Technical Products quarterly net sales of $145.2 million in 2021 increased 10% from $132.3 million in the prior year. The revenue increase was primarily driven by growth in transportation and industrial filtration sales, as well as media for face masks in Europe. The favorable currency effects from a stronger euro were partly offset by lower net selling prices in 2021. Net sales also continued to grow sequentially since the second quarter of 2020 and were 11% higher than the fourth quarter of 2020.
“Neenah’s strong momentum continued through the first quarter, with Technical Products sales up 10% over prior year behind record filtration performance and operating margins expanding to mid-teen levels in both segments. With increasing input costs, we have accelerated our pricing and cost actions to offset these increases, consistent with our historical performance,” says Julie Schertell, chief executive officer. “Our cash generation and balance sheet remain strong, providing the opportunity to execute strategies to expand in targeted growth platforms and increase our sales trajectory and margins. The recent acquisition of ITASA further builds out our specialty coatings platform and represents an additional meaningful avenue for accelerating profitable growth.”