Glatfelter reported 1Q 2018 net income of $5.7 million, compared with $11.6 million in the 1Q 2017. Adjusted earnings for the 1Q 2018 were $8.6 million, compared with $17.2 million for the same period a year ago, as the company said in the press release received by Lesprom Network.
Consolidated net sales totaled $410.6 million and $390.7 million for the three months ended March 31, 2018 and 2017, respectively. Foreign currency translation favorably impacted the year-over-year comparison by $21.8 million. On a constant currency basis, Composite Fibers’ net sales were essentially flat and Advanced Airlaid Materials’ increased by 7.8%. Specialty Papers’ net sales declined 3.1% in the year-over-year comparison.
“Our engineered materials businesses continued to deliver solid performance in the 1Q despite a higher raw material inflation environment,” said Dante C. Parrini, Chairman and CEO. “Our Advanced Airlaid Materials business grew shipments by 6% over the prior year period driven by hygiene, wipes and home care products. This business also achieved a major strategic milestone this quarter – beginning production and commercial shipments from our new facility in Fort Smith, Arkansas. In Composite Fibers, growth in wallcover and technical specialty products drove a 3% increase in shipments and a 6% improvement in operating profit.”
Glatfelter is a global supplier of specialty papers and engineered materials.