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Glatfelter Q4 Results Beat View; To Relocate Headquarters To Charlotte

Glatfelter (GLT), a supplier of engineered materials, on Thursday reported fourth-quarter net loss of $44.88 million or $1.01 per share, narrower than net loss of $80.09 million or $1.83 per share in the year-ago period.

Due to the divestiture of the Specialty Papers business in October 2018, the results for both quarters are classified as discontinued operations for all periods. During the quarter, the company recorded a non-cash $75.3 million pre-tax charge in connection with the termination and settlement of the qualified pension plan.

On an adjusted basis, earnings per share from continuing operations for the quarter were $0.17, compared to $0.03 per share a year ago.

Analysts polled by Thomson Reuters expected the company to report earnings per share of $0.16 for the quarter. Analysts' estimates typically exclude special items.

Consolidated net sales for the quarter grew to $230.97 million from $229.48 million a year ago. Analysts expected revenue of $227.16 million for the quarter.

Glatfelter said it plans to relocate the company's corporate headquarters from York, Pennsylvania, to Charlotte, North Carolina, in mid-2020.

Following the sale of the Specialty Papers business in 2018, Glatfelter no longer has any manufacturing presence in York and reduced its Pennsylvania workforce by over 90 percent.

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