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Pactiv Evergreen (PTVE) investor relations material
Pactiv Evergreen Q4 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Entered into a definitive merger agreement with Novolex Holdings, LLC for $18.00 per share in an all-cash transaction; expected to close in mid-2025, after which the company will become a wholly-owned subsidiary and delist.
2024 results reflect impacts from major restructuring, including the closure and sale of key facilities and a focus on value over volume amid a challenging demand environment.
Net revenues decreased 7% year-over-year to $5,148 million, with a net loss from continuing operations of $133 million, improved from a $222 million loss in 2023.
Adjusted EBITDA from continuing operations fell 6% to $791 million, reflecting higher manufacturing costs, lower sales volume, and unfavorable product mix.
Significant restructuring actions included the Beverage Merchandising Restructuring and Footprint Optimization, with major asset sales and impairment charges.
Financial highlights
Net revenues: $5,148 million in 2024, down from $5,510 million in 2023 (7% decrease).
Net loss from continuing operations: $133 million in 2024, improved from $222 million loss in 2023.
Adjusted EBITDA: $791 million in 2024, down from $840 million in 2023 (6% decrease).
Gross profit: $964 million in 2024, up from $733 million in 2023 (32% increase), driven by lower restructuring-related depreciation.
Capital expenditures: $232 million in 2024, down from $285 million in 2023.
Outlook and guidance
Merger with Novolex expected to close in mid-2025, subject to regulatory approvals.
Company expects sufficient liquidity to support ongoing operations and invest in future growth, with projected 2025 capital expenditures of ~$265 million.
Anticipates continued uncertainty in consumer demand due to inflation, interest rates, and potential trade policy changes.
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