Tredegar sees profits rise in second quarter
THE TAKE: Richmond-based Tredegar Corp., a manufacturer of plastics, aluminum extrusions and vinyl extrusions, reported second-quarter net income from continuing operations of $9.6 million (29 cents per share), up 30 percent from $7.4 million (23 cents per share) in the second quarter of 2012. Results from continuing operations in the second quarter of 2013 included a net after-tax loss of $100,000 (1 cent per share) for special items primarily related to an unrealized loss on investment property in Southwest Virginia and charges associated with the shutdown of the company’s Kentland, Ind., extrusions manufacturing facility. The company also had an unrealized gain on its investment in Intelliject Inc.
Net income from continuing operations: $9.6 million (29 cents per share), up from $7.4 million (23 cents per share)
Income from ongoing operations (excluding special items): $9.7 million (30 cents per share) versus $7.6 million (24 cents per share).
Net income from continuing operations for the first six months: $19.1 million (59 cents per share), up from $15.1 million (47 cents per share) for the first six months of 2012.
Second-quarter sales: $243.5 million, up from $215.9 million last year. Six-month sales: $485.1 million vs. $432.5 million.
THE COMPANY’S TAKE: “Film products had a solid performance in the second quarter, driven by strong demand for our surface protection films and volume improvements in personal care materials,” Nancy M. Taylor, Tredegar’s president and chief executive officer, said in statement. “We are encouraged by another quarter of year-over-year volume growth in these product categories, although we do see some risk of slowing demand for our personal-care materials in the second half of the year. In flexible packaging films, film products experienced volume declines and pricing pressures versus last year due to challenging market conditions tied to the slow global economy, particularly in Brazil.”