Schweitzer-Mauduit International, Inc. ("SWM") reported earnings results for the three month period ended September 30, 2017 and announced a 2% increase of its per share quarterly cash dividend rate to $0.43 from $0.42.
Total 3Q 2017 net sales increased 23% to $257.8 million; Advanced Materials & Structures' organic net sales (excluding Conwed acquisition) increased 4% and Engineered Papers' net sales also increased 4%.
GAAP operating profit was $38.5 million, or 14.9% of net sales, up from $30.8 million, or 14.7% of net sales. Adjusted operating profit was $45.4 million, or 17.6% of net sales, up from $35.1 million, or 16.8% of net sales.
Dr. Jeff Kramer, CEO, commented, "Our business continued to perform well overall in the 3Q, with continued sales momentum and margin expansion in AMS and relatively stable results from EP. Consistent with recent quarters, specialty film demand was strong as sales traction from new channels in Asia continued to bolster our results. In addition, Conwed synergy execution successfully progressed toward our $10 million annualized cost reduction goal by the end of next year. Our most synergistic acquisition to date is on track with our expectations to drive value creation as we optimize the scaled AMS platform."
SWM is a leading global provider of highly engineered papers, films, nets, and non-wovens.
