You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: Yesterday, we reported all-time record quarterly sales from continuing operations and record second quarter adjusted EBIT and EBITDA.
These outstanding results are a testament to the dedication and hard work of our employees around the globe.
Second quarter sales were $1.27 billion, EBIT was $172 million, and earnings per share were $0.82, all significantly higher than the second quarter of 2020.
Strong year-over-year results reflect recovery in most of our businesses from the significant impacts related to the COVID-19 pandemic.
When comparing to the pre-pandemic results of second quarter 2019, trade sales grew 5%, adjusted EBITDA was up 9%, and adjusted EBITDA margin improved 60 basis points and adjusted earnings per share increased 12%.
During the quarter, we made two strategic acquisitions, expanding our capabilities and product offerings in our Work Furniture and International Bedding businesses.
At the end of May, we acquired a small manufacturer of bent metal tubing used in office and residential furniture located in Poland that has been an important supplier to our local Work Furniture operation.
On June 4, we acquired a leading provider of specialty foam and finished mattresses, primarily serving customers in the U.K. and Ireland.
The company, Kayfoam, is located near Dublin and has two manufacturing facilities with combined annual sales of approximately $80 million.
Kayfoam expands the capabilities of our European Bedding business and establishes a platform in foam technology in finished mattress production.
Similar to our U.S. Bedding business, this acquisition allows us to support our European Bedding customers anywhere in the value chain from innerspring and foam components to finished products, including private label mattresses, toppers, pillows and other bedding accessories.
We increased our full year sales guidance as a result of continued material cost inflation and sales related to the acquisitions just mentioned.
Increased earnings per share guidance is largely due to metal margin expansion in our Steel Rod business.
Jeff will provide more detail on updated guidance later in the call.
Your commitment, resolve and ingenuity allowed us to navigate raw material constraints, labor shortages and freight challenges to service our customers in a very strong demand environment.
Your efforts and accomplishments are greatly appreciated.
We had strong operating performance in the second quarter as sales have recovered to near or above pre-pandemic levels in most of our businesses.
Supply chain disruptions continued throughout the quarter, most notably in chemicals, semiconductors, labor and transportation, constraining volume growth.
While we are seeing incremental improvements in many of these areas, they continue to create volatility in both supply and in cost.
Given the significant pandemic-related impact to last year's second quarter results, my comments will compare our segment and business unit results to second quarter 2019, which provides a more meaningful insight to our quarterly operating performance.
Sales in our Bedding Products segment were up 7% versus the second quarter of 2019, primarily from raw material related selling price increases from inflation in steel, chemicals and nonwoven fabrics.
Volume was down in part due to exited business in Fashion Bed and Drawn Wire.
Volume was also lower due to foam shortages and labor availability, which continue to constrain the U.S. mattress production, negatively impacting component demand and our finished goods production.
Availability of chemicals used in our specialty foam operation improved during the second quarter, but at a slower pace than anticipated, due to supplier production disruptions and logistics challenges.
While supply improved, chemical allocations could persist to some degree throughout the remainder of the year.
In U.S. Spring, our planned Comfort Core capacity expansion is largely in place, and we have built inventory of Comfort Core innersprings to fulfill customer requirements as foam becomes more readily available.
Demand in our European bedding business was strong throughout the second quarter, but recently, we are seeing some signs of seasonal softening over the summer months.
Long term, we anticipate more growth opportunities in Europe with the Kayfoam acquisition.
Similar to the trends we've seen in the U.S. bedding market over the past several years, European consumers are purchasing more mattresses online and in compressed form, increasing demand for specialty foam and hybrid mattresses.
Adjusted EBITDA margins in the segment improved over the two-year period, primarily from pricing discipline, expanded metal margins in our Steel Rod business and fixed cost actions taken last year.
Sales in our Specialized Products segment were down 9% for the second quarter of 2019 due to lower volume across the segment.
In our Automotive business, volume was down over the two-year period, primarily from recent semiconductor shortages.
Industry production was heavily impacted in April and May with many OEMs reducing or completely shutting down production of some models.
Supply is expected to slowly improve, but we anticipate these shortages to continue through at least the first half of 2022.
In our Aerospace business, demand for fabricated duct assemblies is near second quarter 2019 levels, but demand for welded and seamless tube products is still well below pre-pandemic levels.
With the lingering impact from pandemic-related disruption in air travel and resulting buildup of aircraft and supply chain inventories, the industry is not anticipated to return to 2019 demand levels until 2024.
End market demand in Hydraulic Cylinders is very strong with the surge in lift truck orders.
However, global supply chain constraints and labor availability have hampered the OEMs' ability to ramp up production.
We expect our sales to increase as OEM production increases, but supply chain constraints in this business could persist into early 2022.
EBITDA margins in the segment declined over the two-year period, primarily from lower volume, partially offset by fixed cost actions taken last year.
Sales in our Furniture, Flooring & Textile Products segment were up 11% versus the second quarter of 2019, driven by demand strength in home furniture and geo components.
We expect strong market demand in our Home Furniture products business for the remainder of the year and into 2022.
In our Geo Components business, private construction and retail market demand is strong.
Demand in our Fabric Converting business softened due to the foam constraints that are impacting bedding and furniture manufacturers.
As foam availability improves, we anticipate sales to rebound.
In Flooring products, residential end market demand is above pre-pandemic levels, whereas hospitality demand remains well below 2019 levels.
And while recovery in Work Furniture lags the other businesses in this segment over the two-year comparison period, we continue to see strong demand for products sold for residential use and are beginning to see some improved demand in the contract market.
Adjusted EBITDA margins in the segment increased over the two-year period, primarily from improvement in our Home Furniture business and fixed cost actions taken last year.
Overall, the fixed cost actions we took last year reduced our second quarter cost by approximately $20 million versus the second quarter of 2019.
Across all of our businesses, we are focused on controlling costs by keeping our variable cost structure aligned with demand levels and only adding fixed costs as necessary to support higher volumes and future growth opportunities.
Spring to build inventory in order to meet anticipated customer demand as foam and labor availability improves across the industry.
In the fourth quarter, we will also take our rod mill out of operation for three weeks to replace the reheat furnace.
As a result, higher levels of inventory in these businesses are expected through the remainder of the year.
The inventory build and sales will likely alter our normal seasonal cash flow cycle to some degree.
In the second quarter, cash from operations was $41 million.
Higher earnings were partially offset by planned working capital investments to build and maintain the higher inventory levels that Mitch just discussed as well as inflation in the cost of those inventories.
With the expectation of carrying higher levels of inventory through the end of the year, we have lowered our full year operating cash estimate.
We now anticipate cash flow from operations to approximate $450 million in 2021.
At the end of the quarter, adjusted working capital as a percentage of annualized sales was 12.8%.
During the first half of the year, we brought back $187 million of offshore cash and currently expect to return at least $200 million of cash for the full year.
In May, we increased the quarterly dividend by $0.02 to $0.42 per share.
At an annual indicated dividend of $1.68, the yield is 3.5% based upon Friday's closing price of $48.03, one of the higher yields among the S&P 500 dividend aristocrats.
This year marks our 50th consecutive year of annual increases.
We're proud of our dividend record, and we plan to extend it.
Our strong financial base, along with our deleveraging efforts over the last two years, give us flexibility when making capital and investment decisions.
We ended the quarter with net debt to trailing 12-month EBITDA of 2.32 times and $1.3 billion of total liquidity.
Our long-term priorities for use of cash are unchanged.
They include, in order of priority: funding organic growth, paying dividends, funding strategic acquisitions and share repurchases with available cash.
For the full year 2021, we expect capital expenditures of approximately $140 million.
Dividends should approximate $215 million and acquisition spending of approximately $150 million.
We do not expect any significant share repurchases as we continue to focus on deleveraging.
As announced yesterday, we are again increasing our 2021 sales and earnings per share guidance.
2021 sales are now expected to be $4.9 billion to $5.1 billion or up 14% to 19% over 2020, resulting from mid- to high single-digit volume growth, raw material related price increases, currency benefit and approximately 1% growth from acquisitions, net of divestitures.
The increased versus prior guidance of $4.8 billion to $5 billion reflects a combination of higher raw material related price increases and acquisition sales.
We expect continued strong consumer demand for home-related products and global automotive along with some improvements in supply chain constraints as we move through the remainder of this year.
2021 earnings per share are now expected to be in the range of $2.86 to $3.06, including $0.16 per share from the real estate gain recognized in the second quarter.
Full year adjusted earnings per share is now expected to be $2.70 to $2.90, with increase versus prior guidance of $2.55 to $2.75, primarily due to higher metal margin.
This guidance also assumes fixed cost savings as a result of actions taken in 2020 to be approximately $70 million.
Based upon this guidance framework, our 2021 full year adjusted EBIT margin range should be 11.4% to 11.6%.
Earnings per share guidance assumes a full year effective tax rate of 23%, depreciation and amortization to approximate $195 million, net interest expense of approximately $75 million, and fully diluted shares of 137 million.
In closing, we remain focused on cash generation, while reducing debt and deploying capital in a balanced and disciplined manner that positions us to capture near- and long-term growth opportunities, both organically and through strategic acquisitions.
Daryl, we're ready to start Q&A.

user
compname reports q2 sales of $1.27 billion.
compname reports q2 sales $1.27 billion.
q2 earnings per share $0.82.
q2 sales $1.27 billion versus refinitiv ibes estimate of $1.23 billion.
sees fy sales $4.9 billion to $5.1 billion.
sees fy adjusted earnings per share $2.70 to $2.90.
sees 2021 earnings per share of $2.86-$3.06.

assistant