Glatfelter reported net income of $12.1 million, or $0.27 per diluted share for the 3Q 2017, compared with net income of $19.6 million, or $0.44 per diluted share in the 3Q 2016.
Adjusted earnings for the 3Q 2017 was $21.9 million, or $0.50 per diluted share compared with $24 million, or $0.54 per diluted share, for the same period a year ago.
On an adjusted basis, earnings before interest, taxes, depreciation and amortization and excluding pension expense (“Adjusted EBITDA”) for the three months ended September 30, 2017 and 2016, totaled $50.6 million and $49.1 million, respectively, an increase of 3.1%.
Consolidated net sales totaled $413.3 million and $405.3 million for the three months ended September 30, 2017 and 2016, respectively.
“Our 3Q results reflect continued strong performance from our engineered materials businesses,” said Dante C. Parrini, Chairman and CEO. “Composite Fibers and Advanced Airlaid Materials each posted revenue and profit growth during the quarter compared to the prior year.Composite Fibers delivered a 17% improvement in operating profit driven primarily by a strong recovery in shipments of wallcover products and growth in other key product lines. Likewise, our Advanced Airlaid Materials business generated a 29% profit improvement with volume growth largely coming from personal hygiene and wipes products. The strength of these businesses counterbalanced results from Specialty Papers, which continued to be challenged by the supply-demand and pricing pressures in the uncoated free sheet market.”
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.