P. H. Glatfelter Co(GLT)
　　 Q2 miss largely due to higher raws; FY consensus estimates likely move down
　　GLT reported Q2 EBIT of -$5.0M, which compared to DBe of $0.4M and consensusof $1.1M (3 estimates). While GLT was able to recognize higher pricing, thecompany pointed to "significantly higher" input costs relative to guidance andour model. Operational issues within Specialty Papers were also a headwind. Inaddition, Q3 guidance commentary appears to be pointing to EBIT well belowconsensus of $39M due to inflationary costs and a revised outlook for Airlaidvolumes. There was no new news on the strategic alternatives GLT is consideringfor its Specialty Paper assets, which posted volume declines below expectations.Given the miss and weaker-than-expected guide, we expect pressure on sharesof GLT today.
　　Call at 11AM ET. Dial in: (888) 335-5539; conference ID 6158757Three key points
　　 Miss in Composite Fibers and Specialty Papers. Composite Fibers reported Q2EBIT of $13.2M vs. DBe of $16.4M with the miss driven by lower price realizationand higher raw materials. Volumes were also below target (down 3.5% y/y vs. DBe+0.4%) due to weakness in wallcover and metalized products. Specialty papersQ2 EBIT of -$20.9M missed our estimate of -$15.8M, as inflation and maintenance(slower-than-expected restart) were both higher than we anticipated. Volumeswere down 5.9% y/y (DBe -2.8% y/y) and fell short of GLT's guidance of -5.0%q/q by dropping 8.1% q/q. Advanced Airlaid Q2 EBIT of $7.6 compared to DBeof $7.0M. Volumes were up 5.9% y/y (DBe +6.2% y/y) and in line with GLT's Q2volume guidance.
　　 Revised Airlaid outlook and higher raw materials to be call focus. Thecompany is pointing to a delay in the customer qualification process withinAdvanced Airlaids, which led GLT to negatively revise its volume outlook forthe segment from 10-12% y/y to 6-8% y/y. Sequential Q3 guidance points toa continued price/cost pressure. Other items that will likely be discussed callinclude: (1)……[Deutsche Bank AG]
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