Posted February 12, 2019
Neenah, Inc. reported 4Q 2018 and full-year results. Consolidated net sales of $240.9 million in the 4Q 2018 decreased 1% compared with $244 million in the prior year, as the company said in the press release received by Lesprom Network.
Operating income of $17.8 million in 2018 decreased 7% compared with $19.1 million in the 4Q 2017. Net interest expense of $3.2 million in the 4Q 2018 was unchanged from the prior period, as lower debt levels were offset by slightly higher interest rates on short-term borrowings.
"4Q results were challenged by the largest quarterly input cost increase of the year and lower seasonal demand that was compounded by growing global economic uncertainty. As a result, our teams continue to combine significant pricing initiatives and aggressive cost management to restore margins," said John O'Donnell, CEO.
Consolidated net sales of $1,034.9 million in 2018 were 6% higher than the prior year.
Consolidated operating income of $54.1 million in 2018 decreased from $104.3 million in the prior year. Income in 2018 included a $31.1 million impairment loss related to the sale of the Brattleboro mill and associated research and office facilities.
Income from continuing operations of $37.2 million in 2018 decreased $43.1 million compared with $80.3 million in 2017.
Earnings per diluted share of $2.17 in 2018 compared with $4.68 in 2017.
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.