Neenah’s consolidated net sales of $233.6 million in the first quarter of 2020 decreased 3% compared with $239.7 million in the first quarter of 2019. The decline in revenues resulted from lower volumes in the Fine Paper and Packaging segment, including impacts from the change from a major distributor, lower net selling prices in both segments and unfavorable currency translation effects. These items were only partly offset by increased volumes in Technical Products. On a constant currency basis, net sales declined 2% compared with the prior year.

Technical Products quarterly net sales of $142.2 million in 2019 increased 2% from $140 million in the prior year, and were up 3% on a constant currency basis. The revenue increase resulted primarily from higher volumes in the performance materials and filtration businesses, partly offset by lower selling prices, a lower-priced mix and unfavorable foreign currency effects.

“Our first quarter results were strong, with volume-driven growth in Technical Products and continued improvements in margins and profits across both segments. As the COVID-19 pandemic accelerated, our focus quickly turned to ensuring the health and safety of our employees and taking actions to mitigate the financial impact from the coronavirus and maintain our strong liquidity position,” says Julie Schertell, chief operating officer. “Our crisis management team developed and executed rapid response plans that included multiple new operating protocols to safeguard employees, such as enhanced sanitation, increased personal protective equipment and remote working arrangements. In addition, we implemented financial measures such as strict spending controls, reduced capital expenditures, footprint optimization, enhanced working capital efficiencies, and suspended share buyback and acquisition activities. Our market reputation and competitive standing coupled with our strong financial position should serve us well, and I’m confident we’ll emerge from this crisis well-positioned to accelerate our strategies to increase our profitable growth rate in a capital efficient manner, and provide our shareholders an attractive return, including a meaningful dividend.”