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Tredegar Reports Fourth-Quarter Results

Stocks in this article: TG

For the fourth quarter of 2012 compared to the fourth quarter of 2011, Film Products’ net sales increased primarily due to the acquisition of Terphane and higher sales volumes for the other product lines of approximately $8.4 million, partially offset by a decrease in average selling prices of approximately $4.5 million. Higher net sales volumes are primarily related to improved performance in surface protection materials and personal care films, partially offset by lower volumes in polyethylene overwrap films. Average selling prices decreased primarily from the pass-through of lower resin prices to customers and pricing pressures. The change in the U.S. dollar value of currencies for operations outside the U.S. had an unfavorable impact on net sales of approximately $0.7 million in the fourth quarter of 2012 compared to the fourth quarter of 2011.

Film Products’ fourth-quarter operating profit from ongoing operations was also favorably impacted by the full quarter results from the Terphane acquisition and improved volume and product mix, partially offset by the estimated unfavorable impact of the projected quarterly lag in the pass-through of average resin costs and lower margins for personal care materials. Excluding the impact of the Terphane acquisition, higher sales volumes and improved product mix in Film Products had a favorable impact of approximately $4.2 million in the fourth quarter of 2012 compared to the fourth quarter of 2011, primarily as a result of higher surface protection volumes. As previously noted in the prior quarter, higher volumes for surface protection products may indicate improving conditions in the display market, although operating results are expected to fluctuate from quarter-to-quarter. We continue to experience margin compression in our premium personal care materials, which adversely impacted operating profit. The estimated impact on operating profit from ongoing operations of the quarterly lag in the pass-through of average resin costs was approximately a negative $1.0 million in the fourth quarter of 2012 compared to a positive $1.0 million in the fourth quarter of 2011.

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