Pactiv Evergreen Reports Second Quarter 2024 Financial Results

Second Quarter 2024 Financial Highlights:
*Net Revenues of $1,338 million for the second quarter of 2024 were down 6% compared to $1,426 million in the second quarter of 2023 and up 7% compared to $1,252 million in the first quarter of 2024.
*Net Income of $20 million for the second quarter of 2024 compared to a net loss of $139 million in the second quarter of 2023 and net income of $10 million in the first quarter of 2024.
*Adjusted EBITDA1 of $183 million for the second quarter of 2024 compared to $217 million in the second quarter of 2023 and $168 million in the first quarter of 2024.
*Diluted earnings per share of $0.10 for the second quarter of 2024 compared to diluted loss per share of $0.78 in the second quarter of 2023 and diluted earnings per share of $0.04 in the first quarter of 2024.
*Adjusted EPS1 of $0.17 for the second quarter of 2024 compared to $0.20 in the second quarter of 2023 and $0.14 in the first quarter of 2024.

Pactiv Evergreen Inc. (“Pactiv Evergreen” or the “Company”) today reported results for the second quarter of 2024. Michael King, President and Chief Executive Officer of Pactiv Evergreen, said, “This past quarter marked a significant milestone in our transformational journey as we announced an agreement to sell our Pine Bluff mill and Waynesville extrusion facility to Suzano. This is a great outcome for Pactiv Evergreen and upon closing of the transaction, we will exit our final remaining mill, allowing us to focus on our core North American converting operations. Our second quarter results were below our expectations, largely driven by two factors. First, in our previous quarterly earnings announcement we highlighted the end-market related risks to our second quarter and full year results, which were predicated on an improvement in fundamentals and consumer demand. As we close a challenging first half of the year, some of the risks we underscored have begun to materialize. We experienced a lower-than-expected sequential uplift in sales volumes, which we believe was caused by further erosion in consumers’ ability to absorb the multi-year impact of elevated inflation. Second, we experienced temporary operational disruptions at our Pine Bluff mill following the planned outage in April. While we were able to identify and resolve the issues quickly, higher-than-expected operating costs and reduced production at the mill during the second quarter impacted results. In response to the current market environment, we are taking action to reduce overhead costs through targeted headcount reductions and curtailing spend. We remain optimistic in our ability to drive operational improvements through the remainder of the year.”
details at: https://investors.pactivevergreen.com/news-releases/news-release-details/pactiv-evergreen-reports-second-quarter-2024-financial-results

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