Tredegar Corporation (NYSE:TG) today reported fourth quarter and full year 2013 financial results for the periods ended December 31, 2013.
Fourth Quarter Financial Results Highlights
- Net income from continuing operations was $9.4 million, or 29 cents per share.
- Net income from ongoing operations, which excludes special items, was $8.8 million, or 27 cents per share.
- Bonnell Aluminum’s operating profit from ongoing operations increased to $5.9 million in the quarter, up $4.3 million from the same period of 2012.
- Film Products’ operating profit from ongoing operations was $15.6 million in the quarter, compared to $20.0 million in the same period of 2012.
Full Year 2013 Financial Results Highlights
- Net income from continuing operations was $35.9 million, or $1.10 per share.
- Net income from ongoing operations, which excludes special items, was $37.3 million, or $1.15 per share.
- Cash flows from operating activities of $77 million funded investments for long-term growth.
- Bonnell Aluminum’s operating profit from ongoing operations increased to $18.3 million in 2013, up $9.3 million versus 2012.
- Film Products’ operating profit from ongoing operations was $71.0 million in 2013, compared to $70.0 million in 2012.
Further details regarding the special items that reconcile operating profit from ongoing operations and income from ongoing operations to net income from continuing operations are provided in the financial tables to this press release.
Nancy M. Taylor, Tredegar’s president and chief executive officer, said: “The 2013 operating environment was challenging, but we overcame some industry headwinds and improved our competitive positioning throughout the geographies in which we operate. The execution of our strategy delivered year-over-year growth in operating profit from ongoing operations, and it was our third consecutive year of over $70 million in cash flows from operations.”
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