RICHMOND, VA--(BUSINESS WIRE)--5/9/2019--Tredegar Corporation (NYSE:TG, also the “Company” or “Tredegar”) today reported first quarter financial results for the period ended March 31, 2019.
The Company recognized net income of $19.8 million ($0.60 per share) in the first quarter of 2019 compared to net income of $18.2 million ($0.55 per share) in the first quarter of 2018. Net income from ongoing operations, which excludes special items, was $7.3 million ($0.22 per share) in the first quarter of 2019 compared with $12.9 million ($0.39 per share) in the first quarter of 2018. A reconciliation of net income (loss), 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 months ended March 31, 2019 and 2018, is provided in Note (a) of the Notes to the Financial Tables in this press release.
First Quarter Financial Results Highlights
Operating profit from ongoing operations for PE Films of $3.0 million was $11.1 million lower than the first quarter of 2018
Operating profit from ongoing operations for Flexible Packaging Films of $2.9 million was $1.1 million higher than the first quarter of 2018
Operating profit from ongoing operations for Bonnell Aluminum of $12.1 million was $1.9 million higher than the first quarter of 2018
John Steitz, Tredegar’s president and chief executive officer, said, “Our PE Films business units are very focused on generating sales from new products and customers, while our Flexible Packaging Films business continued its improved performance that started in 2018.”
Mr. Steitz continued, “In Aluminum Extrusions, volume grew in building and construction and automotive market segments while specialty segment volume was flat compared to 2018. We continue to watch for signs of a cyclical downturn.”
Mr. Steitz added, “We’re also pleased to report that we recently received our first dividend on our kaléo investment in the amount of $17.6 million.”
PE Films is composed of personal care materials, surface protection films, polyethylene overwrap films and films for other markets. A summary of first quarter operating results from ongoing operations for PE Films is provided below:
Three 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 Friday, May 10, 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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Ticker: TG CIK: 850429 Form Type:10-Q Quarterly Report Accession Number: 0000850429-19-000062 Submitted to the SEC: Thu Aug 08 2019 12:35:37 PM EST Accepted by the SEC: Thu Aug 08 2019 Period: Sunday, June 30, 2019 Industry: Rolling Drawing And Extruding Of Nonferrous Metals