Glatfelter reported a net loss of $5.7 million for the 2Q 2017 compared with net income of $2 million in the 2Q 2016. On an adjusted earnings basis, the loss for the 2Q 2017 was $2.6 million, compared with adjusted earnings of $2.8 million for the same period a year ago.
Consolidated net sales totaled $387.3 million and $406.4 million for the three months ended June 30, 2017 and 2016, respectively. In the Composite Fibers and Advanced Airlaid Materials business units, net sales increased by 1.4% and 4.9%, respectively, on a constant currency basis. Specialty Papers’ net sales declined 8.6% in the quarter-over-quarter comparison.
“We had solid growth in shipping volumes and improved performance in our engineered materials businesses during the quarter,” said Dante C. Parrini, Chairman and CEO. “However, our overall results for the quarter were lower than expected due to continued weakness in Specialty Papers’ markets. Volumes in our Composite Fibers business strengthened, increasing 3% over last year’s 2Q and 4% year-to-date, driven by improved demand across most product lines and particularly wall cover products. While we are seeing steady growth in the Composite Fibers business, we remain focused on our cost optimization initiatives that are expected to deliver $10 million in cost savings in 2017. We also look forward to the incremental growth expected from our new Fort Smith, Arkansas facility coming on-line later this year with commercial shipments beginning early 2018.”
Glatfelter is a global supplier of specialty papers and engineered materials, offering innovation, world-class service and over a century and a half of technical expertise.