Core Viewpoint - Graphic Packaging Holding Company will permanently close its Middletown, Ohio, coated recycled paperboard manufacturing facility around June 1, 2025, as part of a strategy to consolidate production into its Kalamazoo, Michigan, and Waco, Texas facilities, impacting approximately 130 employees [1][2]. Group 1 - The closure is aimed at enhancing the company's competitive advantage in paperboard manufacturing while improving environmental efficiency, including water and energy usage [2][3]. - The investments in Kalamazoo and Waco are critical for delivering high-quality, economically advantageous paperboard in North America, with the Waco facility nearing completion [3]. Group 2 - Graphic Packaging is recognized as a global leader in sustainable consumer packaging, focusing on reducing the environmental footprint through the use of renewable and recycled materials [5]. - The company operates a global network of design and manufacturing facilities, serving well-known brands across various sectors, including food and beverage [5].

Core Insights - Moment, a botanical soda brand, is enhancing its sustainability efforts by upgrading its aluminum packaging in partnership with Crown Holdings, Inc. This transition involves replacing shrink-wrapped cans with directly printed cans to improve package circularity and environmental impact [1][2][3] Company Overview - Moment is a female- and minority-owned brand that focuses on natural beverage formulations aimed at promoting mental clarity and stress relief. The drinks are non-alcoholic, low-calorie, and contain no added sugar, catering to the growing demand for healthy beverage options [4][7] - Crown Holdings, Inc. is a leading global supplier of rigid packaging products, providing expertise in packaging design and sustainability to support Moment's growth in the beverage market [6] Market Position and Growth - Since appearing on "Shark Tank," Moment has experienced a remarkable 400% growth and is preparing for significant scale-up with new packaging that maintains product transparency and visual identity [4] - The collaboration with Crown will allow Moment to transition six of its most popular SKUs to an infinitely recyclable format, aligning with evolving consumer preferences for eco-friendly products [2][3] Product Launch and Availability - All transitioned SKUs will be available in 12-oz CrownSleek cans across key regions in the U.S. by early 2025, starting with the Midwest and Northeast, followed by the West Coast [5]

Company Overview - Silgan Holdings is a leading supplier of rigid packaging for consumer goods, operating 113 manufacturing facilities across North and South America, Europe, and Asia [12] - The company is the largest metal-container supplier for food products in North America, with a diverse product line including steel and aluminum containers, custom-designed plastic containers, and various closures for food and beverage products [12] Investment Ratings - Silgan Holdings has a Zacks Rank of 3 (Hold) and a VGM Score of A, indicating a solid position in the market [13] - The company is considered a top pick for growth investors, with a Growth Style Score of A, forecasting year-over-year earnings growth of 13.5% for the current fiscal year [13] Earnings Estimates - In the last 60 days, four analysts have revised their earnings estimates upwards for fiscal 2025, with the Zacks Consensus Estimate increasing by $0.02 to $4.11 per share [13] - Silgan Holdings has an average earnings surprise of 1.5%, suggesting a positive trend in earnings performance [13] Conclusion - With a strong Zacks Rank and top-tier Growth and VGM Style Scores, Silgan Holdings is recommended for investors' consideration [14]

Core Insights - Berry Global Group, Inc. (BERY) is experiencing strong growth in its Consumer Packaging North America segment, with a 10% year-over-year revenue increase in the first quarter of fiscal 2025 [1] Consumer Packaging Segments - The Consumer Packaging International segment is benefiting from growth in emerging markets and market share gains, with an organic volume increase of 1% in the same quarter [2] - The Flexibles segment's revenues rose by 1.8%, supported by a recovery in European industrial markets [2] Acquisitions and Business Expansion - The company is actively using its cash flow for acquisitions, dividends, and share repurchases. In October 2024, Berry Global acquired CMG Plastics, enhancing its container business in North America, particularly in the dairy, industrial, and medical sectors [3] - The acquisition of Pro-Western Plastics in June 2023 also contributed to the growth of its Consumer Packaging North America segment [3] Shareholder Returns - Berry Global paid $36 million in dividends in the first three months of fiscal 2025, compared to $139 million in fiscal 2024. Additionally, the company repurchased shares worth $120 million in fiscal 2024 [4] - In October 2024, the company increased its dividend by 13% to 31 cents per share, translating to an annual dividend of $1.24 [4] Financial Performance and Costs - Despite revenue growth, the company is facing rising operating costs, with a 1.4% increase in cost of sales year-over-year and an 8.3% rise in selling and administrative expenses in the first quarter of fiscal 2025 [7] - Selling and administrative expenses as a percentage of total revenues increased by 60 basis points to 9.4% [7] Debt Levels - Berry Global's long-term debt has shown a 9.7% CAGR from 2018 to 2022, with current and long-term debt remaining high at $7.4 billion at the end of the first quarter of fiscal 2025 [8]

Core Viewpoint - Karat Packaging, Inc. reported lower-than-expected fourth-quarter 2024 earnings, leading to a 5% decline in share price, despite a year-over-year earnings improvement of 21% [1][9]. Financial Performance - The adjusted EPS for Q4 2024 was 29 cents, missing the Zacks Consensus Estimate of 37 cents by 21.6% [1]. - Total revenues for the quarter were $101.6 million, slightly below the Zacks Consensus Estimate of $102.3 million, with a year-over-year revenue increase of 6% [3][4]. - The year-ago quarter benefited from a $4.8 million adjustment of online sales platform fees [3]. - Gross profit rose 17% year over year to $39.8 million, with a gross margin of 39.2%, reflecting a 350-basis point expansion from the previous year [6]. - Operating expenses increased by 10% year over year to $32.5 million, while adjusted EBITDA rose 32% to $11.3 million, resulting in an adjusted EBITDA margin of 11.1% [7]. Cash Flow and Position - As of December 31, 2024, cash and cash equivalents were reported at $21.6 million, down from $23.1 million a year earlier, with cash flow from operations at $48 million compared to $53 million in the prior year [8]. Guidance and Projections - For Q1 2025, the company anticipates year-over-year sales growth of 6-8%, with a projected gross margin between 37% and 39% [12]. - For the full year 2025, sales growth is expected to be in the range of 9-11%, with targeted gross margins between 36% and 48% [12]. Market Performance - Over the past year, Karat Packaging's shares have gained 3.3%, outperforming the industry growth of 2.6% [13].

Karat Packaging, Inc. (NASDAQ:KRT) Q4 2024 Earnings Conference Call March 13, 2025 5:00 PM ET Company Participants Roger Pondel - PondelWilkinson Inc., Investor Relations Alan Yu - Chairman and Chief Executive Officer Jian Guo - Chief Financial Officer Conference Call Participants Ryan Meyers - Lake Street Capital Markets Jake Bartlett - Truist Securities Brian Butler - Stifel Michael Francis - William Blair Roger Pondell Good afternoon, everyone. Welcome to Karat Packaging's 2024 fourth quarter conference ...

Core Viewpoint - Amcor plc and Berry Global Group, Inc. have received U.S. antitrust clearance for their proposed combination, with expectations to close the transaction in mid-calendar year 2025 [1][2][3] Group 1: Regulatory Approvals - The expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act satisfies a closing condition for the merger [1] - Additional regulatory approvals have been received from authorities in China and Brazil, indicating progress in the approval process [2] Group 2: Company Profiles - Amcor is a global leader in responsible packaging solutions, generating $13.6 billion in annual sales with operations in 40 countries and a workforce of 41,000 [4] - Berry Global is also a leader in innovative packaging solutions, employing over 34,000 people across more than 200 locations, focusing on sustainability and the circular economy [5]

Core Insights - The Middleby Corporation (MIDD) reported fourth-quarter 2024 adjusted earnings of $2.88 per share, exceeding the Zacks Consensus Estimate of $2.50, with an 8.7% year-over-year increase despite lower sales [1] - Net sales reached $1.01 billion, surpassing the consensus estimate of $995 million, marking a 0.5% year-over-year increase, although organic sales decreased by 1.3% [1] Segmental Results - The Commercial Foodservice Equipment Group, accounting for 60.1% of net sales, generated $609.4 million, down 2.9% year over year, with organic sales decreasing by 2.8% [3] - The Residential Kitchen Equipment Group, representing 18.3% of sales, totaled $185 million, a decline of 2.1% year over year, with organic sales plunging by 2.4% [4] - The Food Processing Equipment Group, making up 21.6% of sales, reported $219.4 million, an increase of 14.4% year over year, with organic sales rising by 4.7% [5] Margin Profile - Cost of sales increased by 0.5% year over year to $624.9 million, while gross profit rose by 0.6% to $388.9 million, maintaining a gross margin of 38.4% [6] - Selling, general and administrative expenses decreased by 6.9% year over year to $178.4 million, leading to an operating income increase of 8.2% to $208.5 million, with an operating margin of 20.6% [6] Cash Flow and Balance Sheet - At the end of the first quarter, cash and cash equivalents stood at $689.5 million, up from $247.5 million at the end of December 2023, while long-term debt decreased to $2.35 billion [8] - In 2024, net cash generated from operating activities was $686.8 million, compared to $628.8 million in the previous year, with free cash flow reaching $640 million [9] Strategic Developments - Middleby announced plans to spin off its food processing business into a standalone public company, expected to be completed by early 2026, aiming to enhance strategic focus and capital optimization for both entities [10][11] - The food processing business reported revenues of $731 million with a 25% adjusted EBITDA margin, while the commercial foodservice segment achieved $2.4 billion in revenues with a 27% adjusted EBITDA margin [12]

Financial Data and Key Metrics Changes - The company achieved 2% organic volume growth and reported adjusted EPS growth of 16% year-over-year, amounting to $2.18 per share [6][14] - Operating EBITDA increased by 6% to $546 million compared to the previous year [14][26] - The company expects to generate over $1 billion in free cash flow in fiscal Q4 and anticipates cash proceeds exceeding $2 billion from strategic divestitures within the next year [9][21] Business Line Data and Key Metrics Changes - Consumer Packaging International division saw a revenue decline of 5% due to polymer cost pass-through, but organic volume growth of 1% was noted [15] - Consumer Packaging North America division's revenue increased by 3%, driven by 2% organic volume growth across various markets [17] - The Flexibles division experienced a 2% revenue decline, offset by a 2% organic volume increase [19] - Health, Hygiene and Specialties division's revenue remained flat, with a 2% organic volume increase [20] Market Data and Key Metrics Changes - The company noted a weaker demand environment driven by inflation, but saw improvements in promotional activity from customers [8][34] - In Europe, the company reported a growth rate increase from 5% to 7%, driven by differentiated products and regulatory changes [80] Company Strategy and Development Direction - The company is focused on optimizing its portfolio, applying lean transformation, and enhancing commercial excellence to drive growth [28] - A strategic goal is to increase consumer products focus from over 70% to over 80% of volume through divestitures [9][22] - The company aims to achieve a year-end leverage of 3.5x or lower by the end of fiscal 2024 [8][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the outlook, citing steady sequential improvement and customer focus on growth over price [8] - The company anticipates low single-digit volume growth in Q4, with potential upside if market conditions improve [39][86] - Management acknowledged the impact of inflation on consumer demand but noted a positive trend in promotional activities [34][117] Other Important Information - The company has reduced net debt by over $3 billion since mid-2019 and returned more than $1.5 billion to shareholders through share repurchases and dividends [23] - The company is in various stages of discussions regarding potential divestitures, which are expected to enhance its focus on higher growth areas [118] Q&A Session Summary Question: Interest expense guidance for Q4 - Management indicated that the increase in interest expense is primarily due to non-cash interest income that fell off in Q3 [31] Question: Market share trends in takeout cups - Management noted that foot traffic has been weaker due to inflation, but promotional activity is increasing, leading to optimism for volume growth [34][35] Question: Update on divestitures and capital deployment - Management confirmed a commitment to achieving a leverage target of 3.5 or lower and indicated that share buybacks are a priority due to undervalued stock [44] Question: Pilot program at Franklin and innovation pipeline - Management reported a 20% improvement in throughput at the Franklin facility and highlighted strong momentum in the innovation pipeline [51][55] Question: EBITDA guidance and cash flow generation - Management clarified that EBITDA guidance remains within the previously discussed range, with resin inflation being a significant factor [62][64] Question: Competitive activity and market dynamics - Management acknowledged increased competition but emphasized their ability to maintain margins and win market share without sacrificing profitability [75][76] Question: Volume growth outlook for fiscal Q4 and 2025 - Management expects similar low single-digit growth in Q4 and anticipates accelerating growth in 2025 based on performance in key markets [86][88]

As filed with the U.S. Securities and Exchange Commission on March 15, 2023 Registration No. 333-268063 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 4 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Millennium Group International Holdings Limited (Exact name of registrant as specified in its charter) Not Applicable (Translation of Registrant's Name into English) Cayman Islands 2750 Not Applicable (State or other jurisdiction of (Primary Standard I ...