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Schweitzermauduit International Inc. has a market cap of $1.08 billion; its shares were traded at around $60.23 with a P/E ratio of 14.2 and P/S ratio of 1.5. The dividend yield of Schweitzermauduit International Inc. stocks is 1%.SWM is in the portfolios of Chuck Royce of Royce& Associates, Ron Baron of Baron Funds.
Highlight of Business Operations:Net sales were $193.0 million in the three month period ended March 31, 2010, a 4.8 percent increase over the prior-year quarter. Net sales increased $8.9 million as a result of $10.0 million due to an improved mix of products sold and higher selling prices and $9.3 million in favorable foreign currency exchange rate impacts. These increases were partially offset by $10.4 million in lower sales from our Malaucène, France facility which ceased operations in 2009.
Gross profit was $53.2 million in the three month period ended March 31, 2010, an increase of $11.6 million from the prior-year quarter. The gross profit margin was 27.6 percent, increased from 22.6 percent in the prior-year quarter. Restructuring and impairment expenses were $4.8 million and $0.3 million for the three month periods ended March 31, 2010 and 2009, respectively. Operating profit was $29.1 million in the three month period ended March 31, 2010 versus $22.8 million in the prior-year quarter. The higher gross profit and operating profit were both primarily due to $3.4 million in improved manufacturing costs, $4.8 million from a favorable mix of products sold and higher selling prices, $3.7 million in cost savings and $1.4 million in favorable foreign currency exchange rate impacts. These benefits were partially offset by $1.7 million in higher inflationary costs primarily from higher wood pulp.
Capital spending was $9.9 million and $2.6 million during the three month periods ended March 31, 2010 and 2009, respectively. The increase in capital spending was primarily due to $4.5 million to establish LIP production capability in the European Union, or EU, and initial construction spending of $3.4 million for a new RTL production facility included in the 2010 period.
Net sales were $193.0 million in the three month period ended March 31, 2010 compared with $184.1 million in the prior-year quarter. The increase of $8.9 million, or 4.8%, consisted of the following ($ in millions):
French segment net sales of $114.3 million in the three month period ended March 31, 2010 increased by $2.7 million, or 2.4%, versus $111.6 million in the prior-year quarter. The increase in net sales was primarily the result of increased volumes and a stronger euro relative to the U.S. dollar in the current year period as compared to the prior year period. These increases were partially offset by reduced sales resulting from closing our facility in Malaucène, France.
Gross profit was $53.2 million in the three month period ended March 31, 2010, an increase of $11.6 million from $41.6 million in the prior-year quarter. The gross profit margin was 27.6% of net sales in the three month period ended March 31, 2010, increased from 22.6% in the prior-year quarter. Gross profit was favorably impacted by a favorable mix of products sold and higher average selling prices, as well as benefits of cost savings programs and improved mill operations.
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