Neenah Paper (NP) Tops Q1 EPS by 5c, Revenues Miss

Neenah Paper (NYSE: NP) reported Q1 EPS of $0.69, $0.05 better than the analyst estimate of $0.64. Revenue for the quarter came in at $239.7 million versus the consensus estimate of $262 million.

• Net sales of $239.7 million decreased 10 percent compared with $266.5 million in the prior year. On a constant currency basis, and excluding the impact of the December 2018 sale of the Brattleboro mill, net sales were down 5 percent.
• Earnings per diluted common share (E.P.S.) of $0.69 compared with earnings of $0.95 ($1.04 adjusted) per share in 2018.
• There were no adjustments to earnings in the first quarter of 2019. In 2018, adjusted earnings excluded a SERP settlement loss of $0.04 per share and a $0.05 per share adjustment due to changes in estimates related to the Tax Cuts and Jobs Act of 2017 (\"TCJA\").
• Cash generated from operations of $3.0 million decreased from $8.1 million in the first quarter of 2018.
• Quarterly cash dividends of $0.45 per share compared with $0.41 per share in the prior year period.
• Following the disposition of the Brattleboro mill in December 2018, remaining products in the Other business segment (with annual sales of approximately $16 million) began being managed and reported as part of the Technical Products business segment. Comparable 2018 results for this remaining business have been recast within the Technical Products segment.

"Expected higher year on year input costs and currency, as well as soft global market conditions, significantly impacted first quarter results. As promised, our teams have successfully implemented pricing actions that will overcome both unrecovered input cost increases from 2018 as well as higher costs expected this year. At the same time, we're working to carefully manage our costs and capacity in line with demand to improve operational efficiencies and margins," said John O'Donnell, Chief Executive Officer. "Our longer term growth catalysts remain in place and we continue to look for additional opportunities to add value as we invest in our strategies, maintain a responsible balance sheet and provide shareholders with an attractive dividend."

For earnings history and earnings-related data on Neenah Paper (NP) click here.

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