Mativ(US:MATV)2023-05-11 15:03Financial Performance - Mativ's sales for 1Q 2023 were $679 million, comparable to $691.6 million on a combined legacy basis[10] - The company reported a GAAP loss of $7.7 million, or -$0.14 EPS, compared to a GAAP income of $1.6 million, or $0.05 EPS in 1Q 2022[10] - Adjusted EBITDA for 1Q 2023 was $65.7 million, down from a comparable $88.1 million in 1Q 2022[10] - Adjusted EPS was $0.25, significantly lower than the $0.89 in the prior year period[10] Segment Results - Advanced Technical Materials (ATM) sales were $434.3 million, up 2% on a constant currency organic basis[21] - Fiber-Based Solutions (FBS) sales were $244.7 million, down 1% on a constant currency organic basis[13] - ATM Adjusted EBITDA was $58.8 million with a 13.5% margin[30] - FBS Adjusted EBITDA was $28.4 million with an 11.6% margin, significantly impacted by operational challenges[30] Factors Affecting Performance - Pricing actions resulted in a net benefit of nearly $40 million, exceeding input cost inflation[11, 18] - Volume/mix was negatively impacted by customer de-stocking across end-markets and French strikes[10] - Manufacturing inefficiencies, particularly in FBS due to French strikes and labor turnover in the US, were significant hurdles[10, 11] - Approximately $5 million in synergies were realized in 1Q 2023, with the company on track for $25 million in incremental synergy realization in 2023[11]