Delivered on our commitments and achieved important milestone in Beverage Merchandising Restructuring
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.
- Adjusted EBITDA1 of $217 million for the second quarter of 2023 decreased 13% compared to $249 million in the second quarter of 2022 and increased 15% compared to $189 million in the first quarter of 2023.
- Diluted loss per share of $0.78 for the second quarter of 2023 compared to diluted earnings per share of $0.40 in the second quarter of 2022 and diluted loss per share of $0.76 in the first quarter of 2023.
- Adjusted EPS1 of $0.20 for the second quarter of 2023 compared to $0.38 in the second quarter of 2022 and $0.13 in the first quarter of 2023.
LAKE FOREST, Ill., Aug. 02, 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.
Source: Pactiv Evergreen
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