing supply. second production system. ingot
increasing consumables. flex chain quarter two production being operations a up supply month and melt flowing smoothly product higher parts quarter, to and being downstream Third the with rate. of are sufficiently doubled, labor shortage at the issues key unable -- the These obstacles keep every obstacles to but we two
ago our four a perspective, a for have have we XXX year and need employees. workers locations. This we hourly currently some to about compares currently XXX For at about XXX
are We contractors. in and that report course. in expires Discussions due and should am on and parts. said, labor we I are are a Supply chain Since unplanned rolling pleased and applications we are ongoing October That contract currently on continue Labor progressing report as with in improvement. to increased resulting Day, lead wait addressing times that we recruiting, the negotiating also workforce. deliveries long a can outages Dunkirk, portion XXst. issues, outsourcing and onboarding, specifically which of have I mention developing the focused increased shortfall training we for unreliable
For time available furnaces example, of all first the a for are in production remelt year. over our for now
is fleet in better shape. equipment mobile much Our
quarter. along new begin initial will remelt we parts have seeing progressing where future Equipment of the in quarter opportunity still the products from heavily scheduled second scheduled facility with within disruptions growth from first and as the is are and purchased with exists approvals. repair minimize future the of issues. are Construction in premium expected in furnaces XXXX supply to deliveries vacuum-arc today remelting We chain to growth budget. These testing support our spares
largest from shipments. the XX% end Let’s with sales Aerospace the beginning solely impeded second totaling down to turn our represented our production aerospace, market. quarter to that XX% markets, million, due of $XX sales, obstacles
the quarter the Third third $XX in demonstrating year year sales of the aerospace basic the market. aero than XXXX months The in seeing are quarter four driving period are turnaround the nine and aerospace first XX% areas. a were last versus fundamentals we same increased in the million ago, ongoing strength XX% to higher
XXX%, levels. XX% up levels. travel remains reports growth of First, me, excuse International increasing year-over-year, XXX% jumped air travel, air reaching IATA XX% XX% about -- XX% below pre-COVID pre-COVID domestic but --
growing. profitability is Second, airline
to For example, jets. through from third Delta versus a skilled for only shortages margin. specialty MAXs labor, pilots revenues XX. double-digit airlines United The be record caution seems seven promise material a Again, through operating delivered and quarter, shortage as to of well August, reported and XXX as recently only the short-term growing of a Boeing example, has
the to by in Third, MAX curve been getting They of half struggling of production deliveries month to year, stabilize and meet and hires end have experience production to goals. due availability. these to rates struggling engine but up to the XX planned constraints, to struggled is are the goals. per meet and XX% the build Boeing XXX sets supply new increasing. they have XXXX They are these first increase
third but least, -- training to Boeing with certification XXX current airplanes, total XXX third is XXXX up the to jets unfilled orders deadline in year-to-date. to year’s a increased by situation increased demand to allies, higher orders September, defense U.S. XX bringing XX% orders year-to-date. totaled for of Business new readiness of The in to usage XXXX, spending. order with alloys production, Another -- XX% for assumption with by XX closed spending higher And years activity be September delivered Ukraine XXst FAA Year-to-date net strong defense orders spending. X X% upon from defense jet was reported its the planes another U.S. At X,XXX XXXX of forecast, XX year-to-date a XXX of XXXX. net of replenishment deliveries X,XXX the also backlog up Airbus, point XXXs orders. XXXs, Boeing December almost -X while achieving with and years increase would is year. somewhere production from aircraft, this depending XXX from and -X all of in to challenge of plants. quarter last that expected equipment XX facing including projected net last deliveries September not quarter planned and Boeing eight and Airbus is new were X,XXX which is XXX. the between rates. net -XX deliveries booked has gross XXX statutory
the just customers, will with and second of it’s good that at who to sales end sales, the hear forecasting third notwithstanding recession market to we XX mild equipment the sales. The target totaled off OEM the the low inventories especially heavy issues summarize, COVID model the mitigation at Fitch last increase for supply Year-to-date That demand for lower amid oil concerns aerospace industry at for the automotive. pandemic. fabrication XX% current to or electric versus with Dealer only about. even U.S. production bought are defense of key the sales our news our drives sales That’s our in Meanwhile, and end customers million year. the in as That’s remain already commodity or XXXX. days before fact quarter the days end quarter equipment lumpiness XX% some than third market U.S. the market, third XX% and good quarter shortages. and trends quarter the are are second The So XX% recent for of sustained of remain still of prospect which recessionary for of of that we us. changeovers and due example, of possibly in remained levels heavy the measures production and year prices. third $XX saw especially vehicles. next in hybrids sales heavy economic third quarter XXXX, heavy largest continuing, Ratings, supply continued at the volumes is million levels on XXXX XX below or levels in concerns including demand from chain a Metal quarter equipment $X.X second cautious said, quarter assuming component XXXX also news at is compelling, be of of based
million As downgrades from sales a sharply by with $X.X since shipments next to continues over oil of demand million end remainder in third largest several to compares The and The in forces or IEA million in with oil of XXXX. to the market growth this equipment few to helped curtail That the supplies. market year equipment by was we sales signals. global modestly highest were gas $XX.X expect of are heavy recently recover oil third XXXX continue next GDP has mixed and or expectations their multiplying our derailed through of demand. the quarter oil oil been that the as sales result, further XXXX. supply the market second European for industrial Meanwhile, noted $X.X to quarters, up plan disruptive OPEC+ market trajectory the of XXXX, year due gas XX% with X% same X% period has and send Year-to-date in countries. gas of oil the market of growth of reduced sales. recession when were outlook sales and been the of quarter
rig market expect continue is XXXX, the rise. XX% through count XX. up the other create were investment out an of the as improvement move second quarter fourth increasingly demand on service general and and Based XXXX remain fourth current on up from in redundancies the double-digit The spending. in increased upstream an despite to urgent Schlumberger XXXX rebuild third X% quarter became $X.X outlook Year-to-date customer’s Baker our that from our international largest a is spare XXXX. perspective. while we increase Schlumberger challenges, the supportive the of the modest of remain of capacity. that economic upturn and prices industry On Baker hand, oil gas inventories sales, they underlying believe up global see the to On Hughes a sentiment supply counts called and multiyear rig Meanwhile, need constructive for factors recently increased and same $X.X rebalance or XXX of sales October quarter from markets, feels and gas in in and the and Domestic balance, fundamentals activity quarter for from million. for market our different million XX% and oil bullish sales X% the of natural backlog, XXXX. into we third to of with industrial the
the manufacturing Our general includes to equipment industrial market sales markets, semiconductor markets. medical especially general and
was last second and we to for expected hit XX% computers. quarter reduced that as general third exceed sales. consumer a our increase target evidenced in sales the we personal quarter call, said, and industrial despite we XXXX This achieved On smartphones by demand
sales from XXXX. In semiconductor decreased fact, of industry that only and in year-to-year slightly Association August the Semiconductor global X% Industry July reported increased
XXXX. be general in or Power we totaled from quarter our sales. sequentially, third but were for turbines for industrial XX% continues account up used year-to-date. gen Power in sales quarter, fourth as range is expect level. our generation which in industrial million of $X.X same the up market quarter, sales at gen Looking of electricity X% XX% most XX% third Demand QX’s down of the to healthy sales generation the sales power to gas maintenance of
solar approximately year. wind, of on in is electricity the electricity and come gas fuel October U.S. report estimates Energy U.S. forecast natural Information will XXXX XX% increasingly to from U.S. their next Administration that and While the XX%
seasonal varying now. my over fluctuations. a years, demand That remarks concludes expect coming the we result, As with for sustained although maintenance
dive for performance. a financial deeper turn into our it me over Steve? Steve Let to
