Pactiv Evergreen Reports First Quarter 2023 Financial Results

*Net Revenues of $1,431 million for the first quarter of 2023 were down 4% compared to $1,495 million in the first quarter of 2022 and down 3% compared to $1,476 million in the fourth quarter of 2022.
*Net Loss of $133 million for the first quarter of 2023 compared to $43 million of net income in the first quarter of 2022 and $27 million of net income in the fourth quarter of 2022.

Pactiv Evergreen Inc. (“Pactiv Evergreen” or the “Company”) today reported results for the first quarter of 2023. Michael King, President and Chief Executive Officer of Pactiv Evergreen, said, “The Company delivered solid performance in the face of a challenging macroeconomic environment. As expected, the Company’s results were impacted by inflation-driven headwinds on consumer spending, seasonal trends and the costs associated with a scheduled cold mill outage. However, the Company maintained its disciplined pricing strategy and continued to execute against its operational targets to surpass the guidance for the quarter. The outperformance was driven by a combination of favorable mix, lower SG&A and the extension of key business within the Food Merchandising segment that was previously expected to occur in the second quarter. Overall, the Company’s performance in the quarter is a testament to the breadth and resilience of Pactiv Evergreen’s product offering and its dedicated employees.”

Mr. King continued, “The Company has made meaningful progress on the Beverage Merchandising Restructuring plan that was announced in March with the Canton mill expected to cease production by June. The Company also has refined the estimated costs to complete the planned actions. Within its core converting operations, the Company continued to execute on its strategic priorities to improve service levels and boost productivity and efficiency, and we remain confident in our ability to grow the business and de-lever the balance sheet based on Pactiv Evergreen’s position as the market-leading North American food and beverage packaging company.”

First Quarter 2023 Results vs. First Quarter 2022 Results
Net revenues in the first quarter of 2023 were $1,431 million compared to $1,495 million in the first quarter of 2022. The decrease was due to lower sales volume and the impact from dispositions, notably the disposition of Beverage Merchandising Asia on August 2, 2022. Lower sales volume was largely due to our focus on value over volume in the Foodservice and Food Merchandising segments and the market softening amid inflationary pressures in the Beverage Merchandising and Food Merchandising segments. These decreases were partially offset by favorable pricing, due to pricing actions in the Food Merchandising and Beverage Merchandising segments and the contractual pass-through of higher material costs across all segments.

Net loss was $133 million, or $0.76 per diluted share, in the first quarter of 2023 compared to $43 million of net income, or $0.24 per diluted share, in the first quarter of 2022. The decrease was mostly due to $187 million of charges, or $1.05 per diluted share, associated with the Beverage Merchandising Restructuring and a $27 million, or $0.15 per diluted share, decrease due to the gain on the sale of Naturepak Beverage Packaging Co. Ltd (“Naturepak Beverage”) in the prior year period. These decreases were partially offset by a $55 million, or $0.31 per diluted share, decrease in tax expense, mainly attributable to decreased profitability.
details at: https://investors.pactivevergreen.com/news-releases/news-release-details/pactiv-evergreen-reports-first-quarter-2023-financial-results

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