Glatfelter reported net income of $21.6 million for the year ended December 31, 2016 compared with $64.6 million in the year ended December 31, 2015. Adjusted earnings in 2016, totaled $60.7 million, compared with $58.9 million in 2015.
For the 4Q 2016, the Company reported a loss of $16.2 million, including a $25.1 million, after-tax, charge for the Fox River environmental matter. This compared to net income of $34.3 million, in the 4Q 2015.
Adjusted earnings for the 4Q 2016 were $17.6 million, compared with $22.9 million for the same period a year ago.
Consolidated net sales for the year ended December 31, 2016 totaled $1,604.8 million compared with $1,661.1 million in 2015. Net sales totaled $390.9 million and $412.9 million in the 4Q 2016 and 2015, respectively. Lower selling prices unfavorably impacted the quarter-over-quarter comparison by $6.4 million and shipping volumes declined 5.2%. Foreign currency translation unfavorably impacted sales by $4.8 million.
“As we expected, this quarter’s results reflect the challenging market conditions we faced throughout much of the year,” said Dante C. Parrini, Chairman and CEO. “Our Composite Fibers’ and Specialty Papers’ results were affected by excess capacity in certain key markets and its impact on product pricing. In addition, both business units were impacted by machine downtime due to lower shipments and to reduce inventory levels. On a positive note, our continuous improvement initiatives are generating significant cost savings allowing us to offset much of the market impacts and our Advanced Airlaid Materials business continued to deliver solid results with record production levels and growth across nearly every product segment.”
Glatfelter is a global supplier of specialty papers and fiber-based engineered materials.
