Neenah Provides Key Updates on Business; Guides 2022 Adjusted EBITDA Growth of 15-25%
07 Março 2022 - 6:44PM
Business Wire
Neenah, Inc. (NYSE:NP), a leading global manufacturer of
specialty materials, today announced updates on recent business
developments and provided EBITDA growth guidance.
Key Updates:
- Restart of Brownville facility ahead of schedule
- Limited direct Russia/Ukraine business exposure
- Full-year 2022 Adjusted EBITDA on track to be $135-145 million,
an increase of 15-25% over prior year
Neenah announced today the restart of its Brownville, New York
manufacturing facility. The facility, which has been closed as a
result of a recent fire, is resuming production earlier than
anticipated. Although the restart will not materially reduce the
estimated $3.0 million impact on the first quarter, it provides
additional capacity to address the elevated level of demand and
reduces supply uncertainty for Neenah’s customers.
Secondly, in light of the rapidly deteriorating events in
Ukraine, Russia and Belarus, Neenah is confirming its limited
direct exposure to the region. The Company does not have facilities
or inventory located in these countries. Annual sales in the region
have historically been less than 1% of overall revenue, and the
Company does not have meaningful exposure to raw materials sourced
from these countries. Like many businesses, however, the company
may experience ancillary impacts, including elevated energy prices,
which the company is prepared to manage.
“Neenah continues to execute on its strategy, resulting in
top-line growth early in 2022, with sustained demand and
acceleration of pricing initiatives. Given the uncertainties caused
by the war in Ukraine and by a challenging supply chain and
manufacturing environment, we are issuing guidance for the full
year of 2022 to help provide clarity on our expectations and
reflect the confidence we have in the strength of our underlying
business,” said Julie Schertell, Chief Executive Officer. “While,
as expected, the first quarter will be a challenging comparison to
prior year, we are encouraged by the early restart of the
Brownville facility and we remain confident in the advancement of
our efforts throughout 2022.”
Full-year Adjusted EBITDA growth guidance assumes the
following:
- Continued strong demand across our
portfolio - Pricing, including energy and freight surcharges,
continues to be implemented to offset volatile input costs -
Manufacturing and supply chain challenges from labor and raw
material availability improve as the year progresses, and cost
containment initiatives take hold - Realization of the benefits of
key strategic actions, including the Appleton facility closure and
ITASA acquisition - Raw material and other key cost drivers begin
stabilizing - Neenah does not experience significant or lasting
impacts from the war in Ukraine, energy, or transportation
costs
Adjusted EBITDA is a non-GAAP measure used to enhance
understanding and comparability of year-on-year results. Details on
adjusting items and a reconciliation to comparable GAAP measures
are included in the reconciliation at the end of this release.
About Neenah
Neenah is a leading global manufacturer of specialty materials
serving customers across six continents, with headquarters in
Alpharetta, Georgia. We are focused on growing in filtration media,
specialty coatings, engineered materials and imaging &
packaging. Our materials are in various products used every day,
such as transportation and water filters, premium packaging of
spirits, technology and beauty products, industrial labels, tapes
and abrasives, and digital printing for high-end apparel. To learn
more, please visit www.neenah.com.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute
“forward-looking” statements as defined under the federal
securities laws. Statements contained in this press release that
are not historical facts may be forward-looking statements within
the meaning of the federal securities laws and caution is given to
investors that any forward-looking statements are not guarantees or
indicative of future performance. These forward-looking statements
rely on a number of assumptions concerning future events and are
subject to risks, uncertainties and other factors, many of which
are outside the Company's control and could cause actual results to
materially differ from such statements. Such risks, uncertainties
and other factors include, but are not necessarily limited to,
those set forth under the captions “Cautionary Note Regarding
Forward-Looking Statements” and/or “Risk Factors” of the latest
Form 10-K filed with the SEC as periodically updated by
subsequently filed Form 10-Qs (these securities filings can be
located at www.neenah.com). Unless specifically required by law,
the Company assumes no obligation to update or revise these
forward-looking statements to reflect new events or circumstances.
These cautionary statements are being made with the intention of
obtaining the benefits of the “safe harbor” provisions for
forward-looking statements under the federal securities laws.
GAAP Reconciliation
$ Millions
2021
Net Income (Loss)
$
(24.9
)
Plus: Provision (Benefit) for income
taxes
(4.8
)
Plus: Interest expense, net
17.9
EBIT (Operating Income (Loss))
(11.8
)
Plus: Impairment and asset restructuring
costs
37.3
Plus: Acquisition-related costs
18.4
Plus: Pension and SERP settlement and
curtailment losses
17.4
Plus: Loss on debt extinguishment
7.2
Plus: Other restructuring and non-routine
costs
1.9
Plus: COVID-19 costs
1.6
Adjusted EBIT
72.0
Plus: Depreciation and amortization
40.3
Plus: Stock-based compensation
4.5
Adjusted EBITDA
$
116.8
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version on businesswire.com: https://www.businesswire.com/news/home/20220307005982/en/
Neenah, Inc. Kyle Anderson Vice President, Corporate Strategy
and Investor Relations (678) 518-3278 investors@neenah.com
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