Home News Financial News Neenah Reports Second Quarter 2018 Results

Neenah Reports Second Quarter 2018 Results

Quarterly sales of $271 million; E.P.S. of $(0.29) per share, Adjusted E.P.S. of $1.18

ALPHARETTA, Ga., Aug. 7, 2018 -- Neenah, Inc. (NYSE: NP) today reported 2018 second quarter results.

Second Quarter Highlights

  • Revenues increased 9 percent to a record $271.3 million compared with $248.7 million in the prior year.
  • A loss per diluted common share (E.P.S.) of $0.29, which included $1.47 per share of adjusting items, compared with earnings of $1.46 per share in 2017. The adjusting items in 2018 were comprised of non-cash costs for impairment related to the planned sale of the Brattleboro mill and associated facilities, a settlement charge related to withdrawing from a multi-employer pension plan, and integration and restructuring costs. The Brattleboro sale is part of a broader effort to increase efficiencies in the Fine Paper and Packaging business.
  • Adjusted E.P.S. in 2018 of $1.18 decreased 3 percent compared with $1.22 per share in 2017. Adjusted E.P.S. in 2018 excluded costs of $1.47 per share noted above, and in 2017 excluded a benefit of $0.24 per share related to prior period tax adjustments.
  • Cash generated from operations of $31.7 million increased 35 percent from $23.4 million in the second quarter of 2017.
  • Quarterly cash dividends of $0.41 per share increased 11 percent compared with the prior year period.

"Adjusted earnings" is a non-GAAP measure used to enhance understanding and comparability of year-on-year results and are reconciled to GAAP figures later in this release.

"In the second quarter, our Technical Products segment continued to deliver very strong top and bottom line performance, and we made significant progress restoring the attractive margins of Fine Paper and Packaging. With each business focused on price realization, operating performance and working capital efficiencies, results were also evident in improved operating cash flows," said John O'Donnell, Chief Executive Officer. "We're expanding organically in targeted markets like filtration, premium packaging and performance materials, and profitably increasing Neenah's overall growth rate. As we head into the seasonally slower second half of the year with persistent input cost pressures, our competitive and financial positions remain strong and our teams are focused on additional actions that can deliver increased value for our shareholders."

View complete report

Source: Neenah

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