Fourth Quarter 2022 Financial Highlights:
*Net Revenues of $1,476 million for the fourth quarter of 2022 were down 3% compared to $1,527 million in the fourth quarter of 2021 and down 8% compared to $1,609 million in the third quarter of 2022.
*Net Income from continuing operations of $27 million for the fourth quarter of 2022 decreased 21% compared to $34 million in the fourth quarter of 2021 and decreased 85% compared to $175 million in the third quarter of 2022.
Full Year 2022 Financial Highlights:
Net Revenues of $6,220 million for the year ended December 31, 2022 were up 14% compared to $5,437 million in the prior year.
Net Income from continuing operations of $319 million for the year ended December 31, 2022 compared to $33 million in the prior year.
Pactiv Evergreen Inc. (“Pactiv Evergreen” or the “Company”) today reported results for the fourth quarter of 2022. Michael King, President and Chief Executive Officer of Pactiv Evergreen, said, “the Company exited the year on solid footing with results exceeding its prior guidance with continued focus on operational performance and delivering high service levels to customers. The Company reported an expected sequential decline in its operating results amid ongoing inflationary pressure on the consumer, combined with seasonal trends and the sale of its Beverage Merchandising Asia business in the third quarter. Net income from continuing operations declined compared to the third quarter primarily due to the gain recognized from the sale of Beverage Merchandising Asia. Adjusted EBITDA1 declined as expected, driven by the aforementioned volume softness and higher manufacturing spend mostly related to cost impacts of Winter Storm Elliott and a scheduled mill outage.
The Company completed another productive year during 2022 by executing on its strategy to focus on its core business, completing the integration of Fabri-Kal and exceeding targeted synergies, stabilizing its labor force, investing in inventory to return to target levels, improving equipment effectiveness and production throughput and managing price amid a challenging inflationary environment, all while continuing to improve service levels and de-lever the balance sheet. The Company remains cautious due to the continued elevated levels of inflation and resulting pressures in the market as well as their potential impact on end market demand.
more at: https://investors.pactivevergreen.com/news-releases/news-release-details/pactiv-evergreen-reports-fourth-quarter-2022-financial-results