Exhibit 99.1

 

 

 

 

NEWS RELEASE

 

Corporate Headquarters

 

96 South George Street

 

York, Pennsylvania 17401 U.S.A.

 

www.glatfelter.com

 

For Immediate Release

Contacts:

 

 

Investors:

Media:

 

Samuel L. Hillard

Eileen L. Beck

 

(717) 225-2743

(717) 225-2793

 

GLATFELTER REPORTS SECOND QUARTER 2019 RESULTS

YORK, Pennsylvania – July 30, 2019 – Glatfelter (NYSE: GLT)

a leading global supplier of engineered materials, today reported its results for the second quarter of 2019.  Due to the divestiture of Specialty Papers in October 2018, its results are classified as discontinued operations for all periods presented in this release.  The Company’s second quarter 2019 and 2018 results are summarized in the following table:

 

 

 

Three months ended June 30

 

 

 

2019

 

 

2018

 

In thousands, except per share

 

Amount

 

 

EPS

 

 

Amount

 

 

EPS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

5,831

 

 

$

0.13

 

 

$

(7,399

)

 

$

(0.17

)

Income from continuing operations

 

 

6,293

 

 

 

0.14

 

 

 

1,280

 

 

 

0.03

 

Adjusted earnings from continuing operations

 

 

8,452

 

 

 

0.19

 

 

 

4,039

 

 

 

0.09

 

 

On an adjusted basis, earnings from continuing operations for the second quarter of 2019 were $8.5 million, or $0.19 per share compared with $4.0 million, or $0.09 per share, for the same period a year ago.  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 totaled $235.1 million and $215.7 million for the three months ended June 30, 2019 and 2018, respectively.  Excluding the Steinfurt, Germany acquisition and on a constant currency basis, Advanced Airlaid Materials’ net sales increased by 11.7% and Composite Fibers’ net sales decreased by 3.0%.

 

“Our second quarter results reflect solid overall performance including a record quarter for Advanced Airlaid Materials and meaningful progress towards our previously announced cost reduction targets,” said Dante C. Parrini, Chairman and Chief Executive Officer.  “Our Airlaid Materials business continued its strong growth trajectory, increasing both volumes and operating profit approximately 40% over the prior-year period, building on the momentum from earlier this year.  Shipment growth in the legacy business was led by wipes, table top and adult incontinence products.  In Composite Fibers, we delivered sequential quarter improvement in volumes and profitability, although this business was impacted by competitive market pressure and weak demand for wallcover and metallized products.”

 

Mr. Parrini continued, “Entering the second half of 2019, we remain focused on delivering our commitments as we continue to shape the new Glatfelter into a higher-margin, growth-oriented engineered materials company.  Airlaid Materials is well positioned to achieve 10% legacy volume growth for the full year and we continue to expect the Steinfurt acquisition to deliver $7 million to $9 million of operating profit in 2019.  While Composite Fibers saw some positive signs this quarter, we expect its volumes in 2019 to be flat to slightly down versus the prior year.  Furthermore, we remain on track to achieve our previously announced corporate cost reductions of $14 million to $16 million by the end of 2020.”

 


The following information was filed by Glatfelter P H Co (GLT) on Tuesday, July 30, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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