Glatfelter P H Company (GLT) has reported a 28.23 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $11.60 million, or $0.26 a share in the quarter, compared with $16.17 million, or $0.37 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $17.16 million, or $0.39 a share compared with $16.29 million or $0.37 a share, a year ago.
Revenue during the quarter went down marginally by 2.74 percent to $391.84 million from $402.88 million in the previous year period. Gross margin for the quarter expanded 17 basis points over the previous year period to 14.53 percent. Total expenses were 94.43 percent of quarterly revenues, up from 93.56 percent for the same period last year. That has resulted in a contraction of 88 basis points in operating margin to 5.57 percent.
Operating income for the quarter was $21.81 million, compared with $25.96 million in the previous year period.
"Glatfelter's overall results for the first quarter were in line with expectations," said Dante C. Parrini, Chairman and Chief Executive Officer. "Our engineered materials businesses reported a strong opening to 2017. Composite Fibers returned to growth after a challenging 2016, as demand improved in all market segments, including tea, single-serve coffee and wall covering products. This improved demand, when combined with our cost optimization program, drove a 29% increase in Composite Fibers’ operating income over the prior-year period.
Operating cash flow drops significantly
Glatfelter P H Co has generated cash of $7.56 million from operating activities during the quarter, down 33.91 percent or $ 3.88 million, when compared with the last year period.
The company has spent $36.78 million cash to meet investing activities during the quarter as against cash outgo of $43.56 million in the last year period.
Cash flow from financing activities was $30.48 million for the quarter as against cash outgo of $4.10 million in the last year period.
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