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Dec 31, 2022
Mativ Q4 2022 Earnings Report
Reported a sales increase driven by the merger and organic growth, but experienced a GAAP loss due to merger-related expenses.
Key Takeaways
Mativ reported a 69% increase in sales to $660.1 million, driven by the merger and 6% constant currency organic sales growth. However, the company experienced a GAAP loss of $2.5 million, with a GAAP EPS of $0.04, due to significant expenses related to the Neenah merger integration. Adjusted EPS was $0.56, and Adjusted EBITDA increased by 30% on a comparable basis.
Sales increased 69% to $660.1 million, reflecting the benefit of the merger.
GAAP Income was $2.5 million, and GAAP EPS was $0.04, including significant merger integration expenses.
Adjusted EPS was $0.56, and Adjusted EBITDA was $92.4 million, up 30% on a comparable basis.
Approximately $5 million in cost synergies were realized in 2022, with an additional $25 million expected in 2023.
Forward Guidance
The company expects an incremental $25 million of synergy delivery in 2023. Visibility remains limited due to macroeconomic and geopolitical risks.
Positive Outlook
- Strong, vetted, and actioned synergies as we enter 2023
- Significant controllable actions to enable strong performance
- Cost synergies
- Innovation
- Programs focused on commercial and operational excellence
Challenges Ahead
- Macroeconomic and geopolitical risks
- Customer de-stocking as supply chains normalize
- Underlying global demand
- Inflation uncertainties
- Volatile global economy
Historical Earnings Impact
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Avg. Return Before/After Earnings
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