Consolidated net sales totaled $410.8 million in the second quarter of 2015 compared with $445.3 million in the second quarter of 2014. The translation of non-U.S. dollar sales unfavorably impacted the year-over-year comparison by $29.3 million reflecting a weaker Euro in the Composite Fibers and Advanced Airlaid Materials business units.
In the Advanced Airlaid Materials segment, sales decreased $13 million on a year-over-year basis largely due to $6.9 million of unfavorable currency translation and an 8.3% decline in shipping volumes. Second-quarter 2015 operating income declined $3.1 million compared to the same quarter a year-ago as lower shipments and the related market downtime negatively impacted results by $3.4 million.
“Advanced Airlaid Materials’ results were disappointing this quarter largely due to softer than anticipated demand in the feminine hygiene market, resulting in downtime at our German facility to manage inventory levels,” says Dante C. Parrini, chairman and CEO.
Glatfelter anticipates shipping volumes for Advanced Airlaid Materials in the third quarter to be 5% higher than the second quarter. Average selling prices are expected to decline slightly in the third quarter compared to the second quarter and raw material prices are expected to be in-line.