Mativ(US:MATV)2023-11-09 15:54Financial Performance - Mativ's ATM (Advanced Technical Materials) sales decreased by 8% from $426.1 million to $393.8 million[4] - Mativ's FBS (Fiber-Based Solutions) sales decreased by 17% from $125.4 million to $104.4 million[4] - Mativ's Adjusted EBITDA decreased by 20% from $69.6 million to $55.4 million[38] - Mativ reported a goodwill impairment charge of $401 million in ATM due to weaker macro conditions[5] - Mativ's sales from discontinued operations increased from $122.6 million to $127.2 million[9] Strategic Initiatives - Mativ is focusing on capital and operating efficiencies and increased cash flow[2] - Mativ expects improvements to support $70 million of EBITDA per quarter by year-end 2024 as volumes recover[14] - Mativ plans to use net proceeds of more than $575 million from the Engineered Papers sale to reduce highest cost debt[5] - Mativ is on track and expected to close the sale of Engineered Papers as originally planned in Q4[13] Liquidity and Debt - Mativ has available liquidity of $414 million[5] - Mativ's net debt is $1.65 billion at quarter end, with maturities between 2026 and 2028[13]