Neenah Paper's consolidated net sales of $220.5 million in the 4Q 2016 declined 4% compared with $230.4 million in the prior year, as the company said in the press release received by Lesprom Network.
Operating income of $21.9 million in 2016 increased 5% compared with $20.9 million in the 4Q 2015.
Consolidated net sales of $941.5 million in FY 2016 were 6% higher than the prior year as revenues related to the August 1, 2015 FiberMark acquisition and other incremental volume growth more than offset lower net selling prices and currency effects.
Consolidated operating income of $114.1 million in FY 2016 increased 13% from the prior year. The favorable comparison was primarily due to lower manufacturing material costs (including purchasing synergies resulting from the FiberMark acquisition), and increased sales as a result of volume growth. These favorable variances were partially offset by incremental acquired SG&A, lower net selling prices, and higher integration and restructuring costs, primarily related to costs related to the Appleton filtration machine conversion and a pension settlement charge.
Excluding one-time charges of $7.8 million in 2016 and $6.5 million in 2015, adjusted operating income in 2016 increased $14 million, or 13% from the prior year.
Neenah is a leading global specialty materials company. Key products and markets include advanced filtration media, specialized performance substrates used for tapes, labels and other products, and premium printing and packaging papers.
