Pactiv(US:PTVE)2022-02-28 05:36Financial Performance - Q4 2021 - Net revenue reached $1,527 million, a 30% increase compared to Q4 2020[6, 13, 21] - Price/mix increased by 23% year-over-year due to material costs passed to customers and pricing actions[13, 25] - Adjusted EBITDA was $205 million, up 21% from $170 million in Q4 2020 and up 72% vs 3Q21[6, 13] - Free cash flow increased by 28% year-over-year[24] Financial Performance - FY 2021 - Net revenue reached $5,437 million, a 16% increase compared to FY20[7, 15, 28] - Price/Mix increased 10% year-over-year due to higher material costs passed through to customers[31] - Adjusted EBITDA was $531 million, a 14% decrease compared to FY20[7, 15, 28] - Free cash flow was $249 million, a 25% decrease compared to FY20[7, 15, 30] Segment Performance - Q4 2021 - Foodservice net revenue increased by 57% to $722 million[40, 41] and Adjusted EBITDA increased by 46% to $104 million[40, 41] - Food Merchandising net revenue increased by 17% to $410 million[40, 41] and Adjusted EBITDA increased by 5% to $69 million[40, 42] - Beverage Merchandising net revenue increased by 13% to $412 million[40, 42] and Adjusted EBITDA increased by 25% to $45 million[40, 42] Segment Performance - FY 2021 - Foodservice net revenue increased by 29% to $2,341 million[55, 56] and Adjusted EBITDA increased by 21% to $291 million[55, 56] - Food Merchandising net revenue increased by 10% to $1,531 million[55, 56] and Adjusted EBITDA decreased by 8% to $232 million[55, 56] - Beverage Merchandising net revenue increased by 6% to $1,559 million[55, 57] and Adjusted EBITDA decreased by 70% to $44 million[55, 57] 2022 Outlook - The company projects FY 2022 Adjusted EBITDA to be $705 million[49]