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US' Glatfelter posts 37% revenue growth, driven by airlaid materials

23 Feb '23

2 min read

Pic: Glatfelter

Glatfelter Corporation, a leading global supplier of engineered materials, has reported net sales of $1.49 billion in financial year 2022 (FY22), ended December 31, 2022, representing an increase of 37 per cent compared to the previous year. The increase in net sales was driven by strong performances in the airlaid materials and composite fibres segments, which reported net sales of $601.5 million and $523.9 million, respectively. However, spunlace segment reported net sales of $365.9 million.

Despite the strong net sales, Glatfelter Corporation also reported a net loss of $163.9 million for FY22.

In the fourth quarter (Q4) of FY22, the company’s net sales were up 12 per cent, compared to Q4 FY21. Airlaid materials' net sales increased by $13 million to $154.9 million in the year-over-year (YoY) comparison, while composite fibres' revenue was slightly higher at $136.4 million compared to the year-ago quarter. However, spunlace had an operating loss of $1.2 million in the fourth quarter of this year.

Thomas Fahnemann, president and chief executive officer of Glatfelter, said: "The team is making good progress with delivering against our turnaround strategy, and we are seeing early signs of this in our fourth quarter financial results as we realised approximately $4 million in benefits from these initiatives. Excluding a one-time charge taken during the quarter, we would have been closer to the upper end of our EBITDA expectations. In addition, our cash liberation actions reduced our working capital.

“As demonstrated by the improved performance of the Spunlace segment this quarter, we are making targeted operational improvements to execute more effectively in order to continue delivering the quality products our customers expect from Glatfelter, while also progressing our pricing initiatives in the sontara product category.”

Fibre2Fashion News Desk (DP)