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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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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