Pactiv Evergreen Inc. Stock Price, News & Analysis

Pactiv Evergreen announced the appointment of Jonathan Baksht as Chief Financial Officer, effective May 27, 2022. Baksht succeeds Michael Ragen, who served in the role for eight years. He brings over 20 years of financial expertise, including six years at Valaris Limited. Baksht will oversee finance functions and drive strategic initiatives for growth. Michael King, CEO, praised Baksht's dynamic experience, emphasizing their commitment to enhancing long-term value. This leadership change comes as Pactiv Evergreen aims to strengthen its market position in fresh food packaging.

Pactiv Evergreen has announced a quarterly dividend of $0.10 per share, payable on June 15, 2022, to shareholders of record on May 31, 2022. This move reflects the company's commitment to returning value to its investors. Pactiv Evergreen is a leading manufacturer in North America, employing around 16,500 people and producing a wide variety of foodservice products and packaging solutions. The company prioritizes sustainability, with many products made from recycled materials.

Pactiv Evergreen reported a strong start to 2022, achieving net revenues of $1,495 million, up 28% year-over-year. The growth was driven by 26% attributable to pricing and 9% from acquisitions, despite a 5% decline in volume. The net income rose to $43 million from a loss of $11 million last year, primarily due to increased gross profit. Adjusted EBITDA also surged to $182 million, compared to $77 million one year prior. The company is maintaining its Adjusted EBITDA guidance of $705 million for the full year while navigating ongoing inflation concerns.

Pactiv Evergreen has scheduled its first quarter 2022 earnings release for May 4, 2022, after market close, followed by a teleconference on May 5, 2022, at 8:00 a.m. ET. The earnings call will feature key participants including CEO Michael King and CFO Michael Ragen. Investors can access the live webcast through the company's Investor Relations website or by dialing in using provided contact numbers. Pactiv Evergreen is a leading manufacturer of food and beverage packaging in North America, employing around 16,000 people.

Pactiv Evergreen announced the completion of the sale of its 50% stake in Naturepak Beverage Packaging Co Ltd to Elopak ASA affiliates. This strategic move allows Pactiv Evergreen to concentrate on growth in North America, where it stands as a prominent manufacturer of food and beverage packaging. CEO Michael King stated that the transaction enhances the company's focus on serving renowned brands in the region. Financial details of the sale were not disclosed.

Pactiv Evergreen has announced a quarterly dividend of $0.10 per share, set to be paid on March 15, 2022. Shareholders on record by March 4, 2022 will qualify for this distribution. As a leading manufacturer in North America's food packaging sector, Pactiv Evergreen employs approximately 16,000 people and focuses on sustainable products, utilizing recycled and recyclable materials. The company caters to a diverse clientele, including foodservice and retail operations.

Pactiv Evergreen reported a strong fourth quarter 2021, achieving net revenues of $1,527 million, a 30% increase from $1,175 million in Q4 2020. Net income rose to $34 million from $18 million year-over-year. Despite challenges like a 1% decline in volume due to labor constraints and inflationary pressures, the company benefited from a 23% growth in price/mix. Adjusted EBITDA increased to $205 million. For 2022, Pactiv Evergreen projects Adjusted EBITDA of $705 million, factoring in continued inflation and recovery in volume.

Pactiv Evergreen (NASDAQ: PTVE) will release its Q4 2021 earnings on February 23, 2022, after market close. A teleconference will follow on February 24, 2022, at 8:00 a.m. ET. CEO Michael King, CFO Michael Ragen, and SVP Dhaval Patel will participate in the call. Investors can access the live webcast on the company's Investor Relations website or participate by calling 1-877-407-0789 (U.S.) or 1-201-689-8562 (internationally) with access code 13726424. Pactiv Evergreen is a leading manufacturer of packaging for fresh food and beverages in North America.

Pactiv Evergreen has announced the sale of its carton packaging and filling machinery businesses in China, Korea, and Taiwan to SIG Combibloc for an enterprise value of approximately $335 million. This deal is a strategic move to enhance Pactiv Evergreen's focus on its core North American operations, where it is a leading manufacturer of fresh food and beverage packaging. The transaction is pending regulatory approvals and is expected to close in the second or third quarter of 2022.