TREDEGAR REPORTS SECOND QUARTER 2019 RESULTS
RICHMOND, VA--(BUSINESS WIRE)--8/8/2019--Tredegar Corporation (NYSE:TG, also the “Company” or “Tredegar”) today reported second quarter financial results for the period ended June 30, 2019.
The Company recognized net income of $14.5 million ($0.44 per share) in the second quarter of 2019 compared to net income of $14.7 million ($0.44 per share) in the second quarter of 2018.  Net income from ongoing operations, which excludes special items, was $11.7 million ($0.35 per share) in the second quarter of 2019 compared with $11.5 million ($0.35 per share) in the second 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 and six months ended June 30, 2019 and 2018, is provided in Note (a) of the Notes to the Financial Tables in this press release.

Second Quarter Financial Results Highlights

Operating profit from ongoing operations for PE Films of $7.8 million was $0.9 million lower than the second quarter of 2018
Operating profit from ongoing operations for Flexible Packaging Films of $2.5 million was $1.2 million higher than the second quarter of 2018
Operating profit from ongoing operations for Bonnell Aluminum of $14.5 million was $1.4 million higher than the second quarter of 2018

John Steitz, Tredegar’s president and chief executive officer, said, “Overall PE Films profits declined mainly from the previously disclosed lost business relating to a customer product transition in our Personal Care component. Our Surface Protection component of PE Films had record contribution to our quarterly operating profits and continued to benefit from a delay in a possible future customer product transition. Personal Care remains very focused on getting new business as well as cost reduction initiatives.”
Mr. Steitz continued, “Terphane had another quarter of profit growth supported by the re-start in June 2018 of a previously idled production line. Operating profits in Bonnell Aluminum increased in the quarter despite lower volume. If the volume shortfall persists, we’ll continue to develop contingency plans to address these conditions, including proper alignment of our cost structure with customer demand.”
Mr. Steitz further commented, “We had good net cash flow with debt net of cash declining by $29 million during the first half of 2019, including a $17.6 million dividend received in April from our kaléo investment.”

OPERATIONS REVIEW
PE Films
PE Films is composed of surface protection films, personal care materials, 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
 
Favorable/
(Unfavorable)
% Change
 
Six Months Ended
 
Favorable/
(Unfavorable)
% Change
(In Thousands, Except Percentages)
June 30,
 
June 30,
 
2019
 
2018
 
2019
 
2018
 
Sales volume (lbs)
25,476

 
30,099

 
(15.4
)%
 
51,322

 
64,922

 
(20.9
)%
Net sales
$
69,161

 
$
82,457

 
(16.1
)%
 
$
135,941

 
$
175,707

 
(22.6
)%
Operating profit from ongoing operations
$
7,766

 
$
8,678

 
(10.5
)%
 
$
10,717

 
$
22,712

 
(52.8
)%

1

The following information was filed by Tredegar Corp (TG) on Thursday, August 8, 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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