Glatfelter Corporation Stock Price, News & Analysis

Glatfelter Corporation (GLT) has successfully completed refinancing transactions, enhancing its financial position. Key highlights include:

• Full repayment of a €220 million term loan maturing in February 2024, removing near-term debt maturities.
• An amended revolving credit facility of $250 million for working capital.
• A new 6-year, €250 million senior secured term loan.

This refinancing extends the company's debt maturity profile, with no significant debt due until September 2026, allowing Glatfelter to focus on its turnaround strategy with reduced execution risk. The CEO expressed confidence in the company's future, emphasizing its solid financial standing.

CHARLOTTE, N.C., Feb. 23, 2023 (GLOBE NEWSWIRE) -- Glatfelter Corporation (NYSE: GLT) announced that its President and CEO, Thomas Fahnemann, along with CFO Ramesh Shettigar, will present at the JP Morgan Global High Yield and Leveraged Finance Conference on March 6, 2023, at 10:00 AM ET. The presentation will be available on Glatfelter's Investors page. With a focus on innovation and sustainability, Glatfelter, headquartered in Charlotte, NC, reported net sales of $1.1 billion in 2021 and employs approximately 3,250 people globally. The company specializes in engineered materials used in various applications, enhancing everyday life.

Glatfelter Corporation (NYSE: GLT) reported a 12% increase in Q4 2022 net sales to $373.9 million, driven by the full quarter impact of Spunlace. Operating income improved for Airlaid Materials (+19%) and Composite Fibers (+8%). However, the company faced a $30.7 million non-cash goodwill impairment charge due to rising interest rates. Adjusted EBITDA is projected to be between $110 million and $120 million for 2023. The company successfully executed cash liberation actions, reducing working capital usage, and secured a €250 million term loan commitment to refinance its upcoming €220 million maturity.

Glatfelter Corporation (NYSE: GLT) will announce its 2022 fourth-quarter results on February 21, 2023. The earnings release, along with a financial supplement, will be accessible on the company’s Investor Relations website. A conference call is scheduled for 11:00 AM (ET) on that date to discuss the results. Interested participants can join via dial-in numbers (800) 289-0438 or (323) 794-2423, using conference ID 1829962. Glatfelter, headquartered in Charlotte, NC, reported net sales of $1.1 billion in 2021 and is a global supplier of engineered materials, emphasizing innovation and sustainability.

Glatfelter Corporation (NYSE: GLT) announced that CFO Ramesh Shettigar will present at the Bank of America 2022 Leveraged Finance Conference on November 29-30, 2022, in Boca Raton, Florida, starting at 8:10 AM EST on the 29th. Mr. Shettigar will also engage in one-on-one meetings with investors. A presentation copy will be available on the Investors page, although there will be no live webcast. Glatfelter, a global supplier of engineered materials, reported $1.1 billion in net sales for 2021 and employs around 3,250 people across 16 manufacturing sites worldwide.

Glatfelter Corporation (GLT) reported a 33% increase in revenue to $371.8 million for Q3 2022, driven by the Jacob Holm acquisition. However, the company faced a net loss of $49.5 million compared to a profit of $8.1 million in Q3 2021, with an adjusted EPS of -$0.10. A $42.5 million goodwill impairment for the Spunlace segment was recorded, overshadowing gains in other divisions. The CEO outlined a turnaround strategy focusing on profitability improvement, amid challenges from inflation and operational performance in the Spunlace segment.

Glatfelter Corporation (NYSE: GLT) has announced the release of its third-quarter 2022 results on November 3, 2022, followed by a conference call at 11:00 AM ET. The earnings release, along with a financial supplement, will be accessible on its Investor Relations website. Glatfelter is recognized for its innovative, sustainable engineered materials, generating $1.1 billion in net sales in 2021. The company operates globally with a diverse manufacturing portfolio in multiple countries.

Glatfelter Corporation (NYSE: GLT) announced the suspension of its quarterly cash dividend to optimize financial performance. This decision aims to save approximately $25 million annually, allowing the company to redirect funds toward operational improvements and investments. Non-Executive Chair Kevin M. Fogarty emphasized that this strategic move will enhance financial flexibility amid ongoing global challenges. CEO Thomas Fahnemann highlighted ongoing pricing actions and cost-saving measures to counter the impact of rising energy costs and raw material inflation. Results related to this strategy will be discussed on November 3, 2022.