P.H. Glatfelter Co. up on higher Q3 profit
P.H. Glatfelter Co. (NYSE: GLT) shares are up after the maker of specialty paper and engineered products reported third-quarter net income of $7.8 million, or $0.17 per share, below analyst estimates of $0.22 per share but 45% above $5.4 million, or $0.12 per share, a year earlier.
“Our improvement plan for Chillicothe helped drive a 46% increase in operating income for the Specialty Papers business unit, and Composite Fibers delivered another solid quarter of results,” CEO George H. Glatfelter said in a statement. “We are confident that by remaining focused on our goals to further improve efficiencies and by leveraging Glatfelter’s market position, we can meet the challenges of rising input costs and continue the momentum we have created.”
The York, Penn.-based firm’s quarterly net sales grew to $291.9 million, below Wall Street projections of $301.6 million but 5% above $277.5 million during the same period of 2006.
The company’s results included a $12.3 million charge related to an environmental cleanup in Wisconsin, $0.3 million related to an acquisition and a $1.4 million gain from the sale of timberlands. Excluding one-time items, third-quarter earnings were $0.42 per share, compared with $0.23 per share a year earlier.
In today’s trading, GLT were up 6.37%, or $0.91, at $15.20. Over the last 52 weeks, shares have ranged from $12.47 to $18.05.
