Welcome to our dedicated page for Tredegar news (Ticker: TG), a resource for investors and traders seeking the latest updates and insights on Tredegar stock.
Tredegar Corporation reports developments across an industrial manufacturing business built around Aluminum Extrusions and High Performance Films. Its aluminum operations, conducted through Bonnell Aluminum, produce custom-fabricated and finished extrusions for building and construction, automotive, transportation, consumer durables, machinery and equipment, electrical, renewable energy and distribution markets.
Recurring TG news includes quarterly and annual operating results, segment demand trends, non-GAAP reconciliations, operational productivity initiatives, and product or market commentary such as TSLOTS aluminum framing systems. Company updates also cover High Performance Films, surface protection films for high-technology electronics applications, board and executive leadership changes, and Bonnell Aluminum commercial leadership developments.
Tredegar Corporation (NYSE:TG) will host its 2022 annual shareholders meeting virtually on May 5, 2022, at 9:00 a.m. EDT. Shareholders registered by March 11, 2022, can vote and ask questions online. Financial results for Q1 2022 will be released around May 9, 2022. Registration for the meeting is required by May 4, 2022. Tredegar, an industrial manufacturer with 2021 sales of $826 million, operates in North America, South America, and Asia, focusing on aluminum extrusions, surface protection films, and polyester films.
Tredegar Corporation (NYSE: TG) reported its fourth quarter and full year 2021 financial results, showing a substantial increase in net income from continuing operations of $21.4 million ($0.63 per diluted share), compared to $6.5 million ($0.19 per diluted share) a year prior. Full year net income was $57.9 million ($1.72 per diluted share), reversing a net loss of $16.8 million in 2020. However, EBITDA from ongoing operations declined across several segments. The company continues to face challenges with supply chain issues, labor shortages, and inflation, impacting profitability. Debt reduced by approximately $80 million in 2021.
The board of Tredegar Corporation (NYSE:TG) announced a quarterly dividend of $0.12 per share on its common stock. The dividend will be paid on April 1, 2022, to shareholders recorded by the close of business on March 25, 2022. In 2021, Tredegar generated sales of $826 million from continuing operations. The company specializes in custom aluminum extrusions, surface protection films for electronics, and polyester films for flexible packaging across North America, South America, and Asia, employing approximately 2,400 people.
Tredegar Corporation (NYSE:TG) announced the termination of its frozen defined benefit pension plan, a process expected to take up to 24 months pending regulatory approvals. On February 9, 2022, the company contributed $50 million to reduce pension underfunding of approximately $69 million, realizing an estimated tax benefit of $11 million. Total pension plan administrative costs during this period are projected at $4 to $5 million. The company reported a leverage ratio of 1.32x and expects no required minimum contributions until the final settlement.
Tredegar Corporation (NYSE:TG) has completed the sale of its approximately 18% stake in kaléo, Inc., receiving $47.1 million in cash proceeds. The agreement allows for potential additional cash of $1.4 million, contingent on post-closing adjustments, plus up to $5.6 million in 2023 and $8.5 million in 2024 based on kaléo's revenue performance. The estimated fair value of Tredegar's kaléo investment was $35.5 million as of September 30, 2021. Tredegar plans to use $25 million in capital loss carryforwards to offset anticipated capital gains from this transaction.
Tredegar Corporation (NYSE:TG) announced the sale of its 18% stake in kaléo, Inc. through a liquidity event managed by Marathon Asset Management. The transaction, expected to close by December 31, 2021, will yield approximately $45.8 million for Tredegar, based on $13.33 per share. Additional cash payments are possible up to $15.8 million contingent on future kaléo revenue targets. Tredegar's investment in kaléo was initially valued at $35.5 million as of September 30, 2021, with a cost basis of $7.5 million. The company anticipates utilizing capital loss carryforwards to offset related capital gains.
Tredegar Corporation (NYSE:TG) reported a net income of $6.2 million (0.19 per diluted share) for Q3 2021, contrasting with a net loss of $17.0 million in Q3 2020. Net income from ongoing operations decreased to $7.2 million compared to $13.2 million in the prior year. EBITDA from Aluminum Extrusions fell by $4.5 million, while PE Films saw a $1.2 million decline. The Company cited labor shortages impacting production capacity and anticipates a $6 million profitability erosion in PE Films due to competitive pressures. Total debt reduced to $127 million by September 2021.
The board of directors of Tredegar Corporation (NYSE:TG) has declared a quarterly dividend of $0.12 per share on its common stock, with a payment date set for January 1, 2022. Shareholders on record by the close of business on December 17, 2021 will be eligible for the dividend. Tredegar operates in three primary sectors: custom aluminum extrusions, surface protection films, and specialized polyester films. In 2020, the company reported $755 million in sales from continuing operations.
Tredegar Corporation (NYSE:TG) reported a net income of $20.7 million ($0.61 per diluted share) for Q2 2021, up from $14.3 million ($0.43 per diluted share) in Q2 2020. Ongoing operations net income was stable at $16.1 million ($0.48 per diluted share). EBITDA from Aluminum Extrusions rose to $19.7 million, while PE Films suffered a $6.5 million decline. Despite challenges like labor shortages and supply chain disruptions, current bookings and backlog are at record levels. Debt decreased by $22 million to under $100 million, signaling strong cash generation.
Tredegar Corporation (NYSE:TG) has declared a quarterly dividend of $0.12 per share, payable on October 1, 2021, to shareholders of record by September 17, 2021. The company, engaged in custom aluminum extrusions, surface protection films, and specialized polyester films, reported $755 million in sales from continuing operations in 2020. With around 2,400 employees, Tredegar operates manufacturing facilities across North America, South America, and Asia.