As for second quarter results, we reported adjusted earnings per share of $0.18 and adjusted EBITDA of $28 million.
Mount Holly contributed favorably to the quarterly results following the team's excellent execution in closing the transaction, standing up a new integrated system and restarting production and shipping, all within 48 hours after closing.
Second quarter adjusted earnings from continuing operations was $8 million or $0.18 per share, a decrease of $0.04 versus the same period last year driven by pandemic-related softness in our Airlaid Materials segment reflected in our guidance last quarter.
slide four shows a bridge of adjusted earnings per share of $0.22 from the second quarter of last year to this year's second quarter of $0.18.
Composite Fibers results lowered earnings by $0.01 driven by higher inflation in raw materials and energy.
Airlaid Materials results lowered earnings by $0.06 primarily due to softness in the hygiene category and lower production as customers continued to destock from pandemic-driven elevated inventory levels.
Corporate costs were $0.03 favorable from ongoing cost control initiatives.
Total revenues for the quarter were 7.1% higher on a constant currency basis driven by higher selling prices of $2 million and the near doubling of our wallcover volume from the trough of the pandemic in 2020.
Excluding metallized, shipments in the quarter were approximately 26% higher driven by strong growth in wallcover, technical specialties and composite laminates.
The strong demand overall required increased levels of production, driving a $3 million benefit to earnings.
Higher wood pulp and energy prices negatively impacted results by $6 million, creating a significant headwind for this segment.
And currency and related hedging activity unfavorably impacted results by $600,000.
Looking ahead to the third quarter of 2021, we expect shipments in Composite Fibers to be 2% to 3% higher sequentially, favorably impacting results by approximately $400,000.
Revenues were up 5% versus the prior year quarter on a constant currency basis, supported by the addition of Mount Holly and a strong rebound in tabletop demand as in-person dining began to recover globally.
Selling prices increased from contractual cost pass-through arrangements with customers, but were more than offset by higher raw material and energy prices, reducing earnings by a net $800,000.
Operations lowered results by $1.9 million mainly due to lower production in the quarter to manage inventory levels and better align with customer demand.
And foreign exchange was unfavorable by $300,000 versus the second quarter of last year.
For the third quarter of 2021, we expect shipments in Airlaid Materials to be approximately 15% to 20% higher.
The increased production is expected to favorably impact operating profit by approximately $1 million to $2 million sequentially in addition to the increased volume.
For the second quarter, corporate costs were favorable by $1.9 million when compared to the same period last year driven by continued spend control.
We expect corporate costs for full year 2021 to be approximately $23 million, which is an improvement from our previous guidance of $25 million to $26 million.
Interest and other income and expense are now projected to be approximately $11 million for the full year, lower than our previous guidance of $12 million.
Our tax rate for the quarter was 33%.
And full year 2021 is estimated to be between 38% and 40%, lower than our previous guidance of 42% to 44%.
Second quarter year-to-date adjusted free cash flow was lower by approximately $6 million mainly driven by higher working capital usage after adjusting for special items.
We expect capital expenditures for the year to be between $30 million and $35 million, with the reduction being driven largely by our better-than-anticipated execution on Mount Holly integration costs.
Depreciation and amortization expense is projected to be approximately $60 million.
Our leverage ratio increased to three times at June 30, 2021, mainly driven by the Mount Holly acquisition we completed in May 2021, which increased our net debt by approximately $175 million.
Even after this acquisition, we continue to maintain liquidity of approximately $200 million.
As noted, we signed a definitive agreement to purchase Jacob Holm for $308 million.
In the 12 months ending June 30, the Jacob Holm business generated revenue of approximately $400 million and EBITDA of approximately $45 million.
Of these earnings, we believe $10 million to $15 million could be attributed to COVID-driven demand that is expected to normalize.
Through product line optimization, operational improvements, strategic sourcing savings and cost reductions, we anticipate annual synergies of approximately $20 million within 24 months after closing.
The estimated cost to achieve these synergies is $20 million.
While we have obtained 100% committed financing for this transaction, we intend to finance the purchase with the issuance of a new $550 million senior unsecured bond.
It will also increase Glatfelter's global scale with pro forma annual sales of approximately $1.5 billion.

Summary:
Corporate costs were $0.03 favorable from ongoing cost control initiatives.