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Glatfelter earnings spike on timberland sales
The York-based specialty-paper maker P.H. Glatfelter Co. reported fourth-quarter 2007 earnings of $50.4 million, a 236 percent jump from the year-ago period that was driven by sales of timberland. Glatfelter reported diluted earnings per share of $1.11, up from 33 cents in the year-ago period.
The company reported full-year 2007 earnings of $63.5 million, or $1.40 per diluted share. That was up from a 2006 loss of $12.2 million, or 27 cents per diluted share.
Glatfelter shares had risen more than 7 percent shortly before 11 a.m., to $14.17. The company’s stock is traded on the New York Stock Exchange under the ticker symbol GLT.
The average fourth-quarter earnings expectation from two analysts that follow Glatfelter was 27 cents, according to Thomson Financial data reported on Yahoo! Finance.
Glatfelter reported adjusted fourth-quarter earnings of 29 cents per diluted share, up from 22 cents in the year-ago period. That calculation excludes the timberland sales, which added 82 cents in the 2007 quarter. It also leaves out acquisition and restructuring expenses the company took in the 2006 quarter. Similar items also heavily influenced the full-year results in 2006 and 2007.
