Tredegar Reports Fourth Quarter and Full Year 2023 Results

Fourth quarter 2023 net income (loss) was $(35.6) million ($(1.04) per diluted share) compared to $(3.9) million ($(0.11) per diluted share) in the fourth quarter of 2022. Net income (loss) from ongoing operations, which excludes special items, was $(0.1) million ($(0.01) per diluted share) in the fourth quarter of 2023 compared to $0.5 million ($0.02 per diluted share) in the fourth quarter of 2022.

Full year 2023 net income (loss) was $(105.9) million ($(3.10) per diluted share) compared to $28.5 million ($0.84 per diluted share) in 2022. Net income (loss) from ongoing operations was $(4.7) million ($(0.15) per diluted share) in 2023 compared to $39.5 million ($1.17 per diluted share) in 2022. A reconciliation of net income (loss), a financial measure calculated in accordance with U.S. generally accepted accounting principles (“GAAP”), to net income (loss) from ongoing operations, a non-GAAP financial measure, for the three months and year ended December 31, 2023 and 2022, is provided in Note (a) to the Financial Tables in this press release.

John Steitz, Tredegar’s president and chief executive officer, said, “Results for the fourth quarter were better than expected and improved compared with the third quarter of 2023. There are signs that the downturn at Bonnell, which we believe is a residual impact of the pandemic and started in the second half of 2022, has hit bottom and that a recovery is underway. In addition, U.S. authorities have made favorable preliminary determinations regarding a trade case backed by a coalition of members of the Aluminum Extruders Council. At PE Films, EBITDA was $8.6 million during the second half of 2023 compared with $2.7 million during the first half. We expect that this positive recent performance will continue in 2024.”

Mr. Steitz further stated, “We continue to make progress on our corporate strategic initiatives. The process to complete the sale of Terphane is advancing as planned, including the review required by competition authorities in Brazil. In early November, we settled our pension plan. In late December, we executed an amendment of our credit agreement and conversion to an asset-based lending facility to support us during what has been an unprecedented cyclical downturn. Furthermore, favorable operating results have improved our outlook for our financial leverage.”
more at: https://ir.tredegar.com/news-releases/news-release-details/tredegar-reports-fourth-quarter-and-full-year-2023-results

Related Posts

Greif Reports Fourth Quarter and Fiscal 2020 Results

Fourth Quarter Highlights Include (all results compared to the fourth quarter 2019 unless otherwise noted): Net income of $44.4 million or $0.74 per diluted Class A share decreased compared to net income of $65.0 million or $1.09 per diluted Class A share. Net cash provided by operating activities increased by $5.0 million to $200.4 million. Adjusted free cash flow(3) increased by $23.7 million to $173.9 million. Awarded a Gold Rating in sustainability performance for the third consecutive year by EcoVadis. Fiscal Year Highlights Include (all results compared to the fiscal year 2019 unless otherwise noted): Net income of $108.8 million or $1.83 per diluted Class A share decreased compared to net income of $171.0 million or $2.89 per diluted Class A share. Net cash provided by operating activities increased by $65.2 million to $454.7 million. Adjusted free cash flow increased by $78.4 million to $346.2 million.

Packaging Corporation of America Reports Fourth Quarter and Full Year 2020 Results

Packaging Corporation of America reported fourth quarter 2020 net income of $124 million, or $1.30 per share, and net income of $127 million, or $1.33 per share, excluding special items. Fourth quarter net sales were $1.7 billion in both 2020 and 2019. Full year 2020 net income was $461 million, or $4.84 per share, and net income of $550 million, or $5.78 per share, excluding special items. Full year net sales were $6.7 billion in 2020 and $7.0 billion in 2019. In the Packaging segment, total corrugated products shipments with one less workday were up 9.9%, and shipments per day were up 11.7% over last year’s fourth quarter. Containerboard production was 1,174,000 tons, and containerboard inventory was down 13,000 tons from the fourth quarter of 2019 and up 40,000 tons compared to the third quarter of 2020. In the Paper segment, sales volume was down 80,000 tons compared to the fourth quarter of 2019, and down 17,000 tons from the third quarter of 2020.

Graphic Packaging Holding Company Reports First Quarter 2021 Results; Announces Intent to Acquire Americraft Carton, Inc.

Q1 2021 Highlights: *Net Sales were $1,649 million versus $1,599 million in the prior year quarter. *Net Organic Sales increased 2% in the quarter driven by sustainability-supported innovative packaging solutions. *Net Income was $54 million versus a loss of $13 million in the prior year quarter. *Earnings per Diluted Share were $0.19 versus a loss of $0.04 in the prior year quarter. *Acquired $400 million of International Paper's minority ownership interest in the partnership, reducing minority ownership stake to approximately 7%. *Announces intent to acquire Americraft Carton, Inc., a leading independent folding carton producer in North America, extending participation into new and existing end markets while continuing to increase paperboard integration rates.
Back To Top
×Close search
Search