
PGI Q1 turned around, income per share tripled
CHARLOTTE, NC, May 8, 2008- Net sales for the first quarter of 2008 were $273.8 million compared to $267.0 million in the first quarter of 2007 and $265.4 million in the previous quarter. Sales growth was primarily driven by the impact of price increases implemented to address higher raw material costs during the period and favorable foreign currency translation rates as most currencies strengthened against the U.S. dollar. Underlying Nonwovens volume increases from the company’s new medical business in Suzhou, China, improved industrial sales in North American markets and higher volumes in the hygiene markets in Latin America were offset by the effect of businesses that the company strategically exited during 2007 in the U.S. and in Europe. Sales from the Oriented Polymers segment were down slightly year-over-year due primarily to lower sales in Canada resulting from interruptions in supply of Nomex® fibers used to make high value flame retardant materials.
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