Neenah Reports Second Quarter 2017 Results

Record sales of $249 million with E.P.S. of $1.46 (Adjusted E.P.S. of $1.22)

Second Quarter Highlights

  • Revenues of $248.7 million were a record and increased $2.7 million from $246.0 million in the prior year.
  • Operating income of $29.2 million declined from $33.9 million in the prior year. Results in 2017 included $3.3 million of costs for the start-up of new filtration capacity in the U.S.
  • Earnings per diluted share from continuing operations (E.P.S.) of $1.46 increased from $1.24 per share in 2016 as reduced operating income in 2017 was offset by the benefit of a lower tax rate following the Company’s assertion to not repatriate foreign income.
  • Adjusted E.P.S. of $1.22 in 2017 declined from $1.29 in 2016. Adjusted earnings excluded integration and restructuring costs of $0.05 per share in 2016 and excluded tax benefits of $0.24 per share in 2017 related to the portion of the benefit applicable to prior year earnings.
  • Cash generated from operations of $23.4 million decreased from $41.0 million in 2016 while capital spending of $7.7 million in the quarter decreased from $17.3 million in the second quarter of 2016.
  • Quarterly cash dividends of $0.37 per share increased 12% from the same prior year period.

“Adjusted earnings” is a non-GAAP measure used to improve understanding and comparability of year-on-year results. Adjusted figures are reconciled to GAAP later in this release.

“Each of our businesses delivered top line growth in the second quarter, overcoming currency headwinds and global capacity constraints as we ramp-up our new U.S. filtration capacity. Customer qualification of this filtration facility continues to progress well and start-up costs of $3 million in the quarter were in line with projections. Bottom line results also reflected a timing lag as we implement selling price increases to offset the rise in input costs in the first half of the year,” said John O’Donnell, Chief Executive Officer. “With our strong financial position and continued success in targeted categories like filtration, performance materials and premium packaging, we remain confident about future investment opportunities for organic and strategic growth that can deliver value for our shareholders.”

read more/source: http://ir.neenah.com/investors/press-releases/press-release-details/2017/Neenah-Reports-Second-Quarter-2017-Results/default.aspx

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