Pactiv(PTVE)2024-11-12 11:05Financial Performance - Net revenues for Q3 2024 were $1,333 million, down 3% from $1,379 million in Q3 2023 and approximately flat compared to $1,338 million in Q2 2024[1]. - Net loss from continuing operations was $213 million, or $1.18 per diluted share, compared to net income of $28 million, or $0.15 per diluted share, in Q3 2023[2]. - Adjusted EBITDA for Q3 2024 was $214 million, down from $227 million in Q3 2023, while Adjusted EPS was $0.36, up from $0.32 in Q3 2023[2]. - Total net revenues for the three months ended September 30, 2024, were $1,333 million, a decrease of 3.3% from $1,379 million in the same period last year[12]. - The company reported a net loss of $213 million for the three months ended September 30, 2024, compared to a net income of $30 million in the same period last year[12]. - Net loss for the quarter ended September 30, 2024, was $213 million, compared to a net income of $20 million for the previous quarter[14]. - Adjusted EBITDA for the quarter was $214 million, an increase from $183 million in the previous quarter but a decrease from $227 million in the same quarter last year[16]. Segment Performance - The Foodservice segment reported net revenues of $670 million for Q3 2024, a decrease of 1% from $675 million in Q3 2023[3]. - The Food and Beverage Merchandising segment had net revenues of $667 million for Q3 2024, down 6% from $712 million in Q3 2023[4]. - The Foodservice segment generated revenues of $670 million, slightly up from $668 million in the previous quarter[15]. Debt and Equity - Total outstanding debt as of September 30, 2024, was $3,495 million, with net debt declining by $278 million since December 31, 2022[8]. - Long-term debt stood at $3,489 million as of September 30, 2024, a decrease from $3,593 million a year earlier[13]. - The company has a total equity attributable to common shareholders of $1,085 million as of September 30, 2024, down from $1,300 million a year ago[13]. Cash Flow and Liquidity - Cash and cash equivalents as of September 30, 2024, were $168 million, a significant decrease from $233 million a year earlier[13]. - Cash provided by operating activities was $244 million, a significant increase from $94 million in the previous quarter[14]. - Cash, cash equivalents, and restricted cash at the end of the period totaled $168 million, up from $95 million at the end of the previous quarter[14]. - The company had net cash used in investing activities of $53 million, compared to $42 million in the previous quarter[14]. - The company paid $18 million in dividends to common shareholders during the quarter, consistent with the previous quarter[14]. Impairments and Charges - The company reported a $322 million impairment charge related to the divestiture of the Pine Bluff, Arkansas mill and the Waynesville, North Carolina extrusion facility[2]. - The company incurred $336 million in restructuring charges related to Beverage Merchandising during the quarter[17]. Guidance and Strategy - The company updated its full-year 2024 Adjusted EBITDA guidance to a range of $800 million to $810 million[8]. - The company emphasized a focus on innovation and extending reach beyond conventional channels as part of its growth strategy[8]. - The company anticipates continued focus on innovation and identifying opportunities to extend its reach beyond conventional channels[10]. - The management emphasizes the importance of non-GAAP financial measures like Adjusted EPS and Free Cash Flow for evaluating operational performance and liquidity[11]. Dividends - The company declared a dividend of $0.10 per share, payable on December 13, 2024, to shareholders of record as of December 2, 2024[8].