~ Q4 performance in-line with expectations despite reduced production to manage inventory levels ~
~ Announced plans for Merger with Berry Global's HHNF business anticipated in second half of 2024 ~
2023 Fourth Quarter and Year-end Highlights:
- Generated net sales of
$320 million in Q4 and$1.4 billion in 2023; loss from continuing operations of$8.6 million in Q4 and$78.1 million in 2023 - Achieved Q4 Adjusted EBITDA of
$25 million and full-year EBITDA of$93 million , in-line with Q3 performance and consistent with full year guidance - Delivered robust Spunlace performance with
$5.7 million Adjusted EBITDA in Q4 and$11.2 million for full year - Managed effectively the impact of tornado damage at the Spunlace Tennessee converting operation with minimal disruption to customers;
$5 million insurance expense excluded from adjusted earnings - Generated EBITDA margins of approximately 8% in Q4 amidst ongoing market softness
- Outlook for 2024 EBITDA of
$110 million to$120 million reflecting limited market visibility and ongoing macro-economic volatility, particularly inEurope
“Our Q4 performance demonstrates that we are effectively addressing the continued challenges across our business,” said
“Market and competitive challenges persisted and were most pronounced in our Airlaid business. This segment’s performance in Q4 was negatively impacted by a planned extensive maintenance shutdown and continued pressure seen in feminine hygiene and European tabletop categories. We expect the volume pressure to persist in the first half of 2024 as we strive to achieve pricing levels that adequately cover inflation while balancing volume expectations. To counteract the anticipated volume softness, we are directing our innovation turnaround initiatives to broadening our product portfolio, improving mix and closely monitoring cost structure. We expect these actions to enhance our asset utilization in the second half of 2024.”
“Overall, Glatfelter is in a stronger position today compared to a year ago due to the efforts of our entire global team who remain committed to delivering improved performance and additional turnaround benefits. Our performance in 2023 was highlighted by several meaningful accomplishments where we eliminated costs from the business, refinanced the Company’s debt, restructured the leadership team and optimized our portfolio. We also made significant progress closing the price-cost gap and implementing operational improvements that are enabling us to deliver margin improvements. While these actions are improving our financial performance, we expect the full realization of benefits from our Turnaround Strategy when the market substantially recovers. We remain encouraged by the work that lies ahead, knowing the strategy is working and therefore, we are cautiously optimistic about our full year guidance despite the challenging business environment.”
On
Three months ended | ||||||||
Dollars in thousands | 2023 | 2022 | ||||||
Net sales | $ | 320,382 | $ | 373,903 | ||||
Net loss from continuing operations | (8,610 | ) | (34,113 | ) | ||||
Adjusted loss from continuing operations (1) | (1,995 | ) | (6,974 | ) | ||||
EPS from continuing operations | (0.19 | ) | (0.76 | ) | ||||
Adjusted EPS (1) | (0.04 | ) | (0.16 | ) | ||||
Adjusted EBITDA (1) | 25,093 | 22,294 |
(1) | Adjusted EBITDA, adjusted loss from continuing operations and adjusted EPS are non-GAAP financial measures. See “Reconciliation of GAAP Financial information to Non-GAAP Financial information” later in this earnings release for further information. |
Storm Damage to Spunlace Facility in
On
Fourth Quarter Results
The following table sets forth a reconciliation of results on a GAAP basis to an adjusted earnings basis, a non-GAAP measure:
Three months ended | ||||||||||||||||
2023 | 2022 | |||||||||||||||
In thousands, except per share | Amount | EPS | Amount | EPS | ||||||||||||
Net loss | $ | (8,666 | ) | $ | (0.19 | ) | $ | (34,333 | ) | $ | (0.76 | ) | ||||
Exclude: Loss from discontinued operations, net of tax | 56 | — | 220 | — | ||||||||||||
Loss from continuing operations | (8,610 | ) | (0.19 | ) | (34,113 | ) | (0.76 | ) | ||||||||
Adjustments (pre-tax): | ||||||||||||||||
— | 30,666 | |||||||||||||||
Turnaround strategy costs (2) | 1,724 | 8,038 | ||||||||||||||
(1,441 | ) | (741 | ) | |||||||||||||
Strategic initiatives (4) | 1,091 | 938 | ||||||||||||||
Tornado insurance deductible costs (5) | 5,000 | — | ||||||||||||||
CEO transition costs (6) | — | 239 | ||||||||||||||
Corporate headquarters relocation | — | 8 | ||||||||||||||
COVID-19 ERC recovery (7) | — | (7,344 | ) | |||||||||||||
Total adjustments (pre-tax) | 6,374 | 31,804 | ||||||||||||||
Income taxes (8) | 35 | (4,792 | ) | |||||||||||||
Other tax adjustments (9) | 206 | 127 | ||||||||||||||
Total after-tax adjustments | 6,615 | 0.16 | 27,139 | 0.60 | ||||||||||||
Adjusted loss from continuing operations | $ | (1,995 | ) | $ | (0.04 | ) | $ | (6,974 | ) | $ | (0.16 | ) |
(1) | Reflects goodwill impairment charge of |
(2) | For 2023, reflects employee separation costs of |
(3) | For 2023, primarily reflects reductions in reserves related to accounts receivable of |
(4) | For 2023, reflects primarily professional services fees related to acquisitions or dispositions (including transaction advisory, legal and other consultant costs) of |
(5) | Reflects the deductible on an insured loss to a leased Spunlace facility in |
(6) | Primarily reflects costs related to consulting services provided by the former CEO. |
(7) | Reflects the benefit recognized from employee retention credits claimed under the CARES Act of 2020 and the subsequent related amendments, partially offset by professional services fees directly related to claiming this benefit. |
(8) | Tax effect on adjustments calculated based on the incremental effective tax rate of the jurisdiction in which each adjustment originated. For items originating in the |
(9) | Tax effect of applying certain provisions of the CARES Act of 2020. |
A description of each of the adjustments presented above is included later in this release.
Airlaid Materials
Three months ended | |||||||||||||||
Dollars in thousands | 2023 | 2022 | Change | ||||||||||||
Tons shipped (metric) | 37,293 | 39,186 | (1,893 | ) | (4.8 | )% | |||||||||
Net sales | $ | 127,514 | $ | 153,991 | $ | (26,477 | ) | (17.2 | )% | ||||||
Operating income | 8,371 | 14,091 | (5,720 | ) | (40.6 | )% | |||||||||
EBITDA | 15,959 | 21,633 | (5,674 | ) | (26.2 | )% | |||||||||
EBITDA % | 12.5 | % | 14.0 | % | |||||||||||
Airlaid Materials’ fourth quarter net sales decreased
Airlaid Materials’ fourth quarter EBITDA of
Composite Fibers
Three months ended | |||||||||||||||
Dollars in thousands | 2023 | 2022 | Change | ||||||||||||
Tons shipped (metric) | 22,770 | 25,677 | (2,907 | ) | (11.3 | )% | |||||||||
Net sales | $ | 115,486 | $ | 136,427 | $ | (20,941 | ) | (15.3 | )% | ||||||
Operating income | 7,054 | 4,843 | 2,211 | 45.7 | % | ||||||||||
EBITDA | 10,959 | 9,198 | 1,761 | 19.1 | % | ||||||||||
EBITDA % | 9.5 | % | 6.7 | % | |||||||||||
Composite Fibers’ net sales were
Composite Fibers had EBITDA for the fourth quarter of
Spunlace
Three months ended | |||||||||||||||
Dollars in thousands | 2023 | 2022 | Change | ||||||||||||
Tons shipped (metric) | 15,571 | 14,957 | 614 | 4.1 | % | ||||||||||
Net sales | $ | 77,982 | $ | 83,485 | $ | (5,503 | ) | (6.6 | )% | ||||||
Operating income (loss) | 2,322 | (1,238 | ) | 3,560 | 287.6 | % | |||||||||
EBITDA | 5,710 | 1,799 | 3,911 | 217.4 | % | ||||||||||
EBITDA % | 7.3 | % | 2.2 | % | |||||||||||
Spunlace's net sales were
Spunlace EBITDA was higher by
Other Financial Information
The amount of operating expense not allocated to a reporting segment in the Segment Financial Information totaled
In the fourth quarter of 2023, our
Balance Sheet and Other Information
Cash and cash equivalents totaled
Capital expenditures during the years ended
Conference Call
As previously announced, the Company will hold a conference call today at
What: | Q4 2023 Glatfelter Earnings Conference Call | |
When: | ||
(323) 794-2423 | ||
(800) 289-0438 | ||
Conference ID: | 7036559 | |
Webcast registry: | Q4 2023 Glatfelter Earnings Webcast | |
OR access via our website: | Glatfelter Webcasts and Presentations | |
Replay will be available, via the webcast link, approximately 2 hours after the conclusion of our earnings call. | ||
Interested persons who wish to hear the live webcast should go to the website prior to the starting time to register and ensure any necessary audio software is installed.
Consolidated Statements of Income | ||||||||||||||||
(unaudited) | ||||||||||||||||
Three months ended | Year ended | |||||||||||||||
In thousands, except per share | 2023 | 2022 | 2023 | 2022 | ||||||||||||
Net sales | $ | 320,382 | $ | 373,903 | $ | 1,385,516 | $ | 1,491,326 | ||||||||
Costs of products sold | 289,509 | 331,547 | 1,255,809 | 1,342,524 | ||||||||||||
Gross profit | 30,873 | 42,356 | 129,707 | 148,802 | ||||||||||||
Selling, general and administrative expenses | 25,643 | 34,545 | 109,741 | 125,001 | ||||||||||||
— | 30,666 | — | 190,556 | |||||||||||||
Loss on sale of Ober-Schmitten and other non-strategic operation | 560 | — | 18,365 | — | ||||||||||||
Loss (gains) on dispositions of plant, equipment and timberlands, net | 239 | 64 | (1,111 | ) | (2,804 | ) | ||||||||||
Operating income (loss) | 4,431 | (22,919 | ) | 2,712 | (163,951 | ) | ||||||||||
Non-operating income (expense) | ||||||||||||||||
Interest expense | (17,498 | ) | (9,534 | ) | (64,739 | ) | (33,207 | ) | ||||||||
Interest income | 327 | 261 | 1,486 | 408 | ||||||||||||
Other, net | (2,280 | ) | (3,627 | ) | (10,551 | ) | (7,642 | ) | ||||||||
Total non-operating expense | (19,451 | ) | (12,900 | ) | (73,804 | ) | (40,441 | ) | ||||||||
Loss from continuing operations before income taxes | (15,020 | ) | (35,819 | ) | (71,092 | ) | (204,392 | ) | ||||||||
Income tax provision (benefit) | (6,410 | ) | (1,706 | ) | 7,011 | (10,275 | ) | |||||||||
Loss from continuing operations | (8,610 | ) | (34,113 | ) | (78,103 | ) | (194,117 | ) | ||||||||
Discontinued operations: | ||||||||||||||||
Loss before income taxes | (56 | ) | (220 | ) | (950 | ) | (91 | ) | ||||||||
Income tax provision | — | — | — | — | ||||||||||||
Loss from discontinued operations | (56 | ) | (220 | ) | (950 | ) | (91 | ) | ||||||||
Net loss | $ | (8,666 | ) | $ | (34,333 | ) | $ | (79,053 | ) | $ | (194,208 | ) | ||||
Basic earnings per share | ||||||||||||||||
Loss from continuing operations | $ | (0.19 | ) | $ | (0.76 | ) | $ | (1.73 | ) | $ | (4.33 | ) | ||||
Loss from discontinued operations | — | — | (0.02 | ) | — | |||||||||||
Basic loss per share | $ | (0.19 | ) | $ | (0.76 | ) | $ | (1.75 | ) | $ | (4.33 | ) | ||||
Diluted earnings per share | ||||||||||||||||
Loss from continuing operations | $ | (0.19 | ) | $ | (0.76 | ) | $ | (1.73 | ) | $ | (4.33 | ) | ||||
Loss from discontinued operations | — | — | (0.02 | ) | — | |||||||||||
Diluted loss per share | $ | (0.19 | ) | $ | (0.76 | ) | $ | (1.75 | ) | $ | (4.33 | ) | ||||
Weighted average shares outstanding | ||||||||||||||||
Basic | 45,134 | 44,884 | 45,058 | 44,828 | ||||||||||||
Diluted | 45,134 | 44,884 | 45,058 | 44,828 |
Selected Financial Information | |||||||||||||||
(unaudited) | |||||||||||||||
Three months ended | Year ended | ||||||||||||||
In thousands, except per share | 2023 | 2022 | 2023 | 2022 | |||||||||||
Airlaid Material | $ | 127,514 | $ | 153,991 | $ | 586,480 | $ | 601,514 | |||||||
Composite Fibers | 115,486 | 136,427 | 483,517 | 523,863 | |||||||||||
Spunlace | 77,982 | 83,485 | 317,916 | 365,949 | |||||||||||
Inter-segment sales elimination | (600 | ) | — | (2,397 | ) | — | |||||||||
Total | $ | 320,382 | $ | 373,903 | $ | 1,385,516 | $ | 1,491,326 | |||||||
Operating income (loss) | |||||||||||||||
Airlaid Material | $ | 8,371 | $ | 14,091 | $ | 43,207 | $ | 54,809 | |||||||
Composite Fibers | 7,054 | 4,843 | 21,347 | 16,923 | |||||||||||
Spunlace | 2,322 | (1,238 | ) | (2,068 | ) | (9,289 | ) | ||||||||
Other and unallocated | (13,316 | ) | (40,615 | ) | (59,774 | ) | (226,394 | ) | |||||||
Total | $ | 4,431 | $ | (22,919 | ) | $ | 2,712 | $ | (163,951 | ) | |||||
Depreciation and amortization | |||||||||||||||
Airlaid Material | $ | 7,588 | $ | 7,542 | $ | 30,464 | $ | 30,113 | |||||||
Composite Fibers | 3,905 | 4,355 | 15,665 | 19,631 | |||||||||||
Spunlace | 3,388 | 3,037 | 13,245 | 11,850 | |||||||||||
Other and unallocated | 972 | 1,308 | 3,873 | 5,130 | |||||||||||
Total | $ | 15,853 | $ | 16,242 | $ | 63,247 | $ | 66,724 | |||||||
Capital expenditures | |||||||||||||||
Airlaid Material | $ | 2,846 | $ | 2,235 | $ | 9,885 | $ | 9,692 | |||||||
Composite Fibers | 3,934 | 3,010 | 12,286 | 15,730 | |||||||||||
Spunlace | 1,566 | 1,462 | 9,047 | 6,689 | |||||||||||
Other and unallocated | 195 | 949 | 2,552 | 5,629 | |||||||||||
Total | $ | 8,541 | $ | 7,656 | $ | 33,770 | $ | 37,740 | |||||||
Tons shipped (metric) | |||||||||||||||
Airlaid Material | 37,293 | 39,186 | 156,442 | 164,844 | |||||||||||
Composite Fibers | 22,770 | 25,677 | 94,742 | 103,092 | |||||||||||
Spunlace | 15,571 | 14,957 | 61,618 | 72,725 | |||||||||||
Inter-segment sales elimination | (333 | ) | — | (1,258 | ) | — | |||||||||
Total | 75,301 | 79,820 | 311,544 | 340,661 |
Selected Financial Information | ||||||||
(unaudited) | ||||||||
Year ended | ||||||||
In thousands | 2023 | 2022 | ||||||
Cash Flow Data | ||||||||
Cash from continuing operations provided (used) by: | ||||||||
Operating activities | $ | (25,616 | ) | $ | (40,820 | ) | ||
Investing activities | (37,101 | ) | (33,098 | ) | ||||
Financing activities | (949 | ) | 46,919 | |||||
Depreciation, depletion and amortization | 63,247 | 66,724 | ||||||
Capital expenditures | (33,770 | ) | (37,740 | ) |
Balance Sheet Data | ||||||||
Cash and cash equivalents | $ | 50,265 | $ | 110,660 | ||||
Total assets | 1,563,796 | 1,647,353 | ||||||
Total debt | 860,318 | 845,109 | ||||||
Shareholders’ equity | 256,854 | 318,004 | ||||||
Reconciliation of GAAP Financial Information to Non-GAAP Financial Information
This press release includes a measure of earnings before the effects of certain specifically identified items, which is referred to as adjusted earnings and Adjusted EBITDA, both non-GAAP measures. The Company uses non-GAAP adjusted earnings and Adjusted EBITDA to supplement the understanding of its consolidated financial statements presented in accordance with GAAP. Non-GAAP adjusted earnings is meant to present the financial performance of the Company’s core operations, which consist of the production and sale of engineered materials. EBITDA is a measure used by management to assess our operating performance and is calculated using income (loss) from continuing operations and excludes interest expense, interest income, income taxes, and depreciation and amortization. Adjusted EBITDA is calculated using EBITDA and further excludes certain items management considers to be unrelated to the Company’s core operations. Management and the Company’s Board of Directors use non-GAAP adjusted earnings and Adjusted EBITDA to evaluate the performance of the Company’s fundamental business in relation to prior periods and established business plans. For purposes of determining adjusted earnings and Adjusted EBITDA, the following items are excluded:
Goodwill and other asset impairment charges. This adjustment represents non-cash charges recorded to reduce the carrying amount of certain long-lived assets of ourDresden ,Germany facility and goodwill of our Composite Fibers and Spunlace reporting segments.- Turnaround Strategy costs. This adjustment reflects costs incurred in connection with the Company's Turnaround Strategy initiated in 2022 under its new chief executive officer to drive operational and financial improvement. These costs are primarily related to professional services fees and employee separation costs.
Russia /Ukraine conflict charges. This adjustment reflects reductions in reserves related to accounts receivable and inventory previously recorded related to the military conflict.- Strategic initiatives. These adjustments primarily reflect professional and legal fees incurred directly related to evaluating and executing certain strategic initiatives including costs associated with acquisitions and related integrations.
- Tornado insurance deductible costs. This adjustment reflects the deductible on an insured loss to a leased Spunlace facility in
Tennessee resulting from tornadoes inDecember 2023 . - Debt refinancing costs. Represents charges to write-off unamortized debt issuance costs in connection with the extinguishment of the Company’s €220.0 million Term Loan and IKB loans, as well as the amendment to the Company's credit facility. These costs also include an early repayment penalty related to the extinguishment of the IKB loans.
- Ober-Schmitten divestiture costs. This adjustment reflects the loss on sale of the Ober-Schmitten,
Germany operations and professional and other costs directly associated with the sale, and previously anticipated closure, of the facility. - CEO transition costs. This adjustment reflects costs related to consulting services provided by the former CEO.
- Corporate headquarters relocation. This adjustment reflects costs incurred in connection with the strategic relocation of the Company’s corporate headquarters to
Charlotte, NC . The costs are primarily related to employee relocation costs and exit costs at the former corporate headquarters. - Cost optimization actions. These adjustments reflect charges incurred in connection with initiatives to optimize the cost structure of the Company, improve efficiencies or other objectives. Such actions may include asset rationalization, headcount reductions, or similar actions. These adjustments, which have occurred at various times in the past, are irregular in timing and relate to specific identified programs to reduce or optimize the cost structure of a particular operating segment or a corporate function.
- COVID-19 ERC recovery. This adjustment reflects the benefit recognized from employee retention credits claimed under the Coronavirus Aid, Relief, and Economic Security Act (“CARES”) Act and the Taxpayer Certainty and Disaster Tax Relief Act of 2020 and professional services fees directly associated with claiming this benefit.
- Timberland sales and related costs. These adjustments exclude gains from the sales of timberlands as these items are not considered to be part of our core business, ongoing results of operations or cash flows. These adjustments are irregular in timing and amount and may benefit our operating results.
Unlike net income determined in accordance with GAAP, non-GAAP adjusted earnings and Adjusted EBITDA do not reflect all charges and gains recorded by the Company for the applicable period and, therefore, does not present a complete picture of the Company’s results of operations for the respective period. However, non-GAAP adjusted earnings and Adjusted EBITDA provide a measure of how the Company’s core operations are performing, which management believes is useful to investors because it allows comparison of such operations from period to period. Non-GAAP adjusted earnings and Adjusted EBITDA should not be considered in isolation from, or as a substitute for, measures of financial performance prepared in accordance with GAAP.
Adjusted EBITDA % is the calculation of Adjusted EBITDA divided by net sales.
Although the Company provides guidance for Adjusted EBITDA, it is not able to provide guidance for net income, the most directly comparable GAAP measure. Certain elements of the composition of net income, including income tax expense, are not predictable, making it impractical for us to provide guidance on net income or to reconcile our Adjusted EBITDA guidance to net income without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information regarding net income, which could be material to future results.
Calculation of Adjusted Free Cash Flow In thousands | Year ended | |||||||
2023 | 2022 | |||||||
Cash used by operations | $ | (25,616 | ) | $ | (40,820 | ) | ||
Capital expenditures | (33,770 | ) | (37,740 | ) | ||||
Free cash flow | (59,386 | ) | (78,560 | ) | ||||
Adjustments: | ||||||||
Turnaround strategy costs | 12,906 | 1,100 | ||||||
Strategic initiatives | 2,059 | 1,427 | ||||||
Ober-Schmitten divestiture | 2,712 | — | ||||||
Cost optimization actions | 271 | 1,292 | ||||||
Restructuring charge - metallized operations | 39 | — | ||||||
CEO transition costs | 8,731 | 718 | ||||||
Corporate headquarters relocation | — | (303 | ) | |||||
851 | 1,780 | |||||||
COVID-19 ERC recovery | (7,623 | ) | — | |||||
Tax payments (refunds) on adjustments to adjusted earnings | (887 | ) | 2,506 | |||||
Adjusted free cash flow | $ | (40,327 | ) | $ | (70,040 | ) |
Net Debt In thousands | ||||||||
Short-term debt | $ | 6,150 | $ | 11,422 | ||||
Current portion of long-term debt | 1,005 | 40,435 | ||||||
Long-term debt, net of current portion | 853,163 | 793,252 | ||||||
Total | 860,318 | 845,109 | ||||||
Less: Cash | (50,265 | ) | (110,660 | ) | ||||
Net Debt | $ | 810,053 | $ | 734,449 |
Adjusted EBITDA | Three months ended | Year ended | ||||||||||||||
In thousands | 2023 | 2022 | 2023 | 2022 | ||||||||||||
Net loss | $ | (8,666 | ) | $ | (34,333 | ) | $ | (79,053 | ) | $ | (194,208 | ) | ||||
Exclude: | ||||||||||||||||
Loss from discontinued operations, net of tax | 56 | 220 | 950 | 91 | ||||||||||||
Add back: | ||||||||||||||||
Taxes on continuing operations | (6,410 | ) | (1,706 | ) | 7,011 | (10,275 | ) | |||||||||
Depreciation and amortization | 15,853 | 16,242 | 63,247 | 66,724 | ||||||||||||
Interest expense, net | 17,171 | 9,273 | 63,253 | 32,799 | ||||||||||||
EBITDA | 18,004 | (10,304 | ) | 55,408 | (104,869 | ) | ||||||||||
Adjustments: | ||||||||||||||||
— | 30,666 | — | 190,556 | |||||||||||||
Turnaround strategy costs | 1,847 | 8,038 | 9,413 | 8,038 | ||||||||||||
(1,441 | ) | (741 | ) | (1,441 | ) | 3,207 | ||||||||||
Strategic initiatives | 1,091 | 938 | 3,249 | 5,625 | ||||||||||||
Ober-Schmitten divestiture | — | — | 18,797 | — | ||||||||||||
Tornado insurance deductible costs | 5,000 | — | 5,000 | — | ||||||||||||
Debt refinancing | — | — | 59 | — | ||||||||||||
CEO transition costs | — | 239 | 579 | 4,831 | ||||||||||||
Corporate headquarters relocation | — | 8 | — | 351 | ||||||||||||
Share-based compensation | 592 | 794 | 2,797 | 831 | ||||||||||||
Cost optimization actions | — | — | — | 589 | ||||||||||||
COVID-19 ERC recovery | — | (7,344 | ) | 41 | (7,344 | ) | ||||||||||
Timberland sales and related costs | — | — | (1,305 | ) | (2,962 | ) | ||||||||||
Adjusted EBITDA | $ | 25,093 | $ | 22,294 | $ | 92,597 | $ | 98,853 |
Reconciliation of Operating Profit to EBITDA by Segment(1) | Three months ended | |||||||
In thousands | 2023 | 2022 | ||||||
Airlaid Materials | ||||||||
Operating profit | $ | 8,371 | $ | 14,091 | ||||
Add back: Depreciation & amortization | 7,588 | 7,542 | ||||||
EBITDA | $ | 15,959 | $ | 21,633 | ||||
Composite Fibers | ||||||||
Operating profit | $ | 7,054 | $ | 4,843 | ||||
Add back: Depreciation & amortization | 3,905 | 4,355 | ||||||
EBITDA | $ | 10,959 | $ | 9,198 | ||||
Spunlace | ||||||||
Operating profit (loss) | $ | 2,322 | $ | (1,238 | ) | |||
Add back: Depreciation & amortization | 3,388 | 3,037 | ||||||
EBITDA | $ | 5,710 | $ | 1,799 |
(1) | For our segment results, segment EBITDA is reconciled to segment operating profit, which is the most comprehensive financial measure for our segments. |
Adjusted Corporate Unallocated Expenses | Three months ended | |||||||
In thousands | 2023 | 2022 | ||||||
Other and unallocated operating loss | $ | (13,316 | ) | $ | (40,615 | ) | ||
Adjustments: | ||||||||
— | 30,666 | |||||||
Turnaround strategy costs | 1,724 | 8,038 | ||||||
(1,441 | ) | (741 | ) | |||||
Strategic initiatives | 1,091 | 938 | ||||||
Tornado insurance deductible costs | 5,000 | — | ||||||
CEO transition costs | — | 239 | ||||||
Corporate headquarters relocation | — | 8 | ||||||
COVID-19 ERC recovery | — | (7,344 | ) | |||||
Adjusted corporate unallocated expenses | $ | (6,942 | ) | $ | (8,811 | ) | ||
Caution Concerning Forward-Looking Statements
Any statements included in this press release that pertain to future financial and business matters are “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. The Company uses words such as “anticipates”, “believes”, “expects”, “future”, “intends”, “plans”, “targets”, and similar expressions to identify forward-looking statements. Any such statements are based on the Company’s current expectations and are subject to numerous risks, uncertainties and other unpredictable or uncontrollable factors that could cause future results to differ materially from those expressed in the forward-looking statements. The risks, uncertainties and other unpredictable or uncontrollable factors are described in the Company’s filings with the
About Glatfelter
Glatfelter is a leading global supplier of engineered materials with a strong focus on innovation and sustainability. The Company’s high quality, technology-driven, innovative, and customizable nonwovens solutions can be found in products that are Enhancing Everyday Life®. These include personal care and hygiene products, food and beverage filtration, critical cleaning products, medical and personal protection, packaging products, as well as home improvement and industrial applications. Headquartered in
Contacts: | |
Investors: | Media: |
(717) 225-2746 | (717) 225-2793 |
ramesh.shettigar@glatfelter.com | eileen.beck@glatfelter.com |
Source:
2024 GlobeNewswire, Inc., source