by are and Thanks would morning overall, as like to customers performance start with David, market industrial continues our executed a expectations saying we that choppy, to their We continually everyone. I in our what orders. pleased their quarter. in be was environment the good and well and adjusted
customers demand Over industrial we our progressively in weaker saw global the of quarter, course most the end-markets. from
from of $X.X including neutral, billion, were While currency our sales up quarter second largely Nexeo. reported XX%
the Our estimated currency reflecting neutral pro demand. down forma lower were X% sales
spending, within of we the our conditions disciplined those growing and like do our with Univar the in Nexeo our organizations. the from and of We capturing to most the what strength sales we continuing remaining combination treasure intensely So did market control, like notably, valuable these. always chest build factors and force focused legacy on synergies
in integration net and income and reported This we GAAP the share $X.XX prior acquisition. Higher spent to resulting of share quarter, the along headwind from count was for related in In the line with transaction the expectations. an Nexeo our addition second costs more $X.XX share. of $X.XX per than share with million and million or conflict year. the per which the $XX Nexeo, reflects earnings offset of FX higher $XX.X Adjusted quarter count compared stock was included
would metrics EBITDA, on on remind metrics. Last dollars, return from cash of focusing debt six discussion gross these the by profit adjusted frame performance you synergy we we capture capital, and quarter, flow, are: key integration. key our leverage To you, told
quarter. on these the Let each me second you now update of for metrics
gross neutral expanded our dollars. XX.X%. to margin basis million we by basis, points First XXX On grew and dollars gross to XX% reported $XXX profit currency metric, gross a profit
to As David explained, year, our excluding Ag dollars equal to profit last effects despite synergies estimated in Canadian about pro were forma gross sales. lower
Second metric, EBITDA. adjusted
sales. neutral, management and cost of currency. Adjusted Our $XXX forma year Our prior the EBITDA profit, in gross margin second about from despite synergies quarter from to adjusted the basis last Like with expanded year. year Nexeo prior estimated reflecting of X.X% XX% adjusted flat cost EBITDA disciplined impact grew points XX% XX currency much quarter higher again gross lower margin, was or from the pro the EBITDA million excluding the
Third, flow. free cash
less net working macroeconomic and resiliency last which and we Our business environment. the cash ahead is us sluggish capital in cash flow testament year-to-date demand of nature our invested a to year, a in This than model, expected, the lower result flow because as cyclical counter is environment. of of provides strength a largely we
Fourth, capture we Our steady top at invested ROIC defined priority for deployed, X.X% successfully net addition by capital. project rise return our short-term last assets. of as net a down the and ROIC, to in on adjusted this assets be the divided synergy XX.X% continues income was time Nexeo cash deleveraging. use plans. our chemical reflecting legacy year, from We integration execute as of in
leverage. debt Next,
the end slightly ratio at essentially first the was quarter leverage quarter, X.XX the year the from of and year. Our last same quarter this up flat with
use any of And capture. from on strategic end potential track We down pay cash any of debt about down and continue debt at excluding for X.XX our prioritize synergy this finally, to to divestitures. year pay remain
prior $XXX As raising of you our million up synergies of we forecast morning, are run our news to earnings from net in estimate rate release our annual saw $XXX million. this
go doubled this call. from synergies that subject million we also million. later the our $XX of We year I'll to net detail in capture into more this on $XX will estimate
to gross with reported each segment, to Reported EBITDA from cost including higher increased basis Let $XXX Nexeo disciplined peak In points our challenging gross boosted downward synergies geographic costs continued to flat of and this essentially edge prior overall XX% you including to XX the U.S. and environment, basis, forma in work the Cost however, second million the U.S. fleet. basis our we internal mentioned. basis, that cost EBITDA margin in adjusted but half our operating profit ratio year. margin our increased demand. XXX transportation by impact pound, XX.X%. integrate the utilization costs of with a this legacy optimize do, of last lower points lower we grew from from high, and our the management, highlights and the We legacy handling managed increased teams. estimated reflecting conversion segments. company's U.S. a favorability per was which In year, On despite me year and included levels share David of freight the XX% Outbound an now pro on however, adjusted well remains anticipate gross synergies. as
segment, X% Canada adjusted and reported currency-neutral X% basis. declined our increased In EBITDA a on a on basis
Solid was years. Nexeo acquisition prior along in by excess industrial chemical performance and from X contribution demand commodity with business products, the certain consume the from our agriculture ag lower the partially sector some customers as offset the core stocks from
segment currency grew impact challenging weakening of and excluding a the somewhat macroeconomic EMEA environment. EBITDA Our X%, adjusted in
to Gross XXrd basis. quarter profit segment. currency-neutral The year the consecutive of on last EBITDA quarter a was equal currency-neutral EMEA for growth was roughly second our
improvement. impact reversed the in EMEA the However, million of our beneficial that basis reminder, gross by first approximately we XXX second segment a including mix results driven The expanded quarter. $X in quarter, by are points impacted not realized margin as largely And Brexit Nexeo.
adjusted Gross being as Europe. through on disciplined In market the solid X% performance a basis, in environment strong with segment, cost last EBITDA Brazilian control we hand market are benefiting spending our energy with and from a Brazil. on in slower currency-neutral ag navigate market, Mexico's our grew from We in like along decreased in Nexeo. in This gross XXX points by grew margin and was a to however, markets across softness offset, both demand Mexico some industrial and Profit other while mix. and product market XX% due basis, currency-neutral partially basis contribution changes
We demand. Brazil continue expect take in business a customers see to and to to our approach wait
less to capital demand. flow. due expected Moving cash now during quarter in cash invested than This the networking our we the increased flow. lower We to
quarter capital were We million. networking full approximately Easter. year's timing last given the to $XXX in change reference, in high Cash with For second be in interest the $XX $XX million. estimate quarter track Cash taxes interest the still was cash for was our quarter $XX unusually of million expect year the year of million. on
in from last EPS expect year's than slightly adjusted be XX% tax for X earnings now quarter. effective $X.XX. down rate and year about were within full is for the tax Our share quarter our second months per the Capital the XX%. XX.X%, to The prior of XX.X% to which expenditures adjusted of year was business lower by EPS increased a quarter $XX year-to-date XX% rate our XX.X%. effective to We maintain tax range our in rate grow million of facilities adjusted
We $XXX year. the continue for million to expect in CapEx
now let cost Now we're $XXX synergies. estimate Today with doing Nexeo synergies share me we before rate the how announced are annual million. I with raising value our from previously outlook, capture to cost gross you turned to $XXX the run gross That's for million our work.
our legacy time, future company's changing wins. $XX to having these larger not from products for in progressing from customers. with is not have work estimate the and well in for estimate growth U.S.A. at million And better-trained these incremental synergies sales yet cross-selling each although included synergies to a an the this force are offset we We and
run million. rate has therefore, $XXX increased from annual Our $XXX to million synergies, net
doubling this from increase Today's to assessments also of leaders million estimate our million. estimated results the updated synergies year process are each in stream synergies $XX we in we from capture discipline net comprehensive are of We running. will by work the our $XX in calendar
has integration plan. Jen McIntyre officer is of she ahead chief and our us
also at level detail. granular of organized, a estimate pace X-year We're today morale our with of from and $XXX very well million $XXX We team Confidence million. high. along yet our executing costs raising are onetime total is at to
we new identified our are complete, will capture to scope our reduce mentioned add and have now while million which leaders our $XXX To transaction $XXX basis. further broaden new migrate savings rather us require Once an will our than percentage previously us a functionality on will per and later. my systemically processes, run of to opportunities advance streamline as savings, sales costs stream additional IT work cost scope enable further synergies. these our Our million, incremental annual to ongoing reduce digital expanded administrative our to to rate of
integration estate from and for estimates Both continue expenditures as reminder, And generate of actions to capital. well a networking these state a lastly, To opportunity revised the funding the of a A as approximately substantial equate $XX scale in on are the the to XX see consolidation run-rate cash administrative high costs broader percentage this we than of of in return basis optimization sales for alone, will investment. costs as of to more our costs excess an U.S.A. points every having severance, We underway. integration optimization the million and X-year with functionality, these you, million. segment little remainder for of annual increase team with savings can sale reduction attributed in to half $XX real onetime one-time be cost. expect and attributed digitalization
our XXXX the Turning to in outlook for quarter. now third updated
you peers we in we quarter, uplift this, of than prudent anticipating have last second chemical partners any of recent outlook also the market the demand their first this seen you significantly have this for expected half year, told for and macroeconomic progressively from change But and to in flat the to Based half trends, Many decelerating, next as our Taking we market slower demand has of second quarter. to forecasted lower lower forecasts remains the net not believe were our year and As half the this expected as it's in activity. year. execution higher call balancing improving market. media, and mentioned ingredients from in reflect on against in the second integration. than previously synergies demand choppy we particularly supplier and our this cost reduced account year and the a into last declined
are of a million, of to $XXX to outlook EBITDA range to prior We for full $XXX year $XXX million compared our our million million. $XXX X% to adjusted approximately training forecast
provides growing offset the valuable of synergies us flow cost environment. to weaker steady macroeconomic The
a million by of million $XXX We are the the and lower also up our assessment the integration before our earned is to of $XXX the in market Canada. cash of in third $XXX to in XXXX, free $XXX we of legal April be million agricultural This $XX flow adjusted range million inclusive and In we quarter outlook XXXX. expect the $XXX to adjustment third payment and between costs quarter we of precipitated from one-time for million transaction adjusting made million fees. EBITDA
back it turn you, I'll that, to With David.
