Glatfelter reported 3Q 2016 net income of $19.6 million, compared with $13.5 million in the 3Q 2015. Adjusted earnings for the 3Q 2016 were $24 million, compared with $20.8 million for the same period a year ago, as the company said in the press release received by Lesprom Network.
Consolidated net sales totaled $405.3 million and $420 million in the third quarters of 2016 and 2015, respectively. Lower selling prices unfavorably impacted the year-over-year comparison by $6.3 million and shipping volumes declined 2.1%.
“Our 3Q results reflect the continuation of challenging conditions in several of our markets,” said Dante C. Parrini, Chairman and CEO. “While Specialty Papers continued to improve its operating performance driving a 7% increase in operating profit, a soft demand environment in the broader uncoated freesheet market impacted shipping volume and limited the realization of price increases announced earlier this year.
“In Composite Fibers, shipping volumes fell short of our expectations as demand for wall cover products was softer than expected. The weakness in these businesses outweighed the steady performance of our Advanced Airlaid Materials business. Demand in our airlaid markets remains robust and our wipes volume was up significantly on both a year-over-year and sequential-quarter basis.”
The Company reported net income of $37.7 million for the first nine months of 2016 compared with $30.3 million in the first nine months of 2015. Adjusted earnings totaled $43 million in 2016, compared with $36 million in 2015.
Glatfelter is a global supplier of specialty papers and fiber-based engineered materials.