good joining and morning and everyone, Thank for thank our call. you, you Jean-Michel,
bridge. our shows second-quarter Slide earnings X
in guidance of we which earned in with to $XXX of our Jean-Michel line EBITDA $XXX quarter adjusted million. million stated, As million the $XXX was
due North different our discuss and on in versus less pulp few quarter lower America first and prices. I Volume prices lower by mix and outlook, decreased one changes EBITDA. America area $XX next more Latin discuss Europe, than slides. favorable significantly and let's adjusted mix was this Price was to the the the million about paper So the in global that will
costs cost higher energy, increased major Planned in other Input million increased four to by the by primarily outages economic million fixed chemical, maintenance and costs by transportation unabsorbed costs. improved million and increased as driven favorable $XX we in quarter. due outages' $XX new driven downtime. by outages Operations costs million, by first and transportation $XX $XX versus conducted
which industry demand central In our to are next projections our volume and revised slides, I'll discuss our few outlook.
few a spending worth it's So minutes on them.
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half first representative show The over last versus the bars of for of first demand. for on bar We demand XX bars XXXX. this demand the to half of versus demand dark the lighter period. the the regard prior The demand the over apparent XX-month months lighter be the more slide XXXX shows
orders commercial first some North year. surges in in some experienced freesheet levels. to built European demand In half in slow a normal impacted well the printing, inventories uncoated time, began pulled for entered and above this freesheet recession, on as freesheet same America back America economies Europe the of and and This contributed the direct and XXXX, second imports uncoated which of uncoated North advertising, companies down half customers mail recession. anticipation reduce of At to
their inventory paper in customers believe using XXXX, were buying than paper they're reducing that show buying, in were region slides The in data summary, more freesheet than to context provide demand next significantly. demand and trends. In they're few uncoated the using regional more XXXX, they by recent and other words, we
Slide move X. Let's to
to look Europe, the full-year on demand Despite years. is demand annually the the similar four declined X% long-term at trend significant last swing, average, Let's the first, industry over trend.
expect year as are inventory averages. of now lower customers Europe targeting We channel many inventory the historical end by of corrections levels than our completed to in be the
we For the European due expect the to balance slower demand of weak economies. the the to year, remain
on a may one will and of XXX,XXX-ton XXX,XXX-ton and to to our supply, paper respect in the in lead Austria freesheet start permanent shut This in in continue put price down another mix announced changes pressure the and uncoated process volume permanently With that machine to of recently shutdown mill Germany. Europe. producer producer
the picture. turn freesheet America's North discuss uncoated Slide Let's X demand to to
declined average, on years four close also demand demand long-term the per past year, North industry X% trend. America the at Over to which is
We expect end of to the by be corrections North the America quarter. largely completed third channel inventory
more The the grew time appears economy advertising than were recently many U.S. U.S. spend first expecting resilient a and nearly in for year.
one to trend demand in the changes supply, in paper this Assuming we expect continues, mill competitor year. freesheet uncoated a down half May. to shut improve would XXX,XXX-ton in the With respect second of
We the have new of gained a that we started as result shutdown. business permanent supply to
Latin turn to America. to XX Slide Let's discuss
four which than Latin demand long-term trend. the industry slightly was uncoated is years American demand on better Over the past freesheet average, up X%,
being you than very half. As Latin see can a America second on slide strong the seasonality with this half pattern stronger the has first
America. lower were throughout Latin a we also XXXX expected, bit than customers demand adjusting half their First inventories as was
uncoated turn demand factors. our views XX four The by first-half were freesheet to declines North to driven on Let's summarize European America Slide demand trends. and
in completed in two, normal now corrections expect and the first to to in North Europe. America in the quarter these the be may as and Europe. you one, in returned fourth in channel XXXX surge and the imports the Number We second United significant corrections. States in third quarter Number know, quarter levels inventory by imports, the quarter
some a Number three, in in reduced U.S., advertising recession. of anticipation
economic economy many in slowing are the low many number than And continued growth Europe, be to -- continued in we As expect has economic and finally resilient four more recession occurred expected not expected. Europe. than the growth
review let's quarter to XX Now to Slide turn outlook. our third
Europe to prior adjusted and million price pulp realization $XXX decreases paper and the third-quarter decreases to to across $XXX for of price $XX EBITDA reflecting project We primarily decrease million. globe. of expect in million mix the $XX million by price We deliver
volume $XX volume seasonally We recent new improve expect we've in stronger by America. and million $XX Latin reflecting business America North in and gained million to North America to
and customers' Operations to our other $X due million to costs are projected costs higher primarily fixed supply to increase million match we $XX unabsorbed continued by to to demand. as
by $X.XX expect Planned in operating adjusted million. maintenance transportation by to share. decrease improve $XX million We $XX projected and $X.XX are project per trends with costs $XX chemicals. input fiber to We million favorable and to to earnings of outages
XX the to now our demand to XXXX review project year. revised outlook. annual of on million for the turn to EBITDA Slide slower-than-expected $XXX full million Let's adjusted $XXX Based recovery, we
This favorable operations working million We and cash unabsorbed offset This and $XXX to and adjusted mix by costs. million. costs estimate favorable in America, revised input capital. other Latin and lower price significant lower higher Europe, downtime volume lower now reflects outlook economic EBITDA, flow cash Europe in transportation fixed favorable $XXX less project cost, and in revised and reduction and and America, reflects in free North and of taxes
story. on generating cash a focus flow to flow continued cash remain We and
our revised committed share $X we $XXX outlook this importantly, about $X indicates per free and flow shareowners cash to remain year. returning million Our cash continued to to of strong in
XX, Let's Slide please. turn to
a shareowners, cash create maintain balance We will in by our substantial value and strong reinvesting to sheet, to continue business. return
continue and to will acquired reduce debt we've amortization. We
and $XX to in to will credit dividends in we limit returned million agreement, plan million in be which increase shareowners. first return deposit million year, of our to we We returned escrow million than $XXX $XX versus in XXXX. an of will share the half XX% more already us In allow $XX about have this $XX million repurchases
you. back to it turn I'll Jean-Michel,
