Schweitzer-Mauduit International reported GAAP income of $12.2 million in the third quarter of 2021, down from $24.5 million in the third quarter of 2020. Adjusted income was $25.8 million, down 29 percent; Adjusted EBITDA declined 18 percent to $52.8 million. Net currency movements had a $1.8 million negative impact on operating profits.
“We are clearly operating in an unprecedented economic environment for the second year in a row,” said SWM CEO Jeff Kramer in a statement. “After delivering strong 2020 performance despite a global epidemic, we are now seeing robust demand across many of our end-markets. However, manufacturers around the world are now navigating widespread inflationary pressures and supply chain disruptions.
“Given the performance to-date and expected lingering fourth quarter pressures, we believe our 2021 Adjusted EPS will finish below our originally guided range. However, we are seeing early signs of relief from several challenges and fully expect our 2022 guidance, when issued in February, to reflect a strong operating profit rebound as we are well positioned for growth as conditions normalize throughout next year.”