Pactiv Evergreen Q3 2023 Earnings Report
Key Takeaways
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.
Net Revenues decreased by 14% to $1,379 million compared to Q3 2022.
Net Income from continuing operations was $28 million, compared to $175 million in Q3 2022.
Adjusted EBITDA was $227 million, compared to $187 million in Q3 2022.
Adjusted EPS was $0.32, compared to $0.13 in Q3 2022.
Pactiv Evergreen
Pactiv Evergreen
Pactiv Evergreen Revenue by Segment
Forward Guidance
The Company increased its full year 2023 Adjusted EBITDA guidance to a range of $825 million to $835 million. In addition, the Company increased its guidance for full year 2023 Free Cash Flow.