RICHMOND, VA--(BUSINESS WIRE)--November 1, 2017--Tredegar Corporation (NYSE:TG, also the “Company” or “Tredegar”) today reported third-quarter financial results for the period ended September 30, 2017.
Third quarter 2017 net income was $8.3 million ($0.25 per share) compared with net income of $12.0 million ($0.37 per share) in the third quarter of 2016. Net income from ongoing operations, which excludes special items, was $9.4 million ($0.28 per share) in the third quarter of 2017 compared with $7.4 million ($0.22 per share) in the third 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 nine months ended September 30, 2017 and 2016, is provided in Note (a) of the Notes to the Financial Tables in this press release.
Highlights for third quarter 2017 include:
Operating profit from ongoing operations for Bonnell Aluminum of $12.6 million (including $2.4 million associated with the acquisition of Futura), was $3.2 million higher than the third quarter of 2016
Operating profit from ongoing operations for PE Films of $11.3 million was $2.2 million higher than the third quarter of 2016
Operating loss from ongoing operations for Flexible Packaging Films was $1.1 million, which was unfavorable by $1.2 million versus the operating profit in the third quarter of 2016
John Gottwald, Tredegar’s president and chief executive officer, said, “Earnings from ongoing operations in the third quarter increased to 28 cents per share versus 22 cents last year due to continued strong performance from the surface protection component of our polyethylene films segment, as well as accretion in earnings from the acquisition of Futura earlier this year. The previously disclosed risk in surface protection of a possible customer product transition to less costly alternative processes or materials has been minimal to date. Profits also improved for the quarter in our personal care films business. We are very focused overall in our polyethylene films segment on investments in R&D and new products to mitigate the impact of expected product transitions, expand our customer base and drive future growth.”
Mr. Gottwald further stated, “Our aluminum extrusions business continues to perform well, and booking and backlog trends remain favorable. The unfavorable pricing environment resulting from industry excess capacity, particularly in Latin America, continues to impact Terphane’s operating results.”
PE Films is comprised of personal care materials, surface protection films, polyethylene overwrap films and films for other markets. A summary of third-quarter and year-to-date operating results from ongoing operations for PE Films is provided below:
Three Months Ended
Favorable/ (Unfavorable) % Change
Nine Months Ended
Favorable/ (Unfavorable) % Change
(In Thousands, Except Percentages)
Sales volume (lbs)
Operating profit from ongoing operations
The following information was filed by Tredegar Corp (TG) on Wednesday, November 1, 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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Ticker: TG CIK: 850429 Form Type:10-Q Quarterly Report Accession Number: 0000850429-17-000060 Submitted to the SEC: Wed Nov 01 2017 1:18:46 PM EST Accepted by the SEC: Wed Nov 01 2017 Period: Saturday, September 30, 2017 Industry: Rolling Drawing And Extruding Of Nonferrous Metals