Glatfelter reported third-quarter 2013 net income of $34.1 million, or $0.77 per diluted share, and adjusted earnings of $24.4 million, or $0.55 per diluted share. These results compare with third-quarter 2012 net income of $20.1 million or $0.46 per diluted share and adjusted earnings in the prior year quarter of $19.4 million or $0.44 per diluted share.
Consolidated net sales for the third quarter of 2013 totaled $456.6 million, a quarterly record and a 12.9 percent increase compared with $404.4 million in the third quarter of 2012 reflecting organic growth on a constant currency basis of 1.5 percent and acquisition growth of 9.9 percent.
“We continue to generate healthy growth in our key markets of tea and single-serve coffee, nonwoven wall covering and feminine hygiene,” said Dante C. Parrini, chairman and chief executive officer. “Our Composite Fibers business delivered a very strong quarter with operating profit increasing 84 percent driven by the Dresden acquisition and organic operating profit growth of 17 percent.
“Our Advanced Airlaid Materials business grew revenue by 14 percent while operating profit declined slightly compared to last year due to two fires at its facilities during the quarter that disrupted operations.
"Adjusting to exclude the impact of the unplanned outages, Advanced Airlaid Materials business improved operating profit by 23 percent. Our Specialty Papers business continued to experience difficult market conditions that led to a 16 percent decline in operating profit. However, we expect recent announcements of industry capacity closures to improve the market environment as we move into 2014.”
Mr. Parrini continued, “As we approach the end of 2013, I am encouraged by the performance of our two growth businesses and believe we are well positioned to finish this year strong and with momentum heading into 2014. During the year, we made significant investments to expand our ability to serve attractive global markets where we have leadership positions that I believe will continue to drive improved earnings and healthy free cash flows.”
