Glatfelter (US:GLT)2022-02-11 12:59Financial Performance - Q4 2021 - Adjusted EBITDA was $26 million[4] and adjusted EPS was $004[4] - Net loss from continuing operations for Q4 2021 was $112 million or ($025) per share, compared to net income from continuing operations of $91 million or $020 per share in Q4 2020[6] - Adjusted Free Cash Flow from continuing operations was approximately $10 million lower versus last year[22] - Q4 2021 Adjusted Free cash flow was $19 million lower than Q4 2020 due to lower earnings and higher capital expenditures[22] Segment Performance - Composite Fibers operating income decreased from $150 million in Q4 2020 to $45 million in Q4 2021[6], with volume down 11%[8] - Airlaid Materials revenue increased 48% versus Q4 2020 on constant currency[11], including a full quarter of Mount Holly acquisition[11] - Spunlace segment reported revenue of $58 million for the quarter under Glatfelter ownership[18], with a volume of 125k MT[18] and an EBITDA margin of 06%[17] Strategic Initiatives and Financial Position - Net Leverage increased to 46x at December 31, 2021, from 17x at December 31, 2020, driven by Spunlace and Mount Holly acquisitions in 2021[4] - Strategic initiatives costs were $310 million in 2021 related to acquisition activities including Mount Holly and Jacob Holm[21] - The company executed $500 million bond financing in October 2021[24]