Benzinga | Aug 3, 2021 04:18PM EDT

Glatfelter Q2 Result Tops Estimates

* Glatfelter Corp (NYSE:GLT) reported second-quarter FY21 sales growth of 13.3% year-on-year, to $244.9 million, beating the analyst consensus of $242 million.

* Composite fibers sales rose 15.9% Y/Y, Airlaid materials sales gained 9.9%.

* Gross profit increased 10.9% Y/Y to $35.6 million.

* The operating margin was 3.3%, and operating income for the quarter fell 10.8% to $8.1 million.

* The company held $84.2 million in cash and equivalents as of June 30, 2021. The company's net debt amounted to $397.2 million.

* Net cash provided by operating activities for the six months amounted to $1.4 million.

* Adjusted EPS of $0.18 beat the analyst consensus of $0.14.

* "The higher volumes, combined with increased production and a strong contribution from Mount Holly, propelled Glatfelter to deliver positive overall results compared to expectations," said CEO Dante C. Parrini.

* Price action: GLT shares closed higher by 4.26% at $15.68 on Tuesday.