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Tredegar Corporation (TG) delivers essential plastic films and aluminum extrusions for global industries ranging from personal care to construction. This news hub provides investors and industry professionals with timely updates on operational developments, strategic initiatives, and market positioning.
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Tredegar (NYSE:TG) reported its Q2 2024 financial results. Net income was $8.8 million ($0.26 per share), up from a loss of $18.9 million ($0.56 per share) in Q2 2023. Ongoing operations net income was $10.3 million ($0.30 per share), compared to a loss of $2.0 million ($0.06 per share) last year.
EBITDA from Aluminum Extrusions rose to $12.9 million from $10.2 million. Sales volume slightly decreased to 34.9 million pounds. PE Films saw EBITDA soar to $10.1 million from $0.8 million, with sales volume increasing to 10.5 million pounds. Flexible Packaging Films' EBITDA improved to $3.2 million from $0.2 million, with sales volume rising to 25.1 million pounds.
CEO John Steitz highlighted ongoing profitability and improved results across business segments. The company is cautious about costs while noting potential market share gains from favorable duties on aluminum imports. The Terphane sale process continues, pending regulatory approvals.
Tredegar (NYSE:TG), an industrial manufacturer, has announced plans to release its second quarter 2024 financial results on August 7, 2024. The company operates in three primary business segments: custom aluminum extrusions for North American markets, surface protection films for global electronics, and specialized polyester films for Latin American flexible packaging.
Tredegar reported sales from continuing operations of $705 million in 2023. With approximately 1,900 employees, the company maintains manufacturing facilities across North America, South America, and Asia. This upcoming financial release will provide insights into Tredegar's performance and market position in its key industrial sectors.
Bonnell Aluminum, a subsidiary of Tredegar (NYSE: TG), has lauded the Biden administration's recent proclamation aimed at strengthening the rules for qualifying for trade benefits between the U.S. and Mexico. This new mandate requires aluminum imports to meet specific 'smelted and cast' criteria to be exempt from the Section 232 Tariff. It blocks preferential treatment for aluminum imports where the primary or secondary smelting or the most recent casting took place in Belarus, China, Russia, or Iran. The regulation aims to address unfair trade practices involving subsidized metals from these countries. For more information, refer to the July 10, 2024, press release by The Aluminum Extruders Coalition.
Tredegar (NYSE: TG) announced an update on the sale of its flexible packaging films business, Terphane, to Oben Group. The Brazilian General Superintendence of the Administrative Council for Economic Defense (SG-CADE) issued a non-binding opinion recommending rejection of the transaction. However, this opinion isn't final; the case now moves to the CADE Tribunal for independent analysis. Tredegar CEO John Steitz expressed confidence in a positive outcome, emphasizing the cooperative approach with Brazilian authorities. The final decision is expected by November 18, 2024. Tredegar had 2023 sales of $705 million and operates globally with around 1,900 employees.
Tredegar reported first quarter 2024 net income of $3.3 million compared to a loss in the same period last year. Earnings before interest, taxes, depreciation, and amortization (EBITDA) for Aluminum Extrusions decreased, while PE Films and Flexible Packaging Films showed improvement. The sale of Terphane is pending approval. Debt levels increased due to higher working capital.
Bonnell Aluminum, a subsidiary of Tredegar (NYSE: TG), welcomes the U.S. Department of Commerce's decision to impose preliminary dumping duties on unfairly traded imports of aluminum extrusions. The ruling comes as a positive development for the company and the industry. For more information, refer to the May 2, 2024, press release by The U.S. Aluminum Extruders Coalition.
Tredegar (NYSE:TG) will hold its 2024 annual meeting of shareholders virtually on May 9, 2024. Shareholders can vote and ask questions online. Financial results for the first quarter of 2024 will be released on the same day.
Shareholders attending the virtual meeting can pre-register online and vote using their control number. Guests can listen but not ask questions. Tredegar is an industrial manufacturer with three primary businesses and had 2023 sales of $705 million.
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