Strong Diversified End Market Sales
Diversified end market sales, including medical, aerospace, and defense, were up 13%, driven by organic growth and the SyQwest acquisition. These markets comprised 55% of overall revenue.
Aerospace and Defense Growth
Sales in aerospace and defense increased 34% from the previous year, with a 6% rise excluding the SyQwest acquisition. SyQwest contributed $4.5 million in revenue.
Improved Financial Performance
Adjusted EBITDA improved by 250 basis points sequentially and 130 basis points year-over-year. Adjusted diluted earnings rose to $0.57 per share, a 30% increase from the first quarter and 7% from the prior year.
Strong Cash Flow and Liquidity
Operating cash flow was $28 million in the second quarter, with a cash balance of $99 million and long-term debt at $88 million, providing good liquidity for strategic acquisitions.
Industrial Market Recovery
Industrial market sales were up 5% sequentially and 6% year-over-year, with bookings increasing 22% from the same period last year.