Pactiv Evergreen Reports Second Quarter 2023 Financial Results

Second Quarter 2023 Financial Highlights:
*Net Revenues of $1,426 million for the second quarter of 2023 were down 13% compared to $1,640 million in the second quarter of 2022 and approximately flat compared to $1,431 million in the first quarter of 2023.
*Net Loss of $139 million for the second quarter of 2023 compared to $74 million of net income in the second quarter of 2022 and a net loss of $133 million in the first quarter of 2023.

Pactiv Evergreen Inc. (“Pactiv Evergreen” or the “Company”) today reported results for the second quarter of 2023. Michael King, President and Chief Executive Officer of Pactiv Evergreen, said, “The Company delivered strong results that reflect the inherent resilience of our business as well as decisive actions to maintain cost discipline. Overall volumes continue to be impacted by inflationary headwinds on consumer spending; however, the Company has successfully positioned its portfolio to emphasize value over volume and deliver on behalf of its customers. Further, the Company’s focus on operational excellence and waste elimination continue to yield improvements in controllable costs. The Company also successfully ceased operations at its Canton mill on May 24, ahead of previous guidance, which is a testament to the integrity, hard work and diligent planning of the entire Pactiv Evergreen organization. The Company remains well-positioned to capitalize on the positive long-term fundamentals in the industry, and we are confident that the actions we have taken this year will not only strengthen that position but enhance our ability to deliver attractive returns and enhance shareholder value in the future.”

Jon Baksht, Chief Financial Officer of Pactiv Evergreen, added, “We are committed to aggressively reducing our net leverage and driving free cash flow growth. During the second quarter, we repaid $180 million of our U.S. term loans Tranche B-2, bringing our year to date debt reduction to $296 million and further reducing our floating rate interest exposure to 24% of our total debt outstanding, compared to 53% at this time last year. The Company was able to accomplish this despite incurring a substantial portion of the expected Beverage Merchandising cash restructuring costs during the quarter. The Company also continues to optimize its working capital levels and remains on track to deliver on its free cash flow guidance for 2023.
more at: https://investors.pactivevergreen.com/news-releases/news-release-details/pactiv-evergreen-reports-second-quarter-2023-financial-results

Related Posts

TekniPlex Healthcare to Open New Production Facility in Madison, WI

TekniPlex Healthcare, which utilizes advanced materials science expertise to help deliver better patient outcomes, is substantially extending its North American footprint and expanding global capacity with a new 200,000-square-foot manufacturing plant in Madison, Wisconsin – the second TekniPlex Healthcare facility in the city. Scheduled to open in early 2024, the new facility will operate under the ISO 13485:2016 quality management system, which certifies the ability to provide medical devices and related services that consistently meet customer and regulatory requirements. TekniPlex Healthcare's new facility will feature sophisticated new manufacturing equipment that will significantly boost the company's lamination capacity for a broad range of materials including PET, nylon, paper, foil, PE, EAA and ionomer, in both peelable and non-peelable structures. This will help drive shorter lead-times and ensure best in class quality. The laminate and coated products are utilized in a wide variety of applications for the medical device, pharmaceutical, and diagnostics end markets, including flexible foil and plastic pouches, contact lens packaging, blisters and blister lidding, and sterilizable protective structures for medical devices, accessories and procedural tools.

DS Smith accelerates carbon reduction plans with 1.5°C temperature alignment commitment

We announce our ambitious commitment to align our global operations to a 1.5°C scenario as set out in the Paris Climate Agreement. The roadmap to 1.5°C has been submitted for verification by the Science Based Targets initiative (SBTi)*. To achieve this, we are accelerating the reduction of carbon emissions for our own operations, as well as those of our partners and suppliers, by committing to reducing our Scope 1, 2 and 3 Green House Gas (GHG) emissions by 46% on an absolute basis by 2030, compared to 2019 levels. These targets will keep us, a member of the UN’s Race to Zero initiative, in line with our prior commitment to reach Net Zero** carbon emissions by 2050. "Today’s announcement demonstrates our ambition in reducing carbon as part of our long-term sustainability focus. This commitment not only ensures our business is leading the way in reducing our carbon footprint, but also guarantees we are challenging our suppliers and partners to do the same. Our business has ambitious growth plans over the coming years as we lead the transition to a circular economy and these commitments are a crucial part of our Now and Next sustainability strategy which will see us create a positive impact for people and the planet both now and in the future." — Miles Roberts, Group Chief Executive at DS Smith

HP PageWide Digital Press to Expand WestRock Printing Capabilities

WestRock Company has acquired an HP PageWide T1190 Press to complement and expand its portfolio of unmatched corrugated printing capabilities, increase value and enable customers to win in the marketplace. Vertically integrated from paper manufacturing to printing to converting, WestRock offers customers a single source solution for high impact graphics, retail cases and displays on demand. The 110-inch wide inkjet digital press is capable of running at 1,000 ft/min and will enhance existing offset litho, flexo preprint, flexo direct print and sheet-fed digital printing used within the Company’s global network of corrugated box plants and specialty facilities.
Back To Top
×Close search
Search