Neenah's 2Q Net Sales Up 67 Percent to $269.3 million
Print this Article | Send to Colleague
Neenah has reported 2Q 2021 results. Consolidated net sales of $269.3 million in the 2Q 2021 increased 67% compared with $161.4 million in the 2Q 2020.
Operating loss of $32.6 million in the 2Q 2021 decreased compared to operating loss of $58.5 million in 2020.
"Neenah’s sales momentum continued in the 2Q, and demand for our products is strong, with improving conditions in our end-markets, share gains, and new product wins with key customers. Like most companies, we are facing pressures from rising input costs and supply chain disruptions, and we have taken pricing and other actions to address this challenging environment. We expect to offset these impacts over time, as we have demonstrated historically," said Julie Schertell, CEO. "We also took several strategic steps in the quarter to drive revenue growth and margins, including the successful acquisition of Itasa, announcement of $13 million of new capacity for the release liner business to support continued growth, restarting of an idled asset to support demand in Fine Paper and Packaging, and the closure of the Appleton facility from which we expect approximately $7-8 million per year profit improvement. Combined with early progress with the Neenah Operating System and our renewed innovation efforts, we are executing our strategy and positioning the business to achieve our goals of mid-single digit revenue growth and attractive mid-teen operating margins."
Consolidated net sales of $496.3 million for the six months ended June 30, 2021 increased $101.3 million (26%) from the prior year period. Strong organic volume growth was realized in both segments, coupled with net sales from the Itasa acquisition of $33.2 million and favorable currency effects.
Consolidated operating loss decreased $15.9 million from the prior year period loss of $34.9 million to a loss of $19.0 million for the six months ended June 30, 2021.
Neenah is a leading global manufacturer of specialty materials serving customers across six continents, with headquarters in Alpharetta, Georgia, USA.
