Neenah Paper reported stable sales and profitability in 1Q2017. According to the announcement, the company’s revenues accounted for USD 242.1 million in the period generating income from continuing operations before income taxes of USD 23.8 million.
John O’Donnell, Neenah Paper’s Chief Executive Officer, commented:
“Our businesses had a solid start to the year, especially knowing that Technical Products’ earnings in the first half of the year would be impacted by start-up costs for our new US filtration operations and short term headwinds from currency and rising input costs. The filtration facility qualification is progressing well and we continue to see enthusiastic support from our customers as we earn their approval on production from these new assets. Results in the quarter also included one-time costs for a downtime in our German filtration facility that was initiated to modify our operation and improve the safety and reliability of our saturation process.
While these have a short-term impact on results, we remain confident about the long term success and returns from these investments. The substantial cash flows that our businesses consistently generate allow us to fund attractive investments, increase cash returns to shareholders and maintain a strong balance sheet, and we remain well positioned to act on future organic and strategic opportunities.”
In 4Q2016 Neenah Paper reported 4.3% decrease of sales.
Earlier Neenah Paper declared a quarterly dividend payable on June 2, 2017.
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.