Sales Increase 5% to $256 million; E.P.S. of $0.75 per share ($0.76 Adjusted E.P.S.)
ALPHARETTA, Ga., Nov. 6, 2018 -- Neenah, Inc. (NYSE: NP) today reported 2018 third quarter results.
Third Quarter Highlights
- Revenues increased 5 percent to $256.2 million compared with $245.1 million in the prior year.
- Earnings per diluted common share (E.P.S.) of $0.75 compared with earnings of $1.10 per share in 2017.
- Adjusted E.P.S. in 2018 of $0.76 compared with $1.02 per share in 2017. Adjusted E.P.S. excluded net costs of $0.01 per share in 2018 and in 2017 excluded a net benefit of $0.08 per share. Adjusting items are noted later in this release.
- Cash generated from operations of $23.9 million decreased from $36.2 million in the third quarter of 2017.
- Quarterly cash dividends of $0.41 per share were 11 percent higher compared with $0.37 per share in the prior year period.
"Adjusted E.P.S." is a non-GAAP measure used to enhance understanding and comparability of year-on-year results and is reconciled to GAAP figures later in this release.
"Third quarter results were impacted by significantly higher operational costs in the quarter, as we took additional downtime for maintenance work and to manage global inventories. While the top line reflected normal seasonal slowing in the back half of the year, we continued to grow in our targeted, defensible markets of transportation filtration, premium packaging and digital transfer media," said John O'Donnell, Chief Executive Officer. "Inflationary pressures in 2018 have been unprecedented, with rapid increases in both input and freight costs. Our business teams have responded admirably with market pricing activities and have stepped up cost reduction efforts. These actions, along with initiatives to improve our asset footprint and increase filtration sales in North America, will help restore profitability and margins in 2019."