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SchweitzerMauduit International Inc. (SWM) filed Quarterly Report for the period ended 2011-09-30.
Schweitzermauduit International Inc. has a market cap of $1.12 billion; its shares were traded at around $69.35 with a P/E ratio of 15.7 and P/S ratio of 1.5. The dividend yield of Schweitzermauduit International Inc. stocks is 0.9%. Schweitzermauduit International Inc. had an annual average earning growth of 1.5% over the past 10 years.
This is the annual revenues and earnings per share of SWM over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of SWM.
Highlight of Business Operations:
Gross profit was $56.3 million in the three months ended September 30, 2011, an increase of $6.8 million from the prior-year quarter. The gross profit margin of 26.7% decreased from 27.2% in the prior-year quarter. The higher gross profit was primarily due to $13.5 million in favorable volume impacts which was partially offset by $3.2 million in higher inflationary costs, primarily from energy , $2.4 million in European start-up costs and $2.0 million in higher manufacturing costs.Gross profit was $158.6 million in the nine months ended September 30, 2011, an increase of $10.3 million from the prior-year period. The gross profit margin of 26.5% was essentially unchanged from 26.6% in the prior-year period. The higher gross profit was primarily due to $19.9 million in favorable changes in sales volumes of certain products, $9.0 million in manufacturing cost reductions primarily from the benefits of cost savings programs and operational excellence initiatives. These positive impacts were partially offset by $13.2 million higher inflationary costs primarily from $5.7 million in higher energy costs and $3.2 in higher wood pulp costs, and $5.4 million in European LIP start-up costs.
Paper segment net sales of $157.1 million in the three month period ended September 30, 2011 increased by $27.1 million, or 20.8%, versus $130.0 million in the prior-year quarter. The increase in net sales was primarily the result of $19.9 million impact of increased volumes of high-value products, $7.8 million in foreign exchange impacts mostly due to changes in the value of the euro compared to the U.S. dollar in the third quarter of 2011 versus the prior-year quarter and $1.4 million in royalty income from customer LIP patent license agreements partially offset by $2.1 million in unfavorable sales mix.
Reconstituted Tobacco segment net sales of $54.1 million in the three month period ended September 30, 2011 increased by $2.1 million, or 4.0%, compared with $52.0 million in the prior-year quarter. The increase in net sales of the Reconstituted Tobacco segment resulted from $5.6 million foreign currency impact of changes in the value of the euro versus the U.S. dollar and was mostly offset by $4.0 million of unfavorable impacts due to lower sales volumes.
The Company's cost savings and operational excellence initiatives improved gross profit by $9.7 million during the nine months ended September 30, 2011 compared to the prior-year period. Other positive factors included $19.9 million from higher sales volumes. Inflationary cost increases, primarily related to higher energy and per ton wood pulp prices, had an unfavorable impact on operating expenses of $13.2 million during the nine month period ended September 30, 2011 compared with the prior-year period. The average per ton list price of northern bleached softwood kraft pulp in the United States was $996 per metric ton during the nine month period ended September 30, 2011 compared with $950 per metric ton during the prior-year period. Other unfavorable impacts included $5.4 million from European start-up expenses and $2.2 million of unfavorable foreign currency exchange impacts primarily from a stronger Brazilian real compared to the U.S. dollar.
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