02.05.19
Glatfelter reported its results for the fourth quarter of 2018, which include the acquisition of Georgia-Pacific’s European nonwovens business based in Steinfurt, Germany effective October 1, 2018, and the divestiture of the company’s Specialty Papers business unit effective October 31, 2018.
Consolidated net sales totaled $229.5 million and $209.3 million for the three months ended December 31, 2018 and 2017, respectively. Excluding Steinfurt and on a constant currency basis, Advanced Airlaid Materials’ net sales increased by 16.3% and Composite Fibers’ net sales decreased by 6.2%.
Advanced Airlaid Materials’ net sales increased $32.7 million primarily due to an increase in shipping volume attributed to the Steinfurt acquisition and the new Fort Smith capacity. Higher average selling prices contributed $1.7 million and currency translation was favorable by $1.1 million.
“The fourth quarter of 2018 was pivotal to the strategic transformation of Glatfelter,” says Dante C. Parrini, chairman and chief executive officer. “I am proud of our team for the progress we made in reshaping our business – completing two significant transactions, as well as reaching an agreement to resolve the Fox River matter.”
Mr. Parrini continued, “During the fourth quarter, Advanced Airlaid Materials’ shipping volumes increased organically by 10% over the same quarter last year from the continued ramp-up of the Fort Smith facility and new customer qualifications. We are also very pleased with the solid quarter delivered by Steinfurt. With a combined production capacity of approximately 150,000 metric tons at four state-of-the-art airlaid facilities, we are well positioned to further capitalize on the growth opportunities in the attractive markets for hygiene, wipes and table top products.”
Consolidated net sales totaled $229.5 million and $209.3 million for the three months ended December 31, 2018 and 2017, respectively. Excluding Steinfurt and on a constant currency basis, Advanced Airlaid Materials’ net sales increased by 16.3% and Composite Fibers’ net sales decreased by 6.2%.
Advanced Airlaid Materials’ net sales increased $32.7 million primarily due to an increase in shipping volume attributed to the Steinfurt acquisition and the new Fort Smith capacity. Higher average selling prices contributed $1.7 million and currency translation was favorable by $1.1 million.
“The fourth quarter of 2018 was pivotal to the strategic transformation of Glatfelter,” says Dante C. Parrini, chairman and chief executive officer. “I am proud of our team for the progress we made in reshaping our business – completing two significant transactions, as well as reaching an agreement to resolve the Fox River matter.”
Mr. Parrini continued, “During the fourth quarter, Advanced Airlaid Materials’ shipping volumes increased organically by 10% over the same quarter last year from the continued ramp-up of the Fort Smith facility and new customer qualifications. We are also very pleased with the solid quarter delivered by Steinfurt. With a combined production capacity of approximately 150,000 metric tons at four state-of-the-art airlaid facilities, we are well positioned to further capitalize on the growth opportunities in the attractive markets for hygiene, wipes and table top products.”
