Wed, Oct 30, 8:13 PM (64 days ago)
Glatfelter Corporation (GLT) reported its Q3 2024 financial results, showing a slight increase in net sales to $332.1 million from $329.9 million in Q3 2023. However, the company incurred a loss from continuing operations of $20.0 million, compared to a loss of $19.7 million in the prior year. Year-to-date, sales decreased to $988.8 million from $1,065.1 million, attributed to lower selling prices and production volumes amid macroeconomic pressures. Gross profit margins improved slightly to 10.7% from 13.5% due to cost management efforts, but operating income remained low at $2.97 million. The company continues to face challenges, including high interest expenses stemming from recent debt refinancing and ongoing costs related to a pending merger with Berry Global Group. Cash flow from operations was negative at $8.4 million, reflecting working capital adjustments. Notably, the merger is expected to close on November 4, 2024, which could significantly impact future operations. Glatfelter's liquidity remains stable with $41.6 million in cash and $45.6 million in credit capacity as of September 30, 2024.