Neenah Paper recently reported 2016 first quarter results. First quarter highlights include:
- All-time record quarterly sales, operating income and adjusted earnings per share (E.P.S.), which included results from August 2015 acquisition of FiberMark.
- Revenue growth of 13 percent to $242.1 million.
- - Operating income increase of 11 percent to $31.4 million (14 percent growth after excluding $1.1 million of adjusting items for integration and restructuring costs).
- Earnings per diluted share from continuing operations up 18 percent to $1.11 compared with $0.94 per share in 2015. Excluding 2016 integration and restructuring costs of $0.04 per share, adjusted E.P.S. of $1.15 increased 22 percent.
- Cash generated from operations of $16.0 million compared with $5.1 million in the prior year.
- Cash dividends paid of $0.33 per share, up 10% from prior year. In addition, $5.3 million of shares were repurchased during the quarter.
"We delivered considerable growth in profits and cash flows in the first quarter as our business teams continue to execute against value-adding initiatives, including the integration of FiberMark," said John O'Donnell, Chief Executive Officer. "While global market and economic conditions remain less than stellar, this environment has helped moderate input costs and we've further improved results through synergies and manufacturing efficiencies. Our cash continues to be deployed where we can generate attractive returns, and in the first quarter this included capital spending for added US filtration capacity and increased returns to shareholders through share buybacks and a higher dividend.".
