Neenah Reports Record Second Quarter 2016 Results
(Alpharetta, GA., USA, August 03, 2016) Neenah Paper, Inc. (NP) today reported 2016 second quarter results.
Second Quarter Highlights
–Revenues of $246.0 million increased 16 percent with organic and acquisition-driven growth.
Operating income grew 22 percent to $33.9 million ($35.3 million after excluding $1.4 million of integration and restructuring costs).
–Earnings per diluted share from continuing operations of $1.21 compared with $0.96 per share in 2015. Excluding 2016 integration and restructuring costs of $0.05 per share, adjusted E.P.S. of $1.26 increased 31 percent.
–Cash generated from operations of $40.3 million was used for filtration capacity expansion, debt reduction and direct returns to shareholders.
“Quarterly comparisons accelerated in both segments in the second quarter with improved organic volume growth, continued positive impacts from the August 2015 FiberMark acquisition and lower input costs,” said John O’Donnell, Chief Executive Officer. “Key strategic initiatives remain on track, with a project to add filtration capacity in the U.S., growth in our premium packaging business, and the synergies anticipated as we execute the integration plans with FiberMark. Our substantial operational cash flow provides us the flexibility to execute these initiatives while maintaining a strong balance sheet and a meaningful return of cash to shareholders.”
To learn more, please visit: www.neenahpaper.com (Source: Neenah Paper, Inc.)
Image: Courtesy Neenah Paper