Wausau Paper (WPP) recently announced financial and operating results for the three- and six-month period ended June 30, 2015.
Second-quarter adjusted EBITDA from continuing operations in 2015 was $14.5 million compared with adjusted EBITDA of $9.9 million in 2014. Second quarter 2015 adjusted EBITDA exceeded the Company’s previous guidance range of $13 to $14 million.
On a reported basis, net earnings from continuing operations were $2.5 million, or $0.05 per share, in the second quarter of 2015 compared with a prior-year second-quarter net loss from continuing operations of $3.7 million, or $0.07 per share.
Second-quarter case shipment volume increased 2 percent in 2015 compared with the same period in 2014, resulting in a second-quarter shipment record of approximately 4.4 million cases for the Company.
Strategic product shipments — those products sold in conjunction with proprietary dispensing systems or produced from premium substrates — comprised slightly more than 49 percent of the Company’s sales for the second quarter of 2015 and similar to the strategic product shipment mix in the prior-year quarterly period. The improved margin quality of both strategic and support products shipped in 2015 contributed to a 5 percentage point improvement in adjusted EBITDA margin of 16 percent as compared with 11.1 percent for the second quarter of 2014.
Michael C. Burandt, CEO, commented, “Our second quarter results reflect the continuing above-market demand growth for our premium DublNature® and Artisan™ products lines, the positive market response to our differentiated product portfolio, and the benefits from the significant number of Margin Enhancement Initiative (MEI) projects that are evidenced by ongoing improvement in operating performance, as well as, increased cash generation. We are very pleased with the pace of growth of our premium products and the contributions of our entire team toward improving our operating platform.”
