Glatfelter recently reported first-quarter 2016 net income of $16.2 million, or $0.37 per diluted share compared with $13.9 million, or $0.32 per diluted share in the first quarter of 2015. Adjusted earnings for the first quarter of 2016 were $16.3 million, or $0.37 per diluted share, a 23 percent increase compared with $13.4 million, or $0.30 per diluted share, for the same period a year ago.
Consolidated net sales totaled $402.2 million and $417.5 million in the first quarters of 2016 and 2015, respectively. Currency translation adjustments unfavorably impacted the year-over-year comparison by $5.2 million.
“Glatfelter is off to a solid start in 2016 as a result of our focus on operational excellence and leadership positions in key markets,” said Dante C. Parrini, Chairman and Chief Executive Officer. “Our Advanced Airlaid Materials and Specialty Papers businesses reported operating income increases of 25 percent and 58 percent, respectively, compared with the first quarter of 2015, with improved operations and increased shipping volumes. The strong performance of these two businesses was partially offset by lower operating income in the Composite Fibers business, which was impacted by softer demand during the quarter for food and beverage products after a strong 2015.”
Mr. Parrini continued, “Glatfelter is fully committed to building upon our market leadership positions across all of our business units. To accelerate our growth as a leading global engineered materials company, we have been making select, strategic investments — including a new, state-of-the-art Advanced Airlaid Materials production facility in Fort Smith, Arkansas, which is expected to be completed in late 2017.
"Our airlaid business continues to grow with key customers in the feminine hygiene, adult incontinence and specialty wipes markets. In Specialty Papers, our manufacturing performance is improving, we expect to see the impact of recently announced price increases predominantly during the second half of the year, and we anticipate completing our environmental compliance projects by the end of the year. Although Composite Fibers had a challenging first quarter, this business is core to our growth strategy due to its positions in growing markets and close relationships with a broad, industry-leading, customer base.”
