Glatfelter (GLT) recently reported second-quarter 2016 net income of $2.0 million, or $0.04 per diluted share compared with $2.8 million, or $0.06 per diluted share in the second quarter of 2015. Adjusted earnings for the second quarter of 2016 were $2.8 million, or $0.06 per diluted share compared with $1.8 million, or $0.04 per diluted share, for the same period a year ago. Adjusted earnings is a non-GAAP measure for which a reconciliation is provided within this release.
Consolidated net sales totaled $406.4 million and $410.8 million in the second quarters of 2016 and 2015, respectively. Currency translation adjustments favorably impacted the year-over-year comparison by $0.7 million.
“Glatfelter's second-quarter performance was in line with our expectations and reflects higher shipments in all three of our business units,” said Dante C. Parrini, Chairman and Chief Executive Officer. “Advanced Airlaid Materials' operating profit more than doubled driven by our continued ability to improve efficiencies to meet growing demand in key market segments. In Composite Fibers, shipments improved 3 percent, and 10 percent on a sequential quarter basis as we continued to see signs of stability in the wallcover markets. Our Specialty Papers business unit effectively executed its annual maintenance outages and continued to outperform the broader uncoated freesheet market.”
Mr. Parrini continued, “Overall, Glatfelter delivered a solid first half of 2016 with adjusted earnings increasing 25 percent. We remain focused on continuous improvement and achieving operational excellence to support our growth as a leading global engineered materials business. I am pleased with the progress towards completing the significant investment we are making in a new airlaid facility to meet growing demand in key specialty wipes and hygiene markets. The strength of our balance sheet and consistent cash flow profile provide the flexibility to make targeted investments to support the business and pursue our growth strategy.”
Headquartered in York, Pennsylvania, Glatfelter is a global supplier of specialty papers and fiber-based engineered materials.
