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US' Glatfelter posts net sales of $327 mn in Q1 FY24

13 May '24
2 min read
US' Glatfelter posts net sales of $327 mn in Q1 FY24

Glatfelter, a global supplier of engineered materials, has reported net sales of approximately $327 million in the first quarter of fiscal 2024 (Q1 FY24), marking a decline from the previous year, coupled with a GAAP net loss from continuing operations totalling $26.2 million.

Despite the challenges in net sales, Glatfelter achieved a notable improvement in profitability metrics. The company's Adjusted EBITDA for the quarter was $23.8 million, reflecting an enhanced EBITDA margin of 7.3 per cent, the company said in a press release.

In a detailed breakdown by division, the airlaid materials segment experienced a significant downturn, with first-quarter net sales decreasing by $27.9 million year-over-year. The EBITDA for this segment also dropped to $12.6 million, which is $9.0 million lower than the first quarter of FY23.

The composite fibres segment also saw a reduction in sales, with a decrease of $16.4 million in net sales compared to the same quarter of the previous year. However, this segment showed a positive turn in profitability, with EBITDA increasing to $12.0 million from $10.1 million in the first quarter of FY23.

Meanwhile, the spunlace segment reported a $6.6 million decrease in net sales for the quarter compared to the prior year. Despite the lower sales, the EBITDA for spunlace showed significant improvement, rising by $5.1 million compared to the same period last year.

“We continued to execute against our strategy to optimise our portfolio and position the business for long-term profitable growth as we prepare to complete the proposed merger with Berry’s HHNF business to create a new, global specialty materials leader,” said Thomas Fahnemann, president and CEO of Glatfelter.

Fibre2Fashion News Desk (DP)

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