Glatfelter Corp Files 10-Q for Period Ending March 31, 2024

Ticker: MAGN · Form: 10-Q · Filed: May 9, 2024 · CIK: 41719

Glatfelter CORP 10-Q Filing Summary
FieldDetail
CompanyGlatfelter CORP (MAGN)
Form Type10-Q
Filed DateMay 9, 2024
Risk Level
Pages16
Reading Time19 min
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, Glatfelter Corp, Financial Report, Q1 2024, SEC Filing

TL;DR

<b>Glatfelter Corp has filed its Q1 2024 10-Q report, detailing financial performance and operational updates.</b>

AI Summary

Glatfelter Corp (MAGN) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Glatfelter Corp filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's principal executive offices are located in Charlotte, NC. Glatfelter Corp was formerly known as GLATFELTER P H CO. The company is incorporated in Pennsylvania.

Why It Matters

For investors and stakeholders tracking Glatfelter Corp, this filing contains several important signals. This filing provides investors with the latest financial statements and management's discussion of results for the first quarter of 2024. Understanding the details in this 10-Q is crucial for assessing Glatfelter's current financial health and future prospects.

Risk Assessment

Risk Level: — Glatfelter Corp shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and does not inherently signal significant positive or negative developments beyond the reported period's performance.

Analyst Insight

Review the detailed financial statements and management's discussion within the 10-Q to understand Glatfelter's Q1 2024 performance and identify any emerging trends or risks.

Key Players & Entities

FAQ

When did Glatfelter Corp file this 10-Q?

Glatfelter Corp filed this Quarterly Report (10-Q) with the SEC on May 9, 2024.

What is a 10-Q filing?

A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by Glatfelter Corp (MAGN).

Where can I read the original 10-Q filing from Glatfelter Corp?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Glatfelter Corp.

What are the key takeaways from Glatfelter Corp's 10-Q?

Glatfelter Corp filed this 10-Q on May 9, 2024. Key takeaways: Glatfelter Corp filed a 10-Q report for the period ending March 31, 2024.. The filing covers the first quarter of 2024.. The company's principal executive offices are located in Charlotte, NC..

Is Glatfelter Corp a risky investment based on this filing?

Based on this 10-Q, Glatfelter Corp presents a moderate-risk profile. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and does not inherently signal significant positive or negative developments beyond the reported period's performance.

What should investors do after reading Glatfelter Corp's 10-Q?

Review the detailed financial statements and management's discussion within the 10-Q to understand Glatfelter's Q1 2024 performance and identify any emerging trends or risks. The overall sentiment from this filing is neutral.

How does Glatfelter Corp compare to its industry peers?

Glatfelter operates in the paper mills industry, producing various paper products.

Are there regulatory concerns for Glatfelter Corp?

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

Industry Context

Glatfelter operates in the paper mills industry, producing various paper products.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

  1. Analyze the consolidated balance sheets for Q1 2024.
  2. Review the consolidated statements of operations for Q1 2024.
  3. Examine the management's discussion and analysis of financial condition and results of operations.

Key Dates

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing, following the 2023 annual report (10-K) and previous quarterly filings.

Filing Stats: 4,742 words · 19 min read · ~16 pages · Grade level 17.9 · Accepted 2024-05-09 16:04:08

Filing Documents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Page Item 1

Financial Statements

Financial Statements 2 Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 (unaudited) 2 Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2024 and 2023 (unaudited) 3 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (unaudited) 4 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (unaudited) 5 6 Notes to Condensed Consolidated Financial Statements (unaudited) 7 1 Organization 7 2 Accounting Policies 7 3 Revenue 8 4 Proposed Merger 9 5 Gains on Disposition of Plant, Equipment and Timberlands 9 6 Discontinued Operations 9 7 Earnings Per Share 9 8 Accumulated Other Comprehensive Loss 11 9 Share-based Compensation 13 10 Retirement Plans and Other Post-Retirement Benefits 14 11 Income Taxes 14 12 Inventories 15 13 Goodwill and Other Intangible Assets 16 14 Leases 16 15 Long-term Debt 18 16 Fair Value of Financial Instruments 20 17 Financial Derivatives and Hedging Activities 20 18 Commitments, Contingencies and Legal Proceedings 23 19 Segment Information 24 Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3

Quantitative and Qualitative Disclosures About Market Risks

Quantitative and Qualitative Disclosures About Market Risks 36 Item 4

Controls and Procedures

Controls and Procedures 37

– OTHER INFORMATION

PART II – OTHER INFORMATION 38

Legal Proceedings

Item 1B Legal Proceedings 38 Item 6 Exhibits 39

SIGNATURES

SIGNATURES 41 PART I

– Financial Statements

Item 1 – Financial Statements GLATFELTER CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three months ended March 31, In thousands, except per share 2024 2023 Net sales $ 327,256 $ 378,208 Costs of products sold 292,746 341,994 Gross profit 34,510 36,214 Selling, general and administrative expenses 36,057 30,745 Gains on dispositions of plant, equipment and timberlands, net ( 2 ) ( 644 ) Operating income (loss) ( 1,545 ) 6,113 Non-operating income (expense) Interest expense ( 17,685 ) ( 12,594 ) Interest income 261 271 Other, net ( 2,027 ) ( 3,278 ) Total non-operating expense ( 19,451 ) ( 15,601 ) Loss from continuing operations before income taxes ( 20,996 ) ( 9,488 ) Income tax provision 5,154 3,694 Loss from continuing operations ( 26,150 ) ( 13,182 ) Discontinued operations: Loss before income taxes ( 197 ) ( 402 ) Income tax provision — — Loss from discontinued operations ( 197 ) ( 402 ) Net loss $ ( 26,347 ) $ ( 13,584 ) Basic earnings per share Loss from continuing operations $ ( 0.58 ) $ ( 0.29 ) Loss from discontinued operations — ( 0.01 ) Basic loss per share $ ( 0.58 ) $ ( 0.30 ) Diluted earnings per share Loss from continuing operations $ ( 0.58 ) $ ( 0.29 ) Loss from discontinued operations — ( 0.01 ) Diluted loss per share $ ( 0.58 ) $ ( 0.30 ) Weighted average shares outstanding Basic 45,184 44,957 Diluted 45,184 44,957 The accompanying notes are an integral part of these condensed consolidated financial statements. - 2 - GLATFELTER CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited) Three months ended March 31, In thousands 2024 2023 Net loss $ ( 26,347 ) $ ( 13,584 ) Foreign currency translation adjustments ( 9,164 ) 6,663 Net change in: Deferred gains on derivatives, net of taxes of $( 618 ) and $( 53 ), respectively 1,442 157 Unrecognized retirement obligations, net of taxes of $( 7 ) and $( 1 )

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