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Jun 30, 2023
Tredegar Q2 2023 Earnings Report
Reported a loss for the quarter due to depressed market conditions across all businesses.
Key Takeaways
Tredegar Corporation reported a net loss of $(18.9) million for Q2 2023, compared to a net income of $14.9 million in Q2 2022. The company faced depressed market conditions across all its businesses, which are believed to be primarily due to the residual impact of the pandemic. The timing of a market recovery remains uncertain, and significant spending controls are in place.
Net loss of $(18.9) million ($(0.56) per diluted share) in Q2 2023, compared to net income of $14.9 million ($0.44 per diluted share) in Q2 2022.
Net loss from ongoing operations was $(2.0) million ($(0.06) per diluted share) in Q2 2023, compared to net income of $17.2 million ($0.51 per diluted share) in Q2 2022.
EBITDA from ongoing operations for Aluminum Extrusions was $10.2 million, PE Films was $0.8 million, and Flexible Packaging Films was $0.2 million.
Debt, net of cash, declined by $20 million during the quarter due to improvements in working capital, with further improvements anticipated by year-end.
Revenue by Segment
Forward Guidance
Tredegar did not provide specific financial guidance for future periods in this earnings report.
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Avg. Return Before/After Earnings
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