ALPHARETTA, Ga. (AP) ¿ Specialty paper maker Schweitzer-Mauduit International Inc. said its third-quarter profit plunged by one-third, but its adjusted results widely exceeded Wall Street expectations and it raised its 2009 outlook.
Shares of the Alpharetta, Ga., company rose sharply Wednesday to reach a 52-week high.
Net income of $4.5 million, or 27 cents per share, was down from $6.7 million, or 43 cents per share, a year ago. During the quarter, the company closed a production site in France and downsized in other areas due to declines in demand for its traditional tobacco-related papers in North America and western Europe. Excluding related restructuring charges of $26.7 million, adjusted income totaled $1.39 per share in the latest period.
Revenue of $184.5 million for the quarter ended Sept. 30 was down 7 percent from $199.2 million in the year-ago period, as volumes declined and foreign exchange rates fluctuated. Improved product mix and higher selling prices partially offset those declines.Analysts surveyed by Thomson Reuters had expected earnings of 93 cents per share on revenue of $185.9 million. Analysts typically exclude one-time charges.