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Sep 30, 2022
Glatfelter Q3 2022 Earnings Report
Glatfelter's third quarter results were reported, highlighting a turnaround strategy to drive improved profitability under the new CEO.
Key Takeaways
Glatfelter reported a 33% increase in revenue due to the Jacob Holm acquisition, record operating income in Airlaid Materials, and improved pricing and cost mitigation in Composite Fibers. However, the company faced a goodwill impairment charge of $42.5 million for Spunlace and launched a company-wide turnaround strategy to improve profitability.
Revenue improved by 33% due to the Jacob Holm acquisition.
Airlaid Materials achieved record operating income.
Pricing and cost mitigation actions improved in Composite Fibers.
A company-wide turnaround strategy was launched to drive rapid profit improvement.
Glatfelter
Glatfelter
Forward Guidance
The Company will provide shareholders with further details related to the Company’s turnaround initiatives under its new CEO during the earnings conference call.