Glatfelter Corp Files 10-Q for Q2 2024

TL;DR

Glatfelter's Q2 2024 10-Q is in. Check financials vs. last year.

AI Summary

Glatfelter Corp filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position. Key financial data and operational information are presented for the second quarter and the first half of 2024, compared to the same periods in 2023.

Why It Matters

This 10-Q filing provides investors and analysts with crucial financial updates for Glatfelter Corp, enabling informed decisions about the company's performance and outlook.

Risk Assessment

Risk Level: medium — 10-Q filings inherently carry medium risk due to the detailed financial data and potential for market-moving information.

Key Numbers

• Q2 2024 — Reporting Period (Second quarter financial results)
• First half of 2024 — Reporting Period (Year-to-date financial results)

Key Players & Entities

• Glatfelter Corp (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240808 (date) — Filing date

FAQ

Filing Documents

• glt-20240630.htm (10-Q) — 1827KB
• ex311-063024.htm (EX-31.1) — 10KB
• ex312-063024.htm (EX-31.2) — 10KB
• ex321-063024.htm (EX-32.1) — 4KB
• ex322-063024.htm (EX-32.2) — 4KB
• glt-20240630_g1.jpg (GRAPHIC) — 7KB
• glt-20240630_g2.jpg (GRAPHIC) — 51KB
• glt-20240630_g3.jpg (GRAPHIC) — 46KB
• glt-20240630_g4.jpg (GRAPHIC) — 44KB
• glt-20240630_g5.jpg (GRAPHIC) — 52KB
• glt-20240630_g6.jpg (GRAPHIC) — 44KB
• glt-20240630_g7.jpg (GRAPHIC) — 44KB
• 0000041719-24-000032.txt ( ) — 10200KB
• glt-20240630.xsd (EX-101.SCH) — 57KB
• glt-20240630_cal.xml (EX-101.CAL) — 68KB
• glt-20240630_def.xml (EX-101.DEF) — 260KB
• glt-20240630_lab.xml (EX-101.LAB) — 681KB
• glt-20240630_pre.xml (EX-101.PRE) — 489KB
• glt-20240630_htm.xml (XML) — 1837KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Page Item 1

Financial Statements

Financial Statements 2 Condensed Consolidated Statements of Operations for the three months and six months ended June 30, 2024 and 2023 (unaudited) 2 Condensed Consolidated Statements of Comprehensive Loss for the three months and six months ended June 30, 2024 and 2023 (unaudited) 3 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 (unaudited) 4 Condensed Consolidated Statements of Cash Flows for the three months and six months ended June 30, 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 10 7 Earnings Per Share 10 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 42 Item 4

Controls and Procedures

Controls and Procedures 43

– OTHER INFORMATION

PART II – OTHER INFORMATION 44

Legal Proceedings

Item 1B Legal Proceedings 44 Item 6 Exhibits 45

SIGNATURES

SIGNATURES 46 PART I

– Financial Statements

Item 1 – Financial Statements GLATFELTER CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three months ended June 30, Six months ended June 30, In thousands, except per share 2024 2023 2024 2023 Net sales $ 329,443 $ 357,005 $ 656,699 $ 735,213 Costs of products sold 292,656 338,872 585,402 680,866 Gross profit 36,787 18,133 71,297 54,347 Selling, general and administrative expenses 29,420 28,639 65,477 59,384 Losses (gains) on dispositions of plant, equipment and timberlands, net 73 ( 21 ) 71 ( 665 ) Operating income (loss) 7,294 ( 10,485 ) 5,749 ( 4,372 ) Non-operating income (expense) Interest expense ( 17,900 ) ( 17,261 ) ( 35,585 ) ( 29,855 ) Interest income 273 559 534 830 Other, net ( 2,509 ) ( 3,045 ) ( 4,536 ) ( 6,323 ) Total non-operating expense ( 20,136 ) ( 19,747 ) ( 39,587 ) ( 35,348 ) Loss from continuing operations before income taxes ( 12,842 ) ( 30,232 ) ( 33,838 ) ( 39,720 ) Income tax provision 2,953 6,399 8,107 10,093 Loss from continuing operations ( 15,795 ) ( 36,631 ) ( 41,945 ) ( 49,813 ) Discontinued operations: Loss before income taxes ( 484 ) ( 309 ) ( 681 ) ( 711 ) Income tax provision — — — — Loss from discontinued operations ( 484 ) ( 309 ) ( 681 ) ( 711 ) Net loss $ ( 16,279 ) $ ( 36,940 ) $ ( 42,626 ) $ ( 50,524 ) Basic earnings per share Loss from continuing operations $ ( 0.35 ) $ ( 0.82 ) $ ( 0.93 ) $ ( 1.11 ) Loss from discontinued operations ( 0.02 ) ( 0.01 ) ( 0.02 ) ( 0.02 ) Basic loss per share $ ( 0.37 ) $ ( 0.83 ) $ ( 0.95 ) $ ( 1.13 ) Diluted earnings per share Loss from continuing operations $ ( 0.35 ) $ ( 0.82 ) $ ( 0.93 ) $ ( 1.11 ) Loss from discontinued operations ( 0.02 ) ( 0.01 ) ( 0.02 ) ( 0.02 ) Diluted loss per share $ ( 0.37 ) $ ( 0.83 ) $ ( 0.95 ) $ ( 1.13 ) Weighted average shares outstanding Basic 45,338 45,041 45,261 44,999 Diluted 45,338 45,041 45,261 44,999 The accompanying notes are an integral part of these condens

View Full Filing

View this 10-Q filing on SEC EDGAR