Pactiv Evergreen Earnings Reports

Pactiv Evergreen reported a decrease in net revenues and a significant net loss due to a $322 million impairment charge from the Mill Transaction. However, the company increased adjusted EPS through cost management and resource optimization.

Pactiv Evergreen reported a decrease in net revenues and adjusted EBITDA for the second quarter of 2024 compared to the previous year. The company is revising its full-year guidance to reflect these results and a slower-than-anticipated end-market demand recovery. They also announced an agreement to sell the Pine Bluff mill and Waynesville extrusion facility.

Pactiv Evergreen reported a decrease in net revenues and adjusted EBITDA for Q1 2024 compared to Q1 2023, primarily due to the closure of the Canton, North Carolina mill, lower pricing, and reduced sales volume. However, net income improved, and the company is taking actions to manage costs and drive volume improvement.

Pactiv Evergreen's Q4 2023 total net revenues were $1,274 million, a 14% decrease compared to Q4 2022. Net income from continuing operations was $22 million, and adjusted EPS was $0.33. The company is implementing a footprint optimization plan expected to generate $35 million in annual cost savings by 2026.

Pactiv Evergreen reported a decrease in net revenues to $1,379 million, a net income of $28 million, and an adjusted EBITDA of $227 million. The company is making progress on its Beverage Merchandising Restructuring, including the closure of its Canton mill and Olmsted Falls, Ohio converting facility. They improved their Net Leverage Ratio to 4.2x as of September 30, 2023.

Pactiv Evergreen reported a decrease in net revenues and a net loss for Q2 2023. The company's performance was impacted by lower sales volume, restructuring charges related to the Beverage Merchandising Restructuring, and the closure of the Canton mill. However, the company is focusing on cost discipline and operational excellence.

Pactiv Evergreen reported a decrease in net revenues to $1,431 million, a net loss of $133 million, and an increase in Adjusted EBITDA to $189 million. The company's performance was impacted by inflation, seasonal trends, and a scheduled cold mill outage, but was offset by disciplined pricing and operational targets. The company has increased its full year 2023 Adjusted EBITDA guidance to a range of $775 million to $800 million.

Pactiv Evergreen reported Q4 2022 financial results exceeding guidance, with net revenues of $1,476 million and net income from continuing operations of $27 million. The company announced a restructuring plan for its Beverage Merchandising operations, expecting annualized cost reductions of approximately $30 million and capital expenditure reductions of approximately $50 million by 2024.

Pactiv Evergreen reported an expected sequential decline in net revenues due to the timing of resin pass throughs and softening sales volume. Net income from continuing operations increased due to the gain from the sale of Beverage Merchandising Asia. Adjusted EBITDA decreased due to higher material costs and lower sales volume.

Pactiv Evergreen reported a strong second quarter with a 21% increase in net revenues to $1,640 million and net income from continuing operations of $74 million, up from $8 million in the prior year period. Adjusted EBITDA from continuing operations increased by 92% to $249 million. The company is raising its 2022 Adjusted EBITDA guidance from $705 million to a range of $750 million to $770 million.

Pactiv Evergreen reported a solid start to 2022 with a 28% increase in net revenues compared to the prior year period. The growth was driven by favorable pricing and acquisitions, but partially offset by lower sales volume and inflationary pressures. Net income from continuing operations was $43 million, a significant improvement from the prior year's net loss of $11 million. Adjusted EBITDA also saw a substantial increase, reaching $182 million compared to $77 million in the prior year.

Pactiv Evergreen reported a 30% increase in net revenues for Q4 2021, driven by favorable pricing and the acquisition of Fabri-Kal. Net income from continuing operations increased to $34 million. The company is focused on strategic priorities, including the Fabri-Kal integration and streamlining operations in North America.

Pactiv Evergreen reported a 17% increase in net revenues to $1,394 million, driven by favorable pricing and volume improvements. Net income from continuing operations was $2 million, a significant improvement from the prior year's net loss of $143 million. Adjusted EBITDA was $119 million, down from $173 million in the prior year, impacted by higher manufacturing, logistics, and material costs.