Neenah's сonsolidated net sales of $161.4 million in the 2Q 2020 decreased 36% compared with $253.4 million in the 2Q 2019. The decline in revenues resulted primarily from lower volumes caused by major adverse impacts of COVID-19.
An operating loss of $(58.5) million in the 2Q 2020 compared to operating income of $19.8 million in 2019. The primary reason for the decline was $59 million of mostly non-cash costs for impairments and write-offs as noted earlier and presented in the GAAP reconciliation table.
Excluding adjusting items in both years, operating income of $0.5 million decreased $22.8 million from $23.3 million in the prior year. The decline in operating income was due to lower sales volumes and related fixed manufacturing cost inefficiencies in both segments that were partly offset by spending reductions in manufacturing and SG&A, as well as benefits from lower input prices net of selling price changes.
Net interest expense of $3 million in the 2Q 2020 was equal to the 2Q 2019.
Neenah is a leading global specialty materials company. Key products and markets include advanced filtration media, specialized performance substrates used for digital transfer, tape and abrasive backings, labels and other products, and premium printing and packaging papers.
