Specialty papers and engineered product maker PH Glatfelter Co. (GLT) Tuesday reported a rise in profit for the third quarter, despite a decline in revenues, benefiting from lower costs of product sold and after-tax benefit from alternative fuel mixture credits. Adjusted earnings for the quarter topped Street view by six cents.
Glatfelter's net income for the third quarter increased to $45.99 million or $1.00 per share from $21.66 million or $0.47 per share in the previous year. Results for the quarter include after-tax benefit from alternative fuel mixture credits of $32.89 million.
On an adjusted basis, net income was $13.11 million or $0.29 per share, compared to $19.53 million or $0.43 per share in the previous year.
On average, four analysts polled by Thomson Reuters expected the company to report earnings of $0.23 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter declined to $314.49 million from $342.71 million last year, yet topped analysts' revenue expectations of $304.37 million.
Net sales declined to $312.36 million from $339.82 million in the previous year. Energy sales declined to $2.13 million from $2.88 million a year ago.
By segment, Specialty Papers' net sales totaled $211.6 million for the third quarter of 2009, a decline of 6.4% compared to the 2008 third quarter. Net sales in the Composite Fibers business unit decreased 11.5% to $100.7 million from the same quarter of 2008.
Cost of products sold declined to $232.02 million from $285.53 million last year. Gross profit was $82.46 million, compared to $57.17 million in the previous year.
For the nine-month period, net income rose to $77.40 million or $1.69 per share from $44.49 million or $0.97 per share in the same period of the previous year. Total revenues for the period declined to $889.08 million from $973.16 million a year ago.
GLT is currently trading at $11.20, up $0.75 or 7.18%, on a volume of 0.322 million shares on the NYSE.
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