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Intellectia.AI Updated: 1970-01-01
Glatfelter Corporation Reports 2024 Q2 Financial Results
Glatfelter Corporation (NYSE:GLT), a leading global supplier of engineered materials, announced its financial results for the second quarter of 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | Year-over-Year Change | Quarter-over-Quarter Change |
|---|---|---|---|---|
| Total Revenue | $329 million | Not provided | Not provided | Not provided |
| GAAP Net Loss from Continuing Operations | $15.8 million | Not provided | Not provided | Not provided |
| Adjusted EBITDA | $25.6 million | $17.3 million | +$8.3 million | +$8.3 million |
Financial Performance Interpretation: In Q2 2024, Glatfelter demonstrated a significant improvement in adjusted EBITDA, showing an increase of $8.3 million from the same quarter last year. Despite posting a GAAP net loss from continuing operations of $15.8 million, the enhanced EBITDA indicates better underlying operational performance.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | Year-over-Year Change | Q2 2024 EBITDA | Q2 2023 EBITDA | EBITDA Change |
|---|---|---|---|---|---|---|
| Airlaid Materials | Not provided | Not provided | -$21.9 million | $15.1 million | $17.4 million | -$2.3 million |
| Composite Fibers | Not provided | Not provided | -$8.5 million | $9.7 million | $4.8 million | +$4.9 million |
| Spunlace | Not provided | Not provided | +$2.8 million | $5.6 million | $2.2 million | +$3.4 million |
Segment Performance Interpretation: The Composite Fibers and Spunlace segments showed strong EBITDA growth of $4.9 million and $3.4 million, respectively, for Q2 2024. However, the Airlaid Materials segment reported a decline in EBITDA by $2.3 million due to lower selling prices and lower energy surcharges in Europe.
Key Officer Comments
Thomas Fahnemann, President & CEO of Glatfelter, highlighted the enduring EBITDA improvement and strong performance in the Spunlace and Composite Fibers segments, despite challenges in the European markets and consumer demand fluctuations.
Share Repurchase Program and Dividends
Details on share repurchase programs or dividends were not provided in the earnings release.
Forward Guidance
The earnings release did not include specific forward guidance figures.
Stock Price Movement
Following the announcement of the earnings release, Glatfelter's stock experienced a decline of -4.67%.
Glatfelter showcased year-over-year improvement in several segments, reaffirming its focus on operational efficiency and setting a positive outlook as it progresses towards merging with Berry Global Group's HHNF business.