GLT - Glatfelter stock down after suspending dividend as part of capital allocation reprioritization

• Glatfelter Corporation ( NYSE: GLT ) shares down 4.7% in a premarket session after the Board of Directors suspended the company’s quarterly cash dividend as part of its focused efforts to optimize the operational and financial results of the business.
• Kevin M. Fogarty, Non-Executive Chair of Glatfelter’s Board of Directors said, “This is a prudent step that will redirect capital back to the business at a critical juncture for the Company. With enhanced financial flexibility, we will be better positioned to make the changes and investments needed to drive improvements throughout the business while navigating the ongoing global geopolitical and economic challenges. The Board of Directors is confident the management team under Thomas Fahnemann's leadership, has the right focus and expertise to successfully improve Glatfelter’s near-term profitability and drive long-term value for our shareholders.”
• The dividend suspension will avail up ~$25M annually in cash flow.
• The company last paid a $0.14 per share cash dividend on outstanding common stock on August 1, 2022 .
• The company expects to provide details on its strategic capital redeployment and profitability improvement initiatives in conjunction with its Q3 results on November 3, 2022.

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