Neenah Paper has published its Q1 2017 report. Revenues of $242.1 million were equal to $242.1 million in the prior year.
Operating income of $27.0 million declined from $31.4 million in the prior year. Results in 2017 included $5 million of combined costs for start-up of new filtration capacity in the US and downtime at the German filtration facility.
Earnings per diluted share of $1.03 compared with $1.11 per share in 2016. Excluding 2016 integration and restructuring costs of $0.04 per share, adjusted E.P.S. was $1.15 in 2016. There were no non-GAAP adjustments to earnings in 2017.
"Our businesses had a solid start to the year, especially knowing that Technical Products' earnings in the first half of the year would be impacted by start-up costs for our new U.S. filtration operations and short term headwinds from currency and rising input costs. The filtration facility qualification is progressing well and we continue to see enthusiastic support from our customers as we earn their approval on production from these new assets. Results in the quarter also included one-time costs for a downtime in our German filtration facility that was initiated to modify our operation and improve the safety and reliability of our saturation process," said John O'Donnell, Chief Executive Officer. "While these have a short-term impact on results, we remain confident about the long term success and returns from these investments. The substantial cash flows that our businesses consistently generate allow us to fund attractive investments, increase cash returns to shareholders and maintain a strong balance sheet, and we remain well positioned to act on future organic and strategic opportunities."
