Continued Strong Demand, with Full-year
Revenues Near All-time High
Neenah, Inc. (NYSE:NP) today reported 2021 fourth quarter and
full year results.
Fourth Quarter Highlights
- Consolidated net sales of $264.3 million were 28 percent higher
than the prior year, setting a new record for fourth quarter
revenues. The revenue growth was attributable to organic volume
gains in both segments, pricing actions and the effects of the
Itasa acquisition.
- Fine Paper & Packaging pricing and other actions
contributed to an adjusted EBIT margin of 13 percent, with adjusted
operating income of $12.3 million from $97.6 million of net
sales.
- Earnings (loss) per diluted common share of $(0.41) compared to
$0.59 in the fourth quarter of 2020. Adjusted earnings per share of
$0.45 decreased from $0.87 in the prior year.
- Available liquidity of $170 million remained strong, with cash
generated from operations of $12.9 million.
- Quarterly cash dividends were $0.475 per share, an increase for
the 11th consecutive year.
- We are investing 25 million Euros in new meltblown capacity in
our German filtration facility.
Full Year Highlights
- We achieved an improvement in our safety recordable incident
rate by approximately 30 percent.
- Net sales of $1,028.5 million increased 30 percent compared to
2020, primarily driven by organic volume growth, pricing actions
and the impact of the acquisition of Itasa.
- A loss per diluted common share of ($1.49) compared to a loss
of $(0.96) per share in 2020. On an adjusted basis, earnings per
share of $2.53 compared with $2.46 per share in 2020. Improvements
in profitability from top line growth were partially offset by
significantly higher input costs and impacts of supply chain
disruptions.
- In April 2021, we acquired Itasa, a leading global coater and
converter of release liners used in hygiene, tapes, industrial
labels, composites and various other end markets. The purchase
price was $240.2 million, and in the first nine months of
ownership, Itasa has generated incremental net sales of $106.9
million.
- We executed several operational initiatives, including a $13
million investment in new coating capacity starting up in 2023,
closure of our Appleton, Wisconsin facility to save $7-8 million
annually, and restarting an idled asset to support growth in
premium packaging.
- We made meaningful progress on key environmental, social and
governance initiatives, including actions designed to reduce energy
usage, water consumption and greenhouse gases, recognition through
leading sustainability rating agencies (including EcoVadis Gold
Medal in Spain and Silver Medal in all other locations) and
advancements in the diversity of our Board of Directors (with half
identifying as female or underrepresented minorities).
“Adjusted earnings” is a non-GAAP measure and is used to improve
comparability of year-on-year results. Adjusted figures are
reconciled to GAAP later in this release.
“Demand remained very strong in the fourth quarter and we began
to see margin improvement against a backdrop of challenging
manufacturing and supply chain conditions. We continue to address
this dynamic environment with pricing actions and other internal
initiatives to restore margins, including several annual pricing
agreements taking effect in early 2022,” said Julie Schertell,
Chief Executive Officer. “Looking back, 2021 was a foundation
building year for Neenah. We took decisive actions to both expand
and streamline our business, including a strategic acquisition and
a facility closure, while making meaningful progress on our
strategic agenda. I am confident our decisions and actions have
positioned us well for continued top line growth, margin accretion
and shareholder value creation.”
Fourth Quarter Consolidated Results
Income Statement
Consolidated net sales of $264.3 million in the fourth quarter
increased 28 percent compared with $206.9 million in the prior
year. Revenues in Fine Paper and Packaging were 29 percent higher
and Technical Products increased 27 percent. The increases included
strong organic volume growth, input cost recovery pricing actions,
and incremental net sales from the Itasa acquisition. Offsetting
effects included a lower value sales mix in Technical Products and
unfavorable currency translation.
Operating income (loss) of $(4.2) million in 2021 decreased from
$14.9 million in the fourth quarter of 2020. In 2021, operating
income included unfavorable adjusting items totaling $18.1 million
and in 2020 operating income included unfavorable items totaling
$6.0 million. Excluding these items, adjusted operating income of
$13.9 million in 2021 decreased from $20.9 million in 2020. Despite
strong volume growth, operating income was impacted by
significantly higher raw material and energy costs, which outpaced
the benefits realized from pricing actions, as well as
manufacturing inefficiencies due to supply chain and labor
disruptions.
Net interest expense of $4.9 million in the fourth quarter of
2021 increased from $3.1 million in the prior year period due to
the higher borrowing under the upsized Term Loan B and amortization
of the associated deferred financing costs.
The effective tax rate in the fourth quarter of 2021 was 25
percent compared to a rate of 15 percent in the fourth quarter of
2020. In 2020, the tax rate included a reduction in tax expense of
$0.9 million from utilization of the Coronavirus Aid, Relief and
Economic Security Act ("CARES Act").
The GAAP earnings (loss) per diluted common share of $(0.41) in
2021 compared to $0.59 in 2020. On an adjusted basis, earnings per
share of $0.45 in the 2021 quarter decreased from $0.87 in the
prior year period, due to lower operating income resulting
primarily from input cost pressures and supply chain constraints
that more than offset our sales recovery, our pricing initiatives
and the accretive benefits of the Itasa acquisition.
Cash Flow and Balance Sheet
Cash provided from operations in the fourth quarter of $12.9
million was unchanged from $13.0 million in the fourth quarter of
2020. Capital spending of $9.2 million in the fourth quarter
compared to $7.1 million in the prior year. Net cash generated was
used to reduce debt and return cash to shareholders through
dividend payments.
Cash dividends of $8.0 million and $8.0 million, or $0.475 per
share and $0.47 per share, were paid in the fourth quarter of 2021
and 2020, respectively.
Cash and cash equivalents as of December 31 were $23.9 million,
which was down from $31.7 million as of September 30, 2021.
Outstanding debt as of December 31 was $441.3 million and decreased
slightly from $441.7 million at September 30.. The increase from
$194.4 million as of December 31, 2020 was due to the upsizing of
our Term Loan B from $200 million to $450 million in April 2021
primarily to fund the Itasa acquisition. Liquidity was $170.0
million (cash plus availability under our Global Credit Facilities)
as of December 31, 2021.
Fourth Quarter Segment Results
Technical Products net sales of $166.7 million in the
fourth quarter increased 27 percent compared with prior year sales
of $131.2 million. The revenue increased due to incremental net
sales of $37.7 million from the acquisition of Itasa and pricing
actions to recover raw material input cost increases. These
increases were offset by a lower value sales mix in 2021, which
included impacts from limited availability of some raw materials
from supply chain constraints, adverse foreign currency translation
and the impact of closure of the Appleton facility in
September.
Operating income of $4.7 million in the fourth quarter decreased
from prior year income of $13.9 million. Operating income in 2021
included $1.4 million of unfavorable adjustments of a pension
settlement loss and other closure costs of the Appleton facility,
and in 2020 included unfavorable items of $4.0 million related to
an impairment loss of a foreign JV investment, COVID-19 and other
non-routine costs. Excluding these items, adjusted operating income
of $6.1 million in 2021 decreased from prior year income of $17.9
million as a result of higher pulp and specialty chemical input,
energy and distribution costs, a lower value sales mix, along with
manufacturing cost inefficiencies from higher workforce turnover
and labor costs. The facilities were faced with higher workforce
turnover which led to incremental training, bonus and overtime
costs, and adverse productivity and waste. Also, we experienced a
lag in executing certain customer pricing actions to recover input
cost increases, as some are subject to annual (calendar year)
adjustment contract provisions.
Fine Paper & Packaging net sales of $97.6 million in
the fourth quarter of 2021 was 29 percent higher compared with
prior year sales of $75.7 million. The increase reflects a
continued growth in all product categories, especially in premium
packaging and consumer products. In addition, net selling prices
were higher in 2021 due to a higher priced mix and pricing actions
to recover raw material input costs.
Operating income of $11.9 million in the fourth quarter
increased from $6.7 million in 2020. Income in 2021 included
adjusting items of $0.4 million for COVID-19 and other non-routine
costs, and compared to $1.1 million of adjusting items in 2020
related to those same items and a pension settlement loss.
Excluding these items, adjusted operating income of $12.3 million
in the fourth quarter of 2021 increased from $7.8 million in 2020
due to volume growth, selling price increases and a favorable
change in product mix.
Unallocated corporate costs in the fourth quarter of 2021
were $20.8 million compared with $5.7 million in 2020. Unallocated
corporate costs included net unfavorable adjustments of $16.3
million in 2021, primarily related to a $15.6 million pension
settlement loss from an annuity purchase transaction. Excluding
these items, unallocated corporate cost of $4.5 million decreased
from $4.8 million in 2020.
Full Year 2021 Consolidated Results
Consolidated net sales of $1,028.5 million in 2021 were 30
percent higher than the prior year. The increase in net sales
resulted primarily from strong organic volume growth in both
segments, from pricing actions in response to input cost increases
and from the Itasa acquisition which contributed $106.9 million to
the change in the Technical Products segment. Net sales grew 38
percent in Technical Products and 18 percent in Fine Paper and
Packaging. In addition to the incremental impacts from Itasa, the
Technical Products segment volume increased significantly but was
adversely affected by a lower value sales mix in 2021. The increase
in net sales in the Fine Paper and Packaging segment was due to
higher demand, increased selling prices and a higher value sales
mix.
Consolidated operating income decreased $5.7 million from prior
year to a loss of $11.8 million for the year ended December 31,
2021. Excluding adjusting items in both years, adjusted operating
income of $72.0 million increased $7.6 million from $64.4 million
in 2020. We recorded $83.8 million of adjusting items in 2021,
including non-cash impairment and asset restructuring costs,
pension and SERP settlement/curtailment losses, acquisition and
integration costs, loss on debt extinguishment, incremental costs
of COVID-19 and other restructuring and non-routine costs.
Adjusting items of $70.5 million in 2020 included similar items.
Despite the robust sales volume growth and pricing actions in both
segments, operating income was challenged by a lower value sales
mix in the Technical Products segment and significantly higher
input and distribution costs, which were further impacted by supply
chain constraints. Additionally, manufacturing costs for both
segments increased due to higher workforce turnover and labor
costs.
Net income decreased $9.1 million from a loss of $15.8 million
in 2020 to a loss of $24.9 million in 2021. The effective income
tax (benefit) rate in 2021 was (16) percent in both years. After
excluding items noted on the non-GAAP reconciliation table,
adjusted net income of $42.9 million increased $1.0 million in
2021.
Earnings (loss) per diluted share of $(1.49) in 2021 compared
with $(0.96) in 2020. After excluding items noted in the GAAP
reconciliation table, 2021 adjusted earnings per share of $2.53
increased compared to $2.46 in 2020.
Cash provided by operating activities of $53.2 million for 2021
was $40.2 million lower than $93.4 million in the prior year. The
decrease resulted from the increase in working capital needs
resulting from the 30 percent rebound in net sales in 2021 compared
to the COVID-impacted level of business activity and spending in
2020. Also, we had significantly higher global tax payments in 2021
due to payment of one-half of the U.S. payroll taxes which had been
deferred from 2020 and from higher foreign entities' taxable
income.
Capital spending of $28.2 million in 2021 compared with $18.9
million in 2020, which was influenced by 2020 COVID-19 cost
controls.
2022 Outlook
The following items are expected to impact 2022 results:
- Continued robust revenue growth driven by increasing volumes in
our four growth platforms
- Benefits from pricing (especially from annual Filtration
contracts) and other actions to address inflationary pressures
across all lines of business
- Input costs to remain at elevated levels; year-on-year
comparison most acute in first half of 2022
- Challenging supply chain and US labor cost and availability
environment
- Incremental EBITDA impact of the Itasa acquisition
(approximately $5 million) and Appleton facility closure
(approximately $6 million) for three and nine months, respectively,
of 2022
- Capital spending of approximately 4 to 5% of net sales,
influenced by capacity expansions in process
Reconciliation to GAAP Measures
The Company will report adjustments to GAAP figures when they
are believed to improve the comparability and understanding of
results. In these instances, a reconciliation of adjusted income
measures to comparable GAAP measures will be provided, as shown
below and in the financial attachments:
Consolidated Statements of Operations
(in Millions, except share and per
share data)
Three Months Ended December
31,
Year Ended December
31,
(Unaudited)
2021
2020
2021
2020
GAAP Operating Income (Loss)
$
(4.2
)
$
14.9
$
(11.8
)
$
(6.1
)
Impairment and asset restructuring
costs
0.3
2.5
37.3
57.8
Acquisition-related costs
0.6
0.4
18.4
1.5
Pension and SERP settlement and
curtailment losses
16.4
1.6
17.4
1.6
Loss on debt extinguishment
—
—
7.2
1.9
Other restructuring and non-routine
costs
0.4
0.1
1.9
4.2
COVID-19 costs
0.4
1.4
1.6
3.5
Total adjustments
18.1
6.0
83.8
70.5
Adjusted Operating Income
$
13.9
$
20.9
$
72.0
$
64.4
GAAP Net Income (Loss)
$
(6.8
)
$
10.0
$
(24.9
)
$
(15.8
)
Impairment and asset restructuring
costs
0.3
2.5
28.0
44.5
Acquisition-related costs
0.5
0.4
13.9
1.2
Pension and SERP settlement and
curtailment losses
12.2
1.2
13.0
1.2
Loss on debt extinguishment
—
—
5.4
1.4
Other restructuring and non-routine
costs
0.2
—
1.3
3.1
COVID-19 costs
0.3
1.0
1.2
2.6
Income tax adjustments
1.0
(0.3
)
5.0
3.7
Total adjustments
14.5
4.8
67.8
57.7
Adjusted Net Income
$
7.7
$
14.8
$
42.9
$
41.9
GAAP Earnings (Loss) per Diluted Common
Share
$
(0.41
)
$
0.59
$
(1.49
)
$
(0.96
)
Impairment and asset restructuring
costs
0.02
0.14
1.66
2.64
Acquisition-related costs
0.04
0.03
0.83
0.07
Pension and SERP settlement and
curtailment losses
0.72
0.07
0.77
0.07
Loss on debt extinguishment
—
—
0.32
0.08
Other restructuring and non-routine
costs
0.01
—
0.08
0.18
COVID-19 costs
0.02
0.06
0.07
0.16
Income tax adjustments
0.05
(0.02
)
0.29
0.22
Total adjustments
0.86
0.28
4.02
3.42
Adjusted Diluted E.P.S.
$
0.45
$
0.87
$
2.53
$
2.46
Diluted Shares (in thousands)
16,797
16,832
16,836
16,834
Conference Call
The Company will hold a conference call to discuss earnings and
business results at 11:00 AM (EST) on Thursday, February 17, 2022.
Investors and participants who wish to actively participate in the
call should register for the earnings call in advance by visiting
https://conferencingportals.com/event/ifkvGAXk. After
registering, instructions will be shared on how to join the call
and can also be accessed as follows:
Participant Toll-Free Dial-In Number:
(888) 330-2398
Participant Toll Dial-In Number:
(240) 789-2709
Conference ID:
21621
Interested parties are invited to listen to the call live via
webcast by visiting www.neenah.com and clicking on Investor
Relations section on the company's web site. An archive of the
webcast will be available on the company's web site under
Presentations & Events / Event Archive.
A replay of the call will be available
until February 24, 2022 and can be accessed as follows:
Encore Dial In #:
(800) 330-2398 or (240)
789-2709
Replay Access Code:
21621
About Neenah
Neenah is committed to manufacturing growth for its customers,
end-users, shareholders, and employees. With manufacturing
facilities in North America and Europe, Neenah is a leading global
manufacturer of specialty materials serving customers across six
continents, with headquarters in Alpharetta, GA. 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 we caution 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.
NEENAH, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In millions, except share and
per share data)
(Unaudited)
Three Months Ended December
31,
Year Ended December
31,
2021
2020
2021
2020
Net sales
$
264.3
$
206.9
$
1,028.5
$
792.6
Cost of products sold
227.4
164.3
865.2
639.4
Gross profit
36.9
42.6
163.3
153.2
Selling, general and administrative
expenses
23.5
21.5
101.4
88.0
Asset restructuring and impairment
costs
0.4
2.5
35.2
57.8
Other restructuring and non-routine
costs
0.4
0.1
1.9
4.2
COVID-19 costs
0.4
1.4
1.6
3.5
Loss on debt extinguishment
—
—
7.2
1.9
Pension & SERP adjustments
16.4
1.6
17.4
1.6
Acquisition due diligence costs
0.6
0.4
13.0
1.5
Other expense (income), net
(0.6
)
0.2
(2.6
)
0.8
Operating income (loss)
(4.2
)
14.9
(11.8
)
(6.1
)
Interest expense, net
4.9
3.1
17.9
12.6
Income (loss) before income taxes
(9.1
)
11.8
(29.7
)
(18.7
)
Provision (benefit) for income taxes
(2.3
)
1.8
(4.8
)
(2.9
)
Net income (loss)
$
(6.8
)
$
10.0
$
(24.9
)
$
(15.8
)
Earnings (Loss) Per Common
Share:
Basic
$
(0.41
)
$
0.59
$
(1.49
)
$
(0.96
)
Diluted
$
(0.41
)
$
0.59
$
(1.49
)
$
(0.96
)
Weighted Average Common Shares
Outstanding (000s)
Basic
16,785
16,816
16,821
16,813
Diluted
16,785
16,832
16,821
16,813
NEENAH, INC. AND
SUBSIDIARIES
BUSINESS SEGMENT DATA
(In millions)
(Unaudited)
Three Months Ended December
31,
Year Ended December
31,
2021
2020
2021
2020
Net Sales
Technical Products
$
166.7
$
131.2
$
664.2
$
482.6
Fine Paper and Packaging
97.6
75.7
364.3
310.0
Consolidated
$
264.3
$
206.9
$
1,028.5
$
792.6
Operating Income (Loss)
Technical Products
$
4.7
$
13.9
$
5.6
$
(3.9
)
Fine Paper and Packaging
11.9
6.7
40.9
22.4
Unallocated corporate costs
(20.8
)
(5.7
)
(58.3
)
(24.6
)
Consolidated
$
(4.2
)
$
14.9
$
(11.8
)
$
(6.1
)
RECONCILIATION OF SEGMENT
OPERATING INCOME
(In millions)
(Unaudited)
Three Months Ended December
31,
Year Ended December
31,
2021
2020
2021
2020
Technical Products
GAAP operating income (loss)
$
4.7
$
13.9
$
5.6
$
(3.9
)
Impairment and asset restructuring
costs
0.3
2.5
37.3
54.1
Acquisition-related costs
0.1
—
5.8
—
Pension and SERP settlement and
curtailment losses
0.9
0.8
0.9
0.8
Loss on debt extinguishment
—
—
—
0.1
Other restructuring and non-routine
costs
—
0.2
1.0
0.6
COVID-19 costs
0.1
0.5
0.5
1.3
Adjusted operating income
$
6.1
$
17.9
$
51.1
$
53.0
Fine Paper and Packaging
GAAP operating income
$
11.9
$
6.7
$
40.9
$
22.4
Impairment and asset restructuring
costs
—
—
—
3.7
Pension and SERP settlement and
curtailment losses
—
0.4
—
0.4
Other restructuring and non-routine
costs
0.2
0.2
—
2.3
COVID-19 costs
0.2
0.5
0.8
1.6
Adjusted operating income
$
12.3
$
7.8
$
41.7
$
30.4
Other/Unallocated Corporate
GAAP operating costs
$
(20.8
)
$
(5.7
)
$
(58.3
)
$
(24.6
)
Acquisition-related costs
0.5
0.4
12.6
1.5
Pension and SERP settlement and
curtailment losses
15.5
0.4
16.5
0.4
Loss on debt extinguishment
—
—
7.2
1.8
Other restructuring and non-routine
costs
0.2
(0.3
)
0.9
1.3
COVID-19 costs
0.1
0.4
0.3
0.6
Adjusted operating costs
$
(4.5
)
$
(4.8
)
$
(20.8
)
$
(19.0
)
Consolidated
GAAP operating income (loss)
$
(4.2
)
$
14.9
$
(11.8
)
$
(6.1
)
Impairment and asset restructuring
costs
0.3
2.5
37.3
57.8
Acquisition-related costs
0.6
0.4
18.4
1.5
Pension and SERP settlement and
curtailment losses
16.4
1.6
17.4
1.6
Loss on debt extinguishment
—
—
7.2
1.9
Other restructuring and non-routine
costs
0.4
0.1
1.9
4.2
COVID-19 costs
0.4
1.4
1.6
3.5
Adjusted operating income
$
13.9
$
20.9
$
72.0
$
64.4
NEENAH, INC. AND
SUBSIDIARIES
SELECTED BALANCE SHEET
DATA
(In millions)
(Unaudited)
December 31,
2021
2020
Assets
Cash and cash equivalents
$
23.9
$
37.1
Accounts receivable, net
142.3
100.2
Inventories
138.5
108.9
Asset held for sale
10.5
—
Prepaid and other current assets
31.8
25.1
Total current assets
347.0
271.3
Property, Plant and Equipment, net
295.5
329.4
Finance Lease Right-of-Use Assets
20.8
—
Operating Lease Right-of- Use Assets
17.8
20.2
Deferred Income Taxes
25.1
18.3
Goodwill
198.6
87.4
Intangible assets, net
154.6
62.6
Employee benefit plan assets
9.5
—
Other non-current assets
12.8
17.4
Total assets
$
1,081.7
$
806.6
Liabilities and Stockholders’
Equity
Debt payable within one year
$
6.4
$
4.9
Finance lease liabilities payable within
one year
0.8
—
Operating lease liabilities payable within
one year
3.3
3.2
Accounts payable
97.4
46.0
Liabilities of assets held for sale
0.5
—
Accrued expenses
66.6
61.9
Total current liabilities
175.0
116.0
Long-Term Debt
434.9
189.5
Finance Lease Liability, Noncurrent
20.4
—
Operating Lease Liabilities,
Noncurrent
15.9
18.4
Noncurrent Employee Benefits
77.7
96.8
Deferred Income Taxes
38.2
12.3
Other Noncurrent Obligations
3.6
6.0
Total liabilities
765.7
439.0
Stockholders’ equity
316.0
367.6
Total liabilities and stockholders’
equity
$
1,081.7
$
806.6
NEENAH, INC. AND
SUBSIDIARIES
SELECTED CASH FLOW
DATA
(In millions)
(Unaudited)
Year Ended December
31,
2021
2020
Operating Activities
Net income (loss)
$
(24.9
)
$
(15.8
)
Depreciation and amortization
42.7
36.7
Stock-based compensation
4.5
4.2
Deferred income tax provision
(16.0
)
(4.9
)
Asset impairment costs
32.4
54.8
Loss on debt extinguishment
7.2
1.9
Loss on foreign currency forward
contracts
5.1
—
Pension and SERP settlement and
curtailment losses
17.4
1.6
Loss on asset dispositions
0.6
—
Non-cash effects of changes in liabilities
for uncertain income tax positions
(0.1
)
(0.2
)
Net cash provided by (used in) changes in
operating working capital, net of effect of acquisitions
(5.3
)
18.2
Pension and other post-employment
benefits
(7.9
)
(5.8
)
Noncurrent payroll taxes
(2.2
)
2.2
Other
(0.3
)
0.5
Net Cash Provided By Operating
Activities
53.2
93.4
Investing Activities
Capital expenditures
(28.2
)
(18.9
)
Business acquisitions
(240.2
)
—
Proceeds from sale of property, plant and
equipment
—
0.5
Other
4.1
(1.1
)
Net Cash Used In Investing
Activities
(264.3
)
(19.5
)
Financing Activities
Proceeds from issuance of long-term
debt
459.7
291.6
Debt issuance costs
(9.1
)
(6.0
)
Repayments of long-term debt
(212.8
)
(295.9
)
Cash dividends paid
(31.9
)
(31.9
)
Shares purchased
(6.0
)
(4.8
)
Other
(0.7
)
—
Net Cash Provided By (Used In)
Financing Activities
199.2
(47.0
)
Effect of Exchange Rate Changes on Cash
and Cash Equivalents
(1.3
)
1.2
Net Increase (Decrease) in Cash and
Cash Equivalents
(13.2
)
28.1
Cash and Cash Equivalents, Beginning of
Year
37.1
9.0
Cash and Cash Equivalents, End of
Year
$
23.9
$
37.1
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220216005879/en/
Neenah, Inc. Kyle Anderson Vice President, Corporate Strategy
and Investor Relations (678) 518-3278 investors@neenah.com
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