Tredegar Reports Second-Quarter 2017 Results
August 1, 2017RICHMOND, Va.--(BUSINESS WIRE)--Aug. 1, 2017-- Tredegar Corporation (NYSE:TG, also the “Company” or “Tredegar”) today reported second-quarter financial results for the period ended June 30, 2017.Second quarter 2017 net income was $44.2 million ($1.34 per share) compared with net income of $3.4 million ($0.10 per share) in the second quarterof 2016. Net income from ongoing operations, which excludes the special items shown in the table below, was $8.3 million ($0.25 per share) in thesecond quarter of 2017 compared with $4.4 million ($0.13 per share) in the second quarter of 2016. A reconciliation of net income, a financial measurecalculated in accordance with U.S. generally accepted accounting principles (“GAAP”), to net income from ongoing operations, a non-GAAP financialmeasure, for the three and six months ended June 30, 2017 and 2016, is shown below:
Highlights for second quarter 2017 include:
- Operating profit from ongoing operations for Bonnell Aluminum of $11.8 million (including $2.8 million associated with theacquisition of Futura Industries Corporation (“Futura”) in mid-February 2017), was $0.9 million higher than the secondquarter of 2016
- Operating profit from ongoing operations for PE Films of $10.7 million was $6.4 million higher than the second quarter of2016
- Operating loss from ongoing operations for Flexible Packaging Films was $0.3 million, which was favorable by $0.6 millionversus the operating loss incurred in the second quarter of 2016.