Consolidated net sales totaled $445.3 million in the 2Q 2014, a 4.5% increase compared with $426 million in the 2Q 2013 primarily driven by the Dresden acquisition and foreign currency translation.
“Our 2Q results reflect the continued progress of our growth businesses as Composite Fibers and Advanced Airlaid Materials reported operating income increases of 5% and 17%, respectively,” said Dante C. Parrini, chairman and CEO. “Specialty Papers’ revenue increased slightly reflecting the realization of announced price increases and we successfully completed the expanded annual maintenance outages in May and June in-line with expectations.”
For the first six months of 2014, adjusted earnings totaled $17.9 million, or $0.41 per diluted share, compared with $22.5 million, or $0.51 per diluted share, in 2013. On a GAAP basis, the Company reported net income of $19.3 million, or $0.44 per diluted share, compared with net income of $16.6 million, or $0.38 per diluted share, in 2013. The results of operations for both periods include the impact of significant unusual and non-recurring items.
Consolidated net sales for the first half of 2014 were $901.1 million, an 8.4% increase compared with $831.2 million for the same period of 2013.
Glatfelter is a global supplier of specialty papers and fiber-based engineered materials, offering innovation, technical expertise, and world-class service.