Our credit agreement EBITDA for the quarter was $345 million, bringing trailing 12-month EBITDA to $1.35 billion. Our free cash flow for the quarter of $30 million reflected several reductions that we believe are not represented of future fee cash flow generation. First, we paid out $39 million in remaining acquisition fees and expenses and some severance and retention payments related to legacy Smurfit-Stone employees. We reduced accounts payable by $23 million, as we moved to take cash discounts on purchases related to legacy Smurfit operations, and we increased working capital by about $40 million to support higher sales and to build containerboard inventory levels to levels that we believe will allow our box plant system to operate most efficiently and at the lowest net cost. These items, all of which, we had anticipated at the outside of the quarter used the total of about $102 million of our cash flow from operations.
I'll turn to our segment performance. Our full quarter Corrugated segment EBITDA of $254 million represented an EBITDA margin of 15.6%. This was down from last quarter's 16.9% and June 15.2% as the effective higher commodity input costs that I have referred to more than offset higher average pricing. Our mills ran at 99% of capacity in the quarter as we took no economic or major maintenance downtime. Although export markets and pricing began to weaken in October, export demand was strong through the end of the quarter. Our box plant shipments were down modestly in the quarter as we're exiting some low-cost contractual box business as we continue to rationalize our sales and our approach to the market.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV