Glatfelter reported first quarter 2014 net income of $14.6 million, or 33 cents per diluted share, and adjusted earnings of $14.1 million, or 32 cents per diluted share compared to $15.6 million, or 36 cents per diluted share, and adjusted earnings were $17.4 million or 40 cents per share, during the same period of last year. Consolidated net sales totaled $455.7 million in the first quarter of 2014, a 12.5% increase compared with $405.2 million in the first quarter of 2013. On an organic basis, net sales increased 2.3% in the year-over-year comparison.
“Our first-quarter results reflect the continuing strength of our two growth businesses as they delivered a combined 6% increase in net sales on an organic basis,” says Dante Parrini, chairman and CEO. “Both Composite Fibers, driven by the previously acquired Dresden business, and Advanced Airlaid Materials reported improved operating profit of 65% and 30%, respectively, over the prior year. The outlook for Composite Fibers remains positive as the business has greater capacity to meet growing market demand and Advanced Airlaid Materials continues to grow through its leadership positions in growing global hygiene markets.”
Sales in the company’ Advanced Airlaid Materials business grew 4.9% to $25 million, due to an increase in shipping volumes. Sales of Composite Fibers, which includes the company’s wetlaid business, increased 77% to $39.9 million, primarily due to the acquisition of the Dresen Paper wall coverings business.