PGI’s net sales were $439.9 million for the second quarter of 2014 compared with $291.5 million for the second quarter of 2013. The increase in net sales was primarily driven by an increase in overall volumes. Net sales in Asia increased 8.8%, driven by a strong healthcare market as well as incremental volume from a new hygiene manufacturing line. In addition, net sales in the Americas and Europe increased 47.7% and 91.2%, respectively, as incremental sales from both Fiberweb and Providencia, as well as continued contribution from the new spunmelt line in Waynesboro, VA.

Overall volume growth contributed $146 million to net sales compared with the three months ended June 29, 2013. The increase was primarily driven by the contribution of Fiberweb results, representing an incremental $114.4 million of net sales for the current period. In addition, the recent acquisition of Providencia provided $20.7 million of net sales for the period from June 11, 2014 to June 28, 2014. Incremental volume growth of $4.9 million in Asia was driven by higher volumes sold in the hygiene and healthcare markets, both of which were supported by recent capacity expansions. On a comparable basis, European results reflected the stabilization of underlying demand across PGI’s platform, resulting in relatively stable volume trends overall.  These increases were partially offset by lower volume in the Americas, primarily driven by lower wipes and industrial market sales as well as the timing of customer orders.

Gross profit for the three months ended June 28, 2014 was $85.9 million, a $35.5 million increase compared with the three months ended June 29, 2013. The increase was primarily driven by the contribution of Fiberweb results, representing an incremental $28.0 million of net sales for the current period and included contributions associated with integration synergies. In addition, the recent acquisition of Providencia provided $5.5 million for the period. As a result, gross profit as a percentage of net sales for the three months ended June 28, 2014 increased to 19.5% from 17.3% for the three months ended June 29, 2013.

Apart from the impact of the acquisitions, gross profit increased $2.0 million compared to the prior year.  The increase in gross profit was primarily driven by volume increases in Asia associated with the benefits of additional capacity and improved manufacturing efficiencies. Combined with incremental volume in Europe, these increases more than offset slight volume reductions in the Americas. Adjusted EBITDA for the second quarter of 2014 was $55.3 million compared with $34.7 million for the second quarter of 2013 and $48.6 million for the first quarter of 2014.

“Our second quarter results represented a major milestone for PGI,” says PGI’s CEO, J. Joel Hackney Jr. “We delivered record sales and adjusted EBITDA in the second quarter as a result of growth in both our base business and strategic acquisitions.”