Glatfelter recently reported 2014 full year adjusted earnings per diluted share of $1.55 (GAAP $1.57) compared with $1.40 per diluted share in 2013 (GAAP $1.52). For the 2014 fourth quarter Glatfelter reported adjusted earnings of $19.7 million, or $0.45 per diluted share, compared with $15.0 million, or $0.34 per diluted share, in the 2013 fourth quarter.
On a GAAP basis, fourth quarter 2014 net income totaled $19.6 million, or $0.45 per diluted share, compared with $16.5 million, or $0.37 per diluted share, in the fourth quarter of 2013. Consolidated net sales totaled $436.3 million in the fourth quarter of 2014 compared with $434.8 million in the fourth quarter of 2013.
“Our fourth-quarter adjusted earnings were 32 percent higher than the same period a year ago, but fell short of our expectations,” said Dante C. Parrini, chairman and chief executive officer. “In Composite Fibers, near-term macro-level challenges, including the fluid economic and political situation in Russia and Ukraine, weak economic growth in Europe as well as increased competitive pressures, impacted results for the business. Specialty Papers reported improved performance over the same period a year ago, although its results were weaker than anticipated mainly due to production and medical costs being higher than expected. Advanced Airlaid Materials delivered another solid quarter, and we continue to evaluate capacity expansion opportunities for this business.”
