On a GAAP basis, 4Q 2014 net income totaled $19.6 million, or $0.45 per diluted share, compared with $16.5 million, or $0.37 per diluted share, in the 4Q 2013. Consolidated net sales totaled $436.3 million in the 4Q 2014 compared with $434.8 million in the 4Q 2013.
“Our 4Q adjusted earnings were 32% higher than the same period a year ago, but fell short of our expectations,” said Dante C. Parrini, chairman and CEO. “In Composite Fibers, near-term macro-level challenges, including the fluid economic and political situation in Russia and Ukraine, weak economic growth in Europe as well as increased competitive pressures, impacted results for the business. Specialty Papers reported improved performance over the same period a year ago, although its results were weaker than anticipated mainly due to production and medical costs being higher than expected. Advanced Airlaid Materials delivered another solid quarter, and we continue to evaluate capacity expansion opportunities for this business.”
Net income for 2014 totaled $69.2 million, or $1.57 per diluted share, compared with $67.2 million, or $1.52 per diluted share, in the same period of 2013. Adjusted earnings totaled $68.5 million, or $1.55 per diluted share, compared with $61.8 million, or $1.40 per diluted share, in 2013.
Glatfelter is a global supplier of specialty papers and fiber-based engineered materials, offering innovation, technical expertise, and world-class service.
