Glatfelter Beats Estimates (GLT)

York, Pennsylvania-based Glatfelter GLT on Friday morning released financial results that beat Wall Street expectations. Glatfelter reported that its 4th quarter net income fell to $15.3 million, or 33 cents per share, down from $46.0 million, or $1.00 per share, a year earlier. Excluding special items, the company earned 31 cents per share. Glatfelter reported revenue of $376.18 million, up from $301.12 million a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 30 cents per share, on revenue of $364.73 million. President and chief executive officer Dante C. Parrini said, “During 2010 we grew adjusted earnings by 38 percent. This growth, combined with our disciplined fiscal approach, allowed us to generate another strong year of free cash flow with $31 million in the fourth quarter and $132 million for the year.” Glatfelter (GLT) ended the previous trading session at $12.20 per share. Analysts covering the company's stock have a consensus price target of $16.00 per share. Glatfelter is a global manufacturer of specialty papers and fiber-based engineered products, offering over a century of experience, technical expertise and world-class service. Read more from Benzinga's Company news.