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Jun 30, 2023
Pactiv Evergreen Q2 2023 Earnings Report
Reported a net loss due to lower gross profit and restructuring charges, partially offset by decreased tax expense.
Key Takeaways
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.
Net revenues decreased by 13% compared to Q2 2022, totaling $1,426 million.
Net loss was $139 million, a significant decrease compared to the $74 million net income in Q2 2022.
Adjusted EBITDA decreased by 13% to $217 million.
Adjusted EPS was $0.20, compared to $0.38 in Q2 2022.
Revenue by Segment
Forward Guidance
Company expects to be at the high end of the existing range for full year 2023 Adjusted EBITDA guidance of $775 million to $800 million. The Company also maintained its guidance for full year 2023 Free Cash Flow2, which includes the cash costs related to the Beverage Merchandising Restructuring.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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