Revenues included $24.1 million from two months of the FiberMark acquisition and also reflected a $9.5 million reduction due to currency translation effects. Excluding these items, organic constant currency sales increased slightly due to volume growth in Technical Products and higher selling prices in both segments.
Operating income grew 12% and, after excluding acquisition and restructuring costs in both periods, adjusted operating income increased 21% with higher organic and acquisition volume, improved net selling prices and lower cost of sales.
"Our businesses performed well in the quarter, with filtration-led growth in Technical Products, and increased margins and operating income in each of our segments." said John O'Donnell, CEO. "With the FiberMark acquisition, an organic investment to add transportation filtration capacity in the U.S., and the divestiture of Lahnstein, we are continuing to actively reshape Neenah with a focus on profitable and growing markets. What has remained consistent as we execute across these multiple fronts are the strategic priorities and ROIC focus that guide our capital deployment decisions, balancing high-returning organic investments, value-adding acquisitions and increased cash returns to shareholders."
Neenah is a leading global specialty materials company, focused on premium niche markets that value performance and image. Key products and markets include advanced filtration media, specialized performance substrates used for tapes, labels and other products, and premium printing and packaging papers.
