Adjusted operating income of $24.5 million in 2015 ($20.9 million of GAAP) increased 13% compared with $21.6 million ($17 million of GAAP) in the 4Q 2014.
Consolidated net sales of $887.7 in 2015 were 6% higher than the prior year due to organic Technical Products volume growth, incremental sales from the FiberMark acquisition and higher average selling prices that combined more than offset unfavorable currency exchange effects of $39 million and lower Fine Paper & Packaging shipments. Excluding acquired FiberMark sales and impacts from currency, consolidated net sales increased $28.4 million, or 3%, from the prior year.
Consolidated operating income of $101.4 million in 2015 increased 17% from the prior year primarily due to lower manufacturing input costs, higher net selling prices and Technical Products volume growth that more than offset increased SG&A, lower organic Fine Paper and Packaging volume and unfavorable currency effects.
Earnings per diluted common share of $3.53 decreased 11% from $3.99 in 2014 primarily due to substantial prior period tax credits recognized in 2014.
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.
