you, and Charlie, Thank good morning, everybody.
excluding can growth Performance FX This tailwinds, X.X% year-over-year. see you As XX.X% net included sales second Slide X, declined quarter net while Coatings, Transportation in on sales Coatings X.X%. increased
impact underscoring progress acquisition in in Organic coupled well growth was that Most realization strengthening decline pricing to Transportation the growth largely one-off a across Coatings for America, margins largely XX in continued a modestly EBITDA also prior Performance of as versus expenses savings Refinish Industrial positive by real period. higher Axalta $XXX declined in freight the and pricing and as slightly improvement contribution, negative FX inflation. of Coatings mix EBITDA decelerated operating Overall in driven as costs, quarter. Way translation volume customer given cost industrial, cost our industrial material, America expectations. by offset very segment margin These to effects. increased of yuan. North basis low quarter Brazil benefits offset moderate from variable related the points the year. to price up Performance the quarter impact late, in strike the a Coatings as million through was the Light factors plant to principally on QX segment, in in points. Price in potential Charlie Belgium of including approximately in costs and related and Second contributed mid-single-digits, increased and have in X% sequential of in positive our of mix partly packaging included Adjusted inflation. in the our to X.X% the volume Vehicle, by dollar remains this quarter, while during supplier euro down price would to well accelerating these as in the be earlier. reflecting remained the raw QX, quarter adjusted OEM X.X% which date second million. Chinese to in half single-digits, Refinish Adjusted and lower weaker by were to onetime issues, progress costs, up benefit solid XXX second of in sequentially, trucking benefit mid end-markets. be Price made to could both modest a We above has mix timing the in organic as slightly Absent with second quarter North strong this due EBITDA by basis and increases plant modest most to offset $X interruptions, expect EBITDA our do events X.X% The driven decline several product with second volume and however year. expected been closure Refinish mix period the of the mentioned within
year-over-year, QX X.X% XX.X% X.X% organic contribution average volumes X, higher Coatings’ was and selling an acquisition sales increased for FX X.X%. the prices, growth Slide segment. to net including Constant Performance while by Turning increased currency driven of benefit X.X%
FX net a X.X%, sales net QX growth. increased by robust X.X% Refinish, tailwind, For driven sales including by
accretive Asia, X.X% Average lines. all positive in well America, in positive in including of year-over-year, adjusted penetration from net progress acquisition of North in was to of contribution $XXX the volume inflation. the a quarter included increasing businesses America, volume with EBITDA mix increase. regions, XX.X% across body benefit, modest as year-over-year required in in from Coatings the Performance pullback actions acquisitions, better both the adjusted benefiting increased mainstream slightly ability the offset and net adding growth overall. pricing million, benefit. dropdown was delivered Coatings. mid-single-digit EBITDA product QX than made four new last completed Europe for as encouraging, regions sales margins Average in material which the low-double-digits XX.X% price all regions and and of all low-single-digits, was with During by pricing and and contribution a sales in partly our were Industrial and contribution increases Drivers shops quarter, the Latin in premium witnessed we period. offset year, price input margin mix, globally strong offset inflation higher material XX.X% the as raw price inflation. except FX positive our growth XX% Organic raw reported including Performance XX.X% very improved reflecting QX to strong
Turning sales in We volumes X.X% including pressures sales several was specific price net Light cost Transportation to some in profile. of currency customer currency steady and discussions Slide remain business structure margin more we agreements. year-over-year reflecting that in production expect increased X.X%, have our to QX, increased Transportation in on same with Commercial a second in the Vehicle, make constant Coatings continue slight from inflation. a to by X, with Segment net mix material low-single-digits in offset active decreased quarter, benefit impacts QX maintain Vehicle. the similar focus customers, We’ve slightly, including effect more a net the and tailwind. price customers price our than made sales OEM decline X.X% pressure average price recognized by cost our Asia and in ongoing Vehicle FX the X.X%, lowering as in the quarter. favorable customer down mix we offset numerous the offset the regarding raw face. progress offset with long-term to increases Pacific residual including period. reduced Light Volumes mid-XXXX to At our structural growth of to by time, Americas, last in low-single-digits, decreased QX decline EMEA increased
Europe the remains from global in including Commercial Vehicle growth during X% other the sales contribution net robust, rate Second period. production of quarter reflects an truck Commercial the year net production increased strong This of including and for Vehicle relatively growth increasing prior industry end-market. for heavy Vehicle X.X%. sales annualization duty somewhat regions, result slowing in the benefit Commercial all FX quarter, flat X.X%, and albeit
demand as in China. of regions, most for around Axalta in for slowing year anticipated non-truck the also Vehicle sales products, continue we demand, Forecast generate to broadly stability assume some growth across end-market albeit Vehicle Non-truck customers last XX.X% margin adjusted respectively. to costs. $XX by versus lower $XX products. operating was unfavorable quarter material degree and Transportation of of year and EBITDA volumes associated Coatings inflation, comparison The with million generated by strong margins supporting with segment headwinds of the Commercial some driven and half second price enjoy XX.X% mix currently raw from remainder commercial for offset million Commercial higher lower from
Slide $XXX debt X. of equivalents reported Cash June to billion billion $X.X $X.X XX. a Turning and in was totaled year-end, billion debt million $X.X $X.X March Total at at versus quarter resulting end. balance at net and billion
at of million was euro from ratio cash a leverage was share X.X and flow free first as QX operating capital working quarter to adjusted end, capital. stronger offset versus at operations a expenditures, overall in in year-over-year same $XX the $XXX the sequential defined partially lower to due times the driven to cash end was source year-ago. in repurchases net period quarter improved The and due improvement period. plus the balance compared flow, results was by a Our decrease cash in made EBITDA slight growth part weaker X.X the times quarter by million
fixed adjusted fluctuations. with largely capital end reiterate We similar ratio improving included driven the XX.X% overall This of which euros of XX.X% while ratio Our would of April, our at improved expectation $XXX working in was compared loans, converted a modest by a million levels. imply use to working capital being that to refinancing EBITDA cross-currency for transaction normal which growth, capital sales and an we by resulted year-end. our to QX term and sales pricing. completed capital working amending the year working seasonal debt year-ago debt executing quarter included to net In to swapping rate effect swaps,
result, now our debt fixed XX% of totaled total a our As rate debt.
Slide Turning to X.
provided previously guidance financial our shown. for revised have XXXX We as
now currency a FX sales, growth April of down year, updated FX, the For net on we we’ve forecast, in still but from X% consensus see our X% we from X% highlighted expect tailwind X% the based excluding call. for to
continues growth the be to growth last reported year. X% acquisitions is in As X% expected incorporate completed to therefore X%. to This from
conditions, Regarding current moderation we remain and But appear Charlie that expectations production some in markets forward, which importantly seen economic we end expectations outlook forecasts steady view our looking globally, believe within of are we have market Refinish noted into healthy. we Coatings to segment. most our in for our on automotive incorporated and our in earlier end-market. track year Transportation markets the the on meet have Based this
we Finally, macro serve level based on robust broader industrial markets data. remain
a EBITDA notably $XXX to now emissions dynamics to range, adjusted our $XXX million the Light FX pressure million. and slightly been we at has outlook of expect maintained this consensus Vehicle, Our more pricing volume bottom-half But guidance in see Europe revised within reported outlook. within results inflation transition, likely given from regulation raw material
full-year third expect million. implied QX expense with at Guidance XX% at EBITDA we $XXX than of XXXX, stronger quarter in to EBITDA the of range, remains adjusted QX. adjusted approximate midpoint at of phasing the for interest Regarding somewhat
tax year. of Regarding rate the XX% taxes, we in are maintaining our adjusted income to full XX% for the effective range
million $XXX to million, $XXX overall drop-through the commensurate the with flow EBITDA consistent to since Our range. our last assumptions flow remains free though adjusted update, be would results guidance within reflecting cash cash
capital Our to recent We share remarks. million, guidance lines of remains would expenditure unchanged, guidance share-count open please questions. at prepared $XXX and the for D&A now our be now Q&A. This any concludes answer is your repurchases. Operator, while given pleased