Neenah Paper's 3Q 2016 consolidated net sales increased 1% to $232.9 million compared with $231.6 million in the 3Q 2015. Operating income of $26.9 million in 3Q 2016 increased 10% compared with $24.4 million in 2015.
"While global economic growth remains subdued, our teams continue to serve our customers and manage costs to deliver the consistent bottom line results our shareholders have come to expect," said John O'Donnell, CEO. "In addition, we are completing key initiatives that will drive significant long-term value. Our strong quarterly cash flows have helped fund high-returning organic initiatives like the addition of new transportation filtration capacity in the U.S., increased cash returns to shareholders, and a strong balance sheet to enable future strategic investments."
Consolidated net sales of $721 million for the nine months ended September 30, 2016 were $63.7 million (10%) higher than the prior year period as revenues related to the FiberMark Acquisition and incremental volume growth more than offset lower net selling prices.
Consolidated operating income of $92.2 million for the nine months ended September 30, 2016 increased $11.7 million (15%) from the prior year period.
Net income from continuing operations of $57 million in 2016 increased 24% compared with $46 million in 2015 as a result of higher operating income, and lower interest and tax expenses.
Neenah is a leading global specialty materials company. Key products and markets include advanced filtration media, specialized performance substrates used for tapes, labels and other products, and premium printing and packaging papers.