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Glatfelter (GLT) investor relations material
Glatfelter Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2024 net sales were $332.1 million, with adjusted EBITDA of $24.6 million, and a net loss from continuing operations of $20.0 million; segment results were mixed across the portfolio.
For the nine months ended September 30, 2024, net sales were $988.8 million, net loss was $57.9 million, and adjusted EBITDA improved to $74.0 million.
The merger with Berry Global's HHNF business is expected to close November 4, 2024, creating a leading specialty materials company.
Financial highlights
Q3 2024 net sales were $332.1 million, up from $329.9 million in Q3 2023; adjusted operating income was $11.0 million.
Adjusted EBITDA margin for Q3 2024 was 7.4%, compared to 7.7% in Q3 2023.
Gross profit for the nine months was $106.8 million, with gross margin improving to 10.8%.
Adjusted EPS from continuing operations was ($0.26) in Q3 2024, compared to ($0.23) in Q3 2023.
Adjusted free cash flow improved to $9.0 million in Q3 2024, and net cash used by operating activities for the nine months improved to $8.4 million.
Outlook and guidance
The merger with Berry Global's HHNF business is expected to close in early November 2024, with anticipated strategic and financial benefits.
Capital expenditures for 2024 are expected to total between $30 million and $35 million.
The company expects to meet near- and long-term cash needs from operating cash flow, cash on hand, and existing credit facilities.
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