Tredegar Reports Third Quarter 2024 Results

Third quarter 2024 net income (loss) was $(3.9) million ($(0.11) per diluted share) compared to $(50.4) million ($(1.47) per diluted share) in the third quarter of 2023. Net income (loss) from ongoing operations, which excludes special items, was $0.2 million ($0.01 per diluted share) in the third quarter of 2024 compared with $(5.1) million ($(0.15) per diluted share) in the third quarter of 2023.

John Steitz, Tredegar’s president and chief executive officer, said, “Our ongoing operations for the third quarter were disappointingly at the break-even level due to low profitability at Bonnell Aluminum from unfavorable cost events, including manufacturing inefficiencies. On the favorable side, net new orders were up 7% over the second quarter but with margin pressures from imports and excess industry capacity.”

Mr. Steitz continued, “Regarding the trade case brought by a coalition of aluminum extruders and the United Steelworkers against 14 countries, we were very disappointed by the split negative vote by the U.S. International Trade Commission and the surprising recusal of one of its members. The USITC decision on October 30 indicated that it believes the industry was not materially injured by reason of the subject imports, despite preliminary determinations by the U.S. Department of Commerce of pricing below fair value and receiving unfair subsidies. The coalition is evaluating next steps for challenging the decision.”
details at: https://ir.tredegar.com/news-releases/news-release-details/tredegar-reports-third-quarter-2024-results

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