Exhibit 99.1

 

NEWS RELEASE

 

Corporate Headquarters

 

4350 Congress Street

Suite 600

Charlotte, NC 28209

U.S.A.

www.glatfelter.com

 

 

For Immediate Release

Contacts:

 

 

Investors:

Media:

 

Ramesh Shettigar

Eileen L. Beck

 

(717) 225-2746

(717) 225-2793

 

ramesh.shettigar@glatfelter.com

eileen.beck@glatfelter.com

 

GLATFELTER REPORTS FOURTH QUARTER AND FULL YEAR 2020 RESULTS

~ Strong financial performance in the midst of the pandemic ~

~ Progressing transformation with recent announcement to acquire Georgia-Pacific’s U.S. nonwovens business ~

 

CHARLOTTE, North Carolina – February 4, 2021: Glatfelter Corporation (NYSE: GLT),

a leading global supplier of engineered materials, today reported its results for the fourth quarter of 2020, which are summarized in the following table:

 

 

 

Three months ended December 31

 

 

 

2020

 

 

2019

 

In thousands, except per share

 

Amount

 

 

EPS

 

 

Amount

 

 

EPS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

9,781

 

 

$

0.21

 

 

$

(44,882

)

 

$

(1.01

)

Income (loss) from discontinued operations, net of tax

 

 

650

 

 

 

0.01

 

 

 

(132

)

 

 

 

Income (loss) from continuing operations

 

 

9,131

 

 

 

0.20

 

 

 

(44,750

)

 

 

(1.01

)

Adjusted earnings from continuing operations

 

 

9,645

 

 

 

0.22

 

 

 

7,684

 

 

 

0.17

 

 

On an adjusted basis, earnings from continuing operations for the three months ended December 31, 2020 and 2019, were $9.6 million, or $0.22 per share, compared with $7.7 million, or $0.17 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 December 31, 2020 totaled $235.3 million compared with $231.0 million during the same period in 2019. On a constant currency basis, Composite Fibers’ and Airlaid Materials’ net sales decreased by 1.4% and 5.2%, respectively.

 

“Glatfelter delivered robust earnings in the fourth quarter, further contributing to a strong year amid unforeseen global economic challenges resulting from the pandemic,” said Dante C. Parrini, Chairman and Chief Executive Officer. “As businesses across the globe faced unprecedented volatility, Glatfelter continued to make progress by focusing on employee health and safety and overall operational excellence while ensuring uninterrupted supply of critical products to our customers, thereby achieving full-year adjusted EBITDA growth of 12%. We continued to realize operational and strategic benefits of our transformation that included an optimized portfolio comprised of over 85% essential consumer staples, and an improved cost structure from a flatter and more agile operating model. Also, we generated significant cash flow that translated into meaningful debt reduction, resulting in a very healthy balance sheet.”

 

Mr. Parrini continued, “In Composite Fibers, strong demand across nearly all product categories drove an increase in total shipments during the quarter compared to prior year. This volume increase and improved mix, combined with elevated production, enabled the segment to deliver an operating profit margin of nearly 11% for the fourth quarter. In Airlaid Materials, shipments during the quarter were above the prior year in all product categories except tabletop, which was negatively affected by the pandemic. As a result, we took more downtime in our Airlaid facilities to manage tabletop inventory, which impacted profitability. For the year, the Airlaid segment delivered an operating profit margin of approximately 12%, exceeding our guidance range.”

 

“As we start the new year, we remain focused on managing through the ongoing pandemic by keeping our employees safe and facilities operational. Equally important will be accelerating growth through diligent commercial execution and strategic investments such as our recently announced acquisition of Georgia-Pacific’s U.S. nonwovens operations. We believe this business is an excellent


The following information was filed by Glatfelter P H Co (GLT) on Thursday, February 4, 2021 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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