Glatfelter Q3 2018 results: airlaid unit net sales rise 4.8%
YORK, PA, November 6, 2018-
Glatfelter (NYSE:GLT) a leading global supplier of engineered materials, today reported its results for the third quarter of 2018. As part of the Company’s strategic transformation, Glatfelter completed the sale of its Specialty Papers business unit on October 31, 2018. Accordingly, Specialty Papers’ results are classified as discontinued operations for all periods presented in this release including the recognition of a $97.5 million after-tax impairment charge in connection with the sale of the business unit. The Company’s third-quarter 2018 and 2017 results are summarized in the following table:
On an adjusted basis, earnings from continuing operations for the third quarter of 2018 were a loss of $0.2 million, or $0.00 per share compared with adjusted earnings of $7.6 million, or $0.17 per diluted share, for the same period a year ago. Corporate shared services costs totaling $6.9 million and $7.2 million for the third quarter of 2018 and 2017, respectively, previously included in Specialty Papers’ results are required to be included in income from continuing operations. Adjusted earnings is a non-GAAP financial measure for which a reconciliation to the nearest GAAP-based measure is provided within this release.
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