Glatfelter 1Q 2021 results: consolidated net sales down 2.5% from year ago to $225.7 million
CHARLOTTE, NC, May 4, 2021-
Glatfelter Corporation, a leading global supplier of engineered materials, today reported net income for the first three months of 2021 of $8.4 million, or $0.19 per diluted share, compared with $7.4 million, or $0.17 per diluted share, in the same period a year ago. Adjusted earnings from continuing operations for the three months ended March 31, 2021 and 2020, were $8.5 million, or $0.19 per share, compared with $10.8 million, or $0.24 per share, respectively. Adjusted earnings is a non-GAAP financial measure for which a reconciliation to the nearest GAAP-based measure is provided within this release. Consolidated net sales for the three months ended March 31, 2021 totaled $225.7 million, compared with $231.6 million for the same period in 2020. On a constant currency basis, Composite Fibers’ and Airlaid Materials’ net sales decreased by 1.4% and 18.8%, respectively.
“Glatfelter continued to deliver strong earnings in the first quarter of 2021 by effectively managing costs and driving operating efficiencies, despite a challenging market,” said Dante C. Parrini, Chairman and Chief Executive Officer. “Composite Fibers performed better than expected as volume growth in food and beverage and favorable wallcover demand improved overall product mix and asset utilization, thereby helping to drive a 6% increase in year-over-year operating profit. In Airlaid Materials, volumes were under pressure, especially in the tabletop category that was down 55% compared to last year due to the pandemic as restaurant dining remains slow to recover. We also experienced lower than anticipated demand in wipes, homecare and feminine hygiene products as customers recalibrated order levels to account for COVID-driven year-end inventory reserves. Despite the overall market volatility, both segments achieved healthy EBITDA margins in the mid-teens.”
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