Schweitzer-Mauduit's 2Q 2020 consolidated sales were $254.2 million, down 6%, or 5% absent negative Euro-driven currency impacts. GAAP operating profit was $34.4 million, down 22%, and GAAP operating profit margin was 13.5%.
2Q 2020 adjusted operating profit was $43.2 million, down 15%, and adjusted operating profit margin was 17%, down 170 basis points. Adjusted EBITDA was $52.8 million, down 12%, and adjusted EBITDA margin was 20.8%, down 150 basis points.
Dr. Jeff Kramer, CEO, commented, “Following 1Q that exceeded our expectations, 2Q 2020 adjusted EPS of $0.90 reflected solid execution and overall resilience of the portfolio. Furthermore, year-to-date 2020 adjusted EPS was essentially unchanged versus 2019, which we consider a positive result in the face of COVID-19 headwinds. Consistent with the expectations we communicated in our last earnings release, stable demand in the tobacco industry supported our EP segment. We saw only a modest profit contraction, which was entirely attributable to some temporary site closures related to government orders or implementation of stepped up hygiene requirements early in the pandemic. Lower segment sales were offset by excellent manufacturing execution and lower costs, which drove outstanding margin performance."
1H 2020 consolidated sales were $515.7 million, down 2%, or 1% absent negative Euro-driven currency impacts. Adjusted operating profit was $83 million, down 4%, and adjusted operating profit margin was 16.1% down 20 basis points. Adjusted EBITDA was $101.8 million, down 3%, and adjusted EBITDA margin was 19.7%, down 20 basis points.
SWM is a leading global performance materials company.
