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Glatfelter Reports Second Quarter 2021 Results

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·21 min read
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~ Successful Mount Holly integration contributed favorably to Q2 results

~ Acquisition of Jacob Holm will add scale and new technologies, enhancing engineered materials portfolio

CHARLOTTE, N.C., Aug. 03, 2021 (GLOBE NEWSWIRE) -- Glatfelter Corporation (NYSE: GLT), a leading global supplier of engineered materials, today reported net income for the three months ended June 30, 2021 of $1.5 million, or $0.03 per diluted share, compared with a loss of $2.3 million, or a loss of $0.05 per share, in the same period a year ago. The results include the acquisition of Georgia-Pacific’s U.S. nonwovens business (“Mount Holly”) effective May 13, 2021. Adjusted earnings from continuing operations for the three months ended June 30, 2021 and 2020, were $8.0 million, or $0.18 per share, compared with $9.9 million, or $0.22 per share, respectively. 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 for the three months ended June 30, 2021 totaled $244.9 million, compared with $216.2 million for the same period in 2020. On a constant currency basis, net sales for Composite Fibers and Airlaid Materials (including Mount Holly) increased by 7.1% and 5.0%, respectively.

“Despite entering the second quarter expecting continued softer demand from customer destocking, Airlaid Materials recorded higher than expected volume growth driven by a rebound in tabletop products as in-person dining began to recover globally,” said Dante C. Parrini, Chairman and Chief Executive Officer. “The higher volumes, combined with increased production and a strong contribution from Mount Holly, propelled Glatfelter to deliver positive overall results compared to expectations.”

Mr. Parrini added, “In Composite Fibers, shipments were up slightly from the first quarter and our team continues to successfully implement the cost-related price increases we announced earlier this year. While our pricing actions only partially offset the rise in costs of raw materials, energy, and freight, we expect the benefit of our price increases to be more fully realized in the second half of 2021, further counteracting inflationary pressures in this segment. We remain disciplined in our approach toward managing costs throughout the entire supply chain while ensuring continued and timely delivery of high-quality products to our customers.”

Mr. Parrini concluded, “While we have been navigating the dynamic supply and demand environment stemming from the pandemic, our team remains committed to Glatfelter’s ongoing business transformation by making significant progress in executing our growth strategy. The newly-acquired Mount Holly facility made an immediate contribution to our Airlaid segment, and it strategically positions us to participate in the growing demand within health and hygiene categories. Of additional importance, on July 22, we announced the acquisition of Jacob Holm, a global leading manufacturer of premium quality spunlace nonwovens. This transaction will further diversify our end markets and technologies, enhance our overall innovation capabilities and add meaningful scale to the Company.”

Second 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 June 30

2021

2020

In thousands, except per share

Amount

EPS

Amount

EPS

Net income (loss)

$

1,410

$

0.03

$

(2,416

)

$

(0.05

)

Exclude: Loss from discontinued operations, net of tax

82

135

Income (loss) from continuing operations

1,492

0.03

(2,281

)

(0.05

)

Adjustments (pre-tax):

Strategic initiatives

7,831

Corporate headquarters relocation

206

Restructuring charge - Metallized operations

5,067

Cost optimization actions

1,349

Pension settlement expenses, net

6,330

COVID-19 incremental costs

1,180

Asset impairment charge

900

Timberland sales and related costs

(1,553

)

(601

)

Total adjustments (pre-tax)

6,484

14,225

Income taxes (1)

(50

)

(2,047

)

CARES Act of 2020 tax provision (2)

90

Total after-tax adjustments

6,524

0.15

12,178

0.27

Adjusted earnings from continuing operations

$

8,016

$

0.18

$

9,897

$

0.22

  1. Tax effect on adjustments calculated based on the incremental effective tax rate of the jurisdiction in which each adjustment originated.

  2. Tax impact recorded in connection with passage of the Coronavirus Aid, Relief, and Economic Security Act (“CARES”) related to provisions that modified the “net operating loss” provisions of previous law to allow certain losses to be carried back five years.

A description of each of the adjustments presented above is included later in this release.

Composite Fibers

Three months ended June 30

Dollars in thousands

2021

2020

Change

Tons shipped (metric)

34,471

29,032

5,439

18.7

%

Net sales

$

141,598

$

122,137

$

19,461

15.9

%

Operating income

11,063

11,487

(424

)

(3.7

)%

Operating margin

7.8

%

9.4

%

Composite Fibers’ net sales increased $19.5 million or 15.9% in the second quarter of 2021, compared to the year-ago quarter, mainly driven by a 95% increase in our wallcover sales from the trough of the pandemic in 2020 and favorable currency translation of $10.7 million. Overall shipments, excluding metallized which was restructured in the second quarter of 2020, were up 26% versus the second quarter of 2020.

Composite Fibers’ operating income of $11.1 million was $0.4 million lower compared to the second quarter of 2020. Raw material and energy prices were $6.0 million higher than the same period last year and partly offset by approximately $2.0 million of price increases. In addition, higher sales volume for wallcover, electrical, and coffee products, combined with increased production to meet customer demand, fully offset input price inflation. The impact of currency and related hedging activity negatively impacted earnings by $0.6 million.

Airlaid Materials

Three months ended June 30

Dollars in thousands

2021

2020

Change

Tons shipped (metric)

34,315

33,277

1,038

3.1

%

Net sales

$

103,313

$

94,046

$

9,267

9.9

%

Operating income

8,431

12,292

(3,861

)

(31.4

)%

Operating margin

8.2

%

13.1

%

Airlaid Materials’ net sales increased $9.3 million in the year-over-year comparison, including six weeks of sales from Mount Holly. Shipments were 3.1% higher driven by Mount Holly as well as a significant increase in tabletop demand as in-person dining began to recover globally. These increases were partially offset by lower shipments in the hygiene and wipes categories related to customer destocking from elevated inventory levels maintained during the pandemic. Currency translation was $4.6 million favorable.

Airlaid Materials’ second quarter 2021 operating income of $8.4 million was $3.9 million lower when compared to the second quarter of 2020. Higher shipments were more than offset by unfavorable mix negatively impacting earnings by $0.9 million while operations were $1.9 million unfavorable driven by lower production to adjust to customer demand and manage inventory levels. Selling price increases due to raw material pass-through provisions were more than offset by higher raw material and energy prices, reducing earnings by net $0.8 million. The impact of currency and related hedging activity further negatively impacted earnings by $0.3 million.

Other Financial Information

The amount of “Other and Unallocated” operating expense in the table of Segment Financial Information totaled $11.4 million in the second quarter of 2021 compared with $14.7 million in the same period a year ago. Excluding the items identified to present “adjusted earnings,” unallocated expenses for the second quarter of 2021 decreased $1.9 million compared to the second quarter of 2020.

In the second quarter of 2021, income from continuing operations totaled $5.5 million and income tax expense totaled $4.0 million. On adjusted pre-tax income of $12.0 million, income tax expense was $4.0 million in the second quarter of 2021. The comparable amounts in the same quarter of 2020 were $14.5 million and $4.6 million, respectively. The effective tax rate on adjusted earnings was 33% in the second quarter of 2021.

Year-to-Date Results

The following table sets forth a reconciliation of results on a GAAP basis to an adjusted earnings basis, a non-GAAP measure:

Six months ended
June 30

2021

2020

In thousands, except per share

Amount

EPS

Amount

EPS

Net income

$

9,804

$

0.22

$

4,990

$

0.11

Exclude: Loss from discontinued operations, net of tax

82

135

0.01

Income from continuing operations

9,886

0.22

5,125

0.12

Adjustments (pre-tax)

Strategic initiatives

8,434

Corporate headquarters relocation

361

Restructuring charge - Metallized operations

11,054

Cost optimization actions

3,097

Pension settlement expenses, net

6,403

COVID-19 incremental costs

1,180

Asset impairment charge

900

Timberland sales and related costs

(2,403

)

(601

)

Total adjustments (pre-tax)

6,392

22,033

Income taxes (1)

31

(3,882

)

CARES Act of 2020 tax provision (benefit) (2)

183

(2,569

)

Total after-tax adjustments

6,606

0.14

15,582

0.34

Adjusted earnings from continuing operations

$

16,492

$

0.37

$

20,707

$

0.46

  1. Tax effect on adjustments calculated based on the incremental effective tax rate of the jurisdiction in which each adjustment originated.

  2. Tax impact recorded in connection with passage of the Coronavirus Aid, Relief, and Economic Security Act (“CARES”) related to provisions that modified the “net operating loss” provisions of previous law to allow certain losses to be carried back five years.

A description of each of the adjustments presented above is included later in this release.

Balance Sheet and Other Information

Cash and cash equivalents totaled $84.2 million as of June 30, 2021, and net debt was $397.2 million compared with $213.9 million at the end of 2020. Net leverage increased to 3.1 times at June 30, 2021 versus 1.8 times at December 31, 2020. (Refer to the calculation of this measure provided in the tables at the end of this release).

Effective May 13, 2021, we completed our previously announced acquisition of Georgia-Pacific’s U.S. nonwovens business which consists of an airlaid manufacturing operation in Mount Holly, North Carolina, along with a nonwovens product development operation and associated employees in Memphis, Tennessee. The purchase price totaled $175 million, subject to customary purchase price adjustments. We financed the acquisition through a combination of cash-on-hand and $160 million of borrowings under our existing revolving credit facility.

Capital expenditures during the six months of 2021 and 2020 totaled $11.2 million and $12.0 million, respectively. Adjusted free cash flow for the first six months of 2021 was $(4.8) million compared with $1.6 million in the same period of 2020. (Refer to the calculation of measure provided in the tables at the end of this release).

Conference Call

As previously announced, the Company will hold a conference call today at 11:00 a.m. (Eastern) to discuss its second quarter results. The Company will make available on its Investor Relations website this quarter’s earnings release and an accompanying financial presentation that includes significant financial information to be discussed on the conference call including the Company’s outlook pertaining to financial performance. Information related to the conference call is as follows:

What:

Glatfelter’s 2nd Quarter 2021 Earnings Release Conference Call

When:

Tuesday, August 3, 2021, 11:00 a.m. (ET)

Number:

US dial 888.335.5539

International dial 973.582.2857

Conference ID:

4388692

Webcast:

https://www.glatfelter.com/investors/webcasts-and-presentations/

Rebroadcast Dates:

August 3, 2021, 2:00 p.m. through August 17, 12:00 p.m.

Rebroadcast Number:

Within US dial 855.859.2056

International dial 404.537.3406

Conference ID:

4388692

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.

Glatfelter Corporation and subsidiaries
Consolidated Statements of Income
(unaudited)

Three months ended
June 30

Six months ended
June 30

In thousands, except per share

2021

2020

2021

2020

Net sales

$

244,911

$

216,183

$

470,585

$

447,743

Costs of products sold

209,357

184,120

395,735

378,878

Gross profit

35,554

32,063

74,850

68,865

Selling, general and administrative expenses

28,984

23,551

51,811

48,072

Gains on dispositions of plant, equipment and timberlands, net

(1,553

)

(597

)

(2,403

)

(597

)

Operating income

8,123

9,109

25,442

21,390

Non-operating income (expense)

Interest expense

(1,772

)

(1,759

)

(3,303

)

(3,537

)

Interest income

11

87

31

351

Pension settlement expenses, net

(6,330

)

(6,403

)

Other, net

(849

)

(835

)

(1,073

)

(1,515

)

Total non-operating expense

(2,610

)

(8,837

)

(4,345

)

(11,104

)

Income from continuing operations before income taxes

5,513

272

21,097

10,286

Income tax provision

4,021

2,553

11,211

5,161

Income (loss) from continuing operations

1,492

(2,281

)

9,886

5,125

Discontinued operations:

Loss before income taxes

(82

)

(135

)

(82

)

(135

)

Income tax provision

Loss from discontinued operations

(82

)

(135

)

(82

)

(135

)

Net income (loss)

$

1,410

$

(2,416

)

$

9,804

$

4,990

Basic earnings per share

Income (loss) from continuing operations

$

0.03

$

(0.05

)

$

0.22

$

0.12

Loss from discontinued operations

(0.01

)

Basic earnings per share

$

0.03

$

(0.05

)

$

0.22

$

0.11

Diluted earnings per share

Income (loss) from continuing operations

$

0.03

$

(0.05

)

$

0.22

$

0.12

Loss from discontinued operations

(0.01

)

Diluted earnings per share

$

0.03

$

(0.05

)

$

0.22

$

0.11

Cash dividend declared per common share

$

0.14

$

0.135

$

0.275

$

0.265

Weighted average shares outstanding

Basic

44,563

44,343

44,507

44,309

Diluted

44,872

44,343

44,865

44,541


Segment Financial Information

(unaudited)

Three months ended June 30

Dollars in thousands

Composite Fibers

Airlaid Materials

Other and Unallocated

Total

2021

2020

2021

2020

2021

2020

2021

2020

Net sales

$

141,598

$

122,137

$

103,313

$

94,046

$

$

$

244,911

$

216,183

Costs of products sold

119,334

100,387

90,138

77,581

(115

)

6,152

209,357

184,120

Gross profit (loss)

22,264

21,750

13,175

16,465

115

(6,152

)

35,554

32,063

SG&A

11,201

10,263

4,744

4,173

13,039

9,115

28,984

23,551

Gains on dispositions of plant, equipment

and timberlands, net

(1,553

)

(597

)

(1,553

)

(597

)

Total operating income (loss)

11,063

11,487

8,431

12,292

(11,371

)

(14,670

)

8,123

9,109

Non operating expense

(2,610

)

(8,837

)

(2,610

)

(8,837

)

Income (loss) before income taxes

$

11,063

$

11,487

$

8,431

$

12,292

$

(13,981

)

$

(23,507

)

$

5,513

$

272

Supplementary Data

Metric tons sold

34,471

29,032

34,315

33,277

68,786

62,309

Depreciation, depletion and amortization ($ in thousands) (1)

$

7,000

$

6,431

$

6,767

$

5,473

$

966

$

2,302

$

14,733

$

14,206

Capital expenditures

2,882

2,105

1,297

1,712

1,653

1,180

5,832

4,997


Six months ended
June 30

Dollars in thousands

Composite Fibers

Airlaid Materials

Other and Unallocated

Total

2021

2020

2021

2020

2021

2020

2021

2020

Net sales

$

282,847

$

254,848

$

187,738

$

192,895

$

$

$

470,585

$

447,743

Costs of products sold

233,601

207,372

162,723

159,827

(589

)

11,679

395,735

378,878

Gross profit (loss)

49,246

47,476

25,015

33,068

589

(11,679

)

74,850

68,865

SG&A

22,118

20,887

9,387

8,754

20,306

18,431

51,811

48,072

Gains on dispositions of plant, equipment

and timberlands, net

(2,403

)

(597

)

(2,403

)

(597

)

Total operating income (loss)

27,128

26,589

15,628

24,314

(17,314

)

(29,513

)

25,442

21,390

Non operating expense

(4,345

)

(11,104

)

(4,345

)

(11,104

)

Income (loss) before income taxes

$

27,128

$

26,589

$

15,628

$

24,314

$

(21,659

)

$

(40,617

)

$

21,097

$

10,286

Supplementary Data

Metric tons sold

68,611

65,015

63,179

68,316

131,790

133,331

Depreciation, depletion and amortization ($ in thousands) (1)

$

13,981

$

12,897

$

12,615

$

10,924

$

1,870

$

5,787

$

28,466

$

29,608

Capital expenditures

5,655

6,061

3,036

3,815

2,520

2,135

11,211

12,011

  1. The amount presented in 2020 in the Other and unallocated column includes accelerated depreciation incurred in connection with the restructuring of Composite Fibers’ Metallized operations.

Selected Financial Information
(unaudited)

Six months ended
June 30

In thousands

2021

2020

Cash Flow Data

Cash from continuing operations provided (used) by:

Operating activities

$

1,365

$

(912

)

Investing activities

(181,136

)

(11,448

)

Financing activities

165,138

(23,175

)

Depreciation, depletion and amortization

28,466

29,608

Capital expenditures

11,211

12,011


June 30

December 31

2021

2020

Balance Sheet Data

Cash and cash equivalents

$

84,164

$

99,581

Total assets

1,460,090

1,286,881

Total debt

481,412

313,521

Shareholders’ equity

571,245

577,932

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, a non-GAAP measure. The Company uses non-GAAP adjusted earnings 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 composite fibers and airlaid materials. Management and the Company’s Board of Directors use non-GAAP adjusted earnings 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, the following items are excluded:

  • 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.

  • Corporate headquarters relocation. These adjustments reflect 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.

  • Restructuring charge – Metallized operations. This adjustment represents charges incurred in 2020 in connection with the decision to restructure a portion of the Composite Fibers segment, primarily consisting of the consolidation of our metallizing operation from Gernsbach, Germany to Caerphilly, UK.

  • Cost optimization actions. These adjustments reflect charges incurred in connection with initiatives to optimize the cost structure of the Company, including costs related to the organizational change to a functional operating model. The costs are primarily related to executive separations, other headcount reductions, professional fees, asset write-offs and certain contract termination costs. 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 the corporate function.

  • COVID-19 incremental costs. This adjustment represents incremental cash costs incurred directly related to the COVID-19 pandemic such as mill employee incentive payments, enhanced hygiene protocols, safety and supplies, and professional fees primarily associated with the CARES Act benefit.

  • Asset Impairment Charge. This adjustment represents a non-cash charge recorded to reduce the carrying amount of a tradename intangible asset of the Dresden wallcover business due to the impact of the COVID-19 pandemic on the underlying forecasted revenue stream.

  • Pension settlement expenses, net. This adjustment reflects professional fees recorded in connection with the Company’s termination of its qualified pension plan and the related actions to settle all obligations to the plan’s participants. Since the pension plan was fully funded, the settlement of pension obligations did not require the use of the Company’s cash, but instead was accomplished with plan assets.

  • 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.

  • Coronavirus Aid, Relief, and Economic Security (CARES) Act 2020. This adjustment reflects taxes recorded as a result of the March 27, 2020 change in U.S. tax law which, among others, allows net operating losses to be carried back five years.

Unlike net income determined in accordance with GAAP, non-GAAP adjusted earnings does 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 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 should not be considered in isolation from, or as a substitute for, measures of financial performance prepared in accordance with GAAP.

Calculation of Adjusted Free Cash Flow

Six months ended
June 30

In thousands

2021

2020

Cash from operations

$

1,365

$

(912

)

Capital expenditures

(11,211

)

(12,011

)

Free cash flow

(9,846

)

(12,923

)

Adjustments:

Cost optimization actions

1,640

2,261

Strategic initiatives

1,573

Restructuring charge - Metallized operations

1,252

4,341

Corporate headquarters relocation

784

54

Fox River environmental matter

775

2,158

Pension settlement

6,330

COVID-19 incremental costs

1,180

Tax refunds on adjustments to adjusted earnings

(976

)

(1,833

)

Adjusted free cash flow

$

(4,798

)

$

1,568


Net Debt

June 30

December 31

In thousands

2021

2020

Current portion of long-term debt

$

24,267

$

25,057

Short-term debt

11,884

Long term debt

445,261

288,464

Total

481,412

313,521

Less: Cash

(84,164

)

(99,581

)

Net Debt

$

397,248

$

213,940


EBITDA

Trailing twelve months ended June 30

Year ended December 31

In thousands

2021

2020

Net income

$

26,112

$

21,298

Exclude: Income from discontinued operations, net of tax

(568

)

(515

)

Add back: Taxes on Continuing operations

17,626

11,576

Depreciation and amortization

55,458

56,600

Interest expense, net

6,709

6,623

EBITDA

105,337

95,582

Pro forma - Mount Holly (1)

10,368

Adjustments:

Strategic initiatives

10,001

1,567

Cost optimization actions

2,882

5,979

COVID-19 incremental costs

1,535

2,715

Corporate headquarters relocation

1,232

871

Restructuring charge - Metallized operations

57

7,211

Asset impairment charge

900

Pension settlement expenses, net

(249

)

6,154

Timberland sales and related costs

(3,184

)

(1,382

)

Adjusted EBITDA

$

127,979

$

119,597

  1. Gives effect to historical Mount Holly EBITDA prior to the May 13, 2021 acquisition date.

Leverage

June 30

December 31

In thousands

2021

2020

Net Debt

$

397,248

$

213,940

Divided by Adjusted EBITDA

127,979

119,597

Net leverage

3.1

x

1.8

x

Caution Concerning Forward-Looking Statements

Any statements included in this press release which 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 including, but not limited to, the impacts of the COVID-19 pandemic, changes in industry, business, market, and economic conditions, demand for or pricing of its products, market growth rates and currency exchange rates. In light of these risks, uncertainties and other factors, the forward-looking matters discussed in this press release may not occur and readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements speak only as of the date of this press release and Glatfelter undertakes no obligation, and does not intend, to update these forward-looking statements to reflect events or circumstances occurring after the date of this press release. More information about these factors is contained in Glatfelter’s filings with the U.S. Securities and Exchange Commission, which are available at www.glatfelter.com.

About Glatfelter

Glatfelter is a leading global supplier of engineered materials. The Company’s high-quality, innovative and customizable solutions are found in tea and single-serve coffee filtration, personal hygiene and packaging products as well as home improvement and industrial applications. Headquartered in Charlotte, NC, the Company’s annualized net sales approximate $1 billion with customers in over 100 countries and approximately 2,550 employees worldwide. Operations include twelve manufacturing facilities located in the United States, Canada, Germany, France, the United Kingdom, and the Philippines. Additional information about Glatfelter may be found at www.glatfelter.com.

Contacts:

Investors:

Media:

Ramesh Shettigar

Eileen L. Beck

(717) 225-2746

(717) 225-2793

ramesh.shettigar@glatfelter.com

eileen.beck@glatfelter.com



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