Schweitzer-Mauduit International, Inc. ("SWM") reported earnings results for the three month period ended September30, 2018 and announced a 2% increase of its per share quarterly cash dividend rate to $0.44 from $0.43.
Consolidated sales were $260.3 million, up 1% (no acquisition benefit).GAAP operating profit was $31.1 million, down 21%, and GAAP operating profit margin was 11.9%, down 330 basis points.Schweitzer-Mauduit's 3Q 2018 net income rises to $41 million from year-ago $25.8 million.
Adjusted operating profit was $36.7 million, down 21% and adjusted operating profit margin was 14.1%, down 380 basis points. Adjusted EBITDA was $46.5 million, down 17%, and adjusted EBITDA margin was 17.9%, down 370 basis points.
Dr. Jeff Kramer, CEO, commented, "3Q results reflected continued organic top-line growth, which was overshadowed by the challenges of an inflationary raw materials cost environment and the inherent timing lag for price recovery.That said, we are still tracking close to our full year plan, and we expect margin pressure to subside in the coming quarters following the closure of an AMS site in November and additional price increases in both operating segments."
SWM is a leading global provider of highly engineered papers, films, nets, and non-wovens for a variety of applications and industries.
