Glatfelter first quarter net income up 23%

by Talk Business & Politics staff ([email protected]) 77 views 

Glatfelter, the company that has purchased the Mitsubishi building at Chaffee Crossing, recently posted a 23% increase in adjusted earnings over the last year, the company recently announced in its 2016 Q1 results.

The adjusted figure for the first quarter of 2016 compared to the same time period in 2015 saw an increase to $16.3 million from $13.4 million a year ago.

Net income for 2016 Q1 finished at $16.2 million from $13.9 million in the first quarter of 2015.

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,” Dante Parrini, chairman and CEO, said in the statement.

Parrini continued: “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.”

Glatfelter is a global supplier of specialty papers and fiber-based engineered materials. Headquartered in York, Pa., the company employs more than 4,300 people and serves customers in more than 100 countries. U.S. operations include facilities in Pennsylvania and Ohio.