Welcome to our dedicated page for Pactiv Evergreen news (Ticker: PTVE), a resource for investors and traders seeking the latest updates and insights on Pactiv Evergreen stock.
Pactiv Evergreen Inc. (NASDAQ: PTVE) delivers essential packaging solutions for North America's foodservice and retail sectors through integrated manufacturing and sustainable innovation. This dedicated news hub provides investors and industry professionals with authoritative updates on corporate developments, strategic initiatives, and market positioning.
Access real-time announcements including quarterly earnings reports, product innovation launches, operational expansions, and sustainability progress. Our curated collection features press releases about manufacturing advancements, leadership updates, and partnerships that shape the food packaging landscape.
Discover updates on PTVE's SmartPour technology implementations, recycled material initiatives, and distribution network enhancements. The resource serves as a reliable reference for tracking regulatory compliance milestones and industry recognition achievements.
Bookmark this page for streamlined access to verified information about Pactiv Evergreen's market activities. Check regularly for updates that matter to stakeholders in food packaging technology and sustainable manufacturing solutions.
Pactiv Evergreen Inc. (PTVE) has launched innovative Recycleware® Reduced-Density Polypropylene (RDPP) meat trays, offering a sustainable alternative to foam polystyrene packaging. These vertically integrated trays are extruded, thermoformed, and padded at Pactiv Evergreen facilities, ensuring processor-grade quality and compatibility with existing overwrap equipment.
The Recycleware RDPP meat trays have been recognized by the Association of Plastic Recyclers (APR) for meeting the highest criteria in the APR Design® Guide for Plastics Recyclability. They are recyclable in communities that accept polypropylene trays, aligning with Pactiv Evergreen's commitment to producing innovative packaging with reduced environmental impact.
Pactiv Evergreen (NASDAQ: PTVE) has announced a quarterly dividend of $0.10 per share of common stock. The dividend will be paid on September 13, 2024 to shareholders of record as of the close of business on August 30, 2024. This announcement demonstrates the company's commitment to returning value to shareholders through regular dividend payments. The board of directors' approval of this dividend suggests confidence in the company's financial stability and cash flow generation capabilities.
Pactiv Evergreen reported Q2 2024 financial results, highlighting a strategic transformation.
Key financials include Net Revenues of $1,338M, a 6% YoY decrease but a 7% QoQ increase. Net Income was $20M, compared to a net loss of $139M YoY and $10M QoQ. Adjusted EBITDA was $183M, down from $217M YoY but up from $168M QoQ.
The company's Adjusted EPS reached $0.17, compared to $0.20 YoY and $0.14 QoQ. Temporary operational disruptions and end-market weakness impacted results. The sale of Pine Bluff and Waynesville facilities to Suzano is part of a strategic shift, expected to close in Q4 2024.
Q2 results led to revised full-year guidance, reflecting continued market challenges. The company plans to incur substantial restructuring and capital costs through 2025 under its Footprint Optimization initiative.
Pactiv Evergreen's debt reduction efforts include lowering total outstanding debt by $544M YTD and declaring a $0.10 per share dividend for Q2 2024.
Pactiv Evergreen (NASDAQ: PTVE) has announced the schedule for its second quarter 2024 financial results. The earnings release will be published on Wednesday, July 31, 2024, after the market closes. A webcast and teleconference call will follow on Thursday, August 1, 2024, at 8:30 a.m. EDT.
Key participants in the call will include Michael King (President and CEO), Jon Baksht (CFO), and Curt Worthington (VP, Strategy & Investor Relations). Interested parties can access the live webcast on the company's Investor Relations website or register for the call to join by phone. Registration is recommended at least 15 minutes before the call.
Pactiv Evergreen Inc. (NASDAQ: PTVE) has signed a definitive agreement to sell its Pine Bluff, Arkansas, paper mill and Waynesville, North Carolina, extrusion facility to Suzano S.A. for $110 million in cash, subject to customary adjustments. The sale is part of a strategic review aimed at reducing capital intensity, improving cash flow, and strengthening the balance sheet. Suzano will offer employment to current employees and enter a long-term supply arrangement with Pactiv Evergreen. The transaction is expected to close in Q4 2024, pending customary conditions and foreign antitrust approval. Pactiv Evergreen expects a non-cash impairment charge of $320-$340 million in Q3 2024 and will update its FY 2024 guidance accordingly.
Pactiv Evergreen Inc. (NASDAQ: PTVE) has successfully repriced and upsized its $990 million senior secured Term Loan B to $1.33 billion, maturing on September 24, 2028. The interest rate margin on these loans has been reduced by 75 basis points, from 3.25% to 2.50%, and an 11 basis point credit spread adjustment has been removed. The company also prepaid its $690 million Term Loan B, due February 2026, using proceeds from the upsized loan and a $350 million draw from its revolving credit facility. This refinancing is expected to lower the company’s annual cash interest expense by approximately $14 million. CFO Jon Baksht highlighted the strong lender support and the benefits of extended debt maturities and reduced interest expenses, which will enhance the company's ability to reinvest and de-lever its balance sheet.
Pactiv Evergreen Inc. (NASDAQ: PTVE) declared a quarterly dividend of $0.10 per share of common stock, approved by the board of directors. The payment will be made on June 14, 2024, to shareholders of record on May 31, 2024.
Pactiv Evergreen Inc. reported solid operating performance despite macro challenges, with net revenues of $1,252 million for Q1 2024 down 13% YoY. Net income was $10 million compared to a loss of $133 million in Q1 2023. Adjusted EBITDA was $168 million, and diluted EPS was $0.04.
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