Pactiv Evergreen Inc. Stock Price, News & Analysis

Pactiv Evergreen (NASDAQ: PTVE) is set to release its first quarter 2023 earnings after the market closes on May 8, 2023. A teleconference call is scheduled for May 9, 2023, at 8:30 a.m. EDT, featuring CEO Michael King, CFO Jon Baksht, and VP Curt Worthington. Investors can access the live webcast via the Company’s Investor Relations website. Pactiv Evergreen is a leading manufacturer and distributor of foodservice and food merchandising products, employing approximately 16,000 team members. The company focuses on producing sustainable products for various customers including restaurants and food distributors.

Pactiv Evergreen Inc. (NASDAQ: PTVE) has declared a quarterly dividend of $0.10 per share, scheduled for payment on March 24, 2023, to shareholders recorded by the close of business on March 17, 2023. The company is a prominent manufacturer and distributor of food service products and fresh beverage cartons, employing around 16,000 people across North America. Pactiv Evergreen focuses on sustainable practices, producing items from recycled and renewable materials that serve a diverse customer base, including restaurants and food retailers.

Pactiv Evergreen reported its fourth quarter 2022 results, with net revenues of $1,476 million, down 3% year-over-year. Net income fell 21% to $27 million, driven by inflationary pressures and operational challenges, while adjusted EBITDA decreased 19% to $167 million. Full-year revenues rose 14% to $6,220 million, with net income significantly up to $319 million from $33 million in the prior year. The company announced a restructuring of its Beverage Merchandising segment, resulting in the closure of facilities and the elimination of approximately 1,300 positions, with anticipated non-cash charges of $310 million to $330 million.

Pactiv Evergreen Inc. (NASDAQ: PTVE) announced its fourth quarter 2022 earnings release scheduled for March 6, 2023, after market close. A teleconference will follow on March 7, 2023, at 8:30 a.m. ET. Key participants include Michael King, CEO, and Jon Baksht, CFO. Investors can access the live webcast through the company's Investor Relations website and join the call via U.S. and international dialing options.

As a leading manufacturer in North America, Pactiv Evergreen produces a wide array of foodservice and beverage packaging products, with a focus on sustainability and eco-friendly materials.

Pactiv Evergreen is partnering with AmSty to offer sustainable foam polystyrene packaging products containing post-consumer recycled content. This collaboration aims to help food brands meet sustainability goals. Using ISCC PLUS-certified recycled polystyrene, Pactiv Evergreen plans to introduce these innovative packaging solutions in the first half of 2023. Eric Wulf, president of Pactiv's food merchandising unit, emphasizes their extensive material expertise to support customers in their sustainable efforts. The initiative aligns with Pactiv Evergreen's goal of having 100% of its products made from recycled, recyclable, or renewable materials by 2030.

Pactiv Evergreen Inc. (PTVE) announced the results of its tender offer for its 8.375% Debentures due 2027, which expired on December 14, 2022. Approximately $32.9 million of the $200 million principal amount of the Notes were tendered. Payment for the accepted Notes is expected on the same day, while those under guaranteed delivery will be paid by December 19, 2022. The company will use cash from its affiliates to fund the purchase. Credit Suisse and Citigroup acted as Dealer Managers for the Tender Offer.

Pactiv Evergreen Inc. (PTVE) announced the results of its subsidiary Pactiv LLC's tender offer for its 7.950% Debentures due 2025, which expired on December 7, 2022. Approximately $59.1 million of the $276.4 million in outstanding notes were validly tendered. The payment for the tendered notes is expected to be carried out on December 8, 2022, while notes under guaranteed delivery procedures will be settled by December 12, 2022. The company plans to fund the purchase using cash from its affiliates. The tender offer is subject to specific conditions outlined in the Offer to Purchase.