Buckeye Technologies has announced third quarter net income of $19.3 million compared to net income of $4.3 million in the same period last year. Third quarter earnings included net income of $4.2 million, from alternative fuel mixture credits recognized during the quarter, which was partly offset by after-tax costs relating to restructuring and early retirement of debt totaling $2.5 million.
Net sales were $191 million for the third quarter, compared to $172 million in the third quarter of 2009.
In the Nonwovens Segment, sales for the three months ended March 31, 2010 were $60 million compared to $57 million for the same period in 2009.
In the Specialty Fibers segment, sales for the three months ended March 31, 2010 were $137 million compared to $124 million for the same period in 2010.
Chairman and CEO John Crowe said, “In spite of a slow start in January and February due to the cold weather, our third quarter was a good quarter. Our markets remain very strong and should continue to be so for the near term. Gross margin for the quarter improved to 17.4% of sale, which is the highest level achieved since the October-December quarter of 2007.”