Glatfelter (US:GLT)2022-05-03 18:46Financial Performance - Adjusted EBITDA was $23 million and adjusted EPS was a loss of ($0.14)[4] - Q1 2022 net loss from continuing operations was $1083 million or ($242) per share, compared to Q1 2021 net income of $84 million or $019 per share[6] - Adjusted Free Cash Flow from continuing operations decreased by approximately $665 million compared to the previous year[21] - Net debt increased to $7288 million as of March 31, 2022[26] Segment Highlights - Composite Fibers' profitability was below expectations due to rising raw material, energy, and logistics costs, as well as the Russia/Ukraine crisis, resulting in non-cash asset and goodwill impairment charges of approximately $121 million[4] - Airlaid Materials experienced strong demand, with legacy volume up by 22% and Mount Holly contributing $27 million in revenue compared to the prior-year quarter[4] - Spunlace performance exceeded expectations due to stronger volume, partially offset by inflation[4] - Spunlace revenue was $96 million for the quarter[16] Composite Fibers - Composite Fibers revenue increased by 04% compared to Q1 2021 on a constant currency basis[8] - Composite Fibers volume decreased by 19% compared to Q1 2021[8] - Raw material and energy prices for Composite Fibers were unfavorable by $291 million due to inflationary pressures[8] Airlaid Materials - Airlaid Materials revenue increased by 83% compared to Q1 2021 on a constant currency basis, including a full quarter of Mount Holly acquisition[12] - Airlaid Materials volume increased by 49%, including favorable mix[12] Outlook - The company expects corporate costs to be approximately $25 million in 2022[20] - The company anticipates capital expenditures of approximately $45 to $50 million in 2022, including $7 to $8 million for Spunlace integration[22]