YORK, Pennsylvania – July 30, 2019 – Glatfelter (NYSE: GLT) a leading global supplier of engineered materials, today reported its results for the second quarter of 2019.
Due to the divestiture of Specialty Papers in October 2018, its results are classified as discontinued operations for all periods presented in this release. The Company’s second quarter 2019 and 2018 results are summarized in the following table:
On an adjusted basis, earnings from continuing operations for the second quarter of 2019 were $8.5 million, or $0.19 per share compared with $4.0 million, or $0.09 per share, for the same period a year ago. Adjusted earnings is a non-GAAP financial measure for which a reconciliation to the nearest GAAP-based measure is provided within this release.
Consolidated net sales totaled $235.1 million and $215.7 million for the three months ended June 30, 2019 and 2018, respectively. Excluding the Steinfurt, Germany acquisition and on a constant currency basis, Advanced Airlaid Materials’ net sales increased by 11.7% and Composite Fibers’ net sales decreased by 3.0%.