and Thanks, Mark. everyone Good morning call. thank for joining today's you
results, two our that discussing that start are highlight I'd encapsulate first there we themes As quarter our financial performance. key
and encouraged demonstrates is resulted very very past cost result, price input easing as by were favorable faced first the that success a have this spread. inflation, the price/cost The in addressing We over most it strong challenges in of our one pressing year. input manufacturers increases costs
positive However, was more lower offset and this theme than by volumes manufacturing challenges. very
strikes in Some site facilities. our from performance issues stem French
inefficiencies driven facilities. in Some US were our by
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so that these highly to indications to operations other performance margins. Several strong on input to costs. realization customer further activation reduction including synergies, of of the improving for our cost an initiatives and easing additional the sequential base EBITDA of remainder end cost destocking year the across but our that emphasize all want on we elaborate better to are will We price/cost focused through factors flows site point I positive
the believe year will quarterly expect growth see EBITDA and While We in macro half EBITDA XXXX many with of the quarters environment QX. $XXX path toward remains strong positive uncertain, we in second sequential beginning the fronts. exit we traction a million on
and driven are price our markets, the categories we destocking more within specific trends overall manufacturing our believe themes and would typically less of currently the by and broader we volume our within While into by end results go performance. trends deeper versus various cost,
with half we second favorability, from XXXX. continued input start strong the the versus nearly Let's momentum net With of of cost. million $XX price
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has through this also productive ultimately to was the with a performance I ATM landed Working unusual but we've collaborative seen environment been effort want that filled and in both right this customers price/cost highlight difficult, FBS. with place. in and conversations
remain reiterate can synergy plans I on that our merger track. Next,
the in QX. With million second approximately EBITDA and actions the of the XXXX, year in year realized half last in of were we actions early took versus savings $X prior
synergy press We potential. maximize to $XX and expect remains we February to increase that continue incremental realization case. to forward opportunities synergy to million in We said in synergy and identify realization continue of the long-term XXXX that our new
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chain. be SG&A the we actions synergies While realize current further our coming are focused procurement over of on bulk and will year, there the supply
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of current structure force achieving savings, our driving pressures While that real these deliver across a continue profitability the will we and long-term business decrease our to goals. are behind clouding acknowledge synergies, actions be cost the read-through
concerns proved easing supply to broad-based headwind more and we end conditions Moving to chain and originally first than led anticipated. destocking, this with inventories previously inventory the to coupled trend over that uncertainties. mitigate constraints chain unwinding destocking. It's quarter across Macro economic apparent be have of a built supply customer excess widespread is to industries markets
expected into the began contributed this and tighter first was year inventory uncertainties last half, have continue While management. late to even to increased
order that in continues of resume half. are to in be what to the pattern order unwind as the customer second that quarter inventory recessionary will this patterns carry more will second best second remains the half our limited signals Visibility implies the year. indications there conditions general, normal as of into In normalized potential the however and
In experienced we volume several softness, paper France. labor to in at strikes macro-driven engineered sites addition
production estimate facilities in lost $X issue, may was discussion, our February proposed lost but the We to were fully out. of be in there protested was of resulted you increase Mativ-specific sold recall across benefits periodic of a at impact which from heavily the legislation France This was volume As to the EBITDA. range in the retirement country. age not days that million
operational potentially shutting range the million several facilities. disruptions, in and restarting In dollars with of associated addition, additional there are down clearly
expect the impact With legislation QX. recently minimal passed, in we
contributing manufacturing. I factor France our to and clearly to that's in strikes Moving a results. mentioned the
resulted were call on However, US. that we plants overall in inefficiencies the our this quite We performance the mentioned results with in focus some our additional fourth and and our and that the quarter flow quarter we're of persisted disappointed production high-cost largest inefficiencies operating on the productivity, as in candidly, there inventories first would especially that through started at staffing our year. yields
legacy labor have sustainable particularly turnover associated two the and US seeing are is operational early improvements the Both our quarter companies operations long QX to though operators in and with expect a historical of We issues. or key recent levels. a may history traction learning of continue. another new But believe to this the curve cause efficient to take return in we
We generating issues. have to downtime and at certain production running remanufacturing been yields of requiring the lower correct waste more and products
were the quarter has when prior year are and volumes comparing tight given high. also for softened lay staffed was operators market were absorption and the to quarters, a we to been. recent hesitant how We off were volumes full labor higher plants when In
we depending something on that ideally down flex is demand. or time labor up Operating over
the could sword. than can skilled specialty nature in However, past double-edged to potentially difficult replace more a returns, reductions materials When years labor skilled be it labor. demand required make production
we what operators the been the from to have to sites Lean where pressing So Sigma company improve issues. are are across we most deployed seeing doing operations? Six
and already improvement assets better the of have targeted and specific accelerate throughout to seeing results expect progress, remainder we're year. the on productivity continue We to plans
reduction business. we the rightsize implementing demands near-term are expenses the cost with efforts additional of to and Secondly, operations
While results visibility a but the clear are measured limited, compromising improve volumes half taking priority without decisive actions we're to margins and is on business. second
SG&A, These maintenance, sequentially and actions spending and in are call. are incremental results turning controls an to profit second higher quarter discretionary on to reductions working our sharing existing labor, capital synergy the from and look on operations plans confident forward I'm include we standpoint and our corner tighter investments.
over the With to Greg that, XXXX. comment I'll to and quarter's on financials it turn review
