Home / News / US’ Glatfelter posts net sales of $327 mn in Q1 FY24

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
Pic: Glatfelter

Insights

  • Glatfelter reported a decrease in net sales to $327 million in Q1 FY24, alongside a net loss of $26.2 million.
  • The company saw an improvement in profitability with an adjusted EBITDA of $23.8 million and a margin of 7.3 per cent.
  • Sales declines were seen across all segments, with airlaid materials, composite fibres, and spunlace posting drops in revenue.
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)

Leave your Comments

A.Celli starts up key equipment for Akinal Tekstil’s nonwoven line
Italy's A.Celli supplies equipment for Akinal Tekstil’s nonwoven line
US’ First Quality names chief innovation officer for absorbent hygiene
US’ First Quality names new chief product innovation officer

Follow us