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Glatfelter Reports Q2 Results

Airlaid sales increase, spunlace sales fall

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By: Tara Olivo

Associate Editor at Nonwovens Industry, Rodman Media

Glatfelter’s net sales in the second quarter of 2023 were $357 million, down from $363 million in the second quarter of 2022.

Airlaid Materials’ second quarter net sales increased $8.8 million to $152.5 million in the year-over-year comparison mainly driven by higher selling prices from cost pass-through arrangements and pricing actions to recover significant inflation in raw materials and energy. Shipments were 3.5% lower mainly due to the feminine hygiene category where customers were destocking and closely managing inventory levels. Currency translation was favorable by $1.6 million.

Composite Fibers’ revenue was $2.4 million higher in the second quarter of 2023, compared to the year-ago quarter due to higher selling prices of $5.5 million, partly offset by unfavorable mix. Shipments were up 3% on strong wallcover sales which was mostly offset by lower food and beverage, composite laminates and metallized products shipments. Currency translation was favorable by $1.4 million.

Spunlace revenue was $17.5 million lower in the second quarter of 2023, compared to the year-ago quarter as lower shipments of 21.5% were partially offset by higher selling prices of $2.1 million and favorable currency translation of $0.5 million.

“Our second quarter results fell below expectations as our business faced volume losses due to the ongoing industry-wide weakness in our markets, combined with several impactful operational events. Despite these challenges, we aggressively pursued our Turnaround Strategy by delivering $7 million of benefits, further emphasizing the importance of this work and its earnings potential. Had it not been for the continued macroeconomic and operational challenges impacting our bottom line, our second quarter results would have been in-line with the first quarter of 2023, which reinforces our stable business fundamentals,” says Thomas Fahnemann, president and CEO of Glatfelter.

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