NEW YORK — Tredegar Corp.’s earnings nearly tripled in the second quarter, driven by a strong performance by subsidiary Bonnell Aluminum Inc., despite pricing pressures and production inefficiencies in the company’s film products segment.
"Bonnell Aluminum had a strong performance this quarter, with modest growth in its nonresidential sector and favorable mix. We are very pleased with Bonnell’s operational performance so far this year," Tredegar president and chief executive officer Nancy M. Taylor said in a statement.
Newnan, Ga.-based Bonnell, which makes aluminum extrusions, posted sales of $84.5 million, up 8.6 percent from $77.8 million in the year-ago quarter. The increase was driven primarily by higher sales volumes and an improvement in average selling prices.
The rise in average selling prices was attributed largely to inflationary price increases, higher average aluminum costs and favorable changes in product mix caused by a higher percentage of painted and anodized finished products, as well as an increase in the sales of fabricated components, Tredegar said.
Bonnell’s operating profit from ongoing operations totaled nearly $8.1 million, up 86.7 percent from $4.3 million in the year-ago quarter.
Richmond, Va.-based Tredegar posted net income of $3.75 million for the three months ended June 30, up from $1.29 million in the year-ago quarter. However, the company’s second-quarter 2013 results were negatively impacted by $8.3 million in losses from discontinued operations.
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