Glatfelter (US:GLT)2025-11-19 22:22Financial Performance - Net sales for the fourth quarter reached $839 million, a 51% increase compared to $554 million in the same quarter last year[4] - Adjusted EBITDA for the fourth quarter was $90 million, reflecting a 36% increase from $66 million in the prior year[4] - The fiscal year net sales totaled $3.2 billion, up 47% from $2.2 billion in the previous year[4] - Net sales for fiscal 2025 reached $3,204 million, compared to $2,187 million in fiscal 2024, marking an increase of 46.5%[26] - Adjusted EBITDA for fiscal 2025 was $354 million, a decrease of 4% compared to $367 million in fiscal 2024[26] Cash Flow and Liquidity - The company achieved record cash flow from operations of $96 million in the fourth quarter[5] - Post-merger adjusted free cash flow was $126 million, representing a yield of over 30% as of year-end[5] - Net cash from operating activities decreased to $103 million in fiscal 2025 from $192 million in fiscal 2024, a decline of 46.4%[23] - The company expects cash flow from operating activities for fiscal 2026 to be between $170 million and $190 million[27] - Free cash flow is projected to be between $90 million and $110 million for fiscal 2026[27] - Cash and cash equivalents at the end of the period increased to $305 million in September 2025 from $230 million in September 2024, a rise of 32.6%[24] Debt and Leverage - Year-end leverage stood at 3.8x, with total net debt of $1.647 billion[13] - Current liabilities, excluding current debt, rose to $601 million in September 2025 from $457 million in September 2024, an increase of 31.4%[24] Strategic Outlook - The company is targeting a 9% improvement in reported earnings by 2026 through cost improvement and capacity optimization[3] - Fiscal year 2026 guidance includes adjusted EBITDA of $380 - $410 million and free cash flow of $90 - $110 million[14] - The company plans to add approximately $80 million in net additions to property, plant, and equipment in fiscal 2026[27] Segment Performance - The Glatfelter merger contributed $328 million to net sales in the fourth quarter[6] - The Americas segment saw a net sales increase of $122 million, partially offset by a 3% organic volume decline due to competitive pressures[8] Operating Income - The company reported an operating income of $5 million for fiscal 2025, down from $51 million in fiscal 2024[26] Asset Growth - Total assets increased to $3,989 million in September 2025, up from $2,807 million in September 2024, representing a growth of 42.1%[24]