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Jun 30, 2023
Mativ Q2 2023 Earnings Report
Reported sales increased due to the merger, but experienced an organic sales decline. Margins improved sequentially driven by operational improvements, cost reductions and positive price/cost performance.
Key Takeaways
Mativ's second quarter results showed strong sequential EBITDA growth, driven by improved manufacturing execution, cost reductions, synergy realization, and positive price/cost performance. Sales increased due to the merger, but were offset by an organic sales decline. The company announced the proposed sale of Engineered Papers and a rebalanced capital allocation strategy.
Sales increased 56.7% to $668.3 million, reflecting the benefit of the merger; 8% organic sales decline with negative volume/mix offsetting price increases
GAAP loss was $4.5 million, GAAP EPS was $(0.08), which all included merger integration and purchase accounting expenses
Adjusted income was $27.7 million, Adjusted EPS was $0.51, and Adjusted EBITDA was $87.4 million; comparable Adjusted EBITDA was down 10% versus a very strong 2Q:22, and increased 33% sequentially from 1Q:23
On August 1, Company announced the proposed sale of Engineered Papers and capital allocation changes
Forward Guidance
Company expects positive quarterly cash flow trends to continue throughout the second half of the year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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