11.03.15
Glatfelter reported third quarter 2015 net income of $13.5 million and adjusted earnings of $20.8 million. For the third quarter of 2014, net income was $30.4 million and adjusted earnings were $30.8 million.
Consolidated net sales totaled $420 million in the third quarter of 2015 compared with $465.1 million in the third quarter of 2014. The translation of non-U.S. dollar sales unfavorably impacted the year-over-year comparison by $25.2 million, reflecting a weaker Euro.
On a year-over-year basis, Advanced Airlaid Materials’ net sales decreased $11.2 million largely due to $6.4 million of unfavorable currency translation and a 5.8% decline in shipping volumes.
In Airlaid, third quarter 2015 operating income declined $0.7 million compared to the same quarter a year-ago primarily due to approximately $1.7 million related to lower shipping volumes and downtime to align production with demand, partially offset by $1.5 million of lower raw material and energy costs.
Dante C. Parrini, chairman and CEO, comments: “During the quarter, demand remained solid in most Composite Fibers’ market segments including tea, coffee and electrical, and we saw improving demand for Advanced Airlaid Materials’ products. We are also continuing to realize the benefits of previously announced cost reduction initiatives across our businesses, and remain on target to reach our goals for the year. These positives were offset by the ongoing instability in Russia and Ukraine, which has significantly impacted the nonwoven wallcover market, and weaker pricing and demand in our Specialty Papers markets. Despite the continuing macro level challenges, we expect solid demand for each of our businesses in the fourth quarter.”
Consolidated net sales totaled $420 million in the third quarter of 2015 compared with $465.1 million in the third quarter of 2014. The translation of non-U.S. dollar sales unfavorably impacted the year-over-year comparison by $25.2 million, reflecting a weaker Euro.
On a year-over-year basis, Advanced Airlaid Materials’ net sales decreased $11.2 million largely due to $6.4 million of unfavorable currency translation and a 5.8% decline in shipping volumes.
In Airlaid, third quarter 2015 operating income declined $0.7 million compared to the same quarter a year-ago primarily due to approximately $1.7 million related to lower shipping volumes and downtime to align production with demand, partially offset by $1.5 million of lower raw material and energy costs.
Dante C. Parrini, chairman and CEO, comments: “During the quarter, demand remained solid in most Composite Fibers’ market segments including tea, coffee and electrical, and we saw improving demand for Advanced Airlaid Materials’ products. We are also continuing to realize the benefits of previously announced cost reduction initiatives across our businesses, and remain on target to reach our goals for the year. These positives were offset by the ongoing instability in Russia and Ukraine, which has significantly impacted the nonwoven wallcover market, and weaker pricing and demand in our Specialty Papers markets. Despite the continuing macro level challenges, we expect solid demand for each of our businesses in the fourth quarter.”
