Glatfelter Corporation reported a loss from continuing operations for the 4Q 2021 of $11.2 million, or $0.25 per share, compared with net income of $9.1 million, or $0.20 per share, in the same period a year ago.
Adjusted earnings from continuing operations for the 4Q 2021 and 4Q 2020, were $1.6 million, or $0.04 per share, compared with adjusted earnings of $9.6 million, or $0.22 per share, respectively.
Consolidated net sales for the three months ended December 31, 2021, totaled $334.5 million, compared with $235.3 million for the same period in 2020. On a constant currency basis, net sales for Composite Fibers and Airlaid Materials (including Mount Holly) increased by 1.3% and 47.5%, respectively. The Spunlace segment, formed in connection with the Jacob Holm transaction, had net sales of approximately $58 million prospectively from the October 29, 2021, acquisition date.
“As we entered the 4Q, we expected our price increases announced during the year would sufficiently offset ongoing input cost inflation. However, these extraordinary headwinds intensified in the fourth quarter. Most notable were energy prices in Europe which dramatically increased since our previous guidance. When combined with rising raw material and logistics costs, these events significantly depressed margins in several product categories of the Composite Fibers and Spunlace segments and negatively impacted the overall profitability of Glatfelter,” said Dante C. Parrini, Chairman and CEO.
Glatfelter is a leading global supplier of engineered materials.
