Glatfelter reported a net loss of $7.4 million, or $0.17 per share for the second quarter of 2018 compared with a net loss of $5.7 million, or $0.13 per share in the second quarter of 2017. On an adjusted basis, the net loss for the second quarter of 2018 was $4.3 million, or $0.10 per diluted share compared with a loss of $2.6 million, or $0.06 per diluted share, for the same period a year ago. Net loss on an adjusted basis is a non-GAAP financial measure for which a reconciliation to the nearest GAAP-based measure is provided within this release. Consolidated net sales totaled $405.8 million and $387.3 million for the three months ended June 30, 2018 and 2017, respectively. Composite Fibers’ and Advanced Airlaid Materials’ net sales increased by 1.5% and 11.3%, respectively, on a constant currency basis. Specialty Papers’ net sales declined 0.7% in the quarter-over-quarter comparison. Click Read More below for additional information.
An investigation into imports of supercalendered paper from Canada found on a preliminary basis that producers and exporters there received countervailable subsidies ranging from 2.04 percent to 20.33 percent, the U.S. Department of Commerce said on Tuesday.
As a result, Commerce will ask U.S. Customs and Border Protection to require cash deposits as countervailing duties from Canadian exporters based on the preliminary rates.
Supercalendered paper is uncoated printing paper used to produce such materials as magazines, catalogs, corporate brochures, flyers and directories.
Commerce said it found preliminary subsidy rates of 20.33 percent for Port Hawkesbury Paper LP and 2.04 percent for Resolute FP Canada Inc, with all other producers and exporters in Canada assigned a rate of 11.19 percent.
The probe, announced in March, was sparked by complaints from an industry group consisting of Madison Paper Industries of Maine, owned by Finland’s UPM-Kymmene Corp, and Verso Corp of Ohio, and was backed by unions.
Commerce said in 2014 that imports of supercalendered paper from Canada were valued at an estimated $868.4 million. (Reporting by Eric Walsh and Krista Hughes; Editing by Eric Beech)