Financial Performance - Second quarter 2024 net income was $8.8 million ($0.26 per diluted share), a significant improvement from a net loss of $(18.9) million ($(0.56) per diluted share) in the same quarter of 2023[1]. - Net income for the three months ended June 30, 2024, was $8.8 million, compared to a net loss of $18.9 million in the same period of 2023[23]. - Net income for the six months ended June 30, 2024, was $12,080 thousand, compared to a net loss of $19,934 thousand in the same period last year[29]. - The company reported a net income of $14.7 million for the six months ended June 30, 2024, with an effective tax rate of 17.9%[39]. - For the three months ended June 30, 2024, net income from ongoing operations was $10.3 million, with an effective tax rate of 18.9%[39]. Sales and Orders - Sales volume for Aluminum Extrusions decreased by 1.7% to 34.9 million pounds in Q2 2024 compared to 35.5 million pounds in Q2 2023[4]. - Net new orders increased by 17% in Q2 2024 compared to Q2 2023, although they remain low compared to pre-pandemic levels[4]. - Open orders at the end of Q2 2024 were approximately 14 million pounds, down from 20 million pounds at the end of Q2 2023[4]. - Net sales for PE Films in Q2 2024 increased by 83.4% to $29.2 million compared to Q2 2023, driven by a 123% increase in Surface Protection sales volume[9]. - For the first six months of 2024, net sales for PE Films rose by 49.4% to $53.9 million, with Surface Protection sales volume increasing by 77% compared to the same period in 2023[11]. - Flexible Packaging Films reported a 4.0% increase in net sales to $34.5 million in Q2 2024, attributed to higher sales volume and favorable product mix[13]. - For the first six months of 2024, net sales for Flexible Packaging Films remained consistent with the same period in 2023, impacted by lower selling prices due to excess global capacity[14]. EBITDA and Operational Performance - EBITDA from ongoing operations for Aluminum Extrusions was $12.9 million in Q2 2024, up 26.3% from $10.2 million in Q2 2023[2]. - EBITDA from ongoing operations for PE Films was $10.1 million in Q2 2024, a substantial increase from $0.8 million in Q2 2023[2]. - EBITDA from ongoing operations for PE Films in Q2 2024 was $10.1 million, a significant increase of $9.3 million compared to Q2 2023, primarily due to restocking of customer inventories[9]. - EBITDA from ongoing operations for Flexible Packaging Films in Q2 2024 increased by $3.0 million compared to Q2 2023, mainly due to lower raw material costs and fixed costs[13]. - Consolidated EBITDA from ongoing operations for the three months ended June 30, 2024, was $22.6 million, compared to $7.4 million for the same period in 2023[42]. Capital Expenditures and Liquidity - The company expects capital expenditures of $9 million in 2024, including $4 million for productivity projects[6]. - Capital expenditures for PE Films are projected to be $2 million in 2024, including $1 million for productivity projects[11]. - The liquidity available under the new asset-based lending facility has exceeded expectations, aiding in cost management and capital spending[2]. - The median daily liquidity under the asset-based lending facility was $27 million in Q2 2024, up from $16 million in Q1 2024[19]. - Total current assets increased to $190,765 thousand as of June 30, 2024, from $176,677 thousand at the end of 2023[27]. Debt and Compliance - Total debt decreased to $142.0 million as of June 30, 2024, from $146.3 million at December 31, 2023, while net debt increased slightly to $133.3 million[19]. - The company was in compliance with all covenants under its $180 million asset-based credit agreement as of June 30, 2024[19]. - The company was in compliance with all debt covenants as of June 30, 2024[41]. - The ABL revolving facility matures on June 30, 2026, with total debt reported at $142.0 million as of June 30, 2024[40]. Strategic Initiatives and Future Outlook - The company expects to realize after-tax net cash proceeds of $85 million from the potential sale of Terphane, pending regulatory approvals[18]. - The company is undergoing a review process for the sale of Terphane, with a maximum deadline set for November 18, 2024[2]. - The company expects to continue focusing on market expansion and new product development as part of its strategic initiatives moving forward[34]. - The Surface Protection business is facing a cautious outlook on new product development opportunities due to market uncertainties[44]. Other Financial Metrics - Corporate expenses decreased by $8.7 million in the first six months of 2024, primarily due to lower pension expenses and foreign currency transaction gains[15]. - The effective tax rate for the first six months of 2024 was 17.9%, up from 13.1% in the same period of 2023, due to pre-tax income compared to a pre-tax loss in 2023[15]. - Interest expense increased to $3.4 million for the three months ended June 30, 2024, compared to $2.4 million in the same period of 2023[23]. - The company reported a basic earnings per share of $0.26 for the three months ended June 30, 2024, compared to a loss of $0.56 per share in the same period of 2023[23]. - The company reported a gain of $144 thousand on investment in kaléo, Inc. for the three months ended June 30, 2024[25].

Financial Performance - Net income for Q2 2024 was $8.8 million ($0.26 per diluted share), a significant improvement from a net loss of $18.9 million ($0.56 per diluted share) in Q2 2023[74]. - Net income for the first six months of 2024 was $12.1 million, compared to a net loss of $19.9 million in the same period of 2023[83]. - Net sales in Q2 2024 decreased by 2.0% compared to Q2 2023, primarily due to lower sales volume and pricing pressure[88]. - Net sales for the first six months of 2024 decreased by 8.4% compared to the same period in 2023, primarily due to lower sales volume and the pass-through of lower metal costs[89]. - Net sales for PE Films in Q2 2024 increased by 83.4% compared to Q2 2023, with sales volume up 68.9%[91]. - For the first six months of 2024, net sales rose by 49.4% compared to the same period in 2023, with Surface Protection sales volume increasing by 77%[93]. EBITDA and Profit Margins - EBITDA from ongoing operations for Aluminum Extrusions was $12.9 million in Q2 2024, up from $10.2 million in Q2 2023, with sales volume at 34.9 million pounds[74]. - EBITDA from ongoing operations for PE Films increased to $10.1 million in Q2 2024 from $0.8 million in Q2 2023, driven by a sales volume of 10.5 million pounds[74]. - EBITDA from ongoing operations for Flexible Packaging Films rose to $3.2 million in Q2 2024 from $0.2 million in Q2 2023, with sales volume at 25.1 million pounds[74]. - Consolidated gross profit margin improved to 18.1% in Q2 2024, compared to 9.9% in Q2 2023, reflecting better pricing and cost management[75]. - Gross profit margin increased to 16.8% in the first six months of 2024 from 11.7% in the same period of 2023[83]. - EBITDA from ongoing operations in Q2 2024 increased by $2.7 million compared to Q2 2023, driven by higher net pricing and manufacturing cost improvements[88]. - EBITDA from ongoing operations increased by $3.6 million in the first six months of 2024 compared to the same period in 2023, driven by lower raw material costs and higher sales volume[97]. Expenses and Costs - Selling, general, and administrative (SG&A) and research and development (R&D) expenses remained consistent at 10.6% of sales in the first six months of 2024[83]. - Interest expense increased by $2.1 million to $6.8 million in the first six months of 2024 due to higher average debt levels and interest rates[83]. - Corporate expenses decreased by $8.7 million in the first six months of 2024, mainly due to lower pension expenses from the pension plan termination[98]. - The company incurred $2.2 million in professional fees associated with business development activities in the first six months of 2024[84]. Debt and Liquidity - Average total outstanding debt balance was $150.0 million in the first six months of 2024, with an average interest rate of 9.4%[85]. - The company entered into a $180 million senior secured asset-based revolving credit facility, maturing on June 30, 2026, with a minimum liquidity requirement of $10 million[103]. - Minimum Credit EBITDA requirements for the ABL Facility are projected to increase from $19.45 million in June 2024 to $32.08 million by September 2025[105]. - As of June 30, 2024, the Company reported a Minimum Liquidity of $45.1 million, exceeding the $10 million Minimum Liquidity financial covenant[111]. - The Company is in compliance with all debt covenants as of June 30, 2024[111]. Sales and Orders - Open orders for Aluminum Extrusions at the end of Q2 2024 were approximately 14 million pounds, down from 20 million pounds in Q2 2023[74]. - Net new orders increased by 17% in Q2 2024 versus Q2 2023, but remain low compared to pre-pandemic levels[88]. - Sales volume in Q2 2024 decreased by 1.7% year-over-year but increased by 3.3% compared to Q1 2024[88]. Future Projections and Developments - The company expects to realize after-tax net debt-free cash proceeds of $85 million from the potential sale of Terphane, pending regulatory approvals[100]. - Capital expenditures for Bonnell Aluminum are projected to be $9 million in 2024, with $4 million allocated for productivity projects[90]. - Capital expenditures for PE Films are projected to be $2 million in 2024, including $1 million for productivity projects[93]. - The completion of the Contingent Terphane Sale is expected to provide additional liquidity for the Company[112].

Core Insights - Tredegar is significantly affected by the volatility of key material prices, including aluminum ingot, polyethylene resin, and natural gas, which can severely impact profit margins [1] - The company operates in competitive sectors like flexible packaging and aluminum extrusion, facing pressure from both domestic and international competitors, leading to declines in net sales due to lower selling prices and increased global capacity [2] - Despite challenges, Tredegar reported a profit from ongoing operations in Q1 2024 for the first time since the previous year, indicating a recovery and improved financial outlook with sequential increases in net new orders [3] - Tredegar's stock has underperformed over the past year, with a significant decline contrasting broader market trends, yet its current valuation suggests potential undervaluation compared to industry averages [4] - As of March 31, 2024, Tredegar's net debt was $143.5 million, reflecting an increase from the end of 2023, raising financial strain and limiting growth opportunities [6] - The company's business segments are closely tied to economic cycles, with the building and construction market being particularly sensitive to economic conditions [7] - The sale of Terphane to Oben Group is expected to enhance Tredegar's credit profile and liquidity, supporting strategic initiatives and financial health [8] - Tredegar faces significant challenges from rising material costs, high debt, intense competition, and economic sensitivity, despite a financial rebound and product innovations [9] - Government regulations and trade policies present additional risks, with Tredegar involved in a trade case against unfairly priced aluminum imports, which could impact its competitive position [11]

Financial Performance - First quarter 2024 net income was $3.3 million ($0.10 per diluted share), compared to a net loss of $(1.0) million ($(0.03) per diluted share) in Q1 2023[3] - Net income for Q1 2024 was $3,288 thousand, compared to a net loss of $1,009 thousand in Q1 2023[45] - For the three months ended March 31, 2024, net income from ongoing operations was $5.6 million, compared to $2.5 million for the same period in 2023, representing a 124% increase[67] - The effective tax rate for Q1 2024 was 16.7%, a significant change from (48.8)% in Q1 2023, due to a shift from a pre-tax loss to pre-tax income[29] - The effective tax rate for net income from ongoing operations was 19.0% for Q1 2024, compared to 34.2% for Q1 2023[64] Sales and Orders - Net new orders for aluminum extruded products increased by 61% in Q1 2024 compared to Q1 2023, marking the sixth consecutive quarterly increase[11] - Total net sales for the three months ended March 31, 2024, were $169.07 million, an increase of 18% compared to the same period in 2023[47] - Net sales decreased by 4.5% to $30,113 thousand in Q1 2024 from $31,527 thousand in Q1 2023, primarily due to lower selling prices and unfavorable product mix[24] - Sales volume for Flexible Packaging Films increased by 10.7% to 21,973 thousand lbs in Q1 2024 compared to 19,845 thousand lbs in Q1 2023[23] - Surface Protection sales volume increased by 43% in Q1 2024 compared to Q1 2023, indicating a recovery in the consumer electronics market[19] EBITDA and Operational Metrics - EBITDA from ongoing operations for Aluminum Extrusions was $12.5 million in Q1 2024, down from $14.6 million in Q1 2023, with sales volume decreasing by 9.9%[6] - PE Films achieved EBITDA of $6.9 million in Q1 2024, significantly up from $1.8 million in Q1 2023, driven by a 36.2% increase in sales volume[20] - EBITDA from ongoing operations rose by 45.4% to $1,963 thousand in Q1 2024, up from $1,350 thousand in Q1 2023[23] - Consolidated EBITDA from ongoing operations for Q1 2024 was $17.1 million, up from $13.1 million in Q1 2023, indicating a 30.6% growth[67] Debt and Liquidity - Total debt increased to $148.3 million as of March 31, 2024, up from $146.3 million at December 31, 2023[32] - The company reported a net debt of $143.5 million as of March 31, 2024, an increase from $132.8 million at the end of 2023[64] - The company remains in compliance with all covenants under its $180 million asset-based credit agreement maturing June 30, 2026[34] - The liquidity available under the new asset-based lending facility has met expectations, supporting the company through the downturn[5] Capital Expenditures and Future Projections - Projected capital expenditures for Bonnell Aluminum in 2024 are $9 million, including $4 million for productivity projects[16] - Capital expenditures for Flexible Packaging Films are projected to be $4 million in 2024, with depreciation expense projected at $3 million[26] - The company expects depreciation expense of $16 million and amortization expense of $2 million in 2024[16] Corporate Developments - The company is advancing the sale of Terphane, with the process including reviews by competition authorities in Brazil[5] - The company expects to realize after-tax net debt-free cash proceeds of $85 million from the potential sale of Terphane, pending regulatory approvals[31] - The company received $47.1 million from the sale of its investment interests in kaléo, with an additional $0.3 million received in January 2023[63] Cash Flow and Working Capital - Cash and cash equivalents decreased to $3.49 million from $9.66 million at the end of December 2023[49] - Accounts receivable increased to $73.03 million, up from $67.94 million at the end of 2023[49] - Inventories rose to $86.82 million, compared to $82.04 million at the end of December 2023[49] - Total current liabilities decreased to $239.43 million from $249.10 million at the end of 2023[49] - The company reported a net cash used in operating activities of $7.72 million for the quarter, an improvement from $9.11 million in the prior year[51] Operational Focus - The company plans to continue focusing on operational improvements and cost management strategies to enhance profitability moving forward[53] - The company has not included pension expense in calculating EBITDA since 2022, which may affect future financial metrics[66]

Financial Performance - First quarter 2024 net income was $3.3 million ($0.10 per diluted share), compared to a net loss of $(1.0) million ($(0.03) per diluted share) in the first quarter of 2023[84]. - EBITDA from ongoing operations for Aluminum Extrusions was $12.5 million in Q1 2024, down from $14.6 million in Q1 2023, with sales volume decreasing to 33.8 million pounds from 37.6 million pounds[86]. - EBITDA from ongoing operations for PE Films increased significantly to $6.9 million in Q1 2024 from $1.8 million in Q1 2023, with sales volume rising to 10.0 million pounds from 7.4 million pounds[86]. - EBITDA from ongoing operations for Flexible Packaging Films was $2.0 million in Q1 2024, up from $1.4 million in Q1 2023, with sales volume increasing to 22.0 million pounds from 19.8 million pounds[86]. - Consolidated gross profit margin improved to 15.4% in Q1 2024 from 13.4% in Q1 2023, driven by higher net pricing and lower costs[93]. - The effective tax rate for Q1 2024 was 16.7%, compared to (48.8)% in Q1 2023[96]. Sales and Orders - Net new orders in Aluminum Extrusions increased by 61% compared to Q1 2023 and 12% compared to Q4 2023[86]. - Net sales for Aluminum Extrusions decreased by 14.4% to $114.2 million in Q1 2024 compared to $133.4 million in Q1 2023, with sales volume down 9.9%[102]. - PE Films reported a 22.6% increase in net sales to $24.7 million in Q1 2024, up from $20.2 million in Q1 2023, with sales volume rising by 36.2%[109]. - Flexible Packaging Films experienced a 4.5% decline in net sales to $30.1 million in Q1 2024, down from $31.5 million in Q1 2023, despite a 10.7% increase in sales volume[114]. Expenses and Costs - Selling, general and administrative (SG&A) and research and development (R&D) expenses as a percentage of sales remained stable at 10.6% in Q1 2024 compared to Q1 2023[95]. - Interest expense increased to $3.5 million in Q1 2024, up $1.1 million from Q1 2023, due to higher average debt levels and interest rates[96]. - Corporate expenses decreased by $3.2 million in Q1 2024, primarily due to lower pension expenses from the pension plan termination completed in 2023[118]. Cash Flow and Debt - Net cash used in operating activities decreased to $7.7 million in Q1 2024 from $9.1 million in Q1 2023, attributed to improved working capital[127]. - Net cash used in investing activities decreased to $2.4 million in Q1 2024 from $8.8 million in Q1 2023, primarily due to lower capital expenditures[128]. - The Company had cash, cash equivalents, and restricted cash of $4.8 million as of March 31, 2024[130]. - The Company believes existing borrowing availability and cash flow will be sufficient to meet short-term cash requirements for at least the next 12 months[144]. - The Company reported a net loss of $101,608,000 for the twelve months ended March 31, 2024, with a Credit EBITDA of $38,067,000[137]. Capital Expenditures - Projected capital expenditures for Bonnell Aluminum in 2024 are $9 million, with $4 million allocated for productivity projects and $5 million for continuity of operations[108]. - Projected capital expenditures for Flexible Packaging Films are $4 million in 2024, with depreciation expense projected at $3 million[117]. Regulatory and Legal Matters - The company is advancing the process to complete the sale of Terphane, including necessary reviews by competition authorities in Brazil[88]. - The company is involved in a trade case against 15 countries regarding unfairly priced imports of aluminum extrusions, with preliminary determinations expected by the end of Q3 2024[106]. - As of March 31, 2024, the Company expects to realize after-tax net debt-free cash proceeds of $85 million from the potential sale of Terphane[122].

TREDEGAR REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS 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 c ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-10258 TREDEGAR CORPORATION (Exact name of registrant as specified in its charter) | Virginia | | 54-1497771 | | --- | --- | --- | | (State or othe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-10258 Tredegar Corporation (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporatio ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-10258 Tredegar Corporation (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation or ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-10258 Tredegar Corporation (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation or ...