TREDEGAR REPORTS SECOND-QUARTER 2017 RESULTS
RICHMOND, VA--(BUSINESS WIRE)--August 1, 2017--Tredegar Corporation (NYSE:TG, also the “Company” or “Tredegar”) today reported second-quarter financial results for the period ended June 30, 2017.
Second quarter 2017 net income was $44.2 million ($1.34 per share) compared with net income of $3.4 million ($0.10 per share) in the second quarter of 2016. Net income from ongoing operations, which excludes the special items shown in the table below, was $8.3 million ($0.25 per share) in the second quarter of 2017 compared with $4.4 million ($0.13 per share) in the second quarter of 2016. A reconciliation of net income, a financial measure calculated in accordance with U.S. generally accepted accounting principles (“GAAP”), to net income from ongoing operations, a non-GAAP financial measure, for the three and six months ended June 30, 2017 and 2016, is shown below:
(in millions, except per share data)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2017
 
2016
 
2017
 
2016
Net income as reported under GAAP
 
$
44.2

 
$
3.4

 
$
47.9

 
$
10.7

After-tax effects of:
 
 
 
 
 
 
 
 
Losses associated with plant shutdowns, asset impairments and restructurings
 

 
0.9

 
0.6

 
1.6

(Gains) losses from sale of assets and other:
 
 
 
 
 
 
 
 
Unrealized gain associated with the investment in kaléo
 
(15.7
)
 
(0.3
)
 
(18.2
)
 
(1.1
)
Gain associated with the settlement of an escrow agreement
 
(11.9
)
 

 
(11.9
)
 

Income tax benefit associated with the write-off of the stock basis of a certain U.S. subsidiary
 
(8.1
)
 

 
(8.1
)
 

Other
 
(0.2
)
 
0.4

 
4.0

 
0.7

Net income from ongoing operations *
 
$
8.3

 
$
4.4

 
$
14.3

 
$
11.9

 
 
 
 
 
 
 
 
 
Earnings per share as reported under GAAP (diluted)
 
$
1.34

 
$
0.10

 
$
1.45

 
$
0.33

After-tax effects per diluted share of:
 
 
 
 
 
 
 
 
Losses associated with plant shutdowns, asset impairments and restructurings
 

 
0.03

 
0.02

 
0.05

(Gains) losses from sale of assets and other:
 
 
 
 
 
 
 
 
Unrealized gain associated with the investment in kaléo
 
(0.47
)
 
(0.01
)
 
(0.55
)
 
(0.03
)
Gain associated with the settlement of an escrow agreement
 
(0.36
)
 

 
(0.36
)
 

Income tax benefit associated with the write-off of the stock basis of a certain U.S. subsidiary
 
(0.25
)
 

 
(0.25
)
 

Other
 
(0.01
)
 
0.01

 
0.12

 
0.02

Earnings per share from ongoing operations (diluted) *
 
$
0.25

 
$
0.13

 
$
0.43

 
$
0.37

* See Notes to the Financial Tables in this press release for further details regarding the special items that reconcile net income to net income from ongoing operations and earnings per share to earnings per share from ongoing operations.

Highlights for second quarter 2017 include:

Operating profit from ongoing operations for Bonnell Aluminum of $11.8 million (including $2.8 million associated with the acquisition of Futura Industries Corporation (“Futura”) in mid-February 2017), was $0.9 million higher than the second quarter of 2016
Operating profit from ongoing operations for PE Films of $10.7 million was $6.4 million higher than the second quarter of 2016
Operating loss from ongoing operations for Flexible Packaging Films was $0.3 million, which was favorable by $0.6 million versus the operating loss incurred in the second quarter of 2016.


1

The following information was filed by Tredegar Corp (TG) on Wednesday, August 2, 2017 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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