Tredegar Reports First-Quarter 2018 Results
RICHMOND, Va.--(BUSINESS WIRE)--May 1, 2018-- Tredegar Corporation (NYSE:TG, also the “Company” or “Tredegar”) today reported first-quarter financial results for the period ended March 31, 2018.
First quarter 2018 net income was $18.2 million ($0.55 per share) compared with net income of $3.7 million ($0.11 per share) in the first quarter of2017. Net income from ongoing operations, which excludes special items, was $12.9 million ($0.39 per share) in the first quarter of 2018 compared with $6.0 million ($0.18 per share) in the first quarter of 2017. A reconciliation of net income, a financial measure calculated in accordance with U.S. generally accepted accounting principles (“GAAP”), to net income from ongoing operations, a non-GAAP financial measure, for the three months ended March 31, 2018 and 2017, is provided in Note (a) of the Notes to the Financial Tables in this press release.
Highlights for ongoing operations for the first quarter of 2018 include:
- Operating profit from ongoing operations for PE Films of $14.0 million was $5.0 million higher than the first quarter of 2017
- Operating profit from ongoing operations for Flexible Packaging Films was $1.7 million, which was favorable by $3.7 million versus the operating loss in the first quarter of 2017
- Operating profit from ongoing operations for Bonnell Aluminum of $10.2 million was $0.4 million higher than the first quarter of 2017