11.01.17
Glatfelter reported net income of $12.1 million for the third quarter of 2017 compared with net income of $19.6 million in the third quarter of 2016. Consolidated net sales totaled $413.3 million and $405.3 million for the three months ended September 30, 2017 and 2016, respectively. In the Composite Fibers and Advanced Airlaid Materials business units, net sales increased by 5% and 6.6%, respectively, on a constant currency basis. Specialty Papers’ net sales declined 4% in the quarter-over-quarter comparison.
“Our third quarter results reflect continued strong performance from our engineered materials businesses,” says Dante C. Parrini, chairman and chief executive officer. “Composite Fibers and Advanced Airlaid Materials each posted revenue and profit growth during the quarter compared to the prior year. Composite Fibers delivered a 17% improvement in operating profit driven primarily by a strong recovery in shipments of wallcover products and growth in other key product lines. Likewise, our Advanced Airlaid Materials business generated a 29% profit improvement with volume growth largely coming from personal hygiene and wipes products. The strength of these businesses counterbalanced results from Specialty Papers, which continued to be challenged by the supply-demand and pricing pressures in the uncoated free sheet market.”
Parrini adds that he expects the engineered materials businesses to post a solid finish to the year, and that the new airlaid facility in Fort Smith, AR, is anticipated to meet the company’s target for commercial shipments beginning in the first quarter of 2018.
“Our third quarter results reflect continued strong performance from our engineered materials businesses,” says Dante C. Parrini, chairman and chief executive officer. “Composite Fibers and Advanced Airlaid Materials each posted revenue and profit growth during the quarter compared to the prior year. Composite Fibers delivered a 17% improvement in operating profit driven primarily by a strong recovery in shipments of wallcover products and growth in other key product lines. Likewise, our Advanced Airlaid Materials business generated a 29% profit improvement with volume growth largely coming from personal hygiene and wipes products. The strength of these businesses counterbalanced results from Specialty Papers, which continued to be challenged by the supply-demand and pricing pressures in the uncoated free sheet market.”
Parrini adds that he expects the engineered materials businesses to post a solid finish to the year, and that the new airlaid facility in Fort Smith, AR, is anticipated to meet the company’s target for commercial shipments beginning in the first quarter of 2018.
