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Jun 30, 2022
Pactiv Evergreen Q2 2022 Earnings Report
Pactiv Evergreen reported strong second quarter with significant increases in net revenues and net income.
Key Takeaways
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.
Net Revenues increased by 21% to $1,640 million compared to $1,352 million in the prior year period.
Net Income from continuing operations was $74 million compared to $8 million in the prior year period.
Adjusted EBITDA from continuing operations increased by 92% to $249 million compared to $130 million in the prior year period.
The company completed the exit of its Asia business and received preliminary proceeds of $336 million in August.
Revenue by Segment
Forward Guidance
The company is updating and raising its 2022 Adjusted EBITDA guidance from $705 million to a range of $750 million to $770 million to reflect our strong year-to-date performance.
Positive Outlook
- Progress in mill operations
- Improvement in labor levels
- Confidence in managing higher costs
- Ability to execute on strategy
- Strong year-to-date performance
Challenges Ahead
- Continued inflationary pressures in the market
- Uncertainty around the global energy market
- Impact on raw materials
- Impact on logistics
- Recession fears
Historical Earnings Impact
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Avg. Return Before/After Earnings
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