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Sep 30, 2023
Glatfelter Q3 2023 Earnings Report
Glatfelter's profitability improved despite difficult market conditions.
Key Takeaways
Glatfelter reported improved profitability in Q3 2023, driven by its Turnaround Strategy and sequential EBITDA gains. The company generated net sales of approximately $330 million, despite ongoing market headwinds and customer destocking. However, due to the intense pressure from current market conditions, the company lowered its full-year EBITDA guidance by $10 million.
Generated net sales of ~$330 million and a GAAP net loss from continuing operations of $19.7 million.
Delivered strong sequential recovery in Adjusted EBITDA of $25.5 million following one-time Q2 adverse events.
Improved earnings from Turnaround Strategy, delivering highest EBITDA margin of last eight quarters.
Divested Ober-Schmitten site, eliminating future losses.
Glatfelter
Glatfelter
Forward Guidance
Glatfelter lowered its guidance for 2023 Adjusted EBITDA by $10 million due to ongoing industry-wide market weakness, lower volumes and continued customer destocking.