Stock Monitor: Neenah Paper Post Earnings Reporting
LONDON, UK / ACCESSWIRE / December 06, 2017 / Active-Investors free earnings report on P. H. Glatfelter Co. (NYSE: GLT) has freshly been issued to its members, and you can also sign up to view this report at www.active-investors.com/registration-sg/?symbol=GLT. P. H. Glatfelter Company (NYSE: GLT) reported its third quarter fiscal 2017 operating results on October 31, 2017. The maker of specialty papers and fiber-based engineered materials' revenue grew 2% on a y-o-y basis and provided guidance for the upcoming quarter. Register today and get free access to our complimentary member's area where many more reports are available:
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Active-Investors.com is currently working on the research report for Neenah Paper, Inc. (NYSE: NP), which also belongs to the Consumer Goods sector as the Company P. H. Glatfelter. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, P. H. Glatfelter most recent news is on our radar and we have decided to include it on our blog post. Today's free coverage is available at:
www.active-investors.com/registration-sg/?symbol=GLT
Earnings Highlights and Summary
Glatfelter's consolidated net sales totaled $413.3 million and $405.3 million for the three months ended September 30, 2017 and 2016, respectively. The Company's reported numbers topped analysts' estimates of $402.74 million.
On an adjusted basis, Glatfelter's earnings before interest, taxes, depreciation and amortization and excluding pension expense ("adjusted EBITDA") for Q3 2017 totaled $50.6 million, up 3.1% compared to $49.1 million in Q3 2016.
Glatfelter reported net income of $12.1 million, or $0.27 per diluted share, for Q3 2017 compared to net income of $19.6 million, or $0.44 per diluted share, in Q3 2016. The Company's adjusted earnings for the reported quarter were $21.9 million, or $0.50 per diluted share, compared to $24.0 million, or $0.54 per diluted share, for the prior year's corresponding quarter and came in ahead of Wall Street's estimates of $0.39 per share.
Glatfelter's Segment Results
During Q3 2017, Glatfelter's Composite Fibers segment's net sales jumped 8.1% to $142.35 million on a y-o-y basis, primarily due to higher shipping volumes and $4.2 million of favorable currency translation. The segment's operating income for the reported quarter totaled $16.4 million, up 17.2% on a y-o-y basis. Higher shipping volumes, higher machine utilization rates, and solid operating performance improved earnings by $5.8 million.
For Q3 2017, Glatfelter's Advanced Airlaid Materials division's net sales advanced 9.6% to $67.77 million, primarily due to a 4.2% increase in shipping volumes from continued growth of personal hygiene and wipes products and $1.8 million favorable impact from currency translation. The segment's operating income for the reported quarter surged 29.1% and totaled $8.2 million. The improvement was driven by a $1.1 million benefit from higher volumes and a $0.4 million favorable impact from currency translation.
Specialty Papers' segment net sales fell 4.0% to $203.21 million on a y-o-y basis, as its markets continued to be impacted by a supply-demand imbalance resulting in lower selling prices of $6.5 million. Specialty Papers' operating income totaled $12.5 million in the reported quarter compared to $18.7 million the year ago same period.
Balance Sheet and Other Information
Glatfelter's cash and cash equivalents totaled $84.3 million as of September 30, 2017, and net debt was $385.9 million compared to $317.2 million at the end of 2016. The Company's adjusted free cash flow for the first nine months of 2017, was negative $3.9 million compared to $11.8 million in 2016.
During Q3 2017, Glatfelter paid $9.5 million to Georgia Pacific to settle claims related to the Fox River matter. The settlement had no effect on the Company's overall reserve for the Fox River matter.
Outlook
For Q4 2017, Glatfelter's Composite Fibers' shipping volumes are expected to be approximately 10% lower than the third quarter driven by normal seasonality. Most of the impact from lower shipping volumes is expected to be offset by improved product mix.
The Company's Advanced Airlaid Materials' shipping volumes in the upcoming quarter are expected to be approximately 3% lower on a q-o-q basis due to normal seasonality. For FY18, Glatfelter expects shipping volumes for the segment to be 10% to 15% higher than 2017 driven by the start-up of the Fort Smith, Arkansas facility.
Glatfelter's Specialty Papers unit's shipping volumes in Q4 2017 are expected to be approximately 5% lower on a q-o-q basis. Selling prices are expected to be in-line and raw material and energy prices are expected to increase compared to the third quarter. Specialty Papers will also benefit by $1 million more on a q-o-q basis from cost reduction actions.
Glatfelter's consolidated capital expenditures are expected to total between $130 million and $135 million for 2017 and approximately $65 million to $70 million in 2018.
Stock Performance Snapshot
December 05, 2017 - At Tuesday's closing bell, P. H. Glatfelter's stock dropped 1.10%, ending the trading session at $20.66.
Volume traded for the day: 92.16 thousand shares.
Stock performance in the last three-month – up 19.22%; and previous six-month period – up 10.84%
After yesterday's close, P. H. Glatfelter's market cap was at $900.98 million.
Price to Earnings (P/E) ratio was at 645.62.
The stock has a dividend yield of 2.52%.
The stock is part of the Consumer Goods sector, categorized under the Paper & Paper Products industry.
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