Neenah's consolidated net sales of $271.3 million in the 2Q 2018 increased 9% compared with $248.7 million in the 2Q 2017, as the company said in the press release received by Lesprom Network.
An operating loss of $4.3 million in the 2Q 2018 compared to operating income of $29.2 million in 2017. The $33.5 million decrease in income was mainly due to adjustments of $33.3 million, consisting of the $32 million of impairment, $1.0 million of pension settlement costs and $0.3 million of integration and restructuring costs.
Excluding these items, adjusted operating income of $29 million was in line with last year as higher input, distribution and manufacturing costs were mostly offset by volume growth, increased selling prices and currency.
"In the 2Q, our Technical Products segment continued to deliver very strong top and bottom line performance, and we made significant progress restoring the attractive margins of Fine Paper and Packaging. With each business focused on price realization, operating performance and working capital efficiencies, results were also evident in improved operating cash flows," said John O'Donnell, CEO.
Consolidated net sales of $537.8 million for the six months ended June 30, 2018 were $47 million higher than the prior year as a result of higher volumes, both organic and acquired, increased selling prices, a higher-value sales mix, and favorable currency effects.
Consolidated operating income of $19.8 million for the six months ended June 30, 2018 decreased $36.4 million from the prior year period.
Neenah is a leading global specialty materials company. Key products and markets include advanced filtration media, specialized performance substrates used for digital transfer, tape and abrasive backings, labels and other products, and premium printing and packaging papers.
