Neenah Paper decreased income before taxes to USD 26.2 million in 2Q2017

Neenah Paper reported slight decrease of profitability amid increase of sales in 2Q2017. According to the announcement, the company’s net sales accounted for USD 248.7 million in the period generating income from continuing operations before income taxes of USD 26.2 million.

John O’Donnell, Neenah Paper’s Chief Executive Officer, commented:

“Each of our businesses delivered top line growth in the second quarter, overcoming currency headwinds and global capacity constraints as we ramp-up our new U.S. filtration capacity. Customer qualification of this filtration facility continues to progress well and start-up costs of USD 3 million in the quarter were in line with projections. Bottom line results also reflected a timing lag as we implement selling price increases to offset the rise in input costs in the first half of the yea.

With our strong financial position and continued success in targeted categories like filtration, performance materials and premium packaging, we remain confident about future investment opportunities for organic and strategic growth that can deliver value for our shareholders.”

In 1Q2017 Neenah Paper reported stable income before taxes.

Check other wood business-related companies 2Q2017 schedules for financial and operating results.

Earlier Neenah Paper renewed the company’s annual share repurchase program for up to USD 25 million of its outstanding common stock over the next twelve months ending May 31, 2018.

About Neenah Paper:

The company is a leading global specialty materials producer, focused on premium niche markets that value performance and image. Key products and markets include advanced filtration media, specialized substrates used for tapes, labels and other products, and premium printing and packaging papers. The company is headquartered in Alpharetta, Georgia, USA and its products are sold in over 70 countries worldwide from manufacturing operations in the United States and Germany.

Source: Woodbizforum