TREDEGAR REPORTS SECOND-QUARTER 2018 RESULTS
RICHMOND, VA--(BUSINESS WIRE)--August 1, 2018--Tredegar Corporation (NYSE:TG, also the “Company” or “Tredegar”) today reported second-quarter financial results for the period ended June 30, 2018.
Second quarter 2018 net income was $14.7 million ($0.44 per share) compared with net income of $44.2 million ($1.34 per share) in the second quarter of 2017. Net income from ongoing operations, which excludes special items, was $11.5 million ($0.35 per share) in the second quarter of 2018 compared with $8.3 million ($0.25 per share) in the second quarter of 2017. 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, 2018 and 2017, is provided in Note (a) of the Notes to the Financial Tables in this press release.
Highlights for ongoing operations for the second quarter of 2018 include:
Operating profit from ongoing operations for PE Films of $8.7 million was $2.0 million lower than the second quarter of 2017
Operating profit from ongoing operations for Flexible Packaging Films was $1.3 million, which was favorable by $1.6 million versus the operating loss in the second quarter of 2017
Operating profit from ongoing operations for Bonnell Aluminum of $13.2 million was $1.4 million higher than the second quarter of 2017
John Gottwald, Tredegar’s president and chief executive officer, said, “Our PE Films segment had a solid first six months, but recent discussions with customers firmed up the timing of previously disclosed product transitions away from certain products in personal care and surface protection films. Our future earnings will be adversely impacted in a meaningful way by these transitions.”
Mr. Gottwald continued, “Terphane’s profit improvement was mainly due to lower depreciation and amortization expenses as a consequence of the impairment charge taken in the fourth quarter of last year. Bonnell Aluminum showed good profit improvement despite continued inefficiencies at our facility in Niles, Michigan.”
Mr. Gottwald further stated, “I’m especially pleased to see our debt, net of cash, at $60.7 million, which reflects a decline of approximately $55 million this year.”
PE Films is composed of personal care materials, surface protection films, polyethylene overwrap films and films for other markets. A summary of second-quarter and year-to-date operating results from ongoing operations for PE Films is provided below:
Three Months Ended
Six Months Ended
(In Thousands, Except Percentages)
Sales volume (lbs)
Operating profit from ongoing operations
The following information was filed by Tredegar Corp (TG) on Thursday, August 2, 2018 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.