“Glatfelter delivered robust earnings in the fourth quarter, further contributing to a strong year amid unforeseen global economic challenges resulting from the pandemic,” says Dante C. Parrini, chairman and chief executive officer. “As businesses across the globe faced unprecedented volatility, Glatfelter continued to make progress by focusing on employee health and safety and overall operational excellence while ensuring uninterrupted supply of critical products to our customers, thereby achieving full-year adjusted EBITDA growth of 12%.”
Airlaid Materials’ quarterly net sales decreased $0.9 million in the year-over-year comparison. Shipping volumes decreased 2.5% compared to the prior year quarter and selling prices were $0.8 million lower, reflecting the contractual pass-through of lower raw material prices. Currency translation was $4.2 million favorable.
Parinni adds: “In Airlaid Materials, shipments during the quarter were above the prior year in all product categories except tabletop, which was negatively affected by the pandemic. As a result, we took more downtime in our Airlaid facilities to manage tabletop inventory, which impacted profitability. For the year, the Airlaid segment delivered an operating profit margin of approximately 12%, exceeding our guidance range.”