PH Glafelter fiscal 3Q profit nearly triples

For the quarter ended Sept. 30, Glatfelter earned $21.7 million, or 47 cents per share, compared with $7.8 million, or 17 cents per share, in the same period a year earlier.

The recent quarter's results included $2.4 million in gains from timberland sales, which were partly offset by $200,000 in acquisition-related costs. The year-ago period included a $12.3 million charge and other items.

Excluding one-time items, the company reported adjusted earnings of $19.5 million, or 43 cents per share, compared with an adjusted profit of $19 million, or 42 cents per share, in the prior-year period.

Revenue rose 16 percent to $339.8 million from $291.9 million.

Sales at the company's specialty papers business unit rose nearly 9 percent to $226 million, while sales of composite fibers increased 36 percent to $113.8 million.

Glatfelter shares added 89 cents, or 9 percent, to $10.77 in morning trading. The stock has ranged from $7.61 to $17.23 over the past year.