Tredegar Reports Fourth-Quarter Results

Tredegar Corporation (NYSE:TG) reported fourth-quarter net income from continuing operations of $13.9 million (43 cents per share) compared to $3.5 million (11 cents per share) in the fourth quarter of 2011. Results from continuing operations in the fourth quarter of 2012 include a net after-tax gain of $4.2 million (13 cents per share) for special items primarily related to an unrealized gain for an investment accounted for under the fair value method. Income from ongoing operations in the fourth quarter, which excludes special items, was $9.7 million (30 cents per share) versus $6.5 million (20 cents per share) in the fourth quarter of last year.

Net income from continuing operations for 2012 was $43.2 million ($1.34 per share) compared to $28.5 million (89 cents per share) in 2011. Results from continuing operations in 2012 include a net after-tax gain of $4.7 million (14 cents per share) for special items primarily related to an unrealized gain for an investment accounted for under the fair value method, partially offset by charges associated with the shutdown of our Kentland, Indiana aluminum extrusions manufacturing facility. Income from ongoing operations in 2012 was $38.5 million ($1.20 per share) versus $27.9 million (87 cents per share) in 2011. Further details regarding the special items that reconcile income from ongoing operations to net income from continuing operations are provided in the financial tables to this press release.

A summary of results for ongoing operations for the three and twelve months ended December 31, 2012 and 2011 is shown below:
       
(In Millions, Except Per-Share Data) Three Months Ended Year Ended
December 31 December 31
2012   2011 2012   2011
Sales $ 233.0 $ 201.0 $ 882.2 $ 794.4
 

Net income from continuing operations as reported under generally accepted accounting principles (GAAP)
$ 13.9 $ 3.5 $ 43.2 $ 28.5
After-tax effects of:

(Gains) losses associated with plant shutdowns, asset impairments and restructurings
.9 .4 3.2 1.2
(Gains) losses from sale of assets and other   (5.1 )     2.6   (7.9 )     (1.8 )
Income from ongoing operations* $ 9.7     $ 6.5 $ 38.5     $ 27.9  
 

Diluted earnings (loss) per share from continuing operations as reported under GAAP
$ .43 $ .11 $ 1.34 $ .89
After-tax effects per diluted share of:

(Gains) losses associated with plant shutdowns, asset impairments and restructurings
.03 .01 .10 .04
(Gains) losses from sale of assets and other   (.16 )     .08   (.24 )     (.06 )
Diluted earnings per share from ongoing operations* $ .30     $ .20 $ 1.20     $ .87  
 

* Ongoing operations include operating profit (loss) of Film Products, Aluminum Extrusions and the Other segment as well as Corporate Expenses, Interest and Taxes. See Notes to the Financial Tables included with this press release for further detail regarding the items included in the reconciliation of income from ongoing operations and diluted earnings per share from ongoing operations, each being a non-GAAP financial measure, to net income and diluted earnings per share as reported under GAAP. In addition, Note (h) within the Notes to the Financial Tables provides the definition of income from ongoing operations and the reasons why the measure is presented.

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