Solid operating performance despite macro challenges; Reiterating 2024 guidance
First Quarter 2024 Financial Highlights:
- Net Revenues of $1,252 million for the first quarter of 2024 were down 13% compared to $1,431 million in the first quarter of 2023 and down 2% compared to $1,274 million in the fourth quarter of 2023.
- Net Income of $10 million for the first quarter of 2024 compared to a net loss of $133 million in the first quarter of 2023 and net income of $22 million in the fourth quarter of 2023.
- Adjusted EBITDA1 of $168 million for the first quarter of 2024 compared to $189 million in the first quarter of 2023 and $207 million in the fourth quarter of 2023.
- Diluted earnings per share of $0.04 for the first quarter of 2024 compared to diluted loss per share of $0.76 in the first quarter of 2023 and diluted earnings per share of $0.12 in the fourth quarter of 2023.
- Adjusted EPS1 of $0.14 for the first quarter of 2024 compared to $0.13 in the first quarter of 2023 and $0.33 in the fourth quarter of 2023.
LAKE FOREST, Ill., May 02, 2024 - Pactiv Evergreen Inc. (“Pactiv Evergreen” or the “Company”) today reported results for the first quarter of 2024. Michael King, President and Chief Executive Officer of Pactiv Evergreen, said, “The first quarter presented us with a challenging business environment characterized by the cumulative effect of sustained price inflation on consumer spending and weather related disruptions. However, I am proud of our dedicated employees who remained focused on executing and delivering exceptional value to our customers, enabling us to achieve results at the high end of our guidance range for the first quarter. We continue to take decisive actions to navigate these headwinds and position our business for long-term growth. We expect that our strategy, which emphasizes innovation, operational excellence and customer service, will continue to enable us to align with industry leaders and drive volume growth. As we look to the second quarter and the remainder of the year, we believe that our resilient team, coupled with our strategic initiatives and cost initiatives, will allow us to capitalize on opportunities and deliver results for our stakeholders.”
Jon Baksht, Chief Financial Officer of Pactiv Evergreen, added, “The Company remains committed to managing costs and de-leveraging our balance sheet. On May 1, 2024, we further amended our credit agreement to increase the capacity on our revolving credit facility from $250 million to $1,100 million and extend the maturity date to May 1, 2029. We also amended the applicable interest rate and other pricing terms, including by replacing the facility fee with a lower fee on unutilized capacity. I am optimistic about the actions we are taking to mitigate costs and drive volume improvement during the second half of the year, which we believe puts the Company on track to execute on our fiscal 2024 outlook.”
Source: Pactiv Evergreen
