Glatfelter reported 2.8% decrease of net sales and 16.9% decrease of income before income taxes in 1Q2017 y-o-y. According to the announcement, the company’s revenues accounted for USD 390.7 million, generating income before income taxes of USD 17.6 million in the period.
Dante C. Parrini, Chairman and CEO, commented:
“Glatfelter’s overall results for the first quarter were in line with expectations. Our engineered materials businesses reported a strong opening to 2017. Composite Fibers returned to growth after a challenging 2016, as demand improved in all market segments, including tea, single-serve coffee and wall covering products. This improved demand, when combined with our cost optimization program, drove a 29% increase in Composite Fibers’ operating income over the prior-year period. Advanced Airlaid Materials continued to show healthy margin expansion as volumes improved over the previous year and further production efficiencies from continuous improvement initiatives resulted in an 8% increase in operating income. The Specialty Papers business unit’s performance continues to be challenged by highly competitive market conditions, despite improved productivity and cost reduction actions.
We are making significant progress in our initiatives to manage costs and drive continuous improvement throughout our organization. Specifically, our Composite Fibers business is on track to deliver USD 10 million in savings this year through the cost optimization program we began in the fourth quarter of 2016. We also remain committed to investing in our growth platforms. The build-out of our new facility in Fort Smith, Arkansas, is proceeding as expected and is positioned to support the growth opportunities for our Advanced Airlaid Materials business, with start-up expected late this year.”
In 4Q2016 Glatfelter decreased sales and made loss. Check other wood business-related companies 1Q2017 schedules for financial and operating results.
Glatfelter and Dreamweaver received an award for their separator for lithium ion batteries.
The company is a global manufacturer of specialty papers and fiber-based engineered materials, offering over a century of experience, technical expertise and world-class service. U.S. operations include facilities in Spring Grove, PA and Chillicothe and Fremont, OH. Its international operations include facilities in Canada, Germany, France, the United Kingdom and the Philippines. It also has sales and distribution offices in Russia and China. Glatfelter’s sales approximate USD 1.7 billion annually.