Glatfelter, Oshkosh, GLPI report quarterly earnings
Glatfelter reported disappointing second-quarter earnings today, one of several companies with midstate ties to release earnings.
Net earnings and revenues rose for Glatfelter in the quarter. However, both fell short of analysts' estimates.
For the quarter, the company's net earnings were $4.7 million, or 11 cents per share, up from $0.9 million, or 2 cents per share, a year earlier.
Excluding certain items, earnings totaled $3.8 million, or 9 cents per share, compared with $5.1 million, or 12 cents per share, a year earlier.
Thomson-Reuters analysts estimated the company's earnings to be 10 cents per share for the quarter. Quarterly net sales rose by 4.5 percent to $445.3 million, up from $426 million last year.
“Our second-quarter results reflect the continued progress of our growth businesses as composite fibers and advanced airlaid materials reported operating income increases of 5 percent and 17 percent, respectively,” said Dante C. Parrini, chairman and CEO. “Specialty Papers’ revenue increased slightly, reflecting the realization of announced price increases and we successfully completed the expanded annual maintenance outages in May and June in-line with expectations.”
Glatfelter, based in York, is a global supplier of specialty papers marking its 150th anniversary this year. It also has operations in Spring Grove. It trades on the New York Stock Exchange under the ticker symbol GLT.
Gaming and Leisure Properties Inc.
In its second full quarter of operation, Gaming and Leisure Properties Inc. reported earnings in line with what it estimated.
The company reported net income of $44.3 million, a shade up from its own guidance of $47 million. That equated to net income per diluted share of 40 cents, up from $44.3 million and 38 cents in the first quarter.
The company reported $160.8 million in net revenue.
"We are pleased to close another successful quarter that was in line with our previously communicated guidance," CEO Peter M. Carlino said. "Our portfolio continues to perform well and our strong cash flows are supportive of our dividend."
The company is the real estate investment trust formed as an offshoot from Penn National Gaming Inc. Both companies are headquartered in Wyomissing. Penn National operates Hollywood Casino in East Hanover Township, Dauphin County. Gaming and Leisure Properties owns the property it sits on and 21 other gaming properties. Eighteen of those additional facilities are or will be run by Penn National.
Oshkosh Corp. reported quarterly net earnings of $104.7 million, or $1.22 per share, down from $147.8 million, or $1.67 per share, in the year-ago quarter, according to a company news release.
Net sales of $1.93 billion were down from $2.20 billion in the same period last year. The company's annual adjusted earnings guidance range was narrowed to $3.40 to $3.55. Sales were around $6.7 billion to $6.75 billion for the fiscal year, Oshkosh said.
Thomson-Reuters' analysts estimated the company's earnings to be $1.37 for the quarter.
Oshkosh, whose access equipment division is headquartered in McConnellsburg, Fulton County, trades its shares on the New York Stock Exchange under the ticker OSK.