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Sep 30, 2024
Pactiv Evergreen Q3 2024 Earnings Report
Pactiv Evergreen reported a net loss due to impairment charges from the Mill Transaction, while managing to increase adjusted EPS through cost discipline and resource optimization.
Key Takeaways
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.
Net revenues decreased by 3% year-over-year to $1,333 million.
Net loss from continuing operations was $213 million, or $1.18 per diluted share, compared to net income of $28 million, or $0.15 per diluted share, in the third quarter of 2023.
Adjusted EBITDA was $214 million, compared to $227 million in the third quarter of 2023.
Adjusted EPS increased to $0.36 from $0.32 in the third quarter of 2023.
Pactiv Evergreen
Pactiv Evergreen
Pactiv Evergreen Revenue by Segment
Revenue by Segment
Foodservice Revenue
CapyFin.comFood and Beverage Merchandising Revenue
CapyFin.com Forward Guidance
Pactiv Evergreen is updating its existing guidance range for full year 2024 Adjusted EBITDA to a range of $800 million to $810 million.
Positive Outlook
- Established a solid foundation for the next leg of transformational journey.
- Dedicated to carefully overseeing operations.
- Committed to preserving a strong balance sheet.
- Focused on driving growth through innovation.
- Identifying opportunities to extend reach beyond conventional channels.
Challenges Ahead
- Operations divested in the Mill Transaction impacted performance.
- Company has not reconciled the non-GAAP measure Adjusted EBITDA to the GAAP measure net income (loss) on a forward-looking basis.
- Unable to quantify certain reconciling items without unreasonable efforts.
- Forward-looking statements are subject to risks, uncertainties and assumptions.
- New risks emerge from time to time, and it is not possible for our management to predict all risks.
Revenue & Expenses
Visualization of income flow from segment revenue to net income