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Dec 31, 2023
Glatfelter Q4 2023 Earnings Report
Reported fourth quarter and year end results, with Q4 performance in-line with expectations despite reduced production to manage inventory levels. Announced plans for Merger with Berry Global's HHNF business anticipated in second half of 2024.
Key Takeaways
Glatfelter Corporation reported Q4 2023 financial results, showing net sales of $320 million and a net loss from continuing operations of $8.6 million. The company's Q4 Adjusted EBITDA was $25 million. Glatfelter is also planning a merger with Berry Global's HHNF business anticipated in the second half of 2024.
Generated net sales of $320 million in Q4 and $1.4 billion in 2023; loss from continuing operations of $8.6 million in Q4 and $78.1 million in 2023
Achieved Q4 Adjusted EBITDA of $25 million and full-year EBITDA of $93 million, in-line with Q3 performance and consistent with full year guidance
Delivered robust Spunlace performance with $5.7 million Adjusted EBITDA in Q4 and $11.2 million for full year
Managed effectively the impact of tornado damage at the Spunlace Tennessee converting operation with minimal disruption to customers; $5 million insurance expense excluded from adjusted earnings
Glatfelter
Glatfelter
Forward Guidance
Outlook for 2024 EBITDA of $110 million to $120 million reflecting limited market visibility and ongoing macro-economic volatility, particularly in Europe