Glatfelter
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Glatfelter (GLT) investor relations material

Glatfelter has been acquired

Glatfelter Q3 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2024 earnings summary30 Oct, 2024

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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Frequently asked questions

Glatfelter Corporation is a global manufacturer of engineered materials specializing in nonwoven products and advanced fiber-based solutions. The company's product portfolio includes materials used in hygiene products, wipes, tea and coffee filtration, and industrial applications. Glatfelter serves diverse industries such as consumer goods, healthcare, and food and beverage, providing sustainable and innovative solutions. The company is headquartered in Charlotte, North Carolina, and its shares are listed on the NYSE.