Last $41.35 USD
Change Today -0.10 / -0.24%
Volume 52.4K
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As of 8:04 PM 10/24/14 All times are local (Market data is delayed by at least 15 minutes).

schweitzer-mauduit intl inc (SWM) Key Developments

Schweitzer-Mauduit International Inc. Announces Quarterly Cash Dividend, Payable on September 25, 2014; Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Capital Expenditure Guidance for the Year 2014

Schweitzer-Mauduit International Inc. announced quarterly cash dividend of USD 0.36 per share will be payable on September 25, 2014 to stockholders of record on August 28, 2014. The company reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported operating profit from continuing operations of USD 30.5 million against USD 42.1 million a year ago. Adjusted operating profit from continuing operations was USD 34.5 million against USD 42.8 million a year ago. Net income from continuing operations was USD 25.0 million against USD 29.4 million a year ago. Adjusted net income from continuing operations was USD 28.2 million against USD 30.0 million a year ago. Net income per share – diluted was USD 0.81 against USD 0.84 a year ago. Income from continuing operations per diluted share was USD 0.81 against USD 0.93 a year ago. Adjusted diluted earnings per share from continuing operations were USD 0.91 against USD 0.95 a year ago. Adjusted EBITDA from continuing operations was USD 48.0 million against USD 54.2 million a year ago. Cash provided by operating activities of continuing operations was USD 37.9 million against USD 40.7 million a year ago. Capital spending was USD 7.0 million against USD 3.6 million a year ago. Free cash flow from continuing operations was USD 30.8 million against USD 37.0 million a year ago. Total sales were USD 203.6 million against USD 196.5 million a year ago. For the six months, the company reported operating profit from continuing operations of USD 63.6 million against USD 83.8 million a year ago. Adjusted operating profit from continuing operations was USD 71.8 million against USD 86.1 million a year ago. Net income from continuing operations was USD 48.2 million against USD 60.1 million a year ago. Adjusted net income from continuing operations was USD 54.3 million against USD 61.7 million a year ago. Net income per share – diluted was USD 1.56 against USD 1.80 a year ago. Income from continuing operations per diluted share was USD 1.56 against USD 1.91 a year ago. Adjusted diluted earnings per share from continuing operations were USD 1.75 against USD 1.96 a year ago. Adjusted EBITDA from continuing operations was USD 96.0 million against USD 108.1 million a year ago. Cash provided by operating activities of continuing operations was USD 56.5 million against USD 80.7 million a year ago. Contributing to the decrease were fluctuations in working capital items, such as accounts receivable and lower net income. Capital spending was USD 15.1 million against USD 9.2 million a year ago. Free cash flow from continuing operations was USD 41.2 million against USD 71.4 million a year ago. Net debt was USD 157.7 million as on June 30, 2014 against USD 113.4 million as on December 31, 2013. Total sales were USD 408.3 million against USD 391.0 million a year ago. For the year 2014, capital spending is expected to be approximately USD 30 million, including capital spending relating to the operations of DelStar, but excluding the equity contributions to CTS. The effective tax rate is expected to be in the mid-20% range for the remainder of 2014. The company believes it is on track to at least achieve its annual guidance, with the share buyback as the primary driver for any potential upside.

Schweitzer-Mauduit Mulls Acquisitions

Schweitzer-Mauduit International Inc. (NYSE:SWM) is seeking acquisitions. Frédéric P. Villoutreix, Executive Chairman and Chief Executive Officer of Schweitzer-Mauduit International said, "DelStar continued to perform well, delivering strong growth and our teams continue to engage in a highly collaborative effort to identify both organic and acquisition-related growth opportunities."

Schweitzer-Mauduit International Inc. to Report Q2, 2014 Results on Aug 06, 2014

Schweitzer-Mauduit International Inc. announced that they will report Q2, 2014 results After-Market on Aug 06, 2014

Schweitzer-Mauduit International Inc., Q2 2014 Earnings Call, Aug 07, 2014

Schweitzer-Mauduit International Inc., Q2 2014 Earnings Call, Aug 07, 2014

Schweitzer-Mauduit International Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2014; Provides Earnings Guidance for the Year 2014

Schweitzer-Mauduit International Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, he company reported net sales of $204.7 million, including newly-acquired DelStar Inc., increased 5.2% versus the prior-year quarter. Net Income from continuing operations was $23.2 million, down from $30.7 million in the prior-year quarter. Adjusted net income from continuing operations which excludes non-cash purchase accounting adjustments from the DelStar acquisition was $26.1 million, down from $31.7 million in the prior-year quarter. Adjusted diluted earnings per share from continuing operations was $0.84, versus $1.01 in the prior-year quarter. Earnings per share from continuing operations was $0.75 versus $0.98 in the prior-year quarter. Adjusted operating profit from continuing operations, which excludes non-cash purchase accounting adjustments from the DelStar acquisition, was $37.3 million in the quarter ended March 31, 2014, versus $43.3 million in the prior-year quarter. The key drivers of this decline were lower tobacco-related volumes, the initial impact of LIP pricing concessions offered in exchange for favorable share commitments and contract extensions, and reduced fixed cost absorption, which were offset in part by DelStar's financial contribution and gains in non-tobacco paper products. Operating cash from continuing operations was $18.6 million for the three months ended March 31, 2014, compared with $40.0 million in the prior year. Contributing to the decrease were normal fluctuations in working capital items, such as accounts receivable and the timing of certain tax payments, and lower net income. Debt, net of cash, at March 31, 2014 was $169.7 million, compared to $113.4 million at December 31, 2013. The increase in net debt was primarily due to the execution of the $50 million stock buyback program. Capital spending was $8.1 million and $5.6 million during the quarters ended March 31, 2014 and 2013, respectively. Operating cash flow from continuing operations for the first quarter was nearly $19 million. For 2014, capital spending is expected to be approximately $30 million, including capital spending relating to the operations of DelStar. Due to legal entity realignment activities, the effective tax rate is expected to decline through the remainder of 2014. The company expects effective rate for the year to be in the mid-to-high 20% range. The company expects working capital to normalize throughout 2014.

 

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