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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.
Pactiv Evergreen
Pactiv Evergreen
Pactiv Evergreen Revenue by Segment
Revenue by Segment
Foodservice Revenue
CapyFin.com 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