Good day, and welcome to the Sypris Solutions, Inc. Conference Call. Today's call is being recorded. At this time, for opening remarks, I'd like to turn the call over to President and Chief Executive Officer, Mr. Jeffrey Gill. Please go ahead, sir.

Thank you, Nick, and good morning, everyone. Tony Allen, and I, would like to welcome you to this call, the purpose of which is to review the company's financial results for the second quarter of 2022. For those of you who have access to our PowerPoint presentation this morning, please advance to Slide 2 now. We always begin these calls with a note that some of what we might discuss here today may include projections and other forward-looking statements. No assurance can be given that these projections and statements will be achieved, and actual results could differ materially from those projected as a result of several factors. These factors are included in the company's filings with the Securities and Exchange Commission. In compliance with Regulation G, you can access our website at Sypris.com to review the definitions of any non-GAAP financial measures that may be discussed during this call. With these qualifications in mind, we'd now like to proceed with business discussion. Please advance to Slide 3. I will lead you through the first half of our presentation this morning, starting with an overview of the highlights for the quarter, to be followed by an update on the outlook each of our primary markets. Tony will then provide you with a more detailed review of our financial results for the quarter. Now, let's begin with the overview on Slide 4. We’re pleased to report that revenue for the quarter increased 12% year-over-year, driven by a 26% increase for Sypris Electronics, and a 5% increase for Sypris Technologies. We are also pleased to note that this topline performance was achieved despite the impact of material shortages and supply chain issues that continue to challenge our business. The headline for the quarter, however, resides with the amount of business commitments the company…

Thanks, Jeff. Good morning, everyone. I'd like to discuss with you some of the highlights of our second quarter financial results. Please advance to Slide 13. Q2 consolidated revenue was $29 million, an increase of $3.1 million or 11.8% from the second quarter of last year, with both segments contributing to the year-over-year revenue growth. Consolidated gross profit was $3.8 million for the quarter, a decrease of 12.3% from the prior year, as gross margin was off 360 basis points at 13% for Q2. Margins dropped in both segments, as our revenue mix shifted, inflationary cost pressures increased, and additional costs were incurred to support our growing backlog and projected demand in the second half of this year and 2023. Revenue for Sypris Technologies increased 4.7% to $18 million for the quarter. And gross margin was at 11.9%, down 270 basis points from the prior year. Production in the Class 8 market at the OEM level, continues to be impacted by supply chain constraints unrelated to the availability of drive axle shafts and other components we manufacture. This, in turn, has trickled down into our shipment volume, as our customers adjust their inventory levels to align with demand from the OEMs. Current forecasts for Class 8 production this year indicate a 17% increase over 2021. Class 8 backlog currently stretches into 2023. And while ongoing supply chain issues appear to be easing somewhat, OEMs seem to be cautious on opening order boards for 2023. OEM daily build rates for the second half of 2022 are expected to increase approximately 11% from the first half of this year, which could ease some of the pressure on our customers’ inventory levels. On the cost side, we are also experiencing some of the inflationary pressures that are being felt across the economy. Prices…

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.