Core Viewpoint - Greif, Inc. will report its 2026 first quarter financial results on January 27, 2026, with a conference call scheduled for January 28, 2026, to discuss the results [1]. Group 1: Financial Reporting - The first quarter financial results will be reported after market close on January 27, 2026 [1]. - A conference call to discuss the financial results will take place on January 28, 2026, at 8:30 a.m. ET [1]. Group 2: Conference Call Details - Conference call slides will be provided alongside the earnings press release, including management's prepared remarks and a Q&A session [2]. - Participants can access the call through an online registration link, with phone lines opening at 8:00 a.m. ET on January 28, 2026 [3]. - A digital replay of the conference call will be available two hours after the call on the company's website [3]. Group 3: Company Overview - Greif, founded in 1877, is a global leader in performance packaging, operating in 40 countries [4]. - The company focuses on delivering innovative and tailored solutions for demanding industries, emphasizing customer service, operational excellence, and sustainability [4].

Core Viewpoint - Sealed Air Corporation has entered into a definitive agreement with CD&R for an acquisition valued at $10.3 billion, with a purchase price of $42.15 per share, and the transaction is expected to close in mid-2026 [1][4]. Group 1: Transaction Details - The "go-shop" period for Sealed Air's acquisition expired on December 16, 2025, during which the company solicited alternative acquisition proposals from 29 parties, resulting in six parties entering confidentiality agreements [2]. - Following the expiration of the "go-shop" period, Sealed Air is now subject to "no-shop" provisions, limiting its ability to negotiate with third parties [3]. - The transaction is contingent upon stockholder approval, regulatory clearances, and other customary closing conditions [4]. Group 2: Company Overview - Sealed Air Corporation is a global leader in packaging solutions, generating $5.4 billion in sales in 2024 and employing approximately 16,400 people across 117 countries [6]. - The company specializes in food and protective packaging solutions, with well-known brands including CRYOVAC®, SEALED AIR®, LIQUIBOX®, AUTOBAG®, and BUBBLE WRAP® [6].

Company Overview - Packaging Corporation of America (PKG) has a market cap of $18.5 billion and is a leading North American producer of containerboard and uncoated freesheet paper, operating through two segments: Packaging and Paper [1][2] Stock Performance - PKG shares have declined 15.4% from their 52-week high of $242.68, with a 5.4% drop over the past three months, underperforming the Materials Select Sector SPDR Fund's (XLB) 2.6% dip [3][4] - Year-to-date, PKG stock is down 8.8%, lagging behind XLB's 7.3% rise, and has decreased nearly 14% over the past 52 weeks compared to XLB's marginal drop [4] Financial Performance - In Q3 2025, PKG reported adjusted EPS of $2.73, which was weaker than expected, but shares rose 2.2% the following day due to revenue of $2.31 billion exceeding forecasts and improving from $2.2 billion a year earlier [5] - The company achieved $503.4 million in EBITDA excluding special items and solid Packaging segment operating income of $347.9 million [5] Future Outlook - Management projected Q4 EPS of $2.40 excluding special items and highlighted expected improvements from the newly acquired Greif containerboard business [6] - Analysts maintain a moderately optimistic outlook for PKG, with a consensus rating of "Moderate Buy" from 11 analysts and a mean price target of $231.90, representing a nearly 13% premium to current levels [7]

Company Overview - Avery Dennison Corporation (AVY) is valued at a market cap of $13.4 billion and is based in Mentor, Ohio, specializing in materials science and digital identification solutions [1] - The company produces pressure-sensitive labeling materials, packaging solutions, branding and information tags, and industry-leading Radio-Frequency Identification (RFID) inlays [1][2] Market Position - AVY is classified as a "large-cap stock" due to its market cap exceeding $10 billion, highlighting its size and influence in the packaging & containers industry [2] - The company is recognized for its expertise in advanced adhesives, sustainable packaging innovations, and technologies that connect physical products with digital data, serving various industries including retail, logistics, food, healthcare, automotive, and consumer goods [2] Stock Performance - Currently, AVY is trading 12.8% below its 52-week high of $203.06, reached on December 11, 2024 [3] - Over the past three months, AVY shares have gained 7.5%, outperforming the S&P 500 Index's 5.4% rise during the same period [3] - Year-to-date, AVY shares are down 5.4%, while the S&P 500 has returned 17.1% [4] - In the past 52 weeks, AVY has fallen 12.1%, lagging behind the S&P 500's 14.1% increase [4] Recent Financial Performance - On October 22, AVY shares surged 9.5% following better-than-expected Q3 earnings results [5] - The company's overall revenue improved 1.5% year-over-year to $2.2 billion, slightly surpassing analyst expectations [5] - Adjusted EPS increased 1.7% from the year-ago quarter to $2.37, beating consensus estimates by 2.2% [5]

Core Insights - The SCCM Enhanced Equity Income Fund reported a composite return of 0.9% in Q3 2025, underperforming compared to the S&P 500 Buy-Write Index (3.5%) and the SPDR Bloomberg High Yield Bond ETF (2.5%) [1] - The fund highlighted Smurfit Westrock Plc as a key investment, noting its significant stock performance with a 33.25% increase over the last 52 weeks [2] Company Overview - Smurfit Westrock Plc is a major player in the paper-based packaging industry, formed from the merger of Smurfit Kappa and WestRock in 2024, which enhances its market presence and cost advantages across North America, Europe, and Latin America [3] - The company closed at $36.45 per share on December 04, 2025, with a market capitalization of $19.034 billion [2] Investment Thesis - The ongoing integration of Smurfit Kappa and WestRock is expected to yield synergies that will drive efficiency and earnings growth, with management already showing early progress [3] - Margin expansion opportunities exist as Smurfit Westrock aims to improve pricing discipline and operational efficiencies to align more closely with US peers [3] - The shift to a regional structure is anticipated to enhance management accountability and allow for tailored strategies based on local market conditions [3] Market Trends - The company is well-positioned to benefit from the growth in e-commerce, which is increasing demand for packaging solutions, as well as from rising consumer and regulatory focus on sustainable packaging [3] - There is potential for improved investor sentiment as Smurfit Westrock executes its initiatives, which could lead to a shift in narrative from integration to growth [3] Financial Outlook - Smurfit Westrock is expected to generate stronger cash flows as capital expenditures moderate, potentially leading to increased shareholder returns [3] - A rerating of the shares is likely if the company successfully narrows its valuation gap with peers while achieving execution milestones [3]

Financial Data and Key Metrics Changes - Net sales for Q3 2025 were $124.5 million, up 10.4% from $112.8 million in the prior year quarter, driven by a $9.4 million increase in volume and a $3.5 million favorable impact from product mix [9] - Gross margin for Q3 2025 was 34.5%, down from 38.6% in the prior year quarter, negatively impacted by higher import costs [10] - Net income for Q3 2025 was $7.6 million, compared to $9.3 million in the prior year quarter, with a net income margin of 6.1% [12] - Adjusted EBITDA for Q3 2025 was $13.1 million, down from $14.7 million in the prior year quarter, with an adjusted EBITDA margin of 10.5% [12] Business Line Data and Key Metrics Changes - Sales to chain accounts and distributors increased by 13.7%, while online sales rose by 3.1% over the prior year quarter [9] - Sales to the retail channel decreased by 12.5%, reflecting overall retail sector softness [9] Market Data and Key Metrics Changes - The company experienced double-digit growth across all major markets, particularly in Texas and California [4] - Domestic sourcing increased to approximately 20% from about 15% in Q2 2025, while imports from Taiwan decreased to approximately 42% from 58% [4] Company Strategy and Development Direction - The company aims to scale its new paperback business to over $100 million in additional annual revenue over the next two to three years, driven by a shift from plastic to paper products among restaurant chains [6] - A stock repurchase program of up to $15 million was announced, reflecting confidence in future growth prospects [8][14] - The company is focused on maintaining disciplined pricing and enhancing operational efficiencies while integrating new customer accounts [7][8] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing trade volatility but expressed confidence in sustaining growth through effective pricing initiatives and sourcing diversification [4] - The anticipated growth from the new paperback category is expected to be supported by evolving regulations and a focus on customer experience [6] - For Q4 2025, the company expects net sales to increase by approximately 10%-14% over the prior year quarter, with gross margin projected to be within 33%-35% [14] Other Important Information - The company ended Q3 2025 with $91.1 million in working capital and maintained financial liquidity of $34.7 million [13] - The Board of Directors approved a quarterly dividend of $0.45 per share, payable on November 28, 2025 [14] Q&A Session Summary Question: Plans for scaling the paperback business - Management confirmed the aim to scale the paperback business to $100 million over the next two years, driven by chains moving away from plastic [17][19] Question: Confidence in gross margin recovery - Management indicated that while they are being conservative, there are signs of stabilization in currency exchange rates that could improve gross margins [20][22] Question: Capital allocation priorities - Management stated that they are considering stock buybacks while maintaining strong cash flow and are also looking at potential mergers and acquisitions [24][25] Question: Dividend versus buyback considerations - Management clarified that they do not have any debt on their books and are evaluating capital allocation strategies, including potential share repurchases [30][32] Question: Expected margins on new bag business - Management indicated that margins on the new bag business could vary, with higher volume products in the high teens and specialty bags potentially reaching high 50% margins [40]

Core Insights - Karat Packaging Inc. reported record sales for the third quarter of 2025, achieving net sales of $124.5 million, a 10.4% increase from $112.8 million in the same quarter last year, driven by strong volume growth and a favorable product mix [4][7][8] - The company maintained a gross margin of 34.5%, despite rising import costs due to increased duties and tariffs, which accounted for 14.4% of net sales compared to 8.6% in the prior year [4][10] - Karat is diversifying its sourcing strategy, increasing domestic sourcing from 14.6% to 20.4% while reducing imports from Taiwan from 58.0% to 41.6% [5] Financial Performance - Net income for the third quarter was $7.6 million, down from $9.3 million in the prior-year quarter, resulting in a net income margin of 6.1% compared to 8.2% [8][13] - Adjusted EBITDA for the third quarter was $13.1 million, with an adjusted EBITDA margin of 10.5%, down from 13.0% in the prior-year quarter [14] - For the first nine months of 2025, net sales increased by 9.7% to $352.1 million, with net income rising 2.0% to $25.5 million [15][21] Business Developments - The company secured a major expansion to supply paper bags to a national chain, projected to add approximately $20 million in annual revenue, with full fulfillment expected by Q1 2026 [6] - Karat's business trends remain strong, with expectations for net sales in the fourth quarter to increase by 10% to 14% year-over-year [8] Cost Structure - Cost of goods sold for the third quarter increased by 17.8% to $81.6 million, primarily due to higher import costs and increased sales volume [9][16] - Operating expenses rose to $34.3 million, driven by higher shipping costs and rent expenses related to facility expansions [11][19] Guidance - The company is maintaining its full-year guidance for net sales, gross margin, and adjusted EBITDA margin, while closely monitoring potential impacts from tariff changes [8]

Core Insights - Supremex Inc. reported third-quarter results for 2025, showing a decrease in revenue but significant improvements in net earnings and cash flow due to strategic actions like a sale and leaseback transaction [1][2][3] Financial Highlights - Total revenue for Q3 2025 was $65.7 million, down 5.3% from $69.4 million in Q3 2024 [3][6] - Operating earnings improved to $1.3 million from a loss of $22.6 million in the same quarter last year [3] - Adjusted EBITDA was $6.2 million, with a margin of 9.4%, compared to $7.9 million and 11.4% in Q3 2024 [3][11] - Net earnings were $9.1 million, or $0.37 per share, compared to a net loss of $23.0 million, or a loss of $0.92 per share, in Q3 2024 [3][18] Segment Performance Envelope Segment - Revenue for the Envelope segment was $45.1 million, down 5.0% from $47.5 million in Q3 2024, primarily due to a 4.2% decrease in average selling prices and a 0.8% decline in volume [7][8] - The Envelope segment accounted for 68.7% of total revenue in Q3 2025 [7] Packaging & Specialty Products Segment - Revenue for this segment was $20.6 million, a decrease of 6.0% from $21.9 million in Q3 2024, mainly due to lower revenue from commercial printing [9][10] - The segment represented 31.3% of total revenue in Q3 2025 [9] Cash Flow and Debt Management - Free cash flow for Q3 2025 was $53.0 million, significantly up from $7.4 million in Q3 2024, largely due to proceeds from the sale and leaseback transaction [22] - Total debt decreased to $11.7 million as of September 30, 2025, from $43.1 million at the end of 2024, reflecting effective debt repayment strategies [23] Dividend and Shareholder Returns - A special dividend of $0.50 was paid to shareholders on September 25, 2025, following the sale and leaseback transaction [4] - The Board declared a quarterly dividend of $0.05 per common share, payable on December 19, 2025 [24] Outlook and Strategic Focus - The company aims to optimize operational efficiency and continue pursuing acquisitions, particularly in the Packaging and Specialty Products segment [25][26] - Supremex is focused on maintaining a strong balance sheet to support long-term growth and shareholder returns [5]

Core Insights - Smurfit Westrock's equity faced a significant decline, with a drop of over 16% week to date following disappointing quarterly earnings [1] Financial Performance - The company reported third-quarter net sales of slightly over $8 billion, marking a 4% year-over-year increase and surpassing the average analyst estimate of $7.89 billion [2] - Smurfit's net income according to GAAP was $245 million, a turnaround from a loss of $150 million in the previous year, while non-GAAP adjusted net income per share rose to $0.58 from $0.53, falling short of the expected $0.72 [3] Market Sentiment - CEO Tony Smurfit indicated that 2025 has been challenging in terms of demand, and the company is taking steps to rationalize its business [4] - Following the earnings release, several analysts lowered their price targets for Smurfit's stock, contributing to negative sentiment, although the adjustments were not drastic [5]

Core Insights - Smurfit Westrock plc reported third-quarter financial results for the period ending September 30, 2025, highlighting significant revenue and profit figures [1] Financial Performance - Net Sales reached $8,003 million, indicating strong revenue generation [1] - Net Income was reported at $245 million, resulting in a Net Income Margin of 3.1% [1] - Adjusted EBITDA stood at $1,302 million, with an Adjusted EBITDA Margin of 16.3% [1] - Net Cash Provided by Operating Activities amounted to $1,133 million, reflecting robust cash flow from operations [1] - Adjusted Free Cash Flow was reported at $579 million, showcasing effective cash management [1] Shareholder Returns - The company declared a quarterly dividend of $0.4308 per ordinary share, indicating a commitment to returning value to shareholders [1]