Glatfelter reports Q4 increase; CenturyLink's Q4 loss shows signs of improvement
York-based Glatfelter reported adjusted earnings in the fourth quarter of 2013 of $15 million, or $0.34 per diluted share, compared with $11.2 million, or $0.26 per diluted share, in the fourth quarter of 2012.
The company also increased its common stock dividend by 11 percent for 2013.
The 2013 full-year adjusted earnings per diluted share was $1.40 compared with $1.25 per diluted share in 2012.
"Our growth businesses of Composite Fibers and Advanced Airlaid Materials delivered significantly higher operating profit during the fourth quarter," Dante C. Parrini, chairman and chief executive officer, said in a news release. "Healthy growth in their key markets of tea, single-serve coffee and feminine hygiene, together with solid operations and the impact of the (acquisition of Dresden Papier GmbH), led those business units to a combined 95 percent improvement in quarterly operating profit compared to a year ago."
In April, Glatfelter completed acquisition of Dresden, a nonwoven wallpaper base materials maker near Dresden, Germany, from Fortress Paper Ltd. for $210 million.
However, the company saw a 60 percent decline in operating profit for Specialty Papers. The sector's shipments were down 1.7 percent and revenue was down 3 percent, reflecting challenging market conditions and less favorable pricing environment, the company said.
In a conference call, Parrini cited pulp mill production issues in Ohio caused by chemical imbalance problems, resulting in a 12 percent reduction in pulp production at the facility in the fourth quarter.
While a team has been assembled to address the issues, fixing them long term could take some time, and this winter's weather has caused delays.
"We are aggressively taking corrective actions to address this issue, and we expect to see improvements as we go forward," he said.
John P. Jacunski, Glatfelter's senior vice president and chief financial officer, told investors: "We hope to have the process fixes in place by the end of the month. We're on the pathway to fixing it. I can't provide more specific guidance than that."
CenturyLink Inc., based in Monroe, La., is showing signs it is stemming the bleeding in its operating revenues.
The third-largest telecommunications company in the U.S. reported core revenues of $4.1 billion in fourth quarter 2013, a year-over-year decline of 0.4 percent. But that's compared with a 2 percent year-over-year decline in fourth quarter 2012.
Meanwhile, strategic revenues grew 5.4 percent from the fourth quarter a year ago.
CenturyLink offers Internet and phone services and has an office in Carlisle.
"CenturyLink achieved strong financial and operating results for the fourth quarter with operating revenues at the top end of our guidance range for the quarter, record Prism TV subscriber growth, higher than anticipated high-speed Internet subscriber additions and continued demand from business customers for our high-bandwidth data and hosting services," Glen F. Post III, chief executive officer and president, said in a news release.
Meanwhile, the company had adjusted net income of $396 million and adjusted diluted EPS of $0.68, excluding special items for the quarter.
It also repurchased 50.8 million shares through Feb. 11 for approximately $1.72 billion since the inception of a $2 billion buyback program in February 2013. That represents 8.2 percent of outstanding shares as of Dec. 31, 2012, the company said.
The company sells its shares on the NYSE under the ticker symbol CTL.